Y Services
About Y Services
Y Services Pty Ltd is your social enterprise, specialising in custom uniform, apparel, promotional products, and procurement services. We proudly partner with the Y and now beyond the Y with over 50+ Organisations across Australia, New Zealand and beyond.
We facilitate better options and purchasing decisions, economically, environmentally, and socially.
Y Procurement
Y Procurement provides value-driven procurement advice and guidance as well supply support built to unlock collaborative benefits and assist our members to meet their operational goals. We assess and recommend supplier arrangements, and our advice, resources and leadership are provided by talented and experienced subject matter experts whose sole focus is procurement.
Our aim remains the provision of respectful and engaged support that aligns to The Y’s mission and helps Associations to deliver their services. We do this by progressing the strategic procurement roadmap, and providing service that you can rely upon because of the outcomes we help you deliver.
Y Merchandise
Y Merchandise is the official online store of the Y (trading as Y Gear) and offers a vast range of products and services for our business partners and our customers.
We design, develop and deliver custom uniform, apparel and promotional products across all industries. With over 20 years’ experience, our collaborative approach ensures high levels of service and satisfaction for our many customers (business and consumer). We maintain a first-class network for sourcing garments and products, adhering to ethical procurement standards, both locally and off shore.
A Message from our Chair
After a record trading result last year, it is disappointing to share that this year has been more difficult. Not unsurprising, the economic landscape is having an impact on Australians and particularly, in discretionary products and services such as ours.
Notwithstanding this difficult trading environment, our team has worked very hard to find opportunities to grow new business with different products, categories and services and I extend my sincere thanks for their efforts across the year.
Our revenue declined by $746K, all of which can be attributed to lower purchasing across the Y and despite prudent cost control measures, we have recorded a trading loss of $66K. A disappointing result.
The Y Merchandise team (trading as Y Gear) worked very hard to provide excellent products, uniforms & event merchandise for our internal and external customers and they continue to build a robust pipeline of B2B and B2C customers outside of the Y – key to our strategy of growth and increased shareholder value.
Our new Y Procurement team have continued to develop their services to increase the value we add to our member Associations, and we are proud of the trust that is afforded us in that endeavour. Our collective, aggregated efforts drive buying power that is not accessible when we operate independently, and we are of the firm view
that every Association should participate.
Unfortunately, given our results, a dividend has not been declared by the Board for FY24. However, the cash reserves and overall health of the business is encouraging. With that said, we will be approaching future revenue initiatives with optimism but expending costs with caution as we navigate these challenging economic conditions.
On behalf of our Board, I want to thank our team for their efforts throughout this past year and thank you, our customers, and shareholders for your support. I would equally like to extend my sincere thanks to our directors who provide great advice to our team and sound governance for the company.
Our opportunity to leverage the power of the Y across Australia remains unaltered and we hope that Y Services Pty Ltd will continue to be your integral partner for all your uniform, merchandise and procurement needs. We appreciate the support we receive.
Above all, we remain committed to supporting your Association and unleashing the collective power of the Movement here in Australia to deliver your objectives and our Mission.
We are by the Y, for the Y and beyond the Y.
Richard
Nedov, Chair, Y Services Pty Ltd
A Message from our Executive Director
Having set a record trading profit in FY23, I am disappointed to report that we did not enjoy the same prosperity in FY24.
Whilst repeatable growth and profitability is always our objective, we faced into some significant headwinds, particularly in the back half of the financial year. These headwinds were largely driven through the contraction of services in our Recreation and Aquatics facilities in some of our Associations as well as the economic impact of consumer discretionary spending.
Despite prudent cost control measures to align with the subdued demand and revenues, we have recorded a trading loss for FY24 of $66K.
Notwithstanding this result, I am proud of our awesome Executive Team, who worked tirelessly to surface any opportunity that might change the direction of our results. And there were many examples of this across the year.
Our new National Uniform was still in high demand and despite lapping our launch year, we were pleased to deliver more uniform than would be our normal cadence.
Our unique customisation capability has driven new business across the Y and beyond the Y. We are building on the quantum of organisations and SMEs that we serve and continue to focus our efforts on building our business, externally. This strategy will help to offset any declines internally and better spreads our revenue risk.
We see plenty of upside in our Y Merchandise business as we focus on improving our service and reach through our B2B and B2C channels.
During the year, we developed our new external B2B brand, YSPL. We are not the only entity to use their initials as a brand and won’t be the last, but it was agreed that this differentiated our business enough to drive new business without losing our connection to the Y, where we will still trade as Y Gear.
Our strategic plan initiatives are principally built around the 2030 Strategic Pillars of Impact, and we shine a light on some of those in this Annual Report.
As is now an annual tradition, we are honoured to work with some incredibly talented First Nations people to bring their artistry and storytelling to life in our product ranges. This year’s Naidoc tee, lanyards and pins were a huge success with some of these products shipped internationally, demonstrating their global appeal.
None of this would be possible without our magnificent Y Merchandise Team and we are lucky to enjoy the commitment and dedication of Tim, David, Earl, Lauren, Rebecca and Natalie.
We are also delighted to advise that our new Y Procurement Team have lifted our service to new levels, and we are working with most of our Associations on new supply arrangements that deliver meaningful value and reduce cost and risk. We are very lucky to have the skill and capability of our experts, Geoff and Jade and I thank them for their hard work and efforts to better support the Y.
We are proud to partner with those Associations who have trusted us to provide this service for them and help drive collective benefits that would otherwise be unattainable working independently.
We continue to review our Category Supply Plan for all 119 categories of spend across the Movement and have recommended suppliers who demonstrate their value to the Y, economically, environmentally and socially. This also includes accredited indigenous businesses through our partnership with Supply Nation. We know that every dollar we spend with these indigenous suppliers, adds over $4 of social impact.
The commercialisation of Y Procurement is one of our strategic initiatives and creates an opportunity to build this function from a cost recovery model for the Y to profit generating, beyond the Y.
Our game plan is unchanged. We intend to GROW our markets, categories, products, customers and capability, STREAMLINE our systems, procedures and policies and PROTECT our customers, employees, volunteers, children & young people and your shareholder equity.
The Executive Team and I are generously supported by the Y Services Board, and we rely on their insights, feedback and support. We are grateful for their good governance and wish to extend our sincere thanks to Richard, John and Prue.
And we extend a warm welcome to Angelique Nesbitt, who joins our Board of Directors will critical skills and expertise that will help move the business forward.
Given the F24 results, the Board has determined that a trading loss does not enable the payment of a dividend. However, we wish to remind our shareholders that their original investment has grown four times, and the dividends paid since the company’s inception have more than covered the initial purchase of shares.
We look forward to providing further details at our upcoming AGM and thank you for your trust and support.
Please know that we continue to work very hard to ensure that we are worthy of your investment.
Donna McMaster, Executive Director, Y Services Pty Ltd
Board of Directors
MR. RICHARD NEDOV, CHAIR
Richard has diverse global executive experience with broad industrial background across infrastructure, energy, renewables, water, roads, public transport, logistics and multidisciplinary contracting industries. In addition to senior/chief executive roles, he also effectively led Human Resources and Supply Chain functions in an ASX 200 company with a proven track record in business turnaround and business improvement. Currently a Non-Executive Director and leading a Consulting and Advisory Practice.
Richard is currently Chair of Y Services, Executive Chair Active Group of Companies, and Director of Ducit Management. His previous board roles included the role of Chair of Sydney Ferries and Director of Worley Power Services. He works with the Indigenous Land and Sea Corporation on varied commercial matters and is passionate in promotion of our aboriginal heritage and connection. He is also a keen executive mentor and coach.
MS. DONNA MCMASTER
Donna has extensive experience in senior executive and strategic roles within public & private retail companies. These include Coles Myer, Lend Lease and SAVERS Australia Pty Ltd where she served as Managing Director. Her broad commercial experience includes strategic planning, product development, brand acquisitions, merchandise planning & production, marketing, retail and human resource management, leasing and property development.
Donna serves on multiple Boards and is currently a Non-Executive Director of Gale Pacific Ltd where she is also a member of the Nomination and Remuneration Committees, the Deputy Chair & Executive Director of YMCA Services Pty Ltd as well as Member of the Governance & HR Committee, Chair and Non-Executive Director of Dandenong Market Pty Ltd and Member of the Risk & Audit Committee and finally, Member of the Melbourne Central Basketball Association Advisory Committee.
Donna is an inaugural winner of the Telstra Businesswoman of the Year Award (private sector). She has an Executive MBA and has completed Strategic Planning and Retail Leadership programs at Monash and Deakin Universities and is a Graduate and current Member of the Australian Institute of Company Directors.
MS. PRUE WARRILOW
Prue is a strategic solution provider who has spent 30 years consulting to corporate, government and not-for-profit sectors in Australia, New Zealand and Singapore in the niche area of work|life well-being strategies. This breadth of experience provides Prue with unique insights into best practice in human services, diversity, people and governance.
She has worked with some of Australia, New Zealand and Singapore’s largest companies, partnering with them to implement work|life well-being strategies that enhance people engagement, improve productivity and positively impact the bottom line.
Running her own consulting business specialising in supporting families accessing work has enabled Prue to leverage her expertise, understanding and valued networks to participate in public policy advisory groups and national and state boards that focus on supporting children, families and carers to be the best they can possibly be.
Prue is currently a board member of Y Safeguarding, Y NSW and Y Services. She is the COE of ARACY (Australian Research Alliance for Children and Youth), an NGO that aims to ensure all children and young people in Australia thrive.
MR. JOHN YIANNIS
A Senior Finance and Risk Management Professional with extensive experience in Senior Finance, Corporate Governance, Risk Management, Crises Management, Internal Audit, Corporate and Forensic Investigations, Global Security and Board Reporting within a global Australian (ASX) listed corporation. Excellent management and financial skills spread across all elements of international business within large corporations (covering manufacturing, retail, services, construction, public transport, transport and logistics and welfare services). Currently member of the Finance Committee for Western Chances and Board Member of Transparency International Australia. He consults to various organizations on commercial and governance matters.
John’s memberships include: FCPA - Fellow of CPA Australia, FGIA – Fellow of the Governance Institute of Australia and the GAICD – Graduate of Australian Institute of Company Directors Company Directors Course.
Our Executive Team
DONNA MCMASTER EXECUTIVE DIRECTOR
EARL MCMILLAN DIGITAL DESIGN MANAGER
GEOFF FULFORD NATIONAL PROCUREMENT MANAGER
TIM BURMEISTER BUSINESS MANAGER
JADE TRAN PROCUREMENT SUPPORT OFFICER
NATALIE KUHN ACCOUNTS AND ADMINISTRATION OFFICER
DAVID BEACH BUSINESS DEVELOPMENT MANAGER
REBECCA HAWS PRODUCT AND SOURCING SPECIALIST
STUART NORMAN WAREHOUSE MANAGER
LAUREN CHITTY MARKETING AND COMMUNICATIONS SPECIALIST
Our Vision
By 2026, we will be the trusted and valued partner to all Member Y’s and other organisations by providing expanded products and services across new and larger markets, categories and customers and will be relied upon for our advice and solutions to enable improvement and growth; economically, environmentally, and socially.
Our Game Plan
Y Merchandise
Meaningful Work
Our Y Design competition was an opportunity for us to champion the young creative minds we have around us, by giving them an opportunity to share their creative talents with us, and our audience!
We were extremely excited to reveal the first winner and design by Levi Strom, who created a very magical ‘Wizard Lizard’ design. To read more and hear from Levi visit our blog
Community Wellbeing
On December 21st, the team at Y WA celebrated World Basketball Day with the Perth Wildcats and three-time MVP Bryce Cotton! Bryce spent time on the court at Bendat Basketball Centre with a group of young people from the Y. He emphasised the importance of basketball in his life and how young people can benefit from the sport. “It’s a great tool for character development, it gives kids an opportunity to have something to be focused on, and you learn a lot about yourself”.
Our tees, inspired by the rich history of basketball dating back to 1891, are more than just apparel; they’re a tribute to the game’s enduring legacy and its ability to shape lives.
To find out more about the range and its origins, visit our blog.
Sustainable Planet
At Y Services, we believe that every choice we make as consumers has an impact on the world around us. This belief has been the driving force behind our commitment to sustainability, and we’re proud to say that it’s your choices as our customers that have made a significant difference.
Thanks to your commitment to choosing our sustainable products, we have successfully diverted a staggering 90,000 plastic drink bottles from ending up in landfill in the last 12 months.
Just World
NAIDOC Week held across Australia in the first week of July every year, is an opportunity to celebrate the rich history, and culture of Aboriginal and Torres Strait Islander peoples. Every year for the past 3 years, we have collaborated with various First Nations artists around Australia to produce a NAIDOC Tee to help celebrate the occasion.
This year was no different, and we were super excited to launch our NAIDOC 2024 Collection, in collaboration with Bitja a proud Gunnai, Yorta Yorta, Gunditjmara, Dhudhuroa man with bloodlines from Wemba Wemba, Barapa Barapa, Djab Wurrung, Wiradjuri,Yuin, Wodi Wodi, Wolgal, Monaro. To find out more about Dixon and Bayila Creative, visit our blog.
YSPL is a social enterprise specialising in custom uniforms, apparel, promotional products, and event merchandise. We partner with over 50 organisations across Australia, New Zealand and beyond. We bring brands and events to life.
At YSPL, we’re more than just uniforms and merchandise – we’re your partners in style, community, and impact. With innovative designs and a commitment to giving back, we’re here to make you look good, feel good, and do good.
We have over 20 years’ experience in the design, development and supply of uniform for all industries and specialise in outdoor environments. Our collaborative and experienced approach ensures the delivery of premium fabrics, exclusive designs, custom size gradings, and tailored specifications. We maintain a first-class network for sourcing garments and products, adhering to ethical procurement standards, both locally and offshore.
We design, develop and deliver uniform ranges for many contract partners and like organisations, including but not limited to:
“We are very satisfied with the service provided by Y Services and would recommend engaging them to other organisations.”
- Tim Wilson, Centre Manager, Noosa Aquatic Centre
Y Procurement
A new team and evolving offerings made for an exciting and successful 2024. Reviews of supplier effectiveness and increased collaboration with our stakeholders and their objectives, highlighted the needs for our Y Procurement partners. In turn we continue to align our supplier offers with the strategic pillars and ESG intrinsic to who we are as Y people and organisations across Australia.
Our outlook for 2025 is increased collaboration, efficiency and data driven tools to achieve better visibility of spend in order to achieve better economic, social and environmental outcomes for all Y’s.
ENVIRONMENT
Sustainability and environmental impact remain a key focus of our work at Y Procurement. In 2024, our two main areas of focus were:
1. WASTE MANAGEMENT
We highly encourage the 6 R’s of Waste Management across the Y. Rethink, Refuse, Reduce, Reuse, Recycle, Repair
Our supporting supplier, Wasteflex are an industry leading, ISO certified waste management provider who leverages their buying power and network to provide streamlined waste services.
2. ENERGY
From our data analytics tool we can see that energy is our second largest cost. The Y’s carbon footprint is directly related to usage of gas and electricity or fuels for vehicle fleets from nonrenewable sources.
Our supporting suppliers, Leading Edge Energy & Energy Action provide expert advice to businesses on electricity and gas and can tailor outcomes based on your individual sustainability goals.
SOCIAL
Y Procurement supports social awareness activities through our suppliers.
Three organisations who are committed to improving social awareness and providing opportunities for indigenous businesses are:
1. Supply Nation
We have maintained our partnership with Supply Nation and continue to encourage our members to make use of our Supply Nation members which provides access to up to 3,000 accredited indigenous owned businesses.
The Y’s reported indigenous business expenditure through Supply Nation for the period July 2023 – June 2024 was $56,830.
2. WINC - Mandura (First Nations Founded Business)
WINC is committed in becoming any employer of choice for First Nations Peoples by partnering with Mandura (a First Nations Majority owned workplace supplies company).
They also have a goal to achieve and maintain First Nations representation in the WINC workforce at 3%. WINC provide First Nations Employees with access to training, coaching and internal support to progress their careers and encourage them to reach their full potential.
2. Officeworks (Indigenous business partners)
Yindi and Cultural Choice provide furniture and office supplies under partnership with Officeworks both supporting employment and returning benefits to indigenous communities.
GOVERNANCE
Y Procurement conducts our partner and supplier engagements with integrity to ensure we offer services that can be trusted by our members. To maintain this trust, the work we do is governed by four pillars:
1. PROBITY - Y Procurement conducts our sourcing and management activities fairly and transparently, the way we deal with our stakeholders requires an alignment of values and ethics with all our suppliers. In doing so, we actively prevent opportunities for fraud and corrupt conduct.
2. COMPLIANCE - We manage risk by ensuring all our suppliers maintain active compliances at assessment and periodic reviews. We monitor and maintain a strong process for vendor selection and management with key records collected and created for audit and review.
3. PEOPLE - We value our relationships with key stakeholders, our Y members and Suppliers. We are actively strengthening these relationships through frequent communication, transparency and diligence.
4. SYSTEMS - We use data, tools & platforms to assist us in making informed business decisions. Our systems are reviewed to ensure the best outcomes for our members.
ECONOMIC
To facilitate increased savings and value initiatives, Y Procurement has focused on providing our members with access to supplier arrangements in common categories required across the Y.
Examples of value offers that Y members are utilising are:
1. Woolworths At Work
Woolworths At Work offers all Y Procurement Members a 2-5% Credit Rebate on the eligible total expenditure on orders placed via the dedicated website. From Jan – June 2024, the total credit rebate across all Y Procurement Members was $12,688.16
Rebates under this agreement are returned at 2% from 1 July 2024.
2. Officeworks
From March 2024, a new Y Procurement pricelist is available for our members. This list offers a further discount on commonly used products based on historical purchasing.
From March – September 2024, two Y Associations have moved over to the new pricing with a total spend of $62,240. The total estimated savings achieved was $8,382, which is an overall 13.46% discount.
YMCA SERVICES PTY LTD
Financial Report
(Formerly YMCA E-Store Pty Ltd)
ABN 52 104 876 806
DIRECTORS’ REPORT
The directors present their report together with the financial statements for YMCA Services Pty Ltd for the financial year ended 30 June 2024.
Directors
The names of the directors in office at any time during or since the end of the financial year are:
Richard Nedov (Chair) Donna McMaster John Yiannis
Prue Warrilow Lisa Giacomelli (Resigned Nov 23)
The above directors have been in office since the start of the financial year to the date of this report unless otherwise stated.
Review of operations
The deficit for the company for the financial year amounted to $66,283 (2023 $135,729 surplus)
Significant changes in the state of affairs
The Procurement operation continues to service the needs of members with new staff developing the Procurement offering to the next level of service The Merchandise operation has experienced a declining sales base with reduced spending from all Associations, with significant focus on identifying and growing external markets which offer growth potential outside of the current structure.
Principal activities
The company continued its lead role as the Merchandising arm of the YMCA Associations, and engaged with 12 member Associations & National Entities to provide Procurement services based on customer needs.
Events subsequent to the end of the reporting period
No matters of circumstance has arisen since 30 June 2024 that has significantly affected, or may significantly affect the company's operations, the results of those operations, or the company's state of affairs in future financial years.
Likely developments and expected results of operations
The company has continued to service the needs of member Associations in both the Merchandise & Procurement operations, and has been developing opportunities in external markets primarily in the B2B space for our Merchandise offering.
DIRECTORS’ REPORT
Financial Report
Dividend
At the October 2023 Board meeting the company directors declared a dividend of $16.00 per share to shareholders for the period 1 July 2022 to 30 June 2023, totalling $66,160
Auditor’s Independence Declaration
A copy of the Auditor’s Independence Declaration is set out on page 5 The Directors’ Report is signed in accordance with a resolution of the Board of Directors:
Director :
Dated this 24th day of October 2024 YMCA SERVICES PTY LTD
Richard Nedov
DIRECTORS’ DECLARATION FOR THE YEAR ENDED 30 JUNE 2024
In accordance with a resolution of the directors of YMCA Services Pty Ltd, the directors have determined that the company is not a reporting entity because there are no users dependent on general purpose financial statements. Accordingly, the attached special purpose financial report should be prepared in accordance with the accounting policies described in Note 1 to the financial statements.
The directors of the company declare that:
1. The financial statements and notes, as set out on pages 7 to 22 are in accordance with the Australian Charities and Not for Profit Commissions Act 2012 and :
a) comply with Australian Accountings Standards; and
b) give a true and fair view of the company’s financial position as at 30 June 2024 and of its performance for the year ended on that date in accordance with the accounting policies described in Note 1 to the financial statements.
2. In the directors’ opinion there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.
Director : ___________________________________________________________
Richard Nedov
Dated this 24th day of October 2024
AUDITORS INDEPENDENCE DECLARATION
UNDER 60-40 OF THE AUSTRALIAN CHARITIES AND NOT-FOR-PROFITS COMMISSION ACT 2012 TO THE BOARD OF YMCA SERVICES PTY LTD
As auditor for YMCA Services Pty Ltd for the year ended 30 June 2024, I declare that, to the best of my knowledge and belief, there have been:
a) No contraventions of the auditor independence requirements of the Australian Charities and Not-forprofits Commission Act 2012 in relation to the audit; and
b) No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of YMCA Services Pty Ltd.
Stephen Kirtley Director
Dated this 24th day of October, 2024
Davidsons Assurance Services Pty Ltd 101 West Fyans Street Geelong, Victoria 3220
52 104 876 806
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2024
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2024
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2024
ABN 52 104 876 806
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024
CASH FLOWS FROM OPERATING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
YMCA SERVICES PTY LTD (Formerly YMCA E-Store Pty Ltd)
ABN 52 104 876 806
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
NOTE 1: SUMMARY OF MATERIAL ACCOUNTING POLICIES
YMCA Services Pty Ltd is a company limited by shares, incorporated and domiciled in Australia.
Basis of Preparation
The directors have prepared the financial statements on the basis that the company is a nonreporting entity because there are no users dependent on general purpose financial statements. The financial statements are therefore special purpose financial statements that have been prepared in order to meet the requirements of the Australian Charities and Not for Profit Commission Act 2012. The company is a not-for-profit entity for financial reporting purposes under Australian Accounting Standards.
The financial statements have been prepared in accordance with the mandatory Australian Accounting Standards applicable to entities reporting under the Australian Charities and Not for Profit Commission Act 2012 and the significant accounting policies disclosed below, which the directors have determined are appropriate to meet the needs of members. Such accounting policies are consistent with the previous period unless stated otherwise.
The financial statements are compliant with recognition and measurements requirements of Australian Accounting Standards
The financial statements, except for the cash flow information, have been prepared on an accruals basis and are based on historical costs unless otherwise stated in the notes. The amounts presented in the financial statements have been rounded to the nearest dollar.
The financial statements were authorised for issue on the 24th Day of October 2024 by the directors of the company.
New or amended Accounting Standards and interpretations adopted
The company has adopted all of the new or amended accounting standards and interpretations that are mandatory for the current period. The adoption of these accounting standards and interpretations did not have any significant impact on the financial performance or position of the company
Accounting Policies
a. Income Tax
The company was granted endorsement of a Charitable Institution to Income Tax Exempt Status effective from 1 July 2005 by the Australian Taxation Office on 18 November 2011. Consequently, income tax expense is not applicable.
b. Inventories
Inventories are measured at the lower of cost and net realisable value. Costs are assigned on the basis of weighted average costs.
(Formerly YMCA E-Store Pty Ltd) ABN 52 104 876 806
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
NOTE 1: SUMMARY OF MATERIAL ACCOUNTING POLICIES
c. Plant and Equipment
Each class of plant and equipment is carried at cost less, where applicable, any accumulated depreciation. The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the assets employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts.
d. Depreciation
The depreciable amount of all fixed assets is depreciated on a straight line basis over the useful lives commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements.
Plant and equipment is depreciated at rates between 7.4% - 37.5%.
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.
e. Employee Benefits
Provision is made for the company’s liability for employee benefits arising from services rendered by employees to balance date. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled, plus related on-costs. 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.
f. Cash and Cash Equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts.
g. Revenue
The company recognises revenue as follows:
YMCA SERVICES PTY LTD
(Formerly YMCA E-Store Pty Ltd)
ABN 52 104 876 806
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
NOTE 1: SUMMARY OF MATERIAL ACCOUNTING POLICIES
Sale of goods
Revenue from the sale of goods is recognised at the point in time when the customer obtains control of the goods, which is generally at the time of delivery.
Rendering of services
Revenue from a contract to provide services is recognised over time as the services are rendered.
Interest
Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset.
Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
Grants and government subsidies
Grant and government subsidiary revenue is recognised in profit or loss when the company satisfies the performance obligations stated within the funding agreements.
If conditions are attached to the grant or subsidy which must be satisfied before the company is eligible to retain the contribution, the grant will be recognised in the statement of financial position as a liability until those conditions are satisfied.
h. Critical accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below.
YMCA SERVICES PTY LTD
(Formerly YMCA E-Store Pty Ltd)
ABN 52 104 876 806
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
NOTE 1: SUMMARY OF MATERIAL ACCOUNTING POLICIES
Allowance for expected credit losses
The allowance for expected credit losses assessment requires a degree of estimation and judgement. It is based on the lifetime expected credit loss, grouped based on days overdue, and makes assumptions to allocate an overall expected credit loss rate for each group. These assumptions include recent sales experience and historical collection rates.
YMCA SERVICES PTY LTD
Provision for impairment of inventories
(Formerly YMCA E-Store Pty Ltd)
YMCA SERVICES PTY LTD (Formerly YMCA E-Store Ltd)
ABN 52 104 876 806
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
The provision for impairment of inventories assessment requires a degree of estimation and judgement. The level of the provision is assessed by taking into account the recent sales experience, the ageing of inventories and other factors that affect inventory obsolescence.
ABN 52 876 TO FINANCIAL STATEMENTS THE YEAR ENDED 30 JUNE 2024
NOTE 2 : REVENUE
:
NOTE 3 : EXPENSES
NOTE 3 : EXPENSES in yearly results are following expenses:
Included in the yearly results are the following specific expenses:
NOTE 4 : ECONOMIC DEPENDANCE YMCA Services Pty Ltd is dependent on YMCA Associations for the majority of its revenue used to operate the business.
YMCA SERVICES PTY LTD (Formerly YMCA E-Store Pty Ltd) ABN 52 104 876 806
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE
NOTE 4 : ECONOMIC DEPENDANCE
YMCA Services Pty Ltd is dependent on YMCA Associations for the majority of its
used to operate the business.
SERVICES PTY LTD (Formerly YMCA E-Store Pty Ltd) ABN 52 104 876 806 NOTES TO THE FINANCIAL
NOTE 2 : REVENUE
(Formerly YMCA E-Store Pty Ltd)
ABN 52 104 876 806
NOTE 5 : AUDITORS' REMUNERATION
NOTE 2 : REVENUE
Remuneration of the auditor : Davidsons (FY24) / BDO (FY23) -
NOTE 6 : CASH AND CASH EQUIVALENTS -
NOTE 7 : TRADE AND OTHER RECEIVABLES
NOTE 3 : EXPENSES
Included in the yearly results are the following specific expenses: -
NOTE 3 : EXPENSES
NOTE 8 :
Included in the yearly results are the following specific expenses: -
NOTE 9 :
NOTE 4 : ECONOMIC DEPENDANCE
YMCA Services Pty Ltd is dependent on YMCA Associations for the
NOTE 4 : ECONOMIC DEPENDANCE
YMCA Services Pty Ltd is dependent on YMCA Associations for the majority of its revenue used to operate the business.
NOTE 5 : AUDITORS' REMUNERATION
Remuneration of the auditor : Davidsons (FY24) / BDO (FY23) -
NOTE 5 : AUDITORS' REMUNERATION
Remuneration of the auditor : Davidsons (FY24) / BDO (FY23) - Audit of the
876 806
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
NOTE 9 : PLANT AND EQUIPMENT
Movements in carrying amounts
Movements in the carrying amounts for each class of plant and equipment between the beginning and the end of the financial year.
NOTE 10 : RIGHT-OF-USE ASSETS
NOTE 11 :
NOTE 12 : PROVISIONS
(Formerly YMCA E-Store Pty Ltd)
ABN 52 104 876 806
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
NOTE 13 : ISSUED CAPITAL
4,135 (2023 : 4,135) full
Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the company in proportion to the number of shares held. The fully paid shares have no par value and the company does not have a limited amount of authorised capital. At shareholder meetings each ordinary share is entitled to one vote when a poll is called, otherwise each shareholder has one vote on a show of hands.
NOTE 14 : CASH FLOW INFORMATION
Reconciliation of
NOTE 15 : KEY MANAGEMENT PERSONNEL
Key Management Personnel are the executive team members for YMCA Services Pty Ltd. They are responsible and lead the planning and operations of the organisation.
YMCA SERVICES PTY LTD (Formerly YMCA E-Store Pty Ltd) ABN 52 104 876 806
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
NOTE 16 : Related party transactions
The Group's related parties are as follows:
Major Shareholder
The National Council of YMCAs of Australia – 1914 Shares (46.29%)
Transactions with related parties
The following transactions occurred with related parties:
Receivable from and payable to related parties
The following balances are outstanding at the reporting date in relation to transactions with related parties.
Current receivables: Receivable
Current payables: Payable to to National Council of YMCA's of Australia - -
Transactions between related parties and YMCA Services Pty Ltd are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated.
The directors as listed in the Director's Report do not receive remuneration for their services.
List of Directors as follows:
Richard Nedov (Board Chair)
Donna McMaster (Deputy Chair)
John Yiannis (Treasurer)
Prue Warrilow Lisa Giacomelli (Resigned Nov 2023)
Loans to/from related parties
The directors as listed in the Director's Report do not receive remuneration for their services.
Terms and conditions
All transactions were made on normal commercial terms and conditions and at market rates.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF YMCA SERVICES PTY LTD
Opinion
We have audited the financial report of YMCA Services Pty Ltd (the Company), which comprises the statement of financial position as at 30 June 2024, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and the declaration by those charged with governance
In our opinion the financial report of YMCA Services Pty Ltd has been prepared in accordance with Division 60 of the Australian Charities and Not-for-profits Commission Act 2012 (ACNC Act), including:
(a) giving a true and fair view of the Company’s financial position as at 30 June 2024 and of its financial performance for the year then ended; and
(b) complying with Australian Accounting Standards to the extend described in Note 1 and Division 60 of the Australian Charities and Not-for-profits Commission Regulation 2013.
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 Company in accordance with the ACNC Act, 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 responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Australian Charities and Not-for-profits Commission Act 2012, which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter – Basis of Accounting
We draw attention to Note 1 to the financial report, which describes the basis of accounting. The financial report has been prepared for the purposes of fulfilling the Company’s financial reporting responsibilities under the ACNC Act. As a result, the financial report may not be suitable for another purpose. Our report is not modified in respect of this matter.
Responsibilities of Management and Those Charged with Governance for the Financial Report
Management is responsible for the preparation of the financial report in accordance with the ACNC Act, and for such internal control as management determines is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error.
In preparing the financial report, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company's financial reporting process.
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 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 the financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: http://www.auasb.gov.au/Home.aspx. This description forms part of our auditor's report.
Stephen Kirtley Director
Dated this 25th day of October, 2024
Davidsons Assurance Services Pty Ltd 101 West Fyans Street Geelong, Victoria 3220
28th October 2024
Dear Directors
NET ASSETS
In accordance with your request, we provide the following details regarding the net assets per share of YMCA Services Pty Ltd as at 30 June 2024. The information has been based on the audited financial report of YMCA Services Pty Ltd for the financial
ended 30 June 2024
of shares on issue as per ASIC records
Yours faithfully Davidsons Assurance Services Pty Ltd
Stephen Kirtley Director