ST JOHN AMBULANCE AUSTRALIA (NSW) AND CONTROLLED ENTITY ABN 84 001 738 370 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1.
GENERAL INFORMATION The financial report includes the consolidated financial statements and notes of St John Ambulance Australia (NSW) (“the Company”) and its controlled entity (“the Group”). The Company is registered as a Company limited by guarantee. The financial statements were approved by the Board of Directors on 31 March 2022.The directors have the power to amend and reissue the financial statements.
2.
BASIS OF PREPARATION
(a)
Statement of compliance The Company and its controlled entity apply 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. These financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards - Reduced Disclosure Requirements and the Australian Charities and Not-for-profits Commission Act 2012. The Company 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.
(b)
Basis of measurement The financial statements have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement at fair value of financial assets. Rounding of amounts The company has applied the relief available to it under ASIC Corporations (Rounding in Financial/Director’s reports) Instrument 2016/191 issued by the Australian Securities and Investment Commission relating to the “rounding off” of amounts in the financial statements. Accordingly, the amounts presented in the financial statements have been rounded to the nearest thousand dollars ($'000) unless otherwise stated.
(c)
Critical accounting estimates and judgements The Directors evaluate estimates and judgments incorporated into the financial statements based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the Group. Key estimates Impairment - general The Group assesses impairment at the end of each reporting period by evaluation of conditions and events specific to the Group that may be indicative of impairment triggers. Recoverable amounts of relevant assets are reassessed using value-in-use calculations which incorporate various key assumptions.
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