2023 Annual Report

Notes to the Financial Statements
For the year ended 30 June 2023
Notes to the Financial Statements
For the year ended 30 June 202
5. Significant accounting judgements, estimates and assumptions
The preparation of Sport Auckland’s financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could
result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in
future periods.
JUDGEMENTS
In the process of applying Sport Auckland’s accounting policies, management has made the following judgements,
which have the most significant effect on the amounts recognised in the financial statements.
OPERATING LEASE COMMITTMENTS
Sport Auckland has entered into a number of vehicle leases and accounts for the contracts as operating leases.
ESTIMATES AND ASSUMPTIONS
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date,
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
the next financial year, are described below. Sport Auckland based its assumptions and estimates on parameters
available when the financial statements were prepared. Existing circumstances and assumptions about future
developments, however, may change due to market changes or circumstances arising beyond the control of Sport
Auckland. Such changes are reflected in the assumptions when they occur.
USEFUL LIVES AND RESIDUAL VALUES
The useful lives and residual values of assets are assessed using the following indicators to determine potential
future use and value from disposal:
• The condition of the asset
• The nature of the asset, its susceptibility and adaptability to changes in technology and processes
• The nature of the processes in which the asset is deployed
• Availability of funding to replace the asset
• Changes in the market in relation to the asset
The estimated useful lives of the asset classes held by Sport Auckland are listed in Note 4.5.
6. Revenue from non-exchange transactions
Gaming grants from non-exchange transactions recognised as revenue during the reporting period are made up of
the following:
7. Auditor’s remuneration
RSM Hayes Audit provides audit services to Sport Auckland. Total amount recognised as an audit expense is
$17,030 (2022: $13,000). No non-audit services are provided by RSM Hayes Audit.
8. Financial assets and financial liabilities at amortised cost
2023 2022
9. Cash and cash equivalents
Cash and cash equivalents include the following components:
2023 2022
Dragon Community Trust 15,450 0
Grassroots Trust 35,000 0
Lion Foundation 0 5,000
New Zealand Community Trust 29,076 75,759
TOTAL 76,526 80,759
Financial assets (within statement of financial position)
Cash and cash equivalents 2,990,614 2,486,753
Receivables from exchange transactions 40,317 25,168
TOTAL 3,030,931 2,511,921
Financial liabilities (within statement of financial position)
Accruals 36,954 76,477
Payables from exchange transactions 145,081 68,520
TOTAL 182,035 144,997
2023 2022
Cheque account 329,864 431,170
Savings accounts 2,660,750 2,055,583
TOTAL 2,990,614 2,486,753
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