Swimming Pool & Spa Association
Annual
Report
2021
Welcome to the 2021 Annual General Report for the Swimming Pool & Spa Association of Australia Ltd (SPASA) and its consolidated entities. SPASA is the largest peak Swimming Pool & Spa industry body in the southern hemisphere. The Association is dedicated to the improvement of the health and happiness of the community, through the promotion and growth of the pool, spa and outdoor living industries. Our function is to empower the industry in the development, promotion and delivery of quality representation, resources, benefits and services to its members.
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Contents
02-13 Our Organisation Find out more about our Organisation, meet the Directors and Team | Read the Chairperson and Finance Reports
14-26 Our Achievements Discover what we have achieved over the last twelve months
27-48 Reports View the Audited Financial Report
for more information visit us at www.spasa.com.au 3
Our
Purpose The Board set the strategy of the Association which defines our values, vision and mission. Key pillars ensure credibility and assist in prioritising our resources.
Our
Mission
To protect, promote and grow the swimming pool, spa and outdoor lifestyle industry
Our
Values
Accountability
Courage
We respect the trust placed in us by our members and stakeholders
We adapt, evolve and provide a positive experience with the aim to exceed expectations
Integrity
Service
Sustainability
We provide reliable and honest support and services
Putting people first, our objectives are delivered with benefits to our members, industry, staff and the community
We are responsible financially, environmentally and socially, providing benefits as a well governed not-for-profit Association
4
Our
Pillars Corporate Support Consistent improvement ensuring an effective Association
Promotion Market members and ownership of a pool and spa
Member Services Provide exclusive networking, products and services to all members
Research & Education Development of our professions and industry
Representation Advocate responsible outcomes for members and the community
Our
Vision To deliver a better, happier and healthier community through the enjoyment of a quality pool or spa 5
Our
Directors
Stefan Ossenberg Chairperson Protector Aluminium
Adam Jaworski Chariperson FAC
Amanda Stephenson
Independent
Hydrilla
Jacque Patterson Narellan Pools Waikato
Lynley Papineau Aquatic Leisure Technologies
Matthew Galvin Environ Pools
Rob Kruber Summertime Pools
Steven Humphris Focus Products
Tom Boadle Sunbather
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Our
Team We’re here...
...for you
Chief Information Officer
General Manager NZ
Media Sales Manager
Luke Daly
Jonty Mills
David Stennett
Member Services SA/NT
Regional Manager QLD
Regional Manager VIC/TAS
Regional Manager NSW/ACT
Keeta Scown
Denis Riordan
Daena Bougoure-Latchford
Michael Brennan
...for your future Chief Policy Officer
Marketing & Comms Coordinator
IRLearning Manager
IRLearning Admin
Spiros Dassakis
Albin Panoose
Rachael Bambry
Nicole Daws
...for a strong Association Chief Executive Officer
Executive Assistant
Finance Manager
Lindsay McGrath
Suzie Kent
Melinda Zoanetti
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Message from the
Chairperson As chair of SPASA, I’m delighted to be reporting on another year of achievement for the Association in all areas of our operations. This is all thanks to the dedicated contributions of my fellow board members and our dynamic staff. This report highlights the organisation’s achievements and highlights over the past year as we continued to deliver a wide range of services, support and achievements to our members and wider community. The pandemic continued to impact almost all facets of our community and we all experienced significant shifts or reassessments. It has been uplifting and encouraging to see the ways in which we managed to navigate challenges, rethink old habits and ways of doing business. Working alongside a team of proactive, agile and dedicated individuals within our industry has been an inspiration. It has been an honour to work with our Board, management team and staff throughout the year. I express my sincere appreciation to everyone involved in working towards the betterment and promotion of our industry. I thank them for their time, energy and dedication during the past
Stefan Ossenberg Chairperson United State
8
year, and for the expertise they each bring to overseeing SPASA’s activities. And as trustees we are fortunate indeed to have such a skilled and
committed team of staff led by our Chief
158% of precovid quotes and spas sales
Executive Officer Lindsay McGrath and I
and exceeding anytime time in living
extend my appreciation on behalf of the
memory, we are in a positive position to
Board for Lindsay’s energy, unwavering
continue to support our vision to provide
commitment and leadership.
a healthier and happier community, a better life, through the enjoyment of
The future is clear. We need more dedicated
and
professional
pools and spas.
trades
people. COVID has proved for the second
Our
year that the pool and spa industry have
the Institute of Research and Learning
a greater consumer demand than what
has grown for the fifth year in a row
our trades can supply. A common reply
continuing the investment in more
to prospective owners that there is over
content, services and trainers who are
registered
training
organisation
supporting the ever increasing number of students seeking national recognised qualifications, value adding workshops and licencing pathways.
Demand
158%
Promotions in events have suffered due to restrictions in travel with multiple cancelations and postponements. The strategic decision to deliver positive benefits to all regions a membership,
second year in a row for new pools
trade
exceeding precovid quotes and
and
consumer
benefits
has
ensured a diversity of products and
spas sales
services that ensured another year of increased engagement and a positive and sustainable financial position.
a year wait to supply or install or the
The strategy to build a consumer brand
severe lack of service staff, the market is
further expanded with the acquisition
demanding we grow.
of the Brisbane Pool, Spa and outdoor living Expo as part of an Australasian
This cements the strategy that SPASA
plan to deliver increased aspiration for
and
have
the ownership of pools and spa and
been building with a range of trade
the inspiration for the existing owners.
qualifications and other tools to improve
This expansion of the Pool & Spa brand
the attraction, retention and growth
will play a significant role in consumer
of our skilled tradespeople across all
recognition of SPASA members through
sectors. With the second year in a row
a variety of marketing options.
its
predecessor
entities
that the demand for new pools exceeding 9
Advocacy remained at the forefront with
industry be recognised as an essential
local council issues, state government
service
reforms and national legislation and
and safety benefits to the community.
standards all receiving multiple tiers of
SPASA Australia continues to advocate
lobbying across both Australia and New
for one united body across Australia
Zealand. The pandemic highlighted the
and New Zealand with multiple offers
need to work with other likeminded
of
associations and in some cases, challenge
requests
opposing views to deliver on SPASA’s
Australian and New Zealand pool and
objectives.
spa associations. SPASA stands by its
delivering
collaboration to
the
important
and
health
amalgamation
Victorian,
Western
assertion that our greatest impact can SPASA was invited in 2021 onto the National Aquatic Industry Committee to add further value to this group adding a new perspective on the importance of our members impact to the commercial and domestic market. This collaboration with the broad range of aquatic and leisure associations and groups increasing our own awareness of the importance of the pool and spa to the community. Our continued investment in all regions saw the first full year of a dedicated local resource with Jonty Mills our New Zealand General Manger. This has delivered strong growth in membership due to the increased benefits on offer and the impact in the education and promotion offerings. Our goal for an untied industry peak body remains, with.
We would encourage
these organisations to review the positive results for and benefits achieved for the members in the five years and offer the prospect of amalgamation to their members. SPASA continues to advocate for better standards across the pool and spa 10
be achieved by working in unison.
Message from the
Finance Committee It is my pleasure to submit to members the 2021 consolidated Annual Report of the Swimming Pool & Spa Association of Australia Ltd (SPASA).
SPASA reports all entities in a consolidated manner, including the Institute of Research and Learning Ltd (IRL), SPASA Benefits Trust and the Pool and Spa Association Limited (NZ). This provides a total true and correct report of all financial operations within SPASA’s responsibility. An income diversification strategy which has been adopted over the last five years has included acquisitions,
amalgamations
and
regional,
product and services expansions. This along with investment in the growth of a dedicated group of professional staff has been the reason behind the SPASA group remaining in a strong financial position during the pandemic. No government assistance programs such as Job Keeper were received in the 2021 calendar year.
Adam Jaworski on behalf of the Finance, Audit and Compliance Committee Adam Jaworski (Chair) Steven Humphris Tom Boadle
With increased advocacy following on from the prior year SPASA did not decrease its investment in the industry but further increased the asset building in staff, brands, products and services including education and training. This resulted in engagement and association value to members at an all-time high.
11
The
Association’s
external
Auditors,
fifth year in a row with the Institute
William Buck Accountants and Advisors,
of Research and Learning SPASA’s
conducted the Audit Report for the year
subsidiary
ending 31 December 2021.
Organisation invested $1,222,888 in
Key points from the results include:
workshops and trade qualifications
Registered
Training
during the year a 62% increase in • Operational programs
efficiency resulted
in
and a
growth
full
year
underlying net surplus of $170,061, supported by a Net Asset and Equity base of $5,065,165 and Cash or Cash Equivalents of $4,225,378.
over the prior year with the Sydney and Adelaide consumer expos going ahead and the Brisbane and Adelaide Award galas with the rest of the physical events succumbing to COVID restrictions.
generated
fees
from
areas
way
transactions
buildings, between
intercompany subsidiaries
including rent have been reported
revenue
finances. SPASA continues to focus on expansion and building a strong and sustainable financial position for the long-term and growth of member businesses. It has been a pleasure to see the Association
include
continue to grow and I would like to
training and media brands increased
take this opportunity to thank Lindsay,
by $909,539 over 2020.
Melinda and the whole SPASA team
and
separate
picture of the consolidated groups
support in the protection, promotion
events
• Membership revenue increased by 20%, which reflected the same percentage growth in volume of members. • The Investment strategy continued in both people and brands. New staff were added in regional management roles directly working with members in field. The consumer brand strategy saw the acquisition of the Brisbane Pool, Spa and Outdoor Living Expo. The trade brand SPLASH! saw great support from the magazine by advertisers after last year’s relief program and the SPLASH! Trade Show postponed to 2022. • Research and education investment took yet another leap forward for the 12
the
to
membership
in
• New Accounting Standards that impact
separately to provide a transparent
• Growth in event income was doubled
• Professional
student support over the prior year.
for a remarkable effort during the year and congratulate them all on the achievements
they’ve
managed
to
accomplish, both financial and nonfinancial, for the Association, Members and Industry as a whole.
Association
Growth SPASA continues to focus on expansion and building a strong and sustainable financial position for the longterm support in the protection, promotion and growth of member businesses.
$400,000
$4,800,000
$300,000
$4,600,000
$200,000
$4,400,000
$100,000
$4,200,000
$0
Net Profit
2021
$5,000,000
2020
$500,000
2019
$5,200,000
2018
$600,000
$4,000,000
Total Equity
$5,065,165
$170,061
Net Asset and Equity
Net Surplus
Operational efficiency and growth programs resulted in a full year underlying net surplus of $170,061, supported by a Net Asset and Equity base of $5,065,165 and Cash or Cash Equivalents of $4,225,378.
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Member
Services Consistently improving member services through research, networking, and leadership opportunities.
Strong membership growth continues
Our partnerships go from strength-
to be the basis for our reputation as
to-strength,
the pre-eminent voice in representing,
for our members to save money for
supporting and promoting the industry.
their businesses whilst supporting the
delivering
more
options
organisations that support SPASA. Our numbers have grown steadily over the year and by the end of 2021 SPASA
Boost Your Business, Handypay, Pool Site
was just shy of 1200 members across
Quote, Runacres Insurance and Uprise all
Australia and New Zealand.
came on board as partners last year and a number of general communications
Networking was still limited in 2021
pieces were sent out to members
due to the pandemic, however this
explaining the services they offer.
led to many positives for our industry through collaboration and new forms of
Our supporters include:
communication.
AB Phillips, AutoTender, Caltex, Construct Law Group, Hyundai, HR Anywhere, Payright,
Podium,
Westfund and Westpac.
14
ProTrade,
UL,
Member
Services Strong membership growth continues to be the basis for our reputation in supporting the industry.
1200 1000
Membership Growth
800 600 2017
2018
2019
2020
2021
Retail/Service Construction/Install Supply/Manufacture
Members by Category
Fees by Category
Professional Services Other
ACT, NT, TAS, Other Queensland New South Wales Victoria
Members by Region
South Australia Western Australia New Zealand 15
Member
Promotion Marketing our members and a positive view of pool and spa ownership along with the assocated lifestyle.
60%
860 Awards nominations exploded in 2021 with 860 individual submissions entered - an almost 60% increase on 2020!
Keeping the industry and community
Although we were unable to hold
healthy was our number one objective in
the majority of face-to-face events as
2020.
planned due to restrictions, expos and awards dinners that did go ahead were a
It was no different in 2021, with SPASA
resounding success.
closely monitoring developments related to COVID-19 and providing reassurance
The virtual programs were once again a
through communications to members,
spotlight for members, delivering virtual
industry and the general community.
recognition in place of physical.
This
in turn provided a tangible marketing tool for members to promote their win through their own channels . 16
Social media Just shy of 12,000 followers across all platforms, an
Website reach Over 200k users visited our various websites in 2021
increase of 30% on 2020
Consumer touch points
Enquiries 3200+ consumers sought advice and recommendations from us in 2021
Subscribers Nearly 9000 people have subscribed to our newsletters across all platforms
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Research &
Education Development of our professions and industry by facilitating diverse career paths.
The Institute of Research & Learning (IRLearning) is dedicated entirely to the swimming pool and spa industry across Australia and New Zealand. To maintain the strength of its scope, the team at IRLearning works with a variety of 1021
stakeholders and government, to ensure that a forecasted increase in workforce is underpinned by upgrading existing swimming pool and spa qualifications. Ultimately, this translates into industry well
as
making
the swimming pool and spa industry attractive to new entrants. Awareness continues to grow, with over 400 new students enrolling in trade qualifications in 2021.
18
2021
as
2020
upskilling
346 2019
wide
608
Trade Qualifications Enrollments
Member
Representation Advocate responsible outcomes for members and the community.
Best Practices
50 + Committees
Building tomorrows industry today. A strong foundation has been delivered in recent years with ongoing commitment and resource allocation to advocacy. We are protecting and adding value to our members with over 50 seats on active Australia and New Zealand standards, guidelines and committees.
70 +
Sustainability Cutting through current and future crisis’s with leading
Active
programs like Climate Care Certified consistently expanding
Products
and gaining acceptance ad engagement with more authorities and regulators. Research and data continues to increase SPASA’s knowledge and trend analysis with the growth in construction contracts, partnerships with leading report providers and our trade and consumer media brands.
7
Policy Development Ongoing member focused organisation structure sees 2021
Dedicated
with more full time dedicated SPASA employees face to face
Field Staff
in field with our members. Local information and knowledge passed directly through to committees, executive and Board for accurately and timely decision making in policy development.
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The SPASA Awards of Excellence is the
We would like to congratulate and
swimming pool and spa industry’s most
thank all sponsors, entrants and judges
prestigious awards program, attracting
involved in the 2021 Awards.
entries from across Australia and New Zealand and showcasing achievements
View our gold winning members on the
in construction, design, manufacturing,
following pages; the full complement
supply, products, retail and service.
can be viewed on the SPASA website.
With thanks to our Judges
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Business of the Year
Best Mobile Service Business
Australia
Europe Imports
New Zealand
Ultimate Pools Ltd
Australia
Davison Pool & Spa Service
New Zealand
Poolwerx Bay of Plenty
Commercial Project of the Year Australia
Aloha Pools
Pool of the Year Australia
Liquid Blue Pools
New Zealand
Ultimate Pools Ltd
Product of the Year Australia
Narellan Pools
New Zealand
Fluidra
Professional of the Year Australia
Elaine Kalache Spa World
New Zealand
Mark Bennett Poolwerx Christchurch
Spa of the Year Australia
Aloha Pools
New Zealand
Spa World
Best Multi-Location Pool Store Australia
Allan’s Pool Shop
Best New Pool Store Australia
Pool Builders Pool Shop
Best Online Pool Store Australia
Laguna Lifestyle
Best Single Location Pool Store Australia
Everclear Pool Solutions
New Zealand
Poolside Christchurch
Best Professional Service Business
Best Pool Store
Australia
Australia
The Poolstore Warehouse
Best Spa Retailer
New Zealand
Poolside Christchurch
Best Concrete Pool Builder Australia
Laguna Pools & Spas
New Zealand
Alfresco Pools Ltd
Best Fibreglass Pool Builder Australia
Aqua Technics
New Zealand
Ultimate Pools Ltd
Best Prefabricated Composite Pool Builder Australia
Brisbane Prestige Plunge Pools
Building Approvals and Advice
Australia
Endless Pools & Spas
New Zealand
Spa World
Best Supplier Australia
Sunbather
New Zealand
Fluidra
Concrete Commercial Pool up to $250,000 Australia
Ecozen Pools + Landscapes
Fibreglass Commercial Pool up to $250,000 Australia
Aqua Technics Commercial 21
Vinyl-lined Commercial Pool up to $250,000
Innovative Product Award Australia
AQUEA
Australia
New Zealand
Waterco
Aqualon Interiors
Commercial Pool up to $500,000 Australia
Momentum Pools
Commercial Pool up to $1,000,000 Australia
Hydrilla
Commercial Pool over $1,000,000 Australia
Aloha Pools
Commercial Renovation Australia
Imperial Pools
Commercial Spa Australia
Aloha Pools
Commercial System Australia
PoolQuip
Commercial Water Display Australia
Waterforms International
New Product Award Australia
Leaky Finders
New Zealand
Fluidra
Sustainable Product Award Australia
EvoHeat
New Zealand
Naked Pools
Innovative Project Australia
Sustainable Project Australia
EvoHeat
International Project Australia
S.R.Smith, LLC
Best Safety Barrier Australia
Norfolk Pools
In-ground Concrete Spa Australia
Apex Pools & Spas
In-ground Fibreglass Spa
Community Project
Australia
Australia
Portable Spa
Hydrilla
S.R.Smith, LLC
Local Pools & Spas
Display Pool / Centre
Australia
Australia
Apex Pools & Spas
Swim Spa
New Zealand
Pools for Canterbury
Australia
Spa Choice
New Zealand
Spa World
Education & Training Excellence Award Australia
Fluidra Australia
New Zealand
Waterco
Marketing Campaign Award Australia
Boss Solar
Aloha Pools
Courtyard / Plunge Pool Australia
Cloud 9 Pools
Vinyl Lined In-ground Pool Australia
Unique Freeform Pools
Vinyl Lined Modular Pool Australia 22
Classic Pools
Enclosed / Indoor Pool Australia
Boardwalk Pools
New Zealand
Ultimate Pools Ltd
Concrete Pool up to $60,000 Australia
Blue Haven Pools
Concrete Pool up to $120,000
Pool & Spa Combination Concrete Australia
Blue Stone Pools
New Zealand
Alfresco Pools Ltd
Pool & Spa Combination Fibreglass
Australia
Leader Pools
Australia
New Zealand
Auckland Inground Pools Ltd
Pool Landscape Design
Concrete Pool over $120,000 Australia
Liquid Blue Pools
New Zealand
Auckland Inground Pools Ltd
Fibreglass Pool up to $40,000 Australia
Riverscape Landscaping & Pools
Fibreglass Pool up to $60,000 Australia
Riverscape Landscaping & Pools
New Zealand
Leisure Pools Auckland North
Fibreglass Pool over $60,000 Australia
Leisure Pools North Brisbane
New Zealand
Ultimate Pools Ltd
Narellan Pools Port Phillip
Australia
Urban Escape
New Zealand
Pools for Canterbury
Prefabricated Composite Pool up to $30,000 Australia
Brisbane Prestige Plunge Pools
Prefabricated Composite Pool over $30,000 Australia
Brisbane Prestige Plunge Pools
New Zealand
Leisure Pools Auckland North
Renovation up to $30,000 Australia
Aquastone Pools and Landscapes
Renovation over $30,000
Lap Pool - Concrete
Australia
Jagun Pools + Landscapes
Australia
Laguna Pools & Spas
New Zealand
Auckland Inground Pools Ltd
New Zealand
Auckland Inground Pools Ltd
Residential Lighting Feature
Lap Pool - Fibreglass
Australia
Australia
Shipping Container Pools
Residential Water Feature
New Zealand
Ultimate Pools Ltd
Australia
Transform Pools and Spas
Norfolk Pools
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Construction Tradesperson Award
Pool Sales Representative Award
Australia
Greg White Hawkesbury Pools
Australia
Danica Vansleve Norfolk Pools
New Zealand
Steve Westlake Ultimate Pools Ltd
New Zealand
Jeremy Greco Ultimate Pools Ltd
In-Field Service Technician Award
Retail Service Technician Award
Australia
David Wright Poolwerx Brisbane City
Australia
Alex Christou Pool Robotics Perth
New Zealand
Mark Bennett Poolwerx Christchurch
New Zealand
Lee Houghton Poolside Christchurch
Operational Excellence Award
Rising Star Award
Australia
Mick Huxley Allan’s Pool Shop
Australia
New Zealand
Chelsea Perkins Ultimate Pools Ltd
Spa Sales Representative Award
Pool & Spa Barrier Inspector Award
Australia
Michelle Pratt Spa World
Australia
Anita Zaplin Summer Daze Pools and Inspections
New Zealand
Michael O’Loan Spa World
New Zealand
Rainbow Morris Ultimate Pools Ltd
Pool Designer Award
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Tiana Cannon Fluidra Australia
Australia
Dave Franklin Franklin Pools Aust
New Zealand
Rainbow Morris Ultimate Pools Ltd
Supplier Salesperson Award Australia
Ashley Guevara Europe Imports
New Zealand
Jade Pearce Fluidra
The Awards of Excellence program,
These companies dedicate a significant
Choosing Your Pool & Spa magazine and
investment towards marketing to future
ongoing annual promotions through
pool and spa owners. SPASA encourages
digital marketing and consumer shows
industry participants to support the
are all made possible by the valuable
brands that are a part of the growth of
contribution of our industry partners.
our community of professionals.
With thanks to our Platinum Partners
25
With thanks to our Silver Partners
With thanks to our Sponsors and Partners
26
Swimming Pool & Spa Association of Australia Ltd
Financial Statements - 31 December 2021
27
Swimming Pool & Spa Association of Australia Ltd Contents 31 December 2021 Directors' report Auditor's independence declaration Statement of profit or loss and other comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial statements Directors' declaration Independent auditor's report to the members of Swimming Pool & Spa Association of Australia Ltd
28
1
2 3 4 5 6 7 8 19 20
Swimming Pool & Spa Association of Australia Ltd Directors' report 31 December 2021 The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of Swimming Pool & Spa Association of Australia Ltd (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 31 December 2021. Directors The following persons were directors of Swimming Pool & Spa Association of Australia Ltd during the whole of the financial year and up to the date of this report, unless otherwise stated: Stefan Ossenberg (Chairmain) Robert Kruber Adam Jaworski Lynley Papineau Troy Cartwright (resigned 7 June 2021) Jacque Patterson Matthew Gavin Steven Humphris Tom Boadle Amanda Stephenson (appointed 7 June 2021) Principal activities The principal activities of the consolidated entity during the financial year was the representation of the Swimming Pool & Spa industry throughout Australia and New Zealand. No significant change in the nature of these activities occurred during the year. Meetings of directors There were 7 meetings of directors held during the year ended 31 December 2021. Contributions on winding up In the event of the company being wound up, ordinary members are required to contribute a maximum of $1 each. Honorary members are not required to contribute. The total amount that members of the company are liable to contribute if the company is wound up is $1,175, based on 1,175 current ordinary members. Auditor's independence declaration A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report. This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001. On behalf of the directors
___________________________ Director
___________________________ Director
8th April 2022
2
29
AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF SWIMMING POOL & SPA ASSOCIATION OF AUSTRALIA LTD I declare that, to the best of my knowledge and belief, during the year ended 31 December 2021 there have been: — no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and — no contraventions of any applicable code of professional conduct in relation to the audit.
William Buck (SA) ABN 38 280 203 274
G.W. Martinella Partner Adelaide, 8th April 2022
30
Swimming Pool & Spa Association of Australia Ltd Statement of profit or loss and other comprehensive income For the year ended 31 December 2021 Note Revenue Revenue Other income Finance income Expenses Corporate and administration expense Event expenses Employee benefits expense Depreciation and amortisation expense Trainer and assessment cost Other expenses Finance costs Marketing Occupancy
Consolidated 2021 2020 $ $
5
4,808,015
3,283,132
6
8,700 9,538
356,600 14,014
(795,111) (319,419) (744,741) (471,812) (1,461,902) (1,168,671) (11,350) (7,935) (501,945) (392,259) (740,942) (483,533) (731) (13,682) (369,985) (222,860) (30,952) (18,553)
Surplus for the year
168,594
555,022
Foreign currency translation
1,467
3,431
Other comprehensive income for the year
1,467
3,431
170,061
558,453
Other comprehensive income
Total comprehensive income for the year Refer to note 4 for detailed information on Restatement of comparatives.
The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 4
31
Swimming Pool & Spa Association of Australia Ltd Statement of financial position As at 31 December 2021 Note
Consolidated 2021 2020 $ $
Assets Current assets Cash and cash equivalents Trade and other receivables Other assets Total current assets
7 8 9
4,225,378 353,567 734,064 5,313,009
3,394,933 1,219,016 548,980 5,162,929
Non-current assets Property, plant and equipment Intangibles Other assets Total non-current assets
10 11 9
1,627,215 1,849,329 3,476,544
1,638,565 1,450,000 10,644 3,099,209
8,789,553
8,262,138
Total assets Liabilities Current liabilities Trade and other payables Employee benefits Other liabilities Total current liabilities
12 13 14
300,315 146,330 3,151,595 3,598,240
599,114 132,556 2,604,021 3,335,691
Non-current liabilities Trade and other payables Employee benefits Total non-current liabilities
12 13
79,866 46,282 126,148
31,343 31,343
Total liabilities
3,724,388
3,367,034
Net assets
5,065,165
4,895,104
163,648 4,901,517
162,181 4,732,923
5,065,165
4,895,104
Equity Reserves Retained surpluses
15
Total equity Refer to note 4 for detailed information on Restatement of comparatives.
32
The above statement of financial position should be read in conjunction with the accompanying notes 5
Swimming Pool & Spa Association of Australia Ltd Statement of changes in equity For the year ended 31 December 2021 Retained profits $
Total equity $
158,750
4,177,901
4,336,651
Surplus for the year Other comprehensive income for the year
3,431
555,022 -
555,022 3,431
Total comprehensive income for the year
3,431
555,022
558,453
162,181
4,732,923
4,895,104
Retained profits $
Total equity $
162,181
4,732,923
4,895,104
Surplus for the year Other comprehensive income for the year
1,467
168,594 -
168,594 1,467
Total comprehensive income for the year
1,467
168,594
170,061
163,648
4,901,517
5,065,165
Reserves $
Consolidated Balance at 1 January 2020
Balance at 31 December 2020 Refer to note 4 for detailed information on Restatement of comparatives.
Reserves $
Consolidated Balance at 1 January 2021
Balance at 31 December 2021
The above statement of changes in equity should be read in conjunction with the accompanying notes 6
33
Swimming Pool & Spa Association of Australia Ltd Statement of cash flows For the year ended 31 December 2021 Note Cash flows from operating activities Receipts from customers Payments to suppliers and employees
6,229,738 4,389,302 (5,090,104) (3,425,038) 1,139,634 9,538 (731) -
Interest received Interest and other finance costs paid Government grants received Net cash from operating activities
19
964,264 14,014 (13,682) 318,700
1,148,441
1,283,296
Cash flows from investing activities Payments for intangibles
(319,463)
-
Net cash used in investing activities
(319,463)
-
Net cash from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the financial year Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of the financial year
34
Consolidated 2021 2020 $ $
7
-
-
828,978 3,394,933 1,467
1,283,296 2,108,206 3,431
4,225,378
3,394,933
The above statement of cash flows should be read in conjunction with the accompanying notes 7
Swimming Pool & Spa Association of Australia Ltd Notes to the financial statements 31 December 2021 Note 1. General information The financial statements cover Swimming Pool & Spa Association of Australia Ltd as a consolidated entity consisting of Swimming Pool & Spa Association of Australia Ltd and the entities it controlled at the end of, or during, the year. The financial statements are presented in Australian dollars, which is Swimming Pool & Spa Association of Australia Ltd's functional and presentation currency. Swimming Pool & Spa Association of Australia Ltd is a not-for-profit unlisted public company limited by guarantee, incorporated and domiciled in Australia. Its registered office and principal place of business is: 8/13 King William Road UNLEY SA 5061 The financial statements were authorised for issue, in accordance with a resolution of directors, on 8th April 2022. Note 2. Significant accounting policies The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. New or amended Accounting Standards and Interpretations adopted The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. Basis of preparation In the directors' opinion, the consolidated entity is not a reporting entity because there are no users dependent on general purpose financial statements. These are special purpose financial statements that have been prepared for the purposes of complying with the Corporations Act 2001 requirements to prepare and distribute financial statements to the members of Swimming Pool & Spa Association of Australia Ltd. The directors have determined that the accounting policies adopted are appropriate to meet the needs of the members of Swimming Pool & Spa Association of Australia Ltd. These financial statements have been prepared in accordance with the recognition and measurement requirements specified by the Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the disclosure requirements of AASB 101 'Presentation of Financial Statements', AASB 107 'Statement of Cash Flows', AASB 108 'Accounting Policies, Changes in Accounting Estimates and Errors', AASB 1048 'Interpretation of Standards' and AASB 1054 'Australian Additional Disclosures', as appropriate for not-for profit oriented entities. Critical accounting estimates The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the consolidated entity's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3. Parent entity information In accordance with the Corporations Act 2001, these financial statements present the results of the consolidated entity only. Supplementary information about the parent entity is disclosed in note 17.
8
35
Swimming Pool & Spa Association of Australia Ltd Notes to the financial statements 31 December 2021 Note 2. Significant accounting policies (continued) Principles of consolidation The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Swimming Pool & Spa Association of Australia Ltd ('company' or 'parent entity') as at 31 December 2021 and the results of all subsidiaries for the year then ended. Swimming Pool & Spa Association of Australia Ltd and its subsidiaries together are referred to in these financial statements as the 'consolidated entity'. Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls an entity when the consolidated entity is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the consolidated entity. They are de-consolidated from the date that control ceases. Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the consolidated entity. The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent. Where the consolidated entity loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The consolidated entity recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss. Foreign currency translation The financial statements are presented in Australian dollars, which is Swimming Pool & Spa Association of Australia Ltd's functional and presentation currency. Foreign currency transactions Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. Foreign operations The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting date. The revenues and expenses of foreign operations are translated into Australian dollars using the average exchange rates, which approximate the rates at the dates of the transactions, for the period. All resulting foreign exchange differences are recognised in other comprehensive income through the foreign currency reserve in equity. The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is disposed of.
36
9
Swimming Pool & Spa Association of Australia Ltd Notes to the financial statements 31 December 2021 Note 2. Significant accounting policies (continued) Revenue recognition The consolidated entity recognises revenue as follows: Revenue from contracts with customers Revenue is recognised at an amount that reflects the consideration to which the consolidated entity is expected to be entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the consolidated entity: identifies the contract with a customer; identifies the performance obligations in the contract; determines the transaction price which takes into account estimates of variable consideration and the time value of money; allocates the transaction price to the separate performance obligations on the basis of the relative stand-alone selling price of each distinct good or service to be delivered; and recognises revenue when or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services promised. Variable consideration within the transaction price, if any, reflects concessions provided to the customer such as discounts, rebates and refunds, any potential bonuses receivable from the customer and any other contingent events. Such estimates are determined using either the 'expected value' or 'most likely amount' method. The measurement of variable consideration is subject to a constraining principle whereby revenue will only be recognised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. The measurement constraint continues until the uncertainty associated with the variable consideration is subsequently resolved. Amounts received that are subject to the constraining principle are recognised as a refund liability. 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. Income tax As the consolidated entity is a tax exempt institution in terms of subsection 50-10 of the Income Tax Assessment Act 1997, as amended, it is exempt from paying income tax. Cash and cash equivalents Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other shortterm, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Trade and other receivables Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any allowance for expected credit losses. Trade receivables are generally due for settlement within 30 days. The consolidated entity has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on days overdue. Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
10
37
Swimming Pool & Spa Association of Australia Ltd Notes to the financial statements 31 December 2021 Note 2. Significant accounting policies (continued) Property, plant and equipment Land and buildings are brought into account at directors' valuation. The revaluation of land and buildings by the directors are based on independent valuations carried by independent external valuers in July 2017 and August 2019. 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. Increases in the carrying amounts arising on revaluation of land and buildings are credited in other comprehensive income through to the revaluation surplus reserve in equity. Any revaluation decrements are initially taken in other comprehensive income through to the revaluation surplus reserve to the extent of any previous revaluation surplus of the same asset. Thereafter the decrements are taken to profit or loss. Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment (excluding land and buildings) over their expected useful lives as follows: Plant and equipment
4-13 years
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date. Leasehold improvements are depreciated over the unexpired period of the lease or the estimated useful life of the assets, whichever is shorter. An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the consolidated entity. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss. Any revaluation surplus reserve relating to the item disposed of is transferred directly to retained profits. Intangible assets Goodwill Goodwill arises on the acquisition of a business. Goodwill is not amortised. Instead, goodwill is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Impairment losses on goodwill are taken to profit or loss and are not subsequently reversed. Impairment of non-financial assets Goodwill and other intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The valuein-use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit. Trade and other payables These amounts represent liabilities for goods and services provided to the consolidated entity prior to the end of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition.
38
11
Swimming Pool & Spa Association of Australia Ltd Notes to the financial statements 31 December 2021 Note 2. Significant accounting policies (continued) Employee benefits Short-term employee benefits Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled. Other long-term employee benefits The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are measured at the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. Fair value measurement When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market. Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. Goods and Services Tax ('GST') and other similar taxes Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement of financial position. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority. New Accounting Standards and Interpretations not yet mandatory or early adopted Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 31 December 2021. The consolidated entity has not yet assessed the impact of these new or amended Accounting Standards and Interpretations.
12
39
Swimming Pool & Spa Association of Australia Ltd Notes to the financial statements 31 December 2021 Note 3. 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. 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. Goodwill and other indefinite life intangible assets The consolidated entity tests annually, or more frequently if events or changes in circumstances indicate impairment, whether goodwill and other indefinite life intangible assets have suffered any impairment, in accordance with the accounting policy stated in note 2. The recoverable amounts of cash-generating units have been determined based on value-in-use calculations. These calculations require the use of assumptions, including estimated discount rates based on the current cost of capital and growth rates of the estimated future cash flows. Note 4. Restatement of comparatives A correction has been made to the comparative balances to eliminate the intercompany transactions in relation to the lease between the company and SPASA Benefits Trust. SPASA Benefits Trust owns the property that has been leased to SPASA Australia. Statement of profit or loss and other comprehensive income Consolidated 2020 2020 $ $ $ Reported Adjustment Restated
Extract Revenue Other income Expenses Depreciation and amortisation expense Other expenses Finance costs Surplus for the year Other comprehensive income for the year Total comprehensive income for the year
40
13
433,400
(76,800)
356,600
(58,289) (485,349) (60,418)
50,354 1,816 46,736
(7,935) (483,533) (13,682)
532,916
22,106
555,022
3,431
-
3,431
536,347
22,106
558,453
Swimming Pool & Spa Association of Australia Ltd Notes to the financial statements 31 December 2021 Note 4. Restatement of comparatives (continued) Statement of financial position at the end of the earliest comparative period Consolidated 2020 2020 $ $ $ Reported Adjustment Restated
Extract Assets Current assets Right-of-use assets Total current assets
934,176 6,097,105
(934,176) (934,176)
5,162,929
Total assets
9,196,314
(934,176)
8,262,138
32,261 3,367,952
(32,261) (32,261)
3,335,691
924,021 955,364
(924,021) (924,021)
31,343
Total liabilities
4,323,316
(956,282)
3,367,034
Net assets
4,872,998
22,106
4,895,104
Equity Retained surpluses
4,710,817
22,106
4,732,923
Total equity
4,872,998
22,106
4,895,104
Liabilities Current liabilities Lease liabilities Total current liabilities Non-current liabilities Lease liabilities Total non-current liabilities
Note 5. Revenue Consolidated 2021 2020 $ $ Professional fees Membership fees Event income
2,702,553 975,605 1,129,857
1,793,194 811,675 678,263
4,808,015
3,283,132
Note 6. Other income Consolidated 2021 2020 $ $ Jobkeeper and cashflow boost Other income
8,700
351,100 5,500
Other income
8,700
356,600
14
41
Swimming Pool & Spa Association of Australia Ltd Notes to the financial statements 31 December 2021 Note 7. Cash and cash equivalents Consolidated 2021 2020 $ $ Current assets Cash on hand Cash at bank Cash on deposit
3,662,880 562,498
100 2,824,165 570,668
4,225,378
3,394,933
Note 8. Trade and other receivables Consolidated 2021 2020 $ $ Current assets Trade receivables Less: Allowance for expected credit losses
389,280 (35,713) 353,567
Other receivables
1,222,329 (35,713) 1,186,616
-
32,400
353,567
1,219,016
Note 9. Other assets Consolidated 2021 2020 $ $ Current assets Prepayments Non-current assets Prepayments
734,064
548,980
-
10,644
Note 10. Property, plant and equipment Consolidated 2021 2020 $ $ Non-current assets Land and buildings - at directors valuation
1,607,690
Plant and equipment - at cost Less: Accumulated depreciation
30,384 (10,859) 19,525
30,384 (6,519) 23,865
Office equipment - at cost Less: Accumulated depreciation
10,314 (10,314) -
10,314 (3,304) 7,010
1,627,215
42
1,607,690
15
1,638,565
Swimming Pool & Spa Association of Australia Ltd Notes to the financial statements 31 December 2021 Note 10. Property, plant and equipment (continued) Valuations of land and buildings The basis of the valuation of land and buildings is fair value. The land and buildings were last revalued on 20 July 2017 and 22 August 2019 and based on independent assessments by a member of the Australian Property Institute having recent experience in the location and category of land and buildings being valued. The directors do not believe that there has been a material movement in fair value since the revaluation date. Valuations are based on current prices for similar properties in the same location and condition. Note 11. Intangibles Consolidated 2021 2020 $ $ Non-current assets Goodwill - at cost
1,849,329
1,450,000
The goodwill arise from the purchase of the SPLASH magazine and Expo, and the Brisbane Expo. No assets or liabilities were acquired, only the right to prepare the magazine and host the Expo. Note 12. Trade and other payables Consolidated 2021 2020 $ $ Current liabilities Trade payables GST payable Sundry payables and accruals
Non-current liabilities Trade payables
124,158 139,430 36,727
241,667 269,447 88,000
300,315
599,114
79,866
-
The non-current trade payables relate to amounts payable on the purchase of the Brisbane Expo. The balance is payable at the completion of the 2024 Brisbane Expo. Note 13. Employee benefits Consolidated 2021 2020 $ $ Current liabilities Annual leave Long service leave
Non-current liabilities Long service leave
16
89,477 56,853
80,835 51,721
146,330
132,556
46,282
31,343
43
Swimming Pool & Spa Association of Australia Ltd Notes to the financial statements 31 December 2021 Note 14. Other liabilities Consolidated 2021 2020 $ $ Current liabilities Revenue received in advance
3,151,595
2,604,021
Note 15. Reserves Consolidated 2021 2020 $ $ Revaluation surplus reserve Foreign currency reserve Other reserves
20,000 1,191 142,457
20,000 (276) 142,457
163,648
162,181
Note 16. Subsidiaries Interests in subsidiaries The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in note 2:
Name
Principal place of business / Country of incorporation
SPASA Benefits Trust Institute of Research and Learning Limited Pool & Spa Association Limited
Australia Australia New Zealand
Ownership interest 2021 2020 % % 100% 100% 100%
100% 100% 100%
Note 17. Parent entity information Set out below is the supplementary information about the parent entity. Statement of profit or loss and other comprehensive income 2021 $
44
Parent
2020 $
Surplus/(deficit)
(60,614)
321,465
Total comprehensive income
(60,614)
321,465
17
Swimming Pool & Spa Association of Australia Ltd Notes to the financial statements 31 December 2021 Note 17. Parent entity information (continued) Statement of financial position 2021 $
Parent
2020 $
Total current assets
4,261,126
4,197,592
Total assets
7,209,233
6,696,539
Total current liabilities
2,469,802
2,523,810
Total liabilities
4,746,293
4,172,985
Equity Other reserves Retained surpluses
142,457 2,320,483
142,457 2,381,097
Total equity
2,462,940
2,523,554
Note 18. Events after the reporting period No matter or circumstance has arisen since 31 December 2021 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years. Note 19. Reconciliation of surplus to net cash from operating activities Consolidated 2021 2020 $ $ Surplus for the year
168,594
Adjustments for: Depreciation and amortisation Amount in payables related to intangible asset purchases
11,350 (79,866)
Change in operating assets and liabilities: Decrease/(increase) in trade and other receivables Increase in prepayments Increase/(decrease) in trade and other payables Increase in employee benefits Decrease in other provisions Increase in revenue received in advance Net cash from operating activities
18
555,022 7,935 -
865,449 (174,440) (218,933) 28,713 547,574
(474,693) (280,644) 111,442 21,271 (200,000) 1,542,963
1,148,441
1,283,296
45
Swimming Pool & Spa Association of Australia Ltd Directors' declaration 31 December 2021 In the directors' opinion: ●
the consolidated entity is not a reporting entity because there are no users dependent on general purpose financial statements. Accordingly, as described in note 2 to the financial statements, the attached special purpose financial statements have been prepared for the purposes of complying with the Australian Charities and Not-for-profits Commission Act 2012 and the Corporations Act 2001 requirements to prepare and distribute financial statements to the members of Swimming Pool & Spa Association of Australia Ltd;
●
the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards as described in note 2 to the financial statements, the Corporations Regulations 2001 and other mandatory professional reporting requirements;
●
the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at 31 December 2021 and of its performance for the financial year ended on that date; and
●
there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001. On behalf of the directors
___________________________ Director
___________________________ Director
8th April 2022
46
19
Swimming Pool & Spa Association of Australia Ltd Independent auditor’s report to the Director’s
Report on the Audit of the Financial Report Opinion
We have audited the financial report of Swimming Pool & Spa Association of Australia Ltd (the Company and its subsidiaries (the Group)), which comprises the consolidated statement of financial position as at 31 December 2021, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information, and the directors’ declaration.
In our opinion, the accompanying financial report of the Group, is in accordance with the Corporations Act 2001, including: (i) giving a true and fair view of the Group’s financial position as at 31 December 2021 and of its financial performance for the year ended on that date; and (ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.
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 Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (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.
47
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 purpose of fulfilling the directors’ financial reporting responsibilities under the Corporations Act 2001. As a result, the financial report may not be suitable for another purpose. Our opinion is not modified in respect of this matter.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group 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. A further description of our responsibilities for the audit of these financial statements is located at the Auditing and Assurance Standards Board website at: http://www.auasb.gov.au/auditors_responsibilities/ar4.pdf This description forms part of our independent auditor’s report.
William Buck (SA) ABN 38 280 203 274
G.W. Martinella Partner Adelaide, 8th April 2022
48
8-13 King William Road Unley, South Australia 5061 P. +61 1300 021 482 E. members@spasa.com.au www.spasa.com.au