2020 Dogs SA Financial Report

S O U T H A U S T R A L I A N C A N I N E A S S O C I AT I O N I N C .

FINANCIAL REPORT YEAR ENDED 31ST DECEMBER 2020

SOUTH AUSTRALIAN CANINE ASSOCIATION INC. AS AT 31 DECEMBER 2020 SOUTH AUSTRALIAN CANINE ASSOCIATION INC. SOUTH AUSTRALIAN CANINE ASSOCIATION INC. AS AT 31 DECEMBER 2020 AS AT 31 DECEMBER 2020 COMMITTEE’S REPORT COMMITTEE’S REPORT COMMITTEE’S REPORT Your committee members submit the financial report of the South Australian Canine Association Inc. the yearmembers ended 31submit December 2020. report of the South Australian Canine Association Inc. Yourfinancial committee the financial Your committee the financial the financial yearmembers ended 31submit December 2020. report of the South Australian Canine Association Inc. the financial year ended 31 December 2020. (a) – Committee Members (a) – Committee Members (a) – The Committee names Members of the persons who held office as a member of the Governing Committee since January 2020ofare: The names the persons who held office as a member of the Governing Committee since The names the persons who held office as a member of the Governing Committee since January 2020ofare: January are: Brian 2020 Parker (President) Raelee Hedger Peter Parker Dynan (President) (Vice President) Aramis Lim Brian Raelee Hedger Brian (President) Raelee Hedger Lance Heilmann SheryleLim Pike Peter Parker Dynan (Vice President) Aramis Peter Dynan (Vice President) Aramis Lim Peter Thompson Brian Fielder Lance Heilmann Sheryle Pike Lance Heilmann Sheryle Pike Greg Harvey Roberta Crouch Peter Thompson Brian Fielder Peter Thompson Brian Fielder TracieHarvey Edwards Greg Roberta Crouch Greg Roberta Crouch TracieHarvey Edwards Tracie Edwards Principal Activities Principal Activities Principal Activities The principal activities of the association during the financial year were:The principal activities of the association during the financial year were:Theprincipal of the association the financial year were:Toactivities provide administration and during social facilities to members of the association.  To provide administration and social facilities to members of the association.  To provide administration and social facilities to members of the association.

Significant Changes Significant Changes Significant Changes No significant change in the nature of these activities occurred during the year.

No significant change in the nature of these activities occurred during the year.

No significant change in the nature of these activities occurred during the year.

Operating Result Operating Result Operating Result The profit from ordinary activities amounted to $67,117 (2019 - $186,806) The profit from ordinary activities amounted to $67,117 (2019 - $186,806) The profit from ordinary activities amounted $67,117 (2019 - $186,806) Signed in accordance with a resolution of thetoCommittee.

Signed in accordance with a resolution of the Committee.

Signed in accordance with a resolution of the Committee.

………………………………………………….. ………………………………………………….. …………………………………………………..

………………………………………….............. ………………………………………….............. …………………………………………..............

Dated this twenty seventh day of January 2021 Dated this twenty seventh day of January 2021 Dated this twenty seventh day of January 2021 Page 2

for for for

1st 1st 1st

SOUTH AUSTRALIAN CANINE ASSOCIATION INC. STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2020 NOTE

Revenues

2, 4

Employee benefits expense

2020

2019

1,088,017

1,284,011

(315,304)

(301,440)

Cost of goods sold

3

(24,657)

(45,679)

Depreciation and amortisation expense

3

(94,789)

(93,213)

(81,635)

(79,862)

Rates and Taxes

(140,194)

(150,743)

Other expenses

(364,321) ----------67,117 ======

(426,268) --------186,806 =====

Insurance

Profit before Income Tax Income Tax Expense

1(a)

Profit for the Year Other Comprehensive Income Gain on Revaluation of Land and Buildings Total Comprehensive Income for the Year Attributable to Members of the Entity

-

-

67,117

186,806

-

-

----------$67,117 =======

-----------$186,806 =======

The accompanying notes form part of this financial report.

FINANCIAL REPORT SUPPLEMENT

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SOUTH AUSTRALIAN CANINE ASSOCIATION INC. BALANCE SHEET AS AT 31 DECEMBER 2020 NOTE

2020

2019

5 6 7 8

975,918 24,822 2,086 2,975 ----------1,005,801 ======

904,227 25,864 2,193 2,579 ----------934,863 ======

9

8,610,872 ------------8,610,872 ========

8,647,956 ------------8,647,956 ========

9,616,673 ========

9,582,819 ========

50,895 22,523 100,000 ----------173,418 ======

34,352 24,829 147,500 ----------206,681 ======

----------173,418 ======

----------206,681 ======

9,443,255 ========

$9,376,138 ========

1,989,497 7,453,758 -------------9,443,255 ========

1,989,497 7,386,641 ------------$9,376,138 ========

CURRENT ASSETS Cash assets Receivables Inventories Other TOTAL CURRENT ASSETS NON CURRENT ASSETS Property, plant & equipment TOTAL NON CURRENT ASSETS TOTAL ASSETS CURRENT LIABILITIES Payables Tax liabilities Provisions TOTAL CURRENT LIABILITIES

TOTAL LIABILITIES NET ASSETS

10 11 12

EQUITY Asset Revaluation Reserve Retained Earnings TOTAL EQUITY

Page 4

SOUTH AUSTRALIAN CANINE ASSOCIATION INC. STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2020

Balance at 1st January 2019 Profit attributable to members Balance at 31st December 2019 Profit attributable to members Balance at 31st December 2020

Retained Earnings

Asset Revaluation Reserve

Total

$7,199,835

$1,989,497

$9,189,332

186,806 -------------

--------------

186,806 --------------

$7,386,641 ========

$1,989,497 ========

$9,376,138 ========

67,117 -------------

--------------

67,117 --------------

$7,453,758 ========

$1,989,497 ========

$9,443,255 ========

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020 2020

2019

Cash Flows from Operating Activities JobKeeper Subsidy Receipts from Sales, Members and Fundraising Interest received Payments to suppliers & employees Net Cash provided by (used in) Operating Activities Cash Flows from Investing Activities Payment for plant & equipment & Improvements

14 (b)

Net Cash provided by (used in) Investing Activities Cash Flows from Financing Activities Repayment of borrowings Net cash provided by (used in) financing activities Net increase (decrease) in cash held Cash at beginning of the financial year Cash at the end of the financial year FINANCIAL REPORT SUPPLEMENT

14 (a)

86,400 993,717 8,942 (959,663) ----------129,396

1,279,522 8,540 (1,026,356) -----------261,706

(57,705) ---------(57,705) ----------

(31,832) --------(31,832) ---------

--------------------71,691

------------------229,874

904,227 ----------975,918 ======

674,353 ----------$904,227 ====== Page 5

SOUTH AUSTRALIAN CANINE ASSOCIATION INC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation South Australian Canine Association Inc applies Australian Accounting Standards - Reduced Disclosure Requirements as set out in AASB 1053: Application of Tiers of Australian Accounting Standards and AASB 2010-2: Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements and other applicable Australian Accounting Standards - Reduced Disclosure Requirements.

The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards - Reduced Disclosure Requirements of the Australian Accounting Standards Board (AASB). The association is a not for profit entity for financial reporting purposes under Australian Accounting Standards.

Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial statements containing relevant and reliable information about transactions, events and conditions. Material accounting policies adopted in the preparation of the financial statements are presented below and have been consistently applied unless stated otherwise.

The financial statements, except for the cash flow information, have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non current assets, financial assets and financial liabilities. The amounts presented in the financial statements have been rounded to the nearest dollar.

The Financial Statements were authorised for issue on by the committee.

Accounting Policies a) Income Tax The association is a public benevolent institution for taxation purposes and has been granted exemption from income taxation by the Commissioner of Taxation. b) Inventories Inventories consist of hospitality centre supplies and are measured at the lower of cost and net realisable value. Costs are assigned on a specific identification basis. c) Property Plant and Equipment Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any accumulated depreciation and impairment losses.

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

The carrying amount of plant and equipment is reviewed annually by the Association to ensure it is not in excess of the recoverable amount of those assets.

The depreciable amount of all fixed assets are depreciated on a diminishing value and straight line basis over the useful lives of the assets to the Association commencing from the time the asset is held ready for use Page 6

The depreciation rates used for each class of depreciable asset are: Class of Fixed Asset

Depreciation Rate

Freehold Property & Improvements at valuation Improvements at cost Plant Fittings & Equipment

2.5 – 4 % 2.5 – 4 % 10 - 40%

SOUTH AUSTRALIAN CANINE ASSOCIATION INC. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 d) Employee Benefits Provision is made for the Association’s liability for employee benefits arising from services rendered by employees to balance date. Employee benefits expected to be settled within one year together with benefits arising from wages, salaries and annual leave which will be settled after one year, have been measured at their nominal amount.

Contributions are made by the association to an employee superannuation fund and are charged as expenses when incurred. e) Cash For the purposes of the Statement of Cash Flows, cash includes cash on hand, at banks and on deposit. f) Financial Instruments (i) Trade Debtors Sales made on trade credit and due in sixty days are included in Trade Debtors at the balance due, net of a provision for amounts estimated to be uncollectible. (ii) Trade and Other Creditors and Accruals Liabilities are recognised for amounts to be paid in the future for goods and services received, whether or not billed to the Association. Trade Creditors are normally settled within thirty days. (iii) Borrowings Borrowings are carried in the balance sheet at their principal amount. Interest is charged as an expense as it accrues, with unpaid amounts included in accrued expenses.

The amounts in current liabilities comprise the current portion of the borrowings repayable within one year. The non-current balance represents the portion of borrowings not due within one year. (iv) Net Market Value of Financial Assets and Liabilities The net market values of the company’s trade debtors, trade creditors and other creditors and borrowings approximate their carrying amounts. g) Revenue Revenue from the sale of goods or services is recognised upon the delivery of goods to customers or at the completion of provision of the service.

FINANCIAL REPORT SUPPLEMENT

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SOUTH AUSTRALIAN CANINE ASSOCIATION INC. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 h) Goods and Services Tax Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense.

Receivables and payables in the Statement of Financial Position are shown inclusive of GST. 2020

2019

788,703 44,665 144,074 8,033 ------------985,475 =======

897,082 86,016 212,239 10,909 69,225 ----------1,275,471 ======

93,600 8,942 --------102,542 =====

8,540 --------8,540 =====

1,088,017 =======

1,284,011 =======

Cost of goods sold from trading activities

24,657

45,679

Depreciation of property, plant & equipment

94,789

93,213

9,800 ---------

9,000 ---------

NOTE 2 - REVENUE Operating Activities Members subscriptions, registrations, fees and other receipts Trading revenue Sundry income Rent Received Winter International

Non-Operating Activities JobKeeper Subsidy Interest received

Total Revenue

NOTE 3 – PROFIT FROM ORDINARY ACTIVITIES Profit from ordinary activities before income tax expense has been determined after: (a) Expenses:

Remuneration of Auditor - audit or review services

Page 8

SOUTH AUSTRALIAN CANINE ASSOCIATION INC. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 2020

2019

67,420 =====

83,553 =====

1,100 359,916 614,902 ----------975,918 ======

1,100 244,147 658,980 ----------904,227 ======

17,622 7,200 ----------24,822 -----------

25,864 ----------25,864 -----------

2,086 ====

2,193 ====

2,975 =====

2,579 ====

NOTE 4 – PREFIX AND SUBSCRIPTIONS Includes prepaid income for the year ending 31 December 2020 NOTE 5 - CASH ASSETS Cash on hand Cash at bank Term Deposit

NOTE 6 - RECEIVABLES Trade Debtors JobKeeper

NOTE 7 - INVENTORIES Hospitality stock NOTE 8 – OTHER ASSETS Prepayments

FINANCIAL REPORT SUPPLEMENT

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SOUTH AUSTRALIAN CANINE ASSOCIATION INC. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 NOTE 9 – PROPERTY, PLANT & EQUIPMENT Freehold Land at: Committees Valuation in 2020 Total Land Buildings at: Committees Valuation in 2020 Less: Accumulated Depreciation

Improvements at Cost Less: Accumulated Depreciation

Total Buildings & Improvements Plant fittings & equipment - at cost Less: Accumulated Depreciation Total Plant and Equipment TOTAL PROPERTY, PLANT & EQUIPMENT

6,568,000 -------------6,568,000 ========

6,568,000 ------------6,568,000 ========

1,696,000 (135,680) ------------1,560,320

1,696,000 (67,840) -------------1,628,160

451,639 24,812 ----------426,827 ------------1,987,147 ========

393,934 13,502 ----------380,432 -----------2,008,592 =======

333,441 277,716 ----------55,725 ====== 8,610,872 ========

333,441 262,077 ----------71,364 ====== 8,647,956 ========

An independent valuation of the land and buildings was conducted by Mr P Tilley of Herron Todd White (South Australia) Pty Ltd qualified valuers as at 31st December 2017. The Association’s Committee is of the opinion that the valuation carried out by Mr P Tilly of Herran Todd White (South Australia) as of 31st December 2017 also be adopted as the valuation of land and buildings at 31st December 2020.

Page 10

SOUTH AUSTRALIAN CANINE ASSOCIATION INC. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 2020 (a)

2019

Movements in carrying amounts Movement in the carrying amounts for each class of property, plant and equipment between the beginning and end of the financial year Land At Valuation

Buildings At Valuation

Improvements At Cost

Plant and Equipment

Total

Balance at 1st January 2020 Revaluation Increase (Decrease) Additions Depreciation Expense

6,568,000 -

1,628,160 (67,840)

380,432 57,705 (11,310)

71,364 (15,639)

8,647,956 57,705 (94,789)

Balance 31st December 2020

6,568,000

1,560,320

426,827

55,725

8,610,872

NOTE 10 – PAYABLES Trade creditors Sundry creditors and accruals

16,184 34,711 --------50,895 =====

18,487 15,865 --------34,352 =====

22,523 =====

24,829 =====

100,000 ======

147,500 =====

5 ==

5 ==

NOTE 11 - TAX LIABILITIES CURRENT BAS liability

NOTE 12 - PROVISIONS CURRENT Provision for employee entitlements Number of employees at year end

FINANCIAL REPORT SUPPLEMENT

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SOUTH AUSTRALIAN CANINE ASSOCIATION INC. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

NOTE 13 - RELATED PARTY TRANSACTIONS Committee Members The names of each person holding office as a Committee member since 1st January 2020 are:Brian Parker (President) Peter Dynan (Vice President) Lance Heilmann Peter Thompson Greg Harvey Tracie Edwards

Raelee Hedger Aramis Lim Sheryle Pike Brian Fielder Roberta Crouch

Transactions with related parties are on normal commercial terms and conditions unless otherwise stated.

There were no other transactions with Committee Members other than those relating to their membership of the Association which are subject to normal terms and conditions that apply to members generally.

Council members are not remunerated for their services.

No loans have been made, guaranteed or secured by the Association to a Committee Member or a related entity of a Committee Member, during the year under review.

Page 12

SOUTH AUSTRALIAN CANINE ASSOCIATION INC. SOUTH AUSTRALIAN CANINE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTSINC. SOUTH AUSTRALIAN CANINE ASSOCIATION INC. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ASSOCIATION DECEMBER 2020 SOUTH AUSTRALIAN CANINE INC. NOTES TOYEAR THE FINANCIAL STATEMENTS FOR THE ENDED 31 DECEMBER 2020 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 2020 2019 NOTE 14 - CASH FLOW INFORMATION 2020 2019 NOTE 14 - CASH FLOW INFORMATION NOTE - CASH FLOWofINFORMATION (a) 14 Cash NOTE 14 Reconciliation - CASH FLOW INFORMATION (a) Reconciliation Cash on hand of Cash 1,100 1,100 Cash on hand 1,100 1,100 (a) Reconciliation of Cash Cash at bank 359,916 244,147 (a) Reconciliation of Cash Cash at bank 359,916 244,147 Cash onDeposit hand 1,100 1,100 Term 614,902 658,980 Cash onDeposit hand 1,100 1,100 Term 614,902 658,980 Cash at bank 359,916 244,147 --------------------Cash at bank 359,916 244,147 --------------------Term Deposit 614,902 658,980 975,918 904,227 Term Deposit 614,902 658,980 975,918 904,227 --------------------====== ====== --------------------====== ====== 975,918 904,227 (b) Reconciliation of Net Cash provided by Operating 975,918 904,227 (b) Reconciliation of Net Cash provided by Operating ====== ====== Activities to Profit for Year. ====== ====== Activities to Profit Year. (b) Reconciliation of Netfor Cash provided by Operating Profit for Year 67,117 186,806 (b) Reconciliation of Net Cash provided by Operating ProfitCash for 67,117 186,806 Activities toYear Profit Non Flowsfor in Year.

Profit Activities to Profit for Year.

Non Cash Profit for YearFlows in Profit 67,117 186,806 - Depreciation 94,789 93,213 Profit for Year 67,117 186,806 -- Depreciation 94,789 93,213 Provision for long service leave, annual leave and Non Cash Flows in Profit Non Cash Flows in Profit Provision for long service leave, annual leave and sick leave (47,500) 11,000 - Depreciation 94,789 93,213 - Depreciation 94,789 93,213 sick leave (47,500) 11,000 Changes in Assets & Liabilities - Provision for long service leave, annual leave and - Provision for long service leave, annual leave and Changes in Assets & Liabilities -sick Decrease 1,042 3,585 leave (Increase) in receivables (47,500) 11,000 leave (Increase) (47,500) 11,000 --sick Decrease in prepayments receivables 1,042 3,585 Decrease (Increase) in (396) (2,579) Changes in Assets & Liabilities Changes in Assets & Liabilities Decrease (Increase) in prepayments (396) (2,579) - Decrease (Increase) inventories 107 466 - Decrease (Increase) in in receivables 1,042 3,585 - Decrease (Increase) in in receivables 1,042 3,585 -- Decrease (Increase) inventories 107 466 (Decrease) Increase trade creditors & accruals 16,543 (30,228) - Decrease (Increase) in in prepayments (396) (2,579) - Decrease (Increase) in prepayments (396) (2,579) -- (Decrease) (Decrease) Increase in trade creditors & accruals 16,543 (30,228) Increase tax liabilities (2,306) (557) - Decrease (Increase) in in inventories 107 466 - Decrease (Increase) in in inventories 107 466 - (Decrease) Increase tax liabilities (2,306) (557) ------------------- (Decrease) Increase in trade creditors & accruals 16,543 (30,228) ------------------- (Decrease) Increase in trade creditors & accruals 16,543 (30,228) Net Cash Provided Activities 129,396 261,706 - (Decrease) IncreaseBy in Operating tax liabilities (2,306) (557) Net Cash Provided Activities 129,396 261,706 - (Decrease) IncreaseBy in Operating tax liabilities (2,306) (557) ====== ====== ------------------====== ====== ------------------Net Cash Provided By Operating Activities 129,396 261,706 Net Provided RISK

By Operating Activities 129,396 261,706 NOTE 15Cash – FINANCIAL MANAGEMENT ====== ====== NOTE 15 – FINANCIAL RISK MANAGEMENT ====== ====== a) Financial Risk Management policies a) 15 Financial Risk Management policies NOTE – FINANCIAL RISK MANAGEMENT NOTE 15 FINANCIAL MANAGEMENT In –common with RISK all other businesses the Association is exposed to risks that arise from its use of In common with all other businesses the Association is exposed to risks that arise from its banks, use of a) Financial Risk Management policies financial instruments. association’s financial instruments consist of deposits with a) Financial Risk ManagementThe policies financial instruments.

The association’s financial instruments consist of deposits with banks, and payable. the There have beenis no substantive changes in the Association’s In accounts common receivables with all other businesses Association exposed to risks that arise from its use of receivables and payable.

There have been substantive changes in the Association’s In accounts common to with all other businesses the Association is no exposed to risks that arise from its use of exposure financial instrument risks, its objectives, policies and processes for managing those risks financial instruments.

The association’s financial instruments consist of deposits with banks, exposure to financial instrument risks, its objectives, policies and processes for managing those risks financial instruments. association’s consist of deposits with banks, or the methods used toThe measure fromfinancial previous instruments accounts receivables payable.them There beenperiods. no substantive changes in the Association’s or the methods usedand to measure fromhave previous accounts receivables and payable.them There have beenperiods. no substantive changes in the Association’s exposure to financial risks, its objectives, policies andofprocesses for managing those risks The Committee hasinstrument overall responsibility for the determination the Association’s risk management exposure to financial instrument risks, its objectives, policies andofprocesses for managing those risks Committee has overall responsibility for the determination the Association’s risk management or The the methods used to measure them from previous periods. and policies and, whilst retaining ultimate responsibility for them, it has delegated the or objectives the methods used to measure them from previous periods. objectives and policies and and, operating whilst retaining ultimate for them,implementation it has delegated authority for designing processes that responsibility ensure the effective of the the The Committee has overalland responsibility for the determination of the the effective Association’s risk management authority for designing operating processes that ensure implementation of the objectives andhas policies the Association’s finance department.

Committeerisk receive monthly The Committee overalltoresponsibility for the determination of theThe Association’s management objectives and and, whilst retaining ultimate responsibility for them, iteffectiveness has delegated the objectives andpolicies policies to the Association’s finance through department.

Committee monthly reports from the Association’s finance department whichThe it reviews of the the objectives and policies and, whilst retaining ultimate responsibility for them, it hasreceive delegated authority for designing and operating processes that ensure the effective implementation of the reports from the Association’s finance department through which it reviews effectiveness of processes in place and and the appropriateness the objectives andeffective policies itimplementation sets. authority for put designing operating processesof that ensure the of the objectives and the finance The Committee monthly processes putpolicies in placeto and theAssociation’s appropriateness of thedepartment. objectives and policies it sets. receive objectives and policies to the Association’s finance department.

The Committee receive monthly reports fromrisks the the Association’s finance department through which it reviewsare effectiveness of the The main Association is exposed to through its financial instruments credit risk, liquidity reports fromrisks the the Association’s finance department through which it reviewsare effectiveness of the The main Association is exposed to through its financial instruments credit risk, liquidity processes in place and of the objectives and policies it sets. risk, and put interest rate risk.the appropriateness processes in place risk, and put interest rateand risk.the appropriateness of the objectives and policies it sets. mainRisk risks the Association is exposed to through its financial instruments are credit risk, liquidity b) The Credit The mainRisk risks the Association is exposed to through its financial instruments are credit risk, liquidity b) risk, Credit and interest rate risk.

Credit is the risk that the other party to a financial instrument will fail to discharge their obligation risk, and Risk interest rate risk.

Credit Risk is the risk that the other party to a financial resulting in the Association a financial loss. instrument will fail to discharge their obligation b) Credit Risk in the Association incurring resulting incurring a financial loss. b) Credit Risk The Risk maximum to credit at to balance date is as follows: Credit is theexposure risk that the otherrisk party a financial instrument will fail to discharge their obligation Credit Risk is theexposure risk that the otherrisk party to a financial instrument will fail to discharge their2019 obligation The maximum to credit at balance date is as follows: 2020 resulting in the Association incurring a financial loss. resulting in the Association incurring a financial loss.

2020 2019 Loans and Receivables $25,864 The maximum exposure to credit risk at balance date is as follows: $24,822 The maximum exposure to credit risk at balance date is as follows: $24,822 Loans and Receivables $25,864 2020 2019 2020 2019 Page 13 FINANCIAL REPORT SUPPLEMENT Loans and Receivables $24,822 $25,864 Loans and Receivables $24,822 $25,864

SOUTH AUSTRALIAN CANINE ASSOCIATION INC. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 NOTE 15 – FINANCIAL RISK MANAGEMENT (Cont) c)

Liquidity Risk The Association manages liquidity risk by monitoring forecast cash flows and maintaining access to borrowing requirements if needed.

At balance date the Association has no credit stand by or unused finance facilities in place.

d)

Interest Rate Risk The Association is exposed to interest rate risk through the movement of interest rates on bank deposits and bank borrowings. Interest on borrowings is managed by a fixed interest rate.

NOTE 16 – EVENTS AFTER BALANCE DATE No events have occurred since 31st December 2020 that will affect the information disclosed in the financial report.

NOTE 17 – SEGMENT REPORTING The Association operates in one business and geographical segment, being in the pure bred canine sector providing facilities to members of the Association within South Australia.

NOTE 18 – ASSOCIATION DETAILS The principal place of business of the association is: South Australian Canine Association Inc. David Roche Park Cromwell Road KILBURN S.A. 5084 NOTE 19 – CORONAVIRUS (COVID-19) The current outbreak of Coronavirus (Covid-19) has significantly affected entities and economic activity resulting in various restrictions applying. The effect on the South Australian Canine Association’s 2021 performance is not known. The committee will continue to monitor and review the underlying economic impact.

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SOUTH AUSTRALIAN CANINE ASSOCIATION INC. STATEMENT BY MEMBERS OF THE COMMITTEE In the opinion of the Committee the financial report as set out on pages 1 to 13: (a)

Presents a true and fair view of the financial position of the South Australian Canine Association Inc as at 31 December 2020 and its performance for the year ended on that date in accordance with Australian Accounting Standards, (including Australian Accounting Interpretations) of the Australian Accounting Standards Board.

(b)

At the date of this statement there are reasonable grounds to believe that the South Australian Canine Association Inc. 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 and on behalf of the Committee by:

........................................................... Committee Member

........................................................... Committee Member

Dated this twenty seventh day of January 2021 at Adelaide, South Australia.

FINANCIAL REPORT SUPPLEMENT

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INDEPENDENT AUDIT REPORT TO THE MEMBERS OF SOUTH AUSTRALIAN CANINE ASSOCIATION INC. Report on the Audit of the Financial Report Opinion We have audited the financial report of South Australian Canine Association Inc, which comprises the balance sheet as at 31st December 2020, the statement of comprehensive income for the year then ended, statement of changes in equity, statement of cashflows and notes to the financial statements, including a summary of significant accounting policies, and the certification by members of the committee on the annual statements giving a true and fair view of the financial position and performance of the association.

In our opinion, except for the effects on the financial report of the matters referred to in the Emphasis of Matter paragraph below, the accompanying financial report of South Australian Canine Association Inc is in accordance with the Associations Incorporation Act (SA) 1985: •

giving a true and fair view of the Association’s financial position as at 31st December 2020 and of its financial performance for the year then ended; and

•

that the financial records kept by the Association are such as to enable financial statements to be prepared in accordance with Australian Accounting Standards – Reduced Disclosure Requirements.

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 association in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110: Code of Ethics for Professional Accountants (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.

Emphasis of Matter – Cash Receipts As is common for organisations of this type, it is not practicable for South Australian Canine Association Inc to maintain an effective system of internal control over its hospitality trading cash receipts. Accordingly, our audit in relation to these transactions was limited to the amounts recorded in the initial books of entry and other information available.

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Emphasis of Matter – Material Uncertainty Relating to Covid-19 Effects We draw your attention to Note 19 to the financial report which describes the effects of the current outbreak of Coronavirus (Covid-19). Our opinion is not modified in respect of this matter.

Emphasis of Matter - Basis of Accounting Without modifying our opinion, we draw attention to Note 1 to the financial report, which describes the basis of accounting. The financial report has been prepared to assist the association to meet the requirements of the Associations Incorporation Act (SA) 1985. As a result, the financial report may not be suitable for another purpose.

Information Other than the Financial Report and Auditor’s Report Thereon The committee of the Association is responsible for the other information. The other information comprises the other information included in the Association’s annual report for the year ended 31st December 2020, but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated if, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Committee for the Financial Report The committee is responsible for the preparation and fair presentation of the financial report in accordance with the Australian Accounting Standards – Reduced Disclosure Requirements and the Associations Incorporation Act (SA) 1985 and for such internal controls as the committee determines is necessary to enable the preparation and fair presentation of a financial report that is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the committee is responsible for assessing the association’s ability to continue as going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the committee either intends to liquidate the association 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.

FINANCIAL REPORT SUPPLEMENT

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As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: •

Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as the fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

•

Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the association’s internal control.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the committee.

•

Conclude on the appropriateness of the committee’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the association’s ability to continue as going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the association to cease to continue as going concern.

•

Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Ryan Madden Ashby Madden Truman 185 Fullarton Road Dulwich, SA 5065 Dated this twenty seventh day of January 2021.

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SOUTH AUSTRALIAN CANINE ASSOCIATION INC. REPORT TO THE MEMBERS OF THE ASSOCIATION In accordance with section 35(5) of the Associations Incorporation Act (SA) 1985, the Association of the South Australian Canine Association Inc. hereby states that during the financial year ended 31st December 2020: (a)

(i) (ii) (iii)

no officer of the Association no firm of which an officer is a member; and no body corporate in which an officer has a substantial financial interest,

has received or become entitled to receive a benefit as a result of a contract between the officer, firm or body corporate and the Association except for the following: NIL (b)

No officer of the Association has received directly or indirectly from the Association any payment or other benefit or pecuniary value except for the following: NIL.

Sign in accordance with a resolution of the Association.

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Dated this twenty seventh day of January 2021.

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COMPILATION REPORT TO SOUTH AUSTRALIAN CANINE ASSOCIATION INC

Scope We have compiled the accompanying special purpose financial statements of South Australian Canine Association (Inc) which comprise the attached income and expenditure statement for the year ended 31 December 2020. The specific purpose for which the special purpose financial statements have been prepared is to provide financial information to the committee of management.

The Responsibility of the Committee of Management The committee of management is solely responsible for the information contained in the special purpose financial statements and has determined that the basis of accounting adopted is appropriate to meet the needs of the committee of management for the purpose of complying with the association’s constitution.

Our Responsibility On the basis of information provided by the committee of management we have complied the accompanying special purpose financial statements in accordance with the basis of accounting and APES 315: Compilation of Financial Information.

Our procedures use accounting expertise to collect, classify and summarise the financial information, which the committee members provided, in compiling the financial statements. Our procedures do not include verification or validation procedures. No audit or review has been performed and accordingly no assurance is expressed.

The special purpose financial statements were complied exclusively for the benefit of the committee of management. We do not accept responsibility to any other person for the contents of the special purpose financial statements.

ASHBY MADDEN TRUMAN Accountants & Advisors 185 Fullarton Road DULWICH SA 5065

Dated this twenty seventh day of January 2021. at Adelaide, South Australia

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