australian swimming 93rd annual report 2001/2002
australian swimming 93rd annual report 2001/2002 australian swimming 93rd annual report 2001/2002
48 finance Notes to the Financial Statements for the Year Ended 30 June 2002 NOTE 1 R statement of significant accounting policies R continued c Property Property Unit 13 at cost $400,000 Unit 12 at valuation $650,000 d Plant and Equipment Plant and equipment are carried at cost or fair value less, where applicable, any accumulated depreciation and carrying amounts are reviewed annually to ensure assets are not in excess of the recoverable amount. e Depreciation The depreciable amount of all fixed assets are depreciated on diminishing value basis over the useful lives of the assets. The depreciation rates used for each class of depreciable asset are based on an estimate of useful life as determined by the Association and is reviewed annually to ensure it is not in excess of the recoverable amount. f Leases Lease payments under operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses in the periods in which they are incurred. g Investments Non-current investments are measured at cost basis. The carrying amount of investments is reviewed annually to ensure it is not in excess of the recoverable amount. h Employee Entitlements Provision is made for the Association’s liability for employee entitlements arising from services rendered by employees to balance date. Employee entitlements expected to be settled within one year together with entitlements arising from wages and salaries, annual leave and sick leave which will be settled after one year, have been measured at their nominal amount. i Cash For the purposes of the Statement of Cash Flows, cash includes cash on hand, at banks and on deposit. j Revenue Revenue from sale of tickets, sponsorships and grants are recognised when the Association has established that it has a right to receive that money. Interest revenue is recognised when received. All revenue is stated net of the amount of Goods and Services Tax (GST).
Notes to the Financial Statements For the Year Ended 30 June 2002 NOTE 2 R revenue 49 2002 2001 operating activities $ $ Australian Sports Commission Grants 3,399,000 2,546,079 Corporate Sponsorship 4,735,089 3,081,763 Australian Commonweatlh Games Association 270,000 Australian Olympic Committee 165,000 154,000 Affiliation Fees 446,956 461,534 Miscellaneous Event Related Income 804,651 460,526 Sundry Income 537,711 194,462 non-operating activities 10,358,807 6,898,364 Reserves 130,000 379,821 Australian Swimming Foundation 100,573 149,500 AOC Special Incentive Fund 0 198,878 Interest received 14,605 36,452 Other Investment income 79,509 100,523 324,687 865,174 Total Revenue 10,683,094 7,763,538 NOTE 3 R surplus from ordinary activities surplus from ordinary activities before income tax expense has been determined after: 2002 2001 $ $ a Expenses: 131,489 49,060 Depreciation of property, plant and equipment Remuneration of auditor — audit or review services 1,500 1,500 Rental expense on operating leases — minimum lease payments 41,982 50,537 Total 174,971.00 101,097 b Significant revenues and expenses: The following revenue and expense items are relevant in explaining the financial performance: Revenue Note 2 10,683,094 7,763,538
- Page 1 and 2: australian swimming 93rd annual rep
- Page 3 and 4: contents 03 Foreword 04 Message fro
- Page 5 and 6: Telstra is proud to have again been
- Page 7 and 8: don talbot Former National Head Coa
- Page 9 and 10: Education and Development R Educati
- Page 11 and 12: Having consolidated the team, the C
- Page 13 and 14: International Competition Program I
- Page 15 and 16: 2001 Telstra Swimmer of the Year Aw
- Page 17 and 18: Australian Swimming website and mos
- Page 19 and 20: Conference on the Gold Coast. The f
- Page 21 and 22: Highlights in the pool fina world c
- Page 23 and 24: The Committee and the National Yout
- Page 25 and 26: Australian Swimming is on a high an
- Page 27 and 28: The 2001-2002 season was again an e
- Page 29 and 30: Victoria and in NSW. It will also a
- Page 31 and 32: Northern Territory Northern Territo
- Page 33 and 34: R Volunteers—To show our apprecia
- Page 35 and 36: clementine stoney 2001 Female Backs
- Page 37 and 38: WA Swimming has worked closely with
- Page 39 and 40: The Wide World of Sports coverage f
- Page 41 and 42: Qantas Qantas renewed their sponsor
- Page 43 and 44: at Fisher & Paykel events. A media
- Page 45 and 46: Board Report Your board members sub
- Page 47: Statement of Cash Flows for the Yea
- Page 51 and 52: Notes to the Financial Statements F
- Page 53 and 54: Notes to the Financial Statements F
- Page 55 and 56: Statement by Members of the Board I
- Page 57 and 58: state delegates Mr Colin Davis TAS
- Page 59 and 60: national office structure Australia
- Page 61 and 62: High Performance Coaching Grants 20
- Page 63 and 64: leisel jones 2001 Female Breaststro
- Page 65 and 66: 6th FINA World Short Course Champio
- Page 67 and 68: 2002 Oceania Championships 8-13 Jun
- Page 69 and 70: 2001 University Summer Games 22 Aug
- Page 71 and 72: 2002 Telstra Australian Championshi
- Page 73 and 74: 2001 Telstra Australian Short Cours
- Page 75 and 76: 2002 Australian Age Championships R
- Page 77 and 78: Summary of Records Created in Austr
- Page 79 and 80: Australian Club Records R Long Cour
- Page 81 and 82: Records Created in Australia and Ov
- Page 83 and 84: Australian Age Records R continued
48 finance<br />
Notes to the Financial Statements for the Year Ended 30 June <strong>2002</strong><br />
NOTE 1 R statement of significant accounting policies R continued<br />
c Property<br />
Property<br />
Unit 13 at cost $400,000<br />
Unit 12 at valuation $650,000<br />
d Plant and Equipment<br />
Plant and equipment are carried at cost or fair value less, where applicable, any accumulated<br />
depreciation and carrying amounts are reviewed <strong>annual</strong>ly to ensure assets are not in excess of the<br />
recoverable amount.<br />
e Depreciation<br />
The depreciable amount of all fixed assets are depreciated on diminishing value basis over the useful<br />
lives of the assets.<br />
The depreciation rates used for each class of depreciable asset are based on an estimate of useful life<br />
as determined by the Association and is reviewed <strong>annual</strong>ly to ensure it is not in excess of the<br />
recoverable amount.<br />
f Leases<br />
Lease payments under operating leases, where substantially all the risks and benefits remain with the<br />
lessor, are charged as expenses in the periods in which they are incurred.<br />
g Investments<br />
Non-current investments are measured at cost basis.<br />
The carrying amount of investments is reviewed <strong>annual</strong>ly to ensure it is not in excess of the recoverable<br />
amount.<br />
h Employee Entitlements<br />
Provision is made for the Association’s liability for employee entitlements arising from services<br />
rendered by employees to balance date. Employee entitlements expected to be settled within one year<br />
together with entitlements arising from wages and salaries, <strong>annual</strong> leave and sick leave which will be<br />
settled after one year, have been measured at their nominal amount.<br />
i Cash<br />
For the purposes of the Statement of Cash Flows, cash includes cash on hand, at banks and on deposit.<br />
j Revenue<br />
Revenue from sale of tickets, sponsorships and grants are recognised when the Association has<br />
established that it has a right to receive that money.<br />
Interest revenue is recognised when received.<br />
All revenue is stated net of the amount of Goods and Services Tax (GST).
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