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Netball
by iasport
ILLAWARRA ACADEMY OF SPORT INCORPORATED
INDEPENDENT AUDIT REPORT TO THE MEMBERS OF ILLAWARRA ACADEMY OF SPORT INCORPORATED
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Opinion
We have audited the financial report of Illawarra Academy of Sport Inc., which comprises the Balance Sheet as at 30 June 2022, the Profit and Loss Statement and notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial report ofIllawarra Academy of Sport Inc. presents fairly, in all material respects, the Balance Sheet as at 30 June 2022 and the Profit and Loss Statement for the year then ended in accordance with the Associations Incorporation Act 2009 (the Act) and the Regulations.
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 Entity 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 - Basis of Accounting
We draw attention to Note 1 to the financial report, which describes the basis of accounting. The financial report has been prepared to assist Illawarra Academy of Sport Inc. to meet the requirements of the Associations Incorporation Act 2009 (the Act) and the Regulations. As a result, the financial report may not be suitable for another purpose. Our opinion is not modified in respect of this matter.
Responsibilities of Management and Those Charged with Governance for the Financial Report
Management is responsible for the preparation and fair presentation of the financial report in accordance with the financial reporting requirements of the applicable legislation and for such internal control as management 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, management is responsible for assessing the Entity’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Entity’s financial reporting process.
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.
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 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 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.
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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.
Angela Wang Registered Company Auditor Number: 486917 Chartered Accountants
O'DONNELL HENNESSY & TAYLOR.
1/41 Market Street WOLLONGONG NSW 2500 Date:
Created: 24/08/2022 11:48 AM
Balance Sheet [Last Year Analysis]
June 2022
Assets CURRENT ASSETS ICU Business Account ICU IQ Saver ICU Debit Card Trade Debtors Cash Drawer Prepaid expenses Total CURRENT ASSETS FIXED ASSETS Equipment Accum Depreciation - Equipment Furniture & Fittings Accum Depreciation - Furniture Vehicle Accum Depreciation - Vehicle Total FIXED ASSETS
Total Assets Liabilities CURRENT LIABILITIES Trade Creditors Superannuation Annual Leave Liability LSL Liability Total CURRENT LIABILITIES GST GST Collected from Sales GST Paid on Purchases Total GST UNEXPENDED GRANT Great Illawarra Walk - Elite disabled athletes facility INCOME IN ADVANCE Office of Sport Total INCOME IN ADVANCE PAYG TAX PAYABLE Total Liabilities
Net Assets Equity Retained Earnings Current Year Earnings Total Equity
This report includes Year-End Adjustments.
Page 1 of 1 ILLAWARRA ACADEMY OF SPORT INC
P.O.Box U39 University of Wollongong NSW 2500
ABN: 31 659 625 641 Email: ceo@ias.org.au
This Year Last Year $ Difference % Difference
$124,571.35 $56,296.47 $68,274.88 121.3% $460,532.33 $425,121.21 $35,411.12 8.3% $5,433.43 $3,438.74 $1,994.69 58.0% $28,793.09 $5,879.30 $22,913.79 389.7% -$150.00 $0.00 -$150.00 NA
$3,450.35 $0.00 $3,450.35
NA $622,630.55 $490,735.72 $131,894.83 26.9%
$40,617.98 $40,617.98 $0.00 0.0% -$38,284.00 -$36,506.00 -$1,778.00 (4.9)% $2,870.00 $2,870.00 $0.00 0.0% -$1,819.00 -$1,487.00 -$332.00 (22.3)% $25,450.00 $25,450.00 $0.00 0.0% -$22,399.00 -$21,382.00 -$1,017.00 (4.8)% $6,435.98 $9,562.98 -$3,127.00 (32.7)% $629,066.53 $500,298.70 $128,767.83 25.7%
$16,828.53 $0.00 $16,828.53
NA $7,205.02 $2,863.48 $4,341.54 151.6% $41,720.45 $39,879.68 $1,840.77 4.6% $0.00 $8,003.56 -$8,003.56 (100.0)% $65,754.00 $50,746.72 $15,007.28 29.6%
$14,393.30 $12,398.63 $1,994.67 16.1% -$8,115.51 -$10,028.26 $1,912.75 19.1% $6,277.79 $2,370.37 $3,907.42 164.8%
$53,339.40 $0.00 $53,339.40 NA
$116,250.00 $126,818.00 -$10,568.00 (8.3)% $116,250.00 $126,818.00 -$10,568.00 (8.3)% $16,344.04 $6,982.04 $9,362.00 134.1% $257,965.23 $186,917.13 $71,048.10 38.0% $371,101.30 $313,381.57 $57,719.73 18.4%
$313,381.57 $156,024.71 $157,356.86 100.9% $57,719.73 $157,356.86 -$99,637.13 (63.3)% $371,101.30 $313,381.57 $57,719.73 18.4% Created: 24/08/2022 10:18 AM
Profit & Loss [Last Year Analysis]
July 2021 To June 2022
INCOME SUBSTANTATIVE INCOME Office of Sport Wollongong City Council Shellharbour City Council Shoalhaven City Council Wingecarribee Shire Council Kiama Municipal Council University of Wollongong Bluescope Steel Qube Indigenous Sport Program Sponsorship - MCR Illawarra Credit Union Total SUBSTANTATIVE INCOME FEE FOR SERVICE INCOME UOW TH GFP NSWIS S&C Program Agreement Athlete Purchased S&C Outcomes Total FEE FOR SERVICE INCOME PROGRAM INCOME AWD INCOME MoneyQuest Total AWD INCOME BASKETBALL INCOME Basketball NSW Basketball Uniforms Basketball Tours Total BASKETBALL INCOME CYCLING INCOME AusCycling Cycling Sponsors Cycling Uniforms Cycling Tours Total CYCLING INCOME GOLF INCOME Jack Newton Junior Golf Golf Illawarra Golf Tours Total GOLF INCOME HOCKEY INCOME Hockey NSW Local Hockey Associations Total HOCKEY INCOME LONESTAR INCOME LoneStar Tours Total LONESTAR INCOME NETBALL INCOME Netball NSW Local Netball Associations Netball Uniforms
This report includes Year-End Adjustments.
Page 1 of 5 ILLAWARRA ACADEMY OF SPORT INC
P.O.Box U39 University of Wollongong NSW 2500
ABN: 31 659 625 641 Email: ceo@ias.org.au
This Year Last Year $ Difference % Difference
$353,704.00 $325,818.00 $27,886.00 8.6% $38,516.00 $37,000.00 $1,516.00 4.1% $17,000.00 $17,000.00 $0.00 0.0% $17,000.00 $17,000.00 $0.00 0.0% $12,200.00 $12,200.00 $0.00 0.0% $8,000.00 $8,000.00 $0.00 0.0% $13,636.36 $13,636.36 $0.00 0.0% $22,500.00 $22,500.00 $0.00 0.0% $5,000.00 $5,000.00 $0.00 0.0% $25,000.00 $0.00 $25,000.00 NA $15,000.00 $15,000.00 $0.00 0.0% $527,556.36 $473,154.36 $54,402.00 11.5%
$22,565.00 $0.00 $22,565.00 NA
$6,650.00 $0.00 $6,650.00
NA $26,201.64 $8,181.90 $18,019.74 220.2% $55,416.64 $8,181.90 $47,234.74 577.3%
$500.00 $500.00 $0.00 0.0% $500.00 $500.00 $0.00 0.0%
$0.00 $3,000.00 -$3,000.00 (100.0)% $0.00 $1,081.88 -$1,081.88 (100.0)% $4,706.72 $0.00 $4,706.72 NA $4,706.72 $4,081.88 $624.84 15.3%
$7,000.00 $3,000.00 $4,000.00 133.3% $0.00 $2,000.00 -$2,000.00 (100.0)% $0.00 -$825.55 $825.55 100.0% $388.54 $0.00 $388.54 NA $7,388.54 $4,174.45 $3,214.09 77.0%
$5,500.00 $5,500.00 $0.00 0.0% $4,454.55 $5,000.00 -$545.45 (10.9)% $239.25 $954.54 -$715.29 (74.9)% $10,193.80 $11,454.54 -$1,260.74 (11.0)%
$3,000.00 $0.00 $3,000.00
NA $3,841.00 $4,509.00 -$668.00 (14.8)% $6,841.00 $4,509.00 $2,332.00 51.7%
$2,011.00 $0.00 $2,011.00 $2,011.00 $0.00 $2,011.00
$5,750.00 $9,500.00 -$3,750.00 (39.5)% $8,120.00 $8,120.00 $0.00 0.0% $0.00 $401.37 -$401.37 (100.0)%
