Accounts 2000 - Internet Society of Australia
INTERNET SOCIETY OF AUSTRALIA
ACN 076406801
(A Company Limited by Guarantee)
PROFIT AND LOSS STATEMENT
FOR THE YEAR ENDED 30 JUNE 2000
Note 2000 1999
$ $
Operating Revenue 2 104,165.41 31,699.46
Operating surplus/(deficit) before tax 25,224.51 14,542.26
Income tax applicable to operating surplus 1&3 - -
________ _______
Operating profit after income tax 25,224.51 14,542.26
Retained surplus at the beginning of the year 17,688.43 3,146.17
________ _______
Retained profits at the end of the year 42,912.94 $17,688.43
________ _______
The accompanying notes form part of these financial statements
INTERNET SOCIETY OF AUSTRALIA
ACN 076406801
(A Company Limited by Guarantee)
BALANCE SHEET AS AT 30 JUNE 2000
Note 2000 1999
CURRENT ASSETS $ $
Cash 58,315.86 25,790.30
Receivables Sundry Debtors 78,160.90 4,000.00
________ _______
TOTAL CURRENT ASSETS 136,476.76 29,790.30
________ _______
NON-CURRENT ASSETS
Property, Plant & Equipment at cost 4,000.00 0.00
Accumulated Depreciation 214.00 0.00
Written Down Value 3,786.00 0.00
TOTAL NON-CURRENT ASSETS 3,786.00 0.00
TOTAL ASSETS 140,262.76 29,790.30
CURRENT LIABILITIES
Accounts payable 32,349.82 12,101.87
Other creditors prepaid sponsorships 65,000.00 0.00
________ _______
TOTAL CURRENT LIABILITIES 97,349.82 12,101.87
________ _______
TOTAL LIABILITIES 6 97,349.82 12,101.87
________ _______
NET ASSETS $42,912.94 $17,688.43
________ _______
MEMBERS' EQUITY 2
Retained surplus 42,912.94 17,688.43
________ _______
TOTAL MEMBERS' EQUITY $42,912.94 $17,688.43
________ _______
The accompanying notes form part of these financial statements
INTERNET SOCIETY OF AUSTRALIA
ACN 076406801
(A Company Limited by Guarantee)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2000
Note 2000 1999
Cash flows from operating activities
Receipts from members 8,920.00 12,030.00
Consulting 37,000.00 0.00
Sponsorship/Donations 59,500.00 16,250.00
Interest received 245.41 19.46
Payments to creditors (73,139.85) (17,535.33)
Net Cash flows from operating activities 8(a) 32,525.56 10,764.13
Cash flows from investment activities
Equipment purchased 0.00 0.00
Net Cash flows from financing activities 0.00 0.00
Net increase in cash held 32,525.56 10,764.13
Cash as at 30 June 1999 25,790.30 15,026.17
Cash as at 30 June 2000 58,315.86 $25,790.30
The accompanying notes form part of these financial statements
NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2000
INTERNET SOCIETY OF AUSTRALIA
ACN 076406801
(A Company Limited by Guarantee)
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 tax status of the company is currently being reviewed by a firm of
public accountants. At this stage it is not known whether any tax is
payable by the company, or what amount of tax would be payable
subsequent to that review.
(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 is brought to account when cash and
applications are received. Sponsorship income is allocated over the
relevant years as set out in the sponsorship agreements.
(e) Segment information
The company operates within Australia solely as a representative body
for its members on the Internet.
2. OPERATING PROFIT 2000 1999
Operating profit before income tax includes the
following items of operating revenue:
Members fees 8,920.00 11,430.00
Consulting income 40,000.00 0.00
Donations/sponsorship 55,000.00 20,250.00
Interest received - bank 245.41 19.46
104,165.41 31,699.46
2. OPERATING PROFIT(cont.) 2000 1999
Operating profit before income tax is arrived at
after charging the following items of operating items:
Auditor' remuneration for auditing the accounts 1,500.00 4,000.00
Bank fees & charges 1,004.18 335.83
Consulting services 22,728.94 0.00
Depreciation 214.00 0.00
ISOC International fees 8,301.14 7,563.75
Salaries & wages 26,924.80 0.00
Superannuation 1,884.75 0.00
Secretariat expenses 9,932.51 5,057.75
Travel and entertainment 5,548.88 0.00
Miscellaneous expenses 901.70 199.87
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, G. Fong, S. Hackett, M. Paddon, K. Lance, L. Mayo, G.
Michaelson, G. Watson, A. Healey, A. McRae, E. Roberts, D. Thompson, A.
Greiner, 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 2000 1999
Reconciliation of the operating profit/ (loss)
after tax to the net cash flows from operations
Operating profit after tax 25,224.51 14,542.26
Add: Depreciation 214.00 0.00
Changes in assets and liabilities
(Increase)/decrease in debtors (74,160.90) (4,000.00)
Increase/(decrease in sponsorship prepayments 65,000.00 0.00
Increase/(decrease) in sundry creditors 16,247.95 221.87
Net Cash flows from operating activities 32,525.56 10,764.13
6. CONTINGENT LIABILITIES
Refer note 1(b) re taxable status of the company. There may be a
liability for income tax not currently recorded in the financial
statements.
The accompanying notes form part of these financial statements