Financial Reports
2020 Reports:
Birding NSW Notes to the Financial Statements 30 June 2022
Birding NSW Statement of Financial Position for the Year 30 june 2022
Birding NSW Statement of Income and Expenditure for the Year 30 June 2022
2021 Reports:
BIRDING NSW INCORPORATED
Notes to the Financial Statements for the Year ended 30 June 2021
Statement of significant accounting policies
The financial report is a general purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board. The financial report is prepared on an accruals basis and is based on historical costs and does not take into account changing money values or, except where stated, current valuations of non-current assets.
Cost is based on the fair value of consideration given in exchange for assets. The accounting policies have been consistently applied unless otherwise stated.
Revenue recognition
Subscription revenue
Subscription revenue is recognised in the period to which the member’s subscription relates.
The association’s subscription year is not the same as its financial year.
Sales revenue
Sales revenue comprises revenue earned from the provision of goods to third parties.
Sales revenue is recognised when the goods are provided.
Interest income is notified and paid in arrears and is brought to account on notification.
Other revenue
Other revenue, including donations, is recognised as it is received.
Inventories
Inventories are measured at the lower of cost and net realisable value (being the estimated selling price in the ordinary course of business, less any estimated selling expenses).
Financial instruments
Liabilities are recognised for amounts to be paid in the future for goods and services received,
whether or not billed. Accounts payable are generally settled within the supplier’s terms.
Plant and equipment
Plant and equipment are brought to account at cost, less any accumulated depreciation.
Assets are depreciated on a straight-line basis at approximately 25% per annum. The carrying amount of fixed assets is reviewed annually to ensure it is not in excess of their recoverable amount. The recoverable amount is assessed on the basis of expected net cash flows to be received from the assets’ employment and subsequent disposal.
Taxation
The Association has an exemption from income tax. Therefore, no provision has been made for income tax. The Association is not registered for the Goods and Services Tax. All costs are recognised inclusive of any applicable GST.
More details are provided in the reports below:
Notes on the annual accounts for Birding NSW year ending June 30 2021
Income and expenditure June 30 2021
Financial Position 30 June 2021
Birding NSW
Incorporated
Financial Report
For the year ended 30 June 2020
Birding NSW Incorporated
Statement of Income for the Year Ended 30 June 2020
2020 2019
Note $ $
Revenue from Sale of Goods 195 92
Other revenues from operating activities 19,763 21,618
Total Revenue 2(a) 19,958 21,710
Less
Decrease (increase) in inventories 0 (35)
Administrative Expenses 2(b) 21,970 16,705
21.970 16,680
Operating surplus (deficit) before income tax (2,012) 5,041
Accumulated surplus at beginning of year 68,419 63,379
Accumulated surplus at end of year 66,407 68,419
The accompanying notes form part of these financial statements.
Birding NSW Incorporated
Statement of Financial Position for the Year Ended 30 June 2020
2020 2019 note $ $
Current Assets
Cash 3 69,490 71,436
Inventories 4 224 224
Club Badges 4 707 727
Total Current Assets 70,421 72,387
Non-current Assets
Property, plant and equipment 5 0 0
Total Assets 70.421 72,387
Current Liabilities
Payables & Deferred Income 6 4,014 3,968
Total Current Liabilities 4.014 3,968
Net Assets 66,407 68,419
Members’ Funds 66,407 68,419
The accompanying notes form part of these financial statements.
Birding NSW Incorporated
Statement of Cash Flows for the Year Ended 30 June 2020
2020 2019
Note $ $
Cash Flows from Operating Activities
Interest Received 1,424 1,550
Receipts from Members Subscriptions and
Sundry Receipts 18,534 19,309
General Administration Expenses and Direct Expenses (21.904) (16,680)
Net Cash Provided by Operating Activities 7(b) (1,946) 4,179
Net Increase (Decrease) in Cash Held (1,946) 4,179
Cash at Beginning of Financial Year 71,436 67,258
Cash at End of Financial Year 7(a) 69,490 71,436
The accompanying notes form part of these financial statements.
Birding NSW Incorporated
Notes to the financial statements for the year ended 30 June 2020
1 Statement of significant accounting policies
The financial report is a general purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board.
The financial report is prepared on an accruals basis and is based on historical costs and does not take into account changing money values or, except where stated, current valuations of non-current assets. Cost is based on the fair value of consideration given in exchange for assets.
The accounting policies have been consistently applied unless otherwise stated.
Revenue recognition
Subscription revenue
Subscription revenue is recognised in the period to which the member’s subscription relates. The association’s subscription year is not the same as its financial year.
Sales revenue
Sales revenue comprises revenue earned from the provision of goods to third parties. Sales revenue is recognised when the goods are provided.
Interest income
Interest income is notified and paid in arrears and is brought to account on notification.
Other revenue
Other revenue, including donations, is recognised as it is received.
Inventories
Inventories are measured at the lower of cost and net realisable value (being the estimated selling price in the ordinary course of business, less any estimated selling expenses).
Financial instruments
Liabilities are recognised for amounts to be paid in the future for goods and services received, whether or not billed. Accounts payable are generally settled within the supplier’s terms.
Birding NSW Incorporated
Notes to the financial statements for the year ended 30 June 2020
1 Statement of significant accounting policies (continued)
Plant and equipment
Plant and equipment are brought to account at cost, less any accumulated depreciation. Assets are depreciated on a straight-line basis at approximately 25% per annum.
The carrying amount of fixed assets is reviewed annually to ensure it is not in excess of their recoverable amount. The recoverable amount is assessed on the basis of expected net cash flows to be received from the assets’ employment and subsequent disposal.
Taxation
The Association has an exemption from income tax. Therefore, no provision has been made for income tax.
The Association is not registered for the Goods and Services Tax (GST). All costs are recognised inclusive of any applicable GST.
2020 2019
$ $
2 Operating Result
(a) Operating revenue includes:
Sales revenue 195 92
Subscriptions and other operating revenue 16,010 16,724
Donations 2,329 3,345
Interest received 1,424 1,550
19,958 21,710
(b) Operating result has been determined
after charging as expenditure:
Depreciation on fixed assets 0 0
(c) Donations and grants made 0 0
Birding NSW Incorporated
Notes to the financial statements for the year ended 30 June 2020
2020 2019
3 Cash $ $
Cash on hand 140 140
Commonwealth Bank Fixed Deposit 60,000 0
ING Business Optimiser Account 0 11,327
ING Term Deposit 0 50,000
Commonwealth Bank Cheque Account 9,350 9,969
69,490 71,436
The Commonwealth Bank Fixed Deposit matures on 13/01/2021 and pays 1.5% per annum interest.
The Commonwealth Bank Cheque Account does not receive interest.
Credit risk is minimised by holding all cash and short-term balances with large financial institutions.
|
4 |
Inventories | 2020
$ |
2019
$ |
| Finished goods on hand | 224 | 224 | |
| Club badges | 707 | 727
|
|
| 5 | Property, plant and equipment | ||
| Furniture and fittings at cost | 5,536 | 5,536 | |
| Less: accumulated depreciation | (5,536) | (5,536) | |
| 0 | 0 | ||
| Reconciliation | |||
| Carrying value at beginning of year | 0 | 0 | |
| Depreciation expense | 0 | 0 | |
| Carrying amount at end of year | 0 | 0 | |
| 6 | Payables | ||
| Deferred income | 4,014 | 3,968 | |
The above amount takes into account that the financial year and the subscription year are not identical.
Birding NSW Incorporated
Notes to the financial statements for the year ended 30 June 2020
7 Notes to statement of cash flows
- Reconciliation of cash
For the purposes of the statement of cash flows, cash includes cash and at call deposits with banks, and investments in money market instruments, net of bank overdrafts. Cash at the end of the financial year as shown in the statement of cash flows is reconciled to the related items in the balance sheet as follows:
|
2020 |
2019 $
|
|
| Cash on hand | 140 | 140 |
| Deposits at call or maturing within 12 months | 60,000 | 50,000 |
| Cash at bank | 9,350 | 21,296 |
| 69,490 | 71,436 | |
| (b) Reconciliation of net cash provided by/(used
in) operating activities to operating profit after income tax |
||
| Operating surplus/(deficit) after income tax | (2,012) | 5,041 |
| Non-cash flows in operating result: | ||
| Depreciation | 0 | 0 |
| (2,012) | 5,041 | |
| Changes in assets and liabilities: | ||
| Decrease/(increase) in current inventories | 20 | (11) |
| Decrease/(increase) in Sundry debtors | 0 | 0 |
| Increase/(decrease) in other creditors | 46 | (851) |
| (1,946) | 4,179 |
Birding NSW Incorporated
Statement by members of the Committee
In the opinion of the Committee of Birding NSW Incorporated (“the Association”) the financial report as set out on pages 1 to 7:
- presents fairly the financial position of the Association as at 30 June 2020 and its performance and cash flows for the year then ended in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards, and other authoritative pronouncements of the Australian Accounting Standards Board; and
2 at the date of this statement there are reasonable grounds to believe that the Association will be able to pay its debts as and when they fall due.
This statement is made in accordance with a resolution of the Committee and is signed for an on behalf of the Committee by:
Tom Karplus Leigh Hall
President Treasurer
This 24th day of August 2020
Download a .pdf version of this draft report here.
To download 2019 AGM documents use these links:
Annual Accounts letter 2018-19
Birding NSW June 2019 Accounts
Each document will then be downloaded as an MS WORD document.
Birding NSW June 2019 Accounts
Birding NSW Incorporated
Financial Report
For the year ended 30 June 2019
Birding NSW Incorporated
Statement of Income for the Year Ended 30 June 2019
2019 2018
Note $ $
Revenue from Sale of Goods 92 150
Other revenues from operating activities 21,618 22,588
Total Revenue 2(a) 21,710 22,738
Less
Decrease (increase) in inventories (35) 43
Administrative Expenses 2(b) 16,705 18,737
16,680 18,694
Operating surplus (deficit) before income tax 5,041 3,958
Accumulated surplus at beginning of year 63,379 59,421
Accumulated surplus at end of year 68,419 63,379
Birding NSW Incorporated
Statement of Financial Position for the Year Ended 30 June 2019
2019 2018
note $ $
Current Assets
Cash 3 71,436 67,258
Inventories 4 224 189
Club Badges 4 727 751
Total Current Assets 72,387 68,198
Non-current Assets
Property, plant and equipment 5 0 0
Total Assets 72,387 68,198
Current Liabilities
Payables & Deferred Income 6 3,968 4,819
Total Current Liabilities 3,968 4,819
Net Assets 68,419 63,379
Members’ Funds 68,419 63,379
The accompanying notes form part of these accounts.
Birding NSW Incorporated
Statement of Cash Flows for the Year Ended 30 June 2019
2019 2018
Note $ $
Cash Flows from Operating Activities
Interest Received 1,550 1,522
Receipts from Members Subscriptions and
Sundry Receipts 19,309 21,065
General Administration Expenses and Direct Expenses (16,680) (18,088)
Net Cash Provided by Operating Activities 7(b) 4,179 4,499
Net Increase in Cash Held 4,179 4,499
Cash at Beginning of Financial Year 67,258 62,758
Cash at End of Financial Year 7(a) 71,436 67,258
The accompanying notes form part of these financial statements.
Birding NSW Incorporated
Notes to the financial statements for the year ended 30 June 2019
1 Statement of significant accounting policies
The financial report is a general purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board.
The financial report is prepared on an accruals basis and is based on historical costs and does not take into account changing money values or, except where stated, current valuations of non-current assets. Cost is based on the fair value of consideration given in exchange for assets.
The accounting policies have been consistently applied unless otherwise stated.
Revenue recognition
Subscription revenue
Subscription revenue is recognised in the period to which the member’s subscription relates. The association’s subscription year is not the same as its financial year.
Sales revenue
Sales revenue comprises revenue earned from the provision of goods to third parties. Sales revenue is recognised when the goods are provided.
In 2019, Club Badges were treated differently. In prior years the cost of engraving Club Badges was shown as a purchase of stock. It is now shown as an expense in expenditure. The 2018 comparison figures have been changed to use the same treatment. The surplus shown for both years is not affected by this accounting change.
Interest income
Interest income is notified and paid in arrears and is brought to account on notification.
Other revenue
Other revenue, including donations, is recognised as it is received.
Inventories
Inventories are measured at the lower of cost and net realisable value (being the estimated selling price in the ordinary course of business, less any estimated selling expenses).
Financial instruments
Liabilities are recognised for amounts to be paid in the future for goods and services received, whether or not billed. Accounts payable are generally settled within the supplier’s terms.
Birding NSW Incorporated
Notes to the financial statements for the year ended 30 June 2019
1 Statement of significant accounting policies (continued)
Plant and equipment
Plant and equipment are brought to account at cost, less any accumulated depreciation. Assets are depreciated on a straight-line basis at approximately 25% per annum.
The carrying amount of fixed assets is reviewed annually to ensure it is not in excess of their recoverable amount. The recoverable amount is assessed on the basis of expected net cash flows to be received from the assets’ employment and subsequent disposal.
Taxation
The Association has an exemption from income tax. Therefore, no provision has been made for income tax.
The Association is not registered for the Goods and Services Tax (GST). All costs are recognised inclusive of any applicable GST.
2019 2018
$ $
2 Operating Result
(a) Operating revenue includes:
Sales revenue 92 150
Subscriptions and other operating revenue 16,724 18,898
Donations 3,345 2,168
Interest received 1,550 1,522
21,710 22,738
(b) Operating result has been determined
after charging as expenditure:
Depreciation on fixed assets 0 0
(c) Donations and grants made 0 0
Birding NSW Incorporated
Notes to the financial statements for the year ended 30 June 2019
2019 2018
3 Cash $ $
Cash on hand 140 140
ING Business Optimiser Account 11,327 9,778
ING Term Deposit 50,000 50,000
Commonwealth Bank Cheque Account 9.969 7,340
71,436 67,258
The Commonwealth Bank Account does not receive interest. The applicable average rate at year-end was 0.00% (2018: 0.01%).
The ING Business Optimiser account receives interest at a floating rate. The applicable rate at year end was 1.0% (2018: 2.8%).
The ING Term Deposit account receives interest at a fixed rate at conclusion of the term. The applicable rate at year end was 2.7% (2018: 2.8%).
Credit risk is minimised by holding all cash and short-term balances with large financial institutions.
|
4 |
Inventories | 2019 | 2018 |
| Finished goods on hand | 224 | 189 | |
| Club badges | 727 | 751 | |
| 5 | Property, plant and equipment | ||
| Furniture and fittings at cost | 5,536 | 5,536 | |
| Less: accumulated depreciation | [5,536] | (5,536) | |
| 0 | 0 | ||
| Reconciliation | |||
| Carrying value at beginning of year | 0 | 0 | |
| Depreciation expense | 0 | 0 | |
| Carrying amount at end of year | 0 | 0 | |
| 6 | Payables | ||
| Deferred income | 4,361 | 4,819 | |
The above amount takes into account that the financial year and the subscription year are not identical.
Birding NSW Incorporated
Notes to the financial statements for the year ended 30 June 2019
7 Notes to statement of cash flows
- Reconciliation of cash
For the purposes of the statement of cash flows, cash includes cash and at call deposits with banks, and investments in money market instruments, net of bank overdrafts. Cash at the end of the financial year as shown in the statement of cash flows is reconciled to the related items in the balance sheet as follows:
| 2019
|
2018
|
|
| Cash on hand | 140 | 140 |
| Deposits at call or maturing within 12 months | 50,000 | 50,000 |
| Cash at bank | 21,296 | 17,118 |
| 71,436 | 67,258 | |
| (b) Reconciliation of net cash provided by/(used
in) operating activities to operating profit after income tax |
||
| Operating surplus/(deficit) after income tax | 5,041 | 3,958 |
| Non-cash flows in operating result: | ||
| Depreciation | 0 | 0 |
| 5,041 | 3,958 | |
| Changes in assets and liabilities: | ||
| Decrease/(increase) in current inventories | (11) | 112 |
| Decrease/(increase) in Sundry debtors | 0 | 0 |
| Increase/(decrease) in other creditors | (851) | 430 |
| 4,179 | 4,499 |
Birding NSW Incorporated
Statement by members of the Committee
In the opinion of the Committee of Birding NSW Incorporated (“the Association”) the financial report as set out on pages 1 to 7:
- presents fairly the financial position of the Association as at 30 June 2019 and its performance and cash flows for the year then ended in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards, and other authoritative pronouncements of the Australian Accounting Standards Board; and
2 at the date of this statement there are reasonable grounds to believe that the association will be able to pay its debts as and when they fall due.
This statement is made in accordance with a resolution of the Committee and is signed for an on behalf of the Committee by:
Tom Karplus Leigh Hall
President Treasurer
This 23rd day of September 2019
Download the 2017/18 report here or scroll down
Birding NSW Incorporated
Financial Report
For the year ended 30 June 2018
Statement of Income for the Year Ended 30 June 2108
2018 2017
Note $ $
Revenue from Sale of Goods 150 293
Other revenues from operating activities 22,587 21,227
Total Revenue 2(a) 22,737 21,520
Purchase of Inventories 500 310
Decrease (increase) in inventories 112 (1)
Administrative Expenses 2(b) 18,168 18,610
Operating surplus (deficit) before income tax 3,958 2,601
Accumulated surplus at beginning of year 59,421 56,819
Accumulated surplus at end of year 63,379 59,421
Birding NSW Incorporated
Statement of Financial Position for the Year Ended 30 June 2018
2018 2017
note $ $
Current Assets
Cash 3 67,258 62,758
Inventories 4 940 1,052
Total Current Assets 68,198 63,180
Non-current Assets
Property, plant and equipment 5 0 0
Total Assets 68,198 63,810
Current Liabilities
Payables & Deferred Income 6 4,819 4,390
Total Current Liabilities 4,819 4,390
Net Assets 63,379 59,421
Members’ Funds 63,379 59,421
The accompanying notes form part of these accounts.
Birding NSW Incorporated
Statement of Cash Flows for the Year Ended 30 June 2018
2018 2017
Note $ $
Cash Flows from Operating Activities
Interest Received 1,522 1,622
Receipts from Members Subscriptions and
Sundry Receipts 21,065 19,605
General Administration Expenses and Direct Expenses (18,088) (17,809)
Net Cash Provided by Operating Activities 7(b) 4,499 3,418
Net Increase in Cash Held 4,499 3,418
Cash at Beginning of Financial Year 62,758 59,340
Cash at End of Financial Year 7(a) 67,258 62,758
The accompanying notes form part of these financial statements.
Birding NSW Incorporated
Notes to the financial statements for the year ended 30 June 2018
1 Statement of significant accounting policies
The financial report is a general purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board.
The financial report is prepared on an accruals basis and is based on historical costs and does not take into account changing money values or, except where stated, current valuations of non-current assets. Cost is based on the fair value of consideration given in exchange for assets.
The accounting policies have been consistently applied unless otherwise stated.
Revenue recognition
Subscription revenue
Subscription revenue is recognised in the period to which the member’s subscription relates. The association’s subscription year is not the same as its financial year.
Sales revenue
Sales revenue comprises revenue earned from the provision of goods to third parties. Sales revenue is recognised when the goods are provided.
Interest income
Interest income is notified and paid in arrears and is brought to account on notification.
Other revenue
Other revenue, including donations, is recognised as it is received.
Inventories
Inventories are measured at the lower of cost and net realisable value (being the estimated selling price in the ordinary course of business, less any estimated selling expenses).
Financial instruments
Liabilities are recognised for amounts to be paid in the future for goods and services received, whether or not billed. Accounts payable are generally settled within the supplier’s terms.
Birding NSW Incorporated
Notes to the financial statements for the year ended 30 June 2018
1 Statement of significant accounting policies (continued)
Plant and equipment
Plant and equipment are brought to account at cost, less any accumulated depreciation. Assets are depreciated on a straight-line basis at approximately 25% per annum.
The carrying amount of fixed assets is reviewed annually to ensure it is not in excess of their recoverable amount. The recoverable amount is assessed on the basis of expected net cash flows to be received from the assets’ employment and subsequent disposal.
Taxation
The Association has an exemption from income tax. Therefore, no provision has been made for income tax.
The Association is not registered for the Goods and Services Tax (GST). All costs are recognised inclusive of any applicable GST.
2018 2017
$ $
2 Operating Result
(a) Operating revenue includes:
Sales revenue 150 293
Subscriptions and other operating revenue 18,898 16,741
Donations 2,168 2,630
Interest received 1,522 1,622
22,738 21,286
(b) Operating result has been determined
after charging as expenditure:
Depreciation on fixed assets 0 0
(c) Donations and grants made 0 0
Birding NSW Incorporated
Notes to the financial statements for the year ended 30 June 2018
2018 2017
3 Cash $ $
Cash on hand 140 140
ING Business Optimiser Account 9,778 8,255
ING Term Deposit 50,000 50,000
Commonwealth Bank Cheque Account 7,340 4,463
67,258 62,758
The Commonwealth Bank Account receives interest at a floating rate. The applicable average rate at year-end was 0.01% (2017: 0.01%).
The ING Business Optimiser account receives interest at a floating rate. The applicable rate at year end was 2.8% (2017: 2.8%).
The ING Term Deposit account receives interest at a fixed rate at conclusion of the term. The applicable rate at year end was 2.8% (2017: 1.5%).
Credit risk is minimised by holding all cash and short-term balances with large financial institutions.
|
4 |
Inventories | 2018 | 2017 |
| Finished goods on hand | 940 | 1,052 | |
| 5 | Property, plant and equipment | ||
| Furniture and fittings at cost | 5,536 | 5,536 | |
| Less: accumulated depreciation | [5,536] | (5,536) | |
| 0 | 0 | ||
| Reconciliation | |||
| Carrying value at beginning of year | 0 | 0 | |
| Depreciation expense | 0 | 0 | |
| Carrying amount at end of year | 0 | 0 | |
| 6 | Payables | ||
| Deferred income | 4,819 | 4,390 | |
The above amount takes into account that the financial year and the subscription year are not identical.
Birding NSW Incorporated
Notes to the financial statements for the year ended 30 June 2018
7 Notes to statement of cash flows
- Reconciliation of cash
For the purposes of the statement of cash flows, cash includes cash and at call deposits with banks, and investments in money market instruments, net of bank overdrafts. Cash at the end of the financial year as shown in the statement of cash flows is reconciled to the related items in the balance sheet as follows:
| 2018
$ |
2017
$ |
|
| Cash on hand | 140 | 140 |
| Deposits at call or maturing within 12 months | 50,000 | 50,000 |
| Cash at bank | 17,118 | 12,618 |
| 67,258 | 62,758 | |
| (b) Reconciliation of net cash provided by/(used
in) operating activities to operating profit after income tax |
||
| Operating surplus/(deficit) after income tax | 3,958 | 2,601 |
| Non-cash flows in operating result: | ||
| Depreciation | 0 | 0 |
| 3,958 | 2,601 | |
| Changes in assets and liabilities: | ||
| Decrease/(increase) in current inventories | (112) | (1) |
| Decrease/(increase) in Sundry debtors | 0 | 0 |
| Increase/(decrease) in other creditors | 430 | 818 |
| 4,276 | 3,418 |
Birding NSW Incorporated
Statement by members of the Committee
In the opinion of the Committee of Birding NSW Incorporated (“the Association”) the financial report as set out on pages 1 to 7:
- presents fairly the financial position of the Association as at 30 June 2018 and its performance and cash flows for the year then ended in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards, and other authoritative pronouncements of the Australian Accounting Standards Board; and
2 at the date of this statement there are reasonable grounds to believe that the association will be able to pay its debts as and when they fall due.
This statement is made in accordance with a resolution of the Committee and is signed for an on behalf of the Committee by:
Tom Karplus Leigh Hall
President Treasurer
This day of 2018
For annual account for previous years scroll down:
Download and view the June 2017 accounts for Birding NSW here:
Final Accounts for the year 2015