PROFIT AND LOSS STATEMENT
FOR THE YEAR ENDED 30 JUNE 1999
Note 1999 1998
$ $
Operating Revenue 2 31,699.46 17,119.00
Operating surplus/(deficit) before tax 14,542.26 (2,869.00)
Income tax applicable to operating surplus 1 - -
________ _______
Operating profit after income tax 14,542.26 (2,869.00)
Retained surplus at the beginning of the year 3,146.17 6,015.17
________ _______
Retained profits at the end of the year $17,688.43 $ 3,146.17
________ _______
BALANCE SHEET AS AT 30 JUNE 1999
Note 1999 1998
CURRENT ASSETS $ $
Cash on hand 25,790.30 15,026.17
Receivables - sundry debtor 4,000.00 0.00
_________ ________
TOTAL CURRENT ASSETS $29,790.30 $15,026.17
_________ _________
CURRENT LIABILITIES
Accounts payable - sundry creditors 12,101.87 11,880.00
_________ _________
TOTAL CURRENT LIABILITIES 12,101.87 11,880.00
_________ _________
TOTAL LIABILITIES 12,101.87 11,880.00
_________ _________
NET ASSETS $17,688.43 $ 3,147.17
_________ _________
MEMBERS' EQUITY 2
Retained surplus 17,688.43 3,146.17
_________ _________
TOTAL MEMBERS' EQUITY $17,688.43 $ 3,146.17
_________ _________
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 1999
Note 1999 1998
Cash flows from operating activities
Receipts from members 12,030.00 10,400.00
Sponsorship/Donations 16,250.00 6,711.00
Interest received 19.46 8.00
Payments to creditors (17,535.33) (8,928.00)
Net Cash flows from operating activities 8(a) 10,764.13 8,191.00
Cash flows from financing activities
Advance repaid 0.00 (505.00)
Net Cash flows from financing activities 0.00 (505.00)
Net increase in cash held 10,764.13 7,686.00
Cash as at 30 June 1998 15,026.17 7,340.17
Cash as at 30 June 1999 $25,790.30 $15,026.17
NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 1999
1. STATEMENT OF ACCOUNTING POLICIES
The significant accounting policies used in the preparation of
these financial statements are as follows:
(a) Basis of preparation
The accounts of the company have been drawn up in accordance
with applicable accounting standards and the requirements of
law. They have been prepared on the basis of historical cost
and do not take into account changes in the purchasing power of
money, or, except where specifically stated, current valuations
of non-current assets.
(b) Taxation
The company is exempt from income tax under section 23(h) of
the Income Tax Assessment Act.
(c) Cash
For the purposes of the statement of cash flows, cash includes
cash on hand and at bank and money market investments readily
convertible to cash within 2 working days, net of outstanding
bank overdrafts.
(d) Revenue recognition
Revenue from membership fees are brought to account when cash
and applications are received.
(e) Segment information
The company operates within Australia solely as a representative
body for its members on the internet.
2. OPERATING PROFIT 1999 1998
Operating profit before income tax includes the
following items of operating revenue:
Members fees 11,430.00 10,400.00
Donations/sponsorship 20,250.00 6,711.00
Interest received - bank 19.46 8.00
31,699.46 17,119.00
Operating profit before income tax is arrived at
after charging the following items of operating items:
Auditor's remuneration for auditing the accounts 4,000.00 0.00
Bank fees & charges 335.83 301.00
ISOC International fees 7,563.75 10,737.00
Secretariat 5,057.75 7,728.00
Miscellaneous expenses 199.87 0.00
3. MEMBERS EQUITY
The company is a company limited by guarantee. In the event of
the company winding up its operations, the members have guaranteed
to contribute a maximum amount of $1 per member.
4. RELATED PARTIES
Directors
The names of each person holding the position of director of the
Internet Society of Australia during the financial year are Messrs
A. Burns, O. von Eichel, G. Fong, S. Hackett, G. Huston, K. Lance,
L. Mayo, G. Michaelson, M. Paddon, R. Shepherd, P. van Winsen,
G. Watson, A. Healey, A. McRae, E. Roberts, T. Worthington.
No director has entered into a material contract with the company
or received any other benefit or remuneration.
5. STATEMENT OF CASH FLOWS 1999 1998
Reconciliation of the operating profit/ (loss)
after tax to the net cash flows from operations
Operating profit after tax 14,542.26 (2,869.00)
Changes in assets and liabilities
(Increase)/decrease in debtors (4,000.00) 0.00
Increase/(decrease) in sundry creditors 221.87 11,060.00
Net Cash flows from operating activities 10,764.13 8,191.00
3. AUDITORS REMUNERATION
An amount equal to the 1998 auditors' remuneration was donated
back to the Society in the 1999 year by the previous auditors.
INTERNET SOCIETY OF AUSTRALIA
ACN 076 406 801
(A Company Limited by Guarantee)
The accompanying notes form part of these financial statements