^NSCA... · 2021. 1. 19. · ^NSCA Foundation Ltd ABN 22 008 427 914 DIRECTORS' REPORT NSCA Foundation Ltd Lvl2, 11 KhartoumRd NorthRydeNSW2113 The Directors present their report

^NSCAFoundation Ltd

NSCA Foundation LtdLvl2, 11 KhartoumRdNorthRydeNSW2113

ABN 22 008 427 914

NSCA Foundation Limited

ABN 22 008 427 914

Financial Report

For the Year Ended 30 June 2020

^NSCAFoundation Ltd

ABN 22 008 427 914

DIRECTORS' REPORT


The Directors present their report together with the financial report of the NSCA FoundationLimited ("the company") for the financial year ended 30 June 2020 ("the financial period")and the auditor's review report thereon.

Directors

The names of the directors in office at any time during, or since the end of, the year are:

B DoyleR Thurlow

M Zoras ChristoB KritharasV BartolacciC Cook

Directors have been in office since the start of the financial year to the date of this reportunless otherwise stated.

Information on Directors can be found on page 5.

Company Secretary

The following person held the position of company secretary throughout the financial year:

• Ms Trishna Billimoria

The company's short term objectives were to:

• Enhance the relationship with the NSCA Foundation's strategic partners, Fire & Safety

Australia (FSA);• Diversify revenue streams by running a National Safety Conference to compliment the

long standing National Safety Awards of Excellence;

• Reduce expense and improve membership to assure continued provision of surplus;

The company's long-term objectives were to:

• Achieve continual growth of membership;

• Improve the level of surplus and inject the surplus back into the organisation for the

growth and improvement of new services to our customers and members;

• Assist Australian organisations to promote health and safety, make their workplaces

some of the safest in the world and protect their most important asset - people;

• Assist our strategic partners enhance the significant reputation of the NSCA brand;

• Provide forums to develop and improve knowledge in work health and safety

throughout Australia.


Foundation LtdABN 22 008 427 914

Strategy for achieving the objectives

Following the acquisition of the NSCA brand by WIS in 2014, and then FSA in 2017, the

strategy for achieving the company's objectives has been fluid whilst new business

relationships are formed, and a new structure is solidified. Our key objectives remain:

• Ensure NSCA Foundation continues to deliver an annual surplus through soundrevenue growth, expense management and therefore, repays debt.

• Improve the NSCA Foundation's level of professionalism, quality and service delivery.• Maintain a team of talented people that understand the business.• Maintain 100% transparency in all communication between NSCA Foundation staff

(people cannot achieve goals if they do not know what is happening).• Ensure all staff maintain a high level of knowledge relating to the Work Health & Safety

legislation and regulation.• Maintain strategic partnerships that can aid in the dissemination and delivery of key

objectives.• Achieve all financial targets relating to revenue and expense to ensure all

commitments are met and growth targets are reached.• Assure productivity by ensuring the health and safety of our people; and• Maintain business contingencies to ensure operational continuance in the face of

disaster.

• Review the potential of acquiring partners from South East Asia and Europe, ideallythese would be already operating in Occupational Health and Safety.

How principal activities have assisted in achieving the objectives

The NSCA Foundation carried out the following principal activities:

• The provision of work health safety training through public, onsite and online forums.• Engagement of members and stakeholders through online media, the publishing of the

National Safety Magazine and the fortnightly E-Bulletin, provision of Breakfast andmember networking functions and the recognition of excellence in WHS through theAnnual Safety Awards of Excellence; and

• The provision of a range of benefits to individual and corporate members and platinumpartners.

These principal activities have consolidated the NSCA Foundation's drive for the vision:

That Australian Workplaces are the safest in the world and protecttheir most important asset - people.

These principal activities have sustained the NSCA Foundation's for many years and whilstthe NSCA Foundation does not seek to abandon these core areas of business, it has beennecessary to diversify these sen/ice offerings and streams of revenue to ensure asustainable future and consolidate the business direction.

Business Direction

For 93 years the NSCA Foundation (formerly known as the National Safety Council ofAustralia) has worked to support Australian business, industry and workers, provide safe

NSCA Foundation LtdLvI2, 11 KhartoumRd

'f^^f7^ NorthRydeNSW2113Foundation Ltd

ABN 22 008 427 914

working environments and return Australia's most important assets - people, safely home totheir families every day.

Through these 93 years the NSCA Foundation has driven hard to provide continuouslyimproving member benefits, opportunities to educate, to obtain the latest information and tonetwork with other industry professionals. The NSCA Foundation responds to memberfeedback and strives to refine our events and services to meet the increasing needs of ourmembers.

Following a review of the NSCA business during FY13/14 and subsequent separation of theTraining & Consulting Services business and the Foundation, the NSCA Foundation hasbeen able to focus much more on improving services to members and the general safetycommunity.

The strategic partnership with WIS (until 2 October 2017), and then with Fire & SafetyAustralia (FSA) has led to the NSCA brand being utilised by two organisations who strive tocontinuously improve the brand's integrity and respect. The NSCA Foundation focuses onimproving its membership services and promoting the safety message within the Australiancommunity, and FSA uses the NSCA brand for high quality training.

Together FSA and the NSCA Foundation value:

• Satisfying the needs of customers on a competitive and professional basis through theprovision of solution—based products and services.

• Providing a safe and fulfilling working environment to their staff;• Placing a strong emphasis on Safety in everything they do;and• Acting with integrity and honesty in dealings both inside and outside the company.

FSA has offices in all Australian States & Territories, including regional centres, and canprovide expertise in training and consulting across all areas of risk & safety management. Itis committed to safety and is a natural partner for NSCA Foundation to form a strategicrelationship with.

The NSCA Foundation continues to operate as a not for profit charitable foundation; and allmembership fees collected will continue to be used exclusively by the Foundation for thebenefit of its charter and membership. The same staff that has provided the great memberbenefits to you will remain with the NSCA Foundation and the Board of Directors will alsoremain consistent.

The Board believes this approach will strengthen the NSCA Foundation, provide a greaterrange of services to members through access to the FSA group of companies, and allow theFoundation to continue its work in advocating safer communities.

The NSCA Foundation continues to build an enviable portfolio of sponsors (including GIO,Ansell, Sparke Helmore, Sentis, Stowe and Toll Logistics) for all our functional assets; theAwards, Breakfasts, Connects and training services.

The Directors are proud to include the following organisations in the Platinum Partnershipprogram.

• Mylan • GIO Workers Compensation



• CBRE • News Corp• Sydney Bridge Climb • Ansell• Sentis • Stowe

• Toll Logistics • Energex• Greencap • Active OHS• Lifeline • Aussie-Driver.com

• Sparke Helmore • FSA• Qube • Sitepass• Wine • The Star

These organisations now recognise the WHS leadership capabilities of the NSCAFoundation and partner with us through a variety of mechanisms.

Revenue Generation

The 2019/20 financial year was the fifth full financial year in which the NSCA Foundationoperated without the training & consulting division. Having spent this time focusing on thegrowth of membership benefits, the financial outcome has been stable for this year. Withcoronavirus impacting NSCA Foundation's business from April onwards with lack of face toface event, we have been diligent in providing members with continuous health and safetywebinars. The assistance of the federal government through Job Keeper and other stimuluspackages have been beneficial to the organization.

Workplace Health and Safety

The following information is presented in accordance with the requirements of theOccupational Health and Safety Act 1991 (OH&S Act 1991) and is provided under this act onthe basis that Head Office for the Foundation is now located in Sydney.

No. of Incidents (Reportable)

No. of Incidents (Not - Reportable)

Provisional Improvement NoticesProhibition Notices

Improvement Notices

Investigations

Near Misses (Reported)

There have been no instances of the above. The NSCA Foundation continues to review thehealth and safety management system and is operating a system that incorporates therelevant Acts and regulations within the jurisdictions of operation. The NSCA Foundation willof course continue to improve their systems as required to ensure a best practice approachto the protection of our people, members and customers.

Information on Directors

C Cook, B.Sc., M.Bus

Appointed Director: 26 June 2019Director Department of Social Services

JNSCA NSCA Foundation LtdLvl2, 11 KhartoumRdNorthRydeNSW2113

Foundation LtdASN 22 008 427 914

V BartolacciAppointed Director: 24 October 2018APAC Managing Director - Kineo Asia Pacific

B DoyleAppointed Director: 3 April 1997NSCA PresidentBusiness Advisor

RThurlow, C.M.C, JP(Qual), Dip.OHS, Dip.Bus., Dip.App.Sc., Dip.Cos, C.P.M.S.LA, R.S.P (Aust)Appointed Director: 27 November 2007DirectorGlobal Environment, Health and Safety - Asia Pacific Mylan - Queensland

B Kritharas, B. Corn, LLBAppointed Director: 28 February 2018Partner Work Health & SafetySparke Helmore Lawyers

M Zoras-Christo B. Corn, LLBAppointed Director; 27 June 2018General Manager Human ResourcesPatrick Corporation Limited

Meeting of DirectorsNameB DoyleV BartolacciR ThuriowM Zoras-ChristoB KritharasC Cook

No. eligible to attend666665

Number attended646555

Members GuaranteeThe company is incorporated under the Corporations Act 2001 and is a company limited byguarantee. If the company is wound up, the constitution states that each member is requiredto contribute a maximum of $50 each towards meeting any outstanding obligations of theentity. At 30 June 2020, the number of members was 631.

Signed in accordance with a Resolution of the Board of Directors

Bernie Doyle

Director Dated

c\ c\ ^o^o

TINWORTH 8. COCHARTERED ACCOUNTANTS and BUSINESS ADVISORS

INDEPENDENT AUDITOR'S REVIEW REPORTTO THE MEMBERS OF NSCA FOUNDATION LIMITED

Report on the Financial Report

We have reviewed the accompanying financial report of NSCA Foundation Limited, which comprisesthe statement of financial position as at 30 June 2020, the statement of comprehensive income,statement of changes in equity and statement of cash flows for the year ended on that date, notescomprising a summary of significant accounting policies and other explanatory information, and thedirectors' declaration.

Directors' Responsibility for the Financial Report

The directors of the company are responsible for the preparation of the financial report that gives atrue and fair view in accordance with Australian Accounting Standards and the Australian Charitiesand Not-for-profits Commission Act 2012 (ACNC Act) and for such internal controls as the directorsdetermine is necessary to enable the preparation of the financial report that is free from materialmisstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express a conclusion on the financial report based on our review. Weconducted our review in accordance with Auditing Standard on Review Engagements ASRE 2415Review of Financial Report: Company Limited by Guarantee or an Entity Reporting under the ACNCAct or Other Applicable Legislation or Regulation, in order to state whether, on the basis of theprocedures described, anything has come to our attention that causes us to believe that the financialreport does not satisfy the requirements of Division 60 of the ACNC Act including:

1. giving true and fair view of the company's financial position as at 30 June 2020 and itsperformance for the year ended on that date; and

2. complying with the Australian Accounting Standards and the Australian Charities and Not-for-profits Commission Regulation 2013 (ACNC Regulation).

ASRE 2415 requires that we comply with the ethical requirements relevant to the review of thefinancial report.

A review of the financial report consists of making enquiries, primarily of persons responsible forfinancial and accounting matters, and applying analytical and other review procedures. A review issubstantially less in scope than an audit conducted in accordance with Australian Auditing Standardsand consequently does not enable us to obtain assurance that we would become aware of allsignificant matters that might be identified in an audit. Accordingly, we do not express an auditopinion.

Independence

In conducting our review, we have complied with the independence requirements of the CorporationsAct 2001. We confirm that the independence declaration required by the Corporations Act 2001,which has been given to the directors of NSCA Foundation Limited, would be in the same terms ifgiven to the directors as at the time of this auditors report.

WWW.TINWORTH.COM

LEVEL 2, 66 BERRY ST NORTH SYDNEY NSW 2060 | P (02) 9922 4644 | F (02) 9959 3642 | ABN 43 624 513 140

Liability limited by a scheme approved under Professional Standards Legislation

Conclusion

Based on our review, which is not an audit, nothing has come to our attention that causes us tobelieve that the financial report of NSCA Foundation Limited does not satisfy the requirements ofDivision 60 of the Australian Charities and Not-for-profits Commission Act 2012 including:

(a) giving true and fair view of the company's financial position as at 30 June 2020 and of itsfinancial performance and cash flows for the year ended on that date; and

(b) complying with Australian Accounting Standards and Division 60 of the Australian Charitiesand Not-for-profits Commission Regulation 2013.

H^J r^

MARK TINWORTHCHARTERED ACCOUNTANT

Dated this of 2020

TINWORTH &< CoCHARTERED ACCOUNTANTS and BUSINESS ADVISORS

^NSCA NSCA Foundation LtdLvl2,11 KhartoumRdNorthRydeNSW2113

Foundation LtdA8NSOOS-1279U

DECLARATION BY DIRECTORS

The directors of the company declare that:

1. The financial statements, comprising the statement of financial performance, statement offinancial position, statement of cash flows, statement of changes in equity, andaccompanying notes, are in accordance with the Australian Charities and Not-for-ProfitsCommission Act 2012 and:

a) comply with Accounting Standards and the Australian Charities and Not-for-ProfitsCommission Regulations 2013; and

b) give a true and fair view of the company's financial position as at 30 June 2020 andof its performance for the year ended on that date.

2. There are reasonable grounds to believe that the company will be able to pay its debts asand when they become due and payable.

This dedcjration js macie jn accordance with $ybs 60,15(2) of the Australian Charities andNot-for-profits Commission Regulation 2013.

Bernie Doyle, ^)DirectorDated ^ ^"Zo

NSCAFoundation Ltd

ASH 22 008 427 914


STATEMENT OF COMPREHENSIVE INCOMEFOR THE YEAR ENDED 30 JUNE 2020

Notes 2020

$2019

$

Revenue 769,919 816,298

Employee benefits expense

Depreciation expense

Finance costs

Marketing

Operating expense

Administration expenses

Total expenses

Profit from continuing operations

Other comprehensive income

Total comprehensive income for the year

3

3

3

(405,803)

(6,015)

(6,691)

(29,159)

(266,929)

(53,299)

767,896

(430,043)

(4,041)

(3,339)

(28,160)

(281,142)

(47,179)

739,904

2,023 22,394

2,023 22,394

The accompanying notes form part of the financial statements

NSCA Foundation LtdLvl2, 11 KhartoumRd

•f^fT^ NorthRydeNSW2113Foundation Ltd

ABH 22 008 427 914

STATEMENT OF FINANCIAL POSITIONAS AT 30 JUNE 2020

Notes 2020 2019

$ $

CURRENT ASSETS

Cash and cash equivalents ^ 167.744 283.335

Trade and other receivables 5 77.922 32.106

NON-CURRENT LIABILITIES

Provisions

TOTAL NON-CURRENT LIABILITIES

TOTAL LIABILITIES 255.659

NET ASSETS 5 523

TOTAL CURRENT ASSETS 245,666 315,441

NON-CURRENT ASSETS

Property, Plant and Equipment g 15.516 21.531

TOTAL NON-CURRENT ASSETS

TOTAL ASSETS

CURRENT LIABILITIES

Trade and other payables

Other

Provisions

TOTAL CURRENT LIABILITIES

7

8

9

15,516

261,182

48,687

194,326

12,646

255,659

21,531

336,972

66,462

246,107

15,529

328,098

5

5

333

3

,374

,374

,472

,500

EQUITY

Retained earnings 5^523 3^500

TOTAL EQUITY 5,523 3,500


10

INSCAFoundation Ltd

ABN 22 008 427 9U

STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 30 JUNE 2020


Equity as ati July 2018

Profit attributable to members of the entity

Balance at 30 June 2019

Equity as ati July 2019

Profit attributable to members of the entity

Balance at 30 June 2020

RetainedEarnings

$

(18,£

22,

3,

3,

2,

5,

894)

,394

,500

,500

,023

,523


11

INSCAFoundation Ltd

ABN 22 DOS 427 914

STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 30 JUNE 2020

Note

CASH FLOW FROM OPERATING ACTIVITIES:

Receipts from members and customers

Payments to suppliers and employees

Interest received

Net cash provided (used) by operatingactivities

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of plant & equipment

Net cash from investing activities

Net cash used in financing activities

Net increase/(decrease) in cash held

Cash at beginning of year

Cash at end of year


2020

$

716,881

(833,729)

1,257

(115,591)

(115,591)

283,335

167,744

2019

$

795,631

(775,531)

3,204

23,304

(24,523)

(24,523)

(1,219)

284,554

283,335

Reconciliation of net cash provided by

operating activities to operating profit (loss)

surplus after income tax

Operating profit (loss) after income tax

Depreciation

Changes in assets and liabilities:

- (Increase) decrease in other assets

- (Increase) decrease in payables

- Increase (decrease) in income in advance

Net Cash (used) provided by operatingactivities

2,023

6,015

(45,816)

(26,032)

(51,781)

(115,591)

22,394

4,041

5,502

12,931

(17,463)

23,304


12

NSCA Foundation LtdLvl 2, 11 Khartoum RdNorthRydeNSW2113


NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2020

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NSCA Foundation Limited has elected to adopt the pronouncements AASB 1053:Application of Tiers of Australian Accounting Standards and AASB 2010-2: Amendments toAustralian Accounting Standards arising from Reduced Disclosure Requirements to theannual reporting period beginning 1 July 2012. The financial report is a general purposefinancial report that has been prepared in accordance with Australian Accounting StandardsReduced Disclosure Requirements, Australian Accounting Interpretations and otherauthoritative pronouncements of the Australian Accounting Standards Board and theAustralian Charities and Not-for-Prof its Commission Act 2012 and the Australian Charitiesand Not-for-Profits Commission Regulations 2013.

NSCA Foundation Limited is a not-for-profit company limited by guarantee, incorporated anddomiciled in Australia. The functional and presentation currency used in this report isAustralian Dollars (AUD).

The following is a summary of the material accounting policies adopted by the company inthe preparation of the financial report. The accounting policies have been consistentlyapplied, unless otherwise stated.

Basis of preparation

The accounting policies set out below have been consistently applied to all years presented.

Reporting Basis and Conventions

The financial report has been prepared on an accrual basis and is based on historical costs.

Accounting policies

(a) Income TaxThe company is exempt from income tax. Accordingly no income tax expense, deferred orotherwise, or income tax payable amounts are recorded in the financial statements.

(b) Property, plant & equipmentEach class of property, plant and equipment is carried at cost less, where applicable, anyaccumulated depreciation and impairment losses.

Plant and equipmentPlant and equipment is measured on the cost basis less depreciation and impairment losses.

The carrying amount of plant and equipment is reviewed annually by directors to ensure it isnot in excess of the recoverable amount from these assets. The recoverable amount isassessed on the basis of the expected net cash flows that will be received from the assetsemployment and subsequent disposal. The expected net cash flows have been discountedto their present values in determining recoverable amounts.

Subsequent costs are included in the assets carrying amount or recognised as a separateasset, as appropriate, only when it is probable that future economic benefits associated with

13




(b) Property, plant & equipment (cont'd)the item will flow to the group and the cost of the item can be measured reliably. All otherrepairs and maintenance are charged to the statement of financial performance during thefinancial period in which they are incurred.

DepreciationThe depreciable amount of all property, plant and equipment including capitalised leasedassets is depreciated on a straight line basis over their useful lives commencing from thetime the asset is held ready for use. Leasehold improvements are depreciated over theshorter of either the unexpired period of the lease or estimated useful lives of theimprovements.

The depreciable rates used for each class of depreciable assets are:

Class of Fixed Assets Depreciation Rate

Office Equipment & IT Equipment 25%

The assets residual values and useful lives are reviewed and adjusted if appropriate, at eachreporting date.

An asset's carrying amount is written down immediately to its recoverable amount if theasset's carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with the carryingamount. These gains or losses are included in the statement of financial performance. Whenrevalued assets are sold, amounts included in the revaluation reserve relating to that assetare transferred to retained earnings.

(c) Employee entitlementsProvision is made for the company's liability for employee benefits arising from servicesrendered by employees to reporting date. Employee benefits that are expected to be settledwithin one year have been measured at the amounts expected to be paid when the liability issettled, plus related on-costs. Employee benefits payable later than one year have beenmeasured at the present value of the estimated future cash outflows to be made for thosebenefits.

(d) Cash and cash equivalentsCash and cash equivalents include cash on hand, deposits held at call with banks, othershort-term highly liquid investments with original maturities of three months or less, and bankove rd rafts.

(e) RevenueRevenue is recognised at the fair value of consideration received or receivable. Amountsdisclosed as revenue are net of returns, trade allowances and duties and taxes paid.

Revenue from the rendering of a service is recognised upon the delivery of the service to thecustomers.

14

Lvl2, 11 KhartoumRd

Foundation Ltd


ABN 22 008 427 914


Revenue from the sale of goods is recognised upon the delivery of goods to customers.

Revenue from membership fees is recognised upon delivery of the service to the members.Fees received in advance for the next financial year are recognised as income in advanceunder other liabilities.

Sponsorship and Platinum Partner income is recognised on receipt.

Interest revenue is recognised as interest accrues using the effective interest method. Theeffective interest method uses the effective interest rate which is the rate that exactlydiscounts the estimated future cash receipts over the expected life of the financial asset.

(f) Goods and services tax (GST)Revenue, expenses and assets are recognised net of the amount of GST, except where theamount of GST incurred is not recoverable from the Australian Taxation Office. In thesecircumstances, the GST is recognised as part of the cost of acquisition of the asset or aspart of an item of the expense. Receivables and payables in the statement of financialposition are shown inclusive of GST.

Cash flows are presented in the statement of cash flows on a gross basis, except for theGST component of investing and financing activities, which are disclosed as Operating cashflows.

(g) Impairment of assetsAt each reporting date, the entity reviews the carrying value of its tangible and intangibleassets to determine whether there is any indication that those assets have been impaired. Ifsuch an indication exists, the recoverable amount of that asset, being the higher of theasset's fair value less costs to sell and value in use, is compared to the asset's carryingvalue. Any excess of the asset's carrying value over its recoverable amount is expensed tothe statement of financial performance. Where it is not possible to estimate the recoverableamount of an individual asset, the entity estimates the recoverable amount of the cash-generating unit to which the asset belongs.

(h) ReceivablesTrade receivables are recognised at original invoice amounts less and allowance foruncollectible amounts and have repayment terms between 14 and 30 days.

Collectability of trade receivables is assessed on an ongoing basis. Debts which are knownto be uncollectible are written off. An allowance for impairment of trade receivables isestablished when there is objective evidence that the Company will not be able to collect allamounts due according to the original terms of the receivables. Significant financialdifficulties of the debtor, probability that the debtor will enter bankruptcy or financialreorganisation, and default or delinquency in payments (more than 35 days overdue) areconsidered indicators that the trade receivable is impaired. The amount of the allowance isthe difference between the asset's carrying amount and the present value of estimatedfuture cash flows, discounted at the original effective interest rate. Cash flows relating toshort-term receivables are not discounted if the effect of discounting is immaterial. Theamount of the allowance is recognised in the statement of financial performance in otherexpenses.

15

INSCAFoundation Ltd


ABN 22 DOS 427 914


(i) PayablesLiabilities are recognised for amounts to be paid in the future for goods and servicesreceived, whether or not billed to the company. Trade Creditors are usually settled within 30days. No interest is applicable to these accounts.

(j) Comparative figuresWhen required by Accounting Standards, comparative figures have been adjusted toconform to changes in presentation for the current financial year.

(k) Critical judgements and significant accounting estimatesThe preparation of financial statements requires the directors to make judgements,estimates and assumptions that affect the application of accounting policies and the reportedamounts of assets, liabilities, income and expenses. Actual results may differ from theseestimates.

Estimates and assumptions are reviewed on an ongoing basis. Revisions to accountingestimates are recognised in the period in which the estimate is revised and in any futureperiods affected. There are no areas involving a high degree of judgement or complexity, orarea where assumptions and estimates are significant to the financial statements. Whereestimates and assumptions are applied these are detailed in the applicable accountingpolicy.

(I) New StandardsStandard

AASB 9 -FinancialInstruments

AASB15-Revenue fromContracts withCustomers

Applicationdate for theentity1 January 2019

1 January 2019

Nature of impending change/s in accounting policy andlikely impact on initial application

Includes revised requirements for measurement and classificationtogether with revised recognition and derecognition requirements forfinancial instruments.Likely impact of this change is thought to be minimal on the financialreport and limited to the trade receivable balance.

This standard- establishes principles for reporting information about thenature, amount, timing and uncertainty of revenue and cash flows arisingfrom an entity's contracts with customers.This new standard will impact the timing of NSCA membership revenuerecognition and could have a material effect on the financial report,however it is not possible to quantify the effect at this stage and isdependent on future revenue streams.

(m) Financial instrumentsRecognition, initial measurement and de-recognitionFinancial assets and financial liabilities are recognised when the Association becomes aparty to the contractual provisions to the instrument. For financial assets, this is the date thatthe Association commits itself to either the purchase or sale of an asset.

Financial instruments (except for trade receivables) are initially measured at fair value plustransaction costs, except where the instrument is classified "at fair value through profit orloss", in which case the transaction costs are expensed to profit or loss immediately. Whereavailable, quoted prices in an active market are used to determine fair value. In othercircumstances, valuation techniques are adopted.

16


Foundation LtdABH 22 008 427 914


2020 2019$ $

(m) Financial instruments (cont'd)Financial assets are de-recognised where the contractual right to receipt of cash flows

expires or the asset is transferred to another party whereby the entity no longer has any

significant continuing involvement in the risks and benefits associated with the asset.

Financial liabilities are de-recognised where the related obligations are either discharged,

cancelled or expire.

The difference between the carrying value of the financial liability extinguished or transferred

to another party and their fair value of consideration paid, including the transfer of non-cash

assets or liabilities assumed, is recognised in profit or loss.

NOTE 2: REVENUE AND OTHER INCOME

Total revenue from operating activitiesMembershipsSponsorship/Platinum PartnersAwards & EventsSundryInterest receivedNon-assessable Cash BoostingAssessable JobKeeper Subsidy

Total revenue

NOTE 3: PROFIT FROM OPERATINGACTIVITIES

ExpensesEmployee benefits expense

Salaries & wagesSuperannuationOther employee costs

405,803 430,043Total Employee benefits expense

Finance costsThird parties 6,691

Total Finance Costs 6,691

DepreciationProperty, plant & equipment 6,015

Total Depreciation 6,015

17

302144214

91

4948

769

,685,964,112,000,257,901,000

,919

289230282

103

816

,686,391,261,756,204

,298

3433427

,602,266,935

3553538

,993,848,202

3

3

4

4

,339

,339

,041

,041

Lvl2, 11 KhartoumRd

Foundation Ltd


ABN 22 008 427 914


2020 2019$ $

NOTE 4: CASH AND CASH EQUIVALENTS

CURRENTCash on hand 87 177Cash at bank 167,657 283,158

167,744 283,335

Reconciliation of CashCash at the end of the financial year as shown in thestatement of cash flows is reconciled to items in thestatement of financial positions as follows:

Cash on hand 87 177Cash at bank 167,657 284,377

167,744 284,554

Credit standby arrangementsThe Foundation does not hold any financing facilities at 30 June 2020 (2019: Nil)

NOTE 5: TRADE AND OTHER RECEIVABLES

CURRENTPrepayments 77,922^ 32,106

NOTE 6: PROPERTY, PLANT & EQUIPMENT

Plant and equipmentLess accumulated depreciation

Total property, plant & equipment

NOTE 7: TRADE AND OTHER PAYABLES

CURRENTTrade Payables 40,383 54,049Sundry payables and accrued charges 8,304 12,413

48,687 66,462

18

28,894(13,378)

15,516

15,516

28,894(7,363)

21,531

21,531

^NSCAFoundation Ltd

ABN 22 008 427 914


2020$

NOTE 8: OTHER LIABILITIESIncome received in advance 194,326

NSCA Foundation LtdLvl 2, 11 Khartoum RdNorthRydeNSW2113

2019$

246,107

NOTE 9: PROVISIONS

CurrentOpening balanceAmounts provided during the yearAmounts utilised/transferred* during the yearClosing balance

Non-current

Employee benefits - long service leaveOpening balanceAmounts provided during the yearAmounts reversed during the yearClosing balance

Current portion of long service leaveNon-current portion of long service leave

15.52920,906

(23,789)12,646

5,374

(5,374)

6,41730,467

(21,355)15,529

1,5553,819

5,374

5,3745,374

NOTE 10: CAPITAL AND LEASING COMMITMENTS

At 30 June 2020 the company has no capital or leasing commitments (2019: Nil).

NOTE 11: MEMBERS' GUARANTEE

The company is limited by guarantee. If the company is wound up, the constitution statesthat each member is required to contribute a maximum of $50 each towards meeting anyoutstanding obligations of the company. At 30 June 2020 the number of members was 631(2019:638).

NOTE 12: FINANCIAL INSTRUMENTS

Categories of financial instrumentsCash and cash equivalentsLoans and receivables

167,744

167,744

283,335

283,335

19

Lvi2, 11 KhartoumRd

Foundation LtdABH 22 008 427 914

NSCA Foundation LtdLvi2, 11 KhartoumRdNorthRydeNSW2113


2020 2019$ $

NOTE 12: FINANCIAL INSTRUMENTS (cont'd)

Financial liabilitiesTrade and other payables less GST 42,425 54,525

42,425 54,525

(a) Terms, conditions and accounting policiesThe Company's terms, conditions and accounting policies of financial instruments (cash atbank, debtors and creditors) are those adopted by businesses in Australia generally.

(b) Interest rate riskThe Company has no material exposure to interest rate risk on its financial instruments.

(c) Credit riskThe Company does not have any material credit risk exposure to any single debtor or groupof debtors under financial instruments entered into by the Company.

(d) Liquidity riskThe Company manages liquidity risk by monitoring forecast cash flows and ensuring thatadequate unutilised borrowing facilities are maintained.

(e) Net fair valuesThe net fair values of the Company's financial assets and liabilities are not expected to besignificantly different from each class of asset and liability as recognised in the balancesheet as at 30 June 2020.

NOTE 13: OTHER RELATED PARTIES

Other related parties include close family members of key management personnel andentities that are controlled or jointly controlled by those key management personnel,individually or collectively with their close family members.

Improvement Inc. for which Bernie Doyle, a director of company, acts as managing director:

Consultants general fees 10,000 _-_

NOTE 14: SIGNIFICANT EVENTS AFTER YEAR END

The Covid 19 pandemic has been significantly affecting the financial environment. There is a

possibility that it will significantly affect the operations of the Company, the results of these

operations or the state of affairs of the Company in future financial years.

20


Foundation LtdABN 22 DOS 427 914


NOTE 14: SIGNIFICANT EVENTS AFTER YEAR END (cont'd)

As at the date of this report:, it is not possible to reliably estimate the financial effect (if any)

of the virus on the Company's operations.

NOTE 15: CONTINGENT LIABILITIES

At 30 June 2020 the company has no contingent liabilities (2019: Nil).

NOTE 16: DEFICIENCY OF NET ASSETS

Whilst the balance sheet shows a deficiency of net assets in 2020, the largest liability of thecompany is represented by deferred revenue. The company expects to deliver the servicesassociated with the deferred revenue in the 2020/2021 financial year and accordingly it isappropriate that the accounts are prepared on a going concern basis.

NOTE 17: COMPANY DETAILS

The registered office for the financial year 2020:

Level 2 11 Khartoum RoadNorthRydeNSW2113.

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Documents

^NSCA... · 2021. 1. 19. · ^NSCA Foundation Ltd ABN 22 008 427 914 DIRECTORS' REPORT NSCA Foundation Ltd Lvl2, 11 KhartoumRd NorthRydeNSW2113 The Directors present their report