GIRL GUIDES ASSOCIATION (NEW SOUTH WALES)
ABN: 21 366 241 150
Year ended 31 December 2024
GIRL GUIDES ASSOCIATION (NEW SOUTH WALES)
The Girl Guides Association (New South Wales) is incorporated under the Girl Guides Association (New South Wales) Incorporation Act 1951. Its principal place of business and head office is located at 55 Holt Street, Surry Hills NSW. The financial statements were authorised for issue by the members of the Board of Girl Guides NSW, ACT & NT on 8 May 2025 The members of the Board of Girl Guides NSW, ACT & NT have the power to amend and reissue the financial statements.
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
GIRL GUIDES ASSOCIATION (NEW
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
The above Statement of Financial Position is to be read in conjunction with the accompanying notes.
GIRL GUIDES ASSOCIATION (NEW SOUTH WALES)
STATEMENT OF CHANGES IN ACCUMULATED FUNDS AND RESERVES FOR THE YEAR ENDED 31 DECEMBER 2024
The above Statement of Changes in Accumulated Funds and Reserves is to be read in conjunction with the accompanying notes.
OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
The above Statement of Cash Flows is to be read in conjunction with the accompanying notes.
GIRL GUIDES ASSOCIATION (NEW SOUTH WALES)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. GENERAL INFORMATION
The financial report covers Girl Guides Association (New South Wales) (the “Association”). The address of the Association’s registered office is 55 Holt Street, Surry Hills, NSW.
2. BASIS OF PREPARATION
These general-purpose financial statements have been prepared in accordance with Australian Accounting Standards and interpretations issued by the Australian Accounting Standards Board and the Australian Charities and Not-for-profits Commission Regulations 2023 (“ACNC Regulations”). The Association is a notfor-profit entity for financial reporting purposes under Australian Accounting Standards.
(a) Compliance with Australian Accounting Standards – Simplified Disclosures
The financial statements of the Girl Guides Association (New South Wales) comply with Australian Accounting Standards – Simplified Disclosures as issued by the Australian Accounting Standards Board (“AASB”). Comparative information has been reclassified where necessary to enhance comparability.
(b) Historical Cost Convention
The financial statements have been prepared under the historical cost convention, as modified by revaluation of financial assets at fair value through profit or loss.
(c) Significant accounting estimates and judgements
The preparation of the financial report in accordance with Australian Accounting Standards – Simplified Disclosures requires the Directors and/or management to make judgements, estimates and assumptions that affect the application of policies on reported assets and liabilities, income and expenses. There are no areas involving a higher degree of complexity, or areas where assumptions and estimates are significant to the financial statements.
(d) New and amended accounting standards adopted by the Association
The Association has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period
Any new or amended Standards or Interpretations that are not yet mandatory have not been early adopted.
The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the Association
GIRL GUIDES ASSOCIATION
3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of the financial report are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
(a) Income tax
The Association is exempt from income tax under Section 50-5 of the Income Tax Assessment Act 1997.
(b) Cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other shortterm, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash, which are subject to an insignificant risk of changes in value and which form part of the cash management function of the Association.
(c) Trade receivables
For all sources of recurrent income, trade receivables are recognised at cost value less allowance for expected credit losses.
For trade receivables, the Association applies the simplified approach permitted by AASB 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
(d) Contract assets
Contract assets are recognised when the Association has transferred goods or services to the customer, but where the Association is yet to establish an unconditional right to consideration, contract assets are treated as financial assets for impairment purposes.
(e) Financial instruments
Classification
As per AASB 9, the Association classified its financial assets in the following measurement categories: - those to be measured subsequently at fair value through profit or loss (“FVPL”), and - those to be measured at amortised cost.
The classification depends on the Association’s business model for managing the financial assets and the contractual terms of the cash flows.
Recognition and derecognition
Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the Association commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Association has transferred substantially all the risks and rewards of ownership.
Measurement
At initial recognition, the Association measures a financial asset at its fair value plus, in the case of a financial asset not at FVPL, transaction costs that are directly attributable to the acquisition of the financial asset. The Association subsequently measures all debt investments that do not qualify for measurement at amortised cost and all equity investments at fair value. Where the Association’s management has elected to present fair value gains and losses on debt and equity investments in profit or loss, interest and dividends from such investments continue to be recognised in profit or loss as other income when the Association’s right to receive payments is established.
Impairment losses (and reversal of impairment losses) on debt and equity investments measured at FVPL are not reported separately from other changes in fair value.
GIRL GUIDES ASSOCIATION
3. SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONTINUED)
(e) Financial instruments (continued)
Impairment
The Association assesses on a forward-looking basis the expected credit loss associated with its debt instruments carried at amortised cost and FVPL and equity instruments carried at FVPL. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Association applies the simplified approach permitted by AASB 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
(f) Property, plant and equipment
(i) Recognition and measurement
Property, plant and equipment are measured at cost less accumulated depreciation and impairment loss. Cost includes expenditures directly attributable to the acquisition of the asset.
(ii) Subsequent costs
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Association and the cost of the item can be measured reliably. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred.
(iii) Property
Land and buildings are carried at cost, less depreciation and impairment losses on buildings. The carrying amount of land and buildings is reviewed annually by the Directors to ensure that it is not in excess of the recoverable amount from those assets.
Land and buildings held for sale, but which remain unsettled at reporting date, are disclosed as current assets as they were settled subsequent to year end.
(iv) Depreciation
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of property, plant and equipment. The estimated useful lives for the current and comparative periods are as follows:
Buildings
Furniture and
40 years
2 to 10 years
Depreciation methods, useful lives and residual values are re-assessed at each reporting date.
Gains or losses arising from the derecognition of property, plant and equipment are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is derecognised.
(g) Right-of-use assets
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever is the shorter. Where the Association expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities.
The Association has elected not to recognise a right-of-use asset and corresponding lease liability for shortterm leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are expensed to profit or loss as incurred.
GIRL GUIDES ASSOCIATION (NEW SOUTH WALES)
3. SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONTINUED)
(h)
Investment property
Properties held for rental or capital appreciation purposes are classified as investment properties. Investment properties are initially measured at cost, including transaction cost. Subsequent expenditure is added to the carrying value of investment properties when it is probable that future economic benefits over the initially assessed standard of performance will flow to the entity.
Subsequently, investment properties are measured at cost less any accumulated depreciation and accumulated impairment losses. Depreciation is charges on a straight-line basis over the estimated useful life of 40 years. All subsequent additions are depreciated over the remaining useful lives of investment properties.
Investment properties are derecognized when either they have been disposed of or when the investment property is permanently withdrawn from use Any gains or losses on the retirement or disposal of investment properties are recognized in the statement of comprehensive income in the year of retirement or removal.
(i)
Impairment of assets
Assets that are subject to amortisation are reviewed annually for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount.
Impairment losses are reversed through profit or loss when there is an indication that the impairment loss may no longer exist and there has been a change in the estimate used to determine the recoverable amount.
(j) Trade and other payables
These amounts represent liabilities for goods and services provided to the Association prior to the end of the financial year and which are unpaid.
(k) Contract liabilities
Contract liabilities represent the Association's obligation to transfer goods or services to a customer and are recognised when a customer pays consideration, or when the Association recognises a receivable to reflect its unconditional right to consideration (whichever is earlier) before the Association has transferred the goods or services to the customer.
(l) Lease liabilities
A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Association's incremental borrowing rate. The weighted average lessee’s incremental borrowing rate applied to the lease liabilities was 0%. This rate is adopted by some non-for-profits, where possibility of the external borrowing is remote. The Association has extensive amount of capital and the possibility of borrowing funds to cover ongoing expenditure is extremely low.
The Association has elected not to recognise a right-of-use asset and corresponding liability for short-term leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are expensed to surplus or deficit as incurred.
GIRL GUIDES ASSOCIATION (NEW
3. SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONTINUED)
(m) Employee benefits
(i) Short-term
benefits
Liabilities for wages and salaries and annual leave represent present obligations resulting from employees’ services provided up to the reporting date and are calculated at undiscounted amounts based on remuneration, wage and salary rates that the Association expects to pay as at the reporting date including related on-costs such as worker’s compensation.
(ii)
Long service leave
The liability for long service leave expected to be settled within 12 months of the reporting date is measured in accordance with above (i)
The liability for long service leave expected to be settled more than 12 months from reporting date is recognised as liabilities but is measured based on remuneration rates current as at reporting date for all employees with five or more years of service.
The Directors believe that this method provides an estimate of the liability that is not materially different from the estimate that would be obtained by using the present value basis of measurement.
(n) Revenue
Revenue is recognised at an amount that reflects the consideration to which the Association is expected to be entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the Association: identifies the contract with a customer; identifies the performance obligations in the contract; determines the transaction price which takes into account estimates of variable consideration and the time value of money; allocates the transaction price to the separate performance obligations on the basis of the relative stand-alone selling price of each distinct good or service to be delivered; and recognises revenue when or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services promised.
(i) Members’ subscriptions, donations and fundraising activities
Member subscriptions, donations and fundraising activities are recorded as revenue when they are received by the Association. This is on the basis that these types of transactions don’t include enforceable rights and obligations or ‘sufficiently specific’ performance obligations that the Association must satisfy.
(ii) Trading revenue
Trading revenue consists of proceeds from the sale of inventory. Revenue is recognised at the point in time when the customer obtains control of the goods, which is generally at the time they take possession.
(iii) Finance income
Finance income comprises interest income on funds invested, gains on disposal of available-for-sale financial assets that are recognised in profit or loss. Interest income is recognised as it accrues, using the effective interest method. Dividend income is recognised on the date the Association’s right to receive payment is established, which in the case of quoted securities is the ex-dividend date.
(iv) Grants
If specific conditions are attached to the grant, which must be satisfied before the Association is eligible to retain the contribution and where there is an arrangement to refund any grant that are not spent in accordance with the specific conditions under the grant agreement, the grant will be recognised in the statement of financial position as a liability until those conditions are satisfied. If there are no specific conditions which must be satisfied, or there is no arrangement to refund the grant, grant revenue is recognised on receipt.
(v) Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established and the appropriate performance obligation is satisfied upon transfer of the respective goods or services to the customer.
3. SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONTINUED)
(o) Goods and services tax (GST)
Revenue, expenses and assets are recognised net of the amount of GST, unless the GST incurred is not recoverable from the taxation authority. In this case, it is recognised as part of the cost of acquisition of the asset or as part of the expense.
(p)
Special purpose funds
Receipts of donations to specific funds and expenses out of these funds are included in the operating surplus and then transferred to a ‘Special Purpose Funds Reserve’. In 2024 The Board has approved a closure of the special purpose funds. Further details are in Note 18
(q) Insurance
Insurance premiums for industrial special risks, motor vehicles, boats, personal accident and public liability are included in the operating surplus as a core activity.
(r)
Provision for make good
Provisions for make good obligations are recognised when the Association has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the obligation.
(s)
Comparatives
Where necessary, comparatives have been reclassified and repositioned for consistency with current year disclosure.
(t)
Accounting standards issued but not yet effective
Certain new accounting standards of the Australian Accounting Standards Board have been published that are not mandatory for 31 December 2024 reporting periods. The Directors’ assessment of the impact of these new standards is that they will have no material impact on the future financial reports of the Association
4. OPERATING REVENUE AND OTHER INCOME
GIRL GUIDES ASSOCIATION (NEW
TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4
OPERATING REVENUE AND OTHER INCOME (CONTINUED)
Government revenue included in the provision of services Members’
The Association is not dependent on government revenue to deliver its programs. Government revenue in the form of grants is mainly provided for the maintenance of Guide Halls. Management believes that if the Association were not successful in obtaining grant funding for property maintenance the Association has sufficient funds to meet its property maintenance obligations.
5. EXPENSES
Depreciation, Amortisation, and cost of inventories included in surplus
TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. FINANCIAL ASSET AT AMORTISED COST
8. TRADE AND OTHER RECEIVABLES
Receivables are non-interest bearing.
9. OTHER ASSETS
10. FINANCIAL ASSETS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. PROPERTY, PLANT AND EQUIPMENT
Reconciliations
Reconciliations of the carrying amounts of property and plant and equipment at the beginning and end of the financial year
All land and buildings are utilised by the Association and are not held primarily for investment purposes. The Association does receive rental income from a portion of tenanted floor space at Level 2, 55 Holt Street, and in 2022, the tenanted portion met the criteria for recognition as an investment property as defined by AASB 140: Investment Property. The Historical Cost and Accumulated Depreciation balances relating to the tenanted portions were transferred out from Land and Buildings and into Investment Property in 2022
Buildings on leasehold land have no residual value and may be required to be removed at the cessation of the lease. A provision for make-good has been raised where this is the case (note 16).
The Association owns various other properties. The Association has determined that the deemed cost of these properties is nil. In the majority of cases, the properties have been previously gifted to the Association, or information about the acquisition cost of the properties is not available. All such properties were gifted or acquired by the Association prior to the adoption of the Australian equivalents to International Accounting Standards from 1 January 2005.
GIRL GUIDES ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. Investment Property
Investment Property is carried at historical cost.
Investment Property
Reconciliation of the carrying amounts for Investment Property are set out below:
13. RIGHT-OF-USE ASSETS
The Association has identified potential make good liabilities on twenty-seven properties. The estimated demolishment costs have been recognised as a make good provision.
Reconciliation of the carrying amounts for each class of right-of-use assets are set out below:
–
GIRL GUIDES ASSOCIATION (NEW SOUTH WALES)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Reconciliation
Reconciliation of contract liabilities at the beginning and end of the current and previous financial year are set out below:
The aggregate amount of the transaction price allocated to performance obligations that are unsatisfied at the end of the reporting period was $985,711 as at 31 December 2024 ($290,595 as at 31 December 2023) and is expected to be recognised as revenue in future periods as follows:
16. PROVISION FOR MAKE GOOD
GUIDES ASSOCIATION (NEW SOUTH WALES)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
17. EMPLOYEE BENEFITS
18.
RESERVE FUNDS
Review of Policies and Reserves of various Funds
The current approach to the management of specific purpose funds appears to be overly complex for a small organisation undergoing significant transformation in its financial management, investment, and accountability / delegation of authority to its executives. In other cases, the intent of the Fund remains relevant and timely with a rationale for continuation in practice. The prevalence of internal commerce that underpins all of the Funds is a practice that should be minimised, with a goal to end it entirely. The Board approved the staged approach to closure of all Funds and management to implement the changes progressively throughout 2024.
19. ACCUMULATED FUNDS
GIRL GUIDES ASSOCIATION (NEW SOUTH WALES)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
20. RELATED PARTY INFORMATION
There were no transactions with related parties during the financial year. The names of the members of the Board of Girl Guides NSW, ACT & NT who held office at any time during the financial year are:
Irini Agollari (resigned 1 March 2024)
Belinda Allen (commenced 2 March 2024)
Susan Belling (commenced 2 March 2024)
Prudence Carpenter (commenced 2 March 2024)
Andrew Da Silva (resigned 22 July 2024)
Catherine Jewell (commenced 3 February 2024, resigned 12 November 2024)
Michelle Kothe (resigned 2 March 2024)
Aine Leonard (resigned 2 March 2024)
Tracy Marshall (commenced 13 February 2024, resigned 12 November 2024)
Sarah Neill AM (commenced 27 May 2024, resigned 27 August 2024)
Dakshata Sharma (commenced 2 March 2024)
Luisa Simeonidis (commenced 2 March 2024)
Emily Milton Smith (resigned 21 May 2024)
Jo-Anne Tonon (commenced 28 August 2024)
Lisa Walters (resigned 1 August 2024)
Charlotte Weatherall (resigned 2 March 2024)
Cecily Zhu (resigned 2 March 2024)
21. Remuneration of auditors
During the financial year the following fees were paid or payable for services provided by HLB Mann Judd, the auditor of the Association
GIRL GUIDES ASSOCIATION (NEW SOUTH WALES)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
22. CONTINGENT LIABILITIES
Peppercorn leases
The Association leases various premises (Guide Halls) across NSW, ACT and NT to enable its Members’ participation in the Girl Guides activities. The majority of the Guide Halls are leased from local Councils, others from schools, churches and community organisations. The premises are provided to Girl Guides Association at a nominal annual price significantly below-market value. Annual lease prices vary from $0.01 to $1,600 and lease terms range from 1 to 263 years. The Association remains highly dependent on continuing to receive significantly below-market lease terms and conditions to enable it to further its objectives.
The Association is bound by various restrictions on the use of the Guide Halls. These restrictions include but are not limited to sub leasing arrangements and the types of activities which can be carried out on the premises.
National Redress Scheme
On 1 July 2018, in response to Royal Commission into Institutional Responses to Child Sexual Abuse, the National Redress Scheme was established. The National Redress Scheme provides support to people who experienced institutional child sexual abuse. The Association joined the National Redress Scheme (“the Scheme”) on 24 December 2020.
As at balance date 31 December 2024, there are a number of claims which are at a stage where it is uncertain whether a liability, if any, will arise for the Association. Accordingly, no provision has been recorded in the financial statements of the Association in relation to any matters that the Association is not aware of, or pending claims where the Association has limited information.
One invoice has been received as part of this scheme, and a liability has been reflected in trade and other payables in relation to this (note 14).
The Association is not aware of any other possible legal and other expenses as a result of its participation in the Scheme and any past events.
Combined General & Products Liability
There is a current claim under our National insurance policy that has yet to be settled.
GIRL GUIDES ASSOCIATION
TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
23. FUNDRAISING AND APPEALS – Information to be furnished under the Charitable Fundraising Act and Charitable Collections Act
and Appeals
Application of Funds for Charitable Purposes
During the year, Girl Guides Association (New South Wales) achieved a surplus of $556,292 from fundraising and appeal activities defined under the Charitable Fundraising Act 1991 and the Charitable Collections Act 2003
Fundraising activities include but are not limited to barbeques, market stalls, donations and raffles. The surplus was used to fund events to promote Guiding to Members, and for the Regions and Districts to run their Guiding activities
Comparison for all Fundraising and Appeals
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
24. SUBSEQUENT EVENTS
No matter or circumstance has arisen since 31 December 2024 that has significantly affected, or may significantly affect the Association's operations, the results of those operations, or the Association's state of affairs in future financial years.
25. REGIONS, DISTRICTS AND CAMPSITES
In prior years, financial statements of the Regions, Districts and Campsites were not included in the financial statements of the Association as determined by AASB 10 Consolidated Financial Statements.
The Association commenced a financial transformation during 2021 in line with its strategic plan, with the view to increasing the transparency across Region, District and Campsite financial arrangements
Upon recording the assets and liabilities of the Regions, Districts and Campsites as at 1 January 2023, there has been an increase in net assets of $4,596,489. During the year ended 31 December 2024, further assets and liabilities of the Regions, Districts and Campsites were transferred. As at the end of 31 December 2024 consolidation of the financial information of Districts, Regions and Campsites was incomplete. During the 2025 year the Association intends to continue this journey.
The results of the Districts, Regions and Campsites which have been included in the financial statements for the year ended 31 December 2024 are as follows:
GIRL GUIDES ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
25. REGIONS, DISTRICTS AND CAMPSITES (CONTINUED)
IMPACT ON THE STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR YEAR ENDED 31 DECEMBER 2024
GIRL GUIDES ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
REGIONS, DISTRICTS AND CAMPSITES (CONTINUED)
IMPACT ON THE STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
GIRL GUIDES ASSOCIATION
TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 25. REGIONS, DISTRICTS AND CAMPSITES (CONTINUED) IMPACT ON THE STATEMENT OF CASH FLOWS FOR YEAR ENDED 31 DECEMBER 2024
GIRL GUIDES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
25. REGIONS, DISTRICTS AND CAMPSITES (CONTINUED)
Note also that upon recording the assets and liabilities of the Regions, Districts and Campsites as at 1 January 2023, there has been an increase in net assets of $4,596,489 During the year ended 31 December 2024, further assets and liabilities of the Regions, Districts and Campsites were transferred. This has been recorded within accumulated funds during the year ended 31 December 2024 and is reflected in the Association’s Statement of Changes in Equity.
The assets and liabilities of the Regions, Districts and Campsites transferred during the year are as follows:
Auditor’sIndependenceDeclaration
We declare that, to the best of our knowledge and belief, there have been no contraventions of any applicable code of professional conduct in relation to the audit of the financial report of Girl Guides Association (New South Wales) for the year ended 31 December 2024.
HLBMannJudd AGSmith CharteredAccountants Partner
Sydney,NSW
8May2025
QualifiedOpinion
We have audited the financial report of Girl Guides Association (New South Wales) (“the Association”) which comprises the statement of financial position as at 31 December 2024, the statement of profit or loss and other comprehensive income, the statement of changes in accumulated funds and the statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information, and the declaration by the Board of Directors.
In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion section or our report:
(a) the accompanying financial report of the Association has been prepared in accordance with Division 60 of the Australian Charities and Not-for-profits Commission Act, including:
(i) giving a true and fair view of the Association’s financial position as at 31 December 2024 and of its financial performance for the year then ended; and
(ii) complying with Australian Accounting Standards – Simplified Disclosures and Division 60 of the Australian Charities and Not-for-profits Commission Regulations 2022.
(b) the financial report gives a true and fair view of the financial result of fundraising appeals for the financial year;
(c) any money received as a result of fundraising appeals conducted during the year ended 31 December 2024 has been properly accounted for and applied in accordance with the NSW Charitable Fundraising Act 1991 and the Regulations thereto and the ACT Charitable Collections Act 2003 and the Regulations thereto;
(d) the financial statements and associated records have been properly kept during the financial year in accordance with provisions of the Charitable Fundraising Act 1991 and the Regulations thereto and the Charitable Collections Act 2003 and the Regulations thereto; and
(e) 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.
BasisforQualifiedOpinion
The directors of the Associationconsideredthat, effective 1 January 2023, under definitions set out in AASB 10 Consolidated Financial Statements, the Association should include the results the Districts, Regions and Campsites,and thereforefrom 1 January2023, the financial statementsof the Associationinclude the results of the Districts, Regions and Campsites to the extent detailed in note 25.
As detailed in note 25, not all Districts, Regions and Campsites had provided complete financial information. In addition, there was limited audit evidence provided by the Districts, Regions and Campsites in relation to their financial information.
Accordingly, we were unable to obtained sufficient appropriate audit evidence about the financial information of the Districts, Regions and Campsites recorded in note 25 and included in the financial statements of the Association, including whether the amounts recorded are complete. Consequently, we were unable to determine whether any adjustments to these amounts were necessary.
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 auditor independence 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 confirm that the independence declaration required by Division 60 of the Australian Charities and Notfor-profits Commission Act 2012, which has been given to those charged with governance, would be in the same terms if given as at the time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
ResponsibilitiesoftheDirectorsfortheFinancialReport
The Directors are responsible for the preparation of the financial report that gives a true and fair view in accordance with the Australian Accounting Standards – Simplified Disclosures and the Australian Charities and Not-for-profits Commission Act 2012, the NSW Charitable Fundraising Act, the ACT Charitable Collections Act 2003 and for such internal control as the Directors determines is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the Directors are responsible for assessing the Association’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Association or to cease operations, or have no realistic alternative but to do so.
The Directors are responsible for overseeing the Association’s financial reporting process.
Auditor’sResponsibilitiesfortheAuditoftheFinancialReport
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 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.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement 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 fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control 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 Directors.
Conclude on the appropriateness of the Directors’ 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 a 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 a 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 Directors 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.
We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
HLBMannJudd AGSmith CharteredAccountants Partner
Sydney,NSW 9May2025