Accounts 2001 - Internet Society of Australia
INTERNET SOCIETY OF AUSTRALIA
ACN 076406801
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL PERFORMANCE (PROFIT AND LOSS)
FOR THE YEAR ENDED 30 JUNE 2001
Note 2001 2000
$ $
Revenue from ordinary activities 210,577.41 104,165.41
Expenses of ordinary activities 218,850.24 78,940.90
(excluding borrowing costs)
Borrowing costs expense 0.00 0.00
________ _______
Operating surplus/(deficit) before tax (8,272.83) 25,224.51
Income tax applicable to operating surplus 1 0.00 0.00
________ _______
Operating profit after income tax (8,272.83) 25,224.51
Retained surplus at the beginning of the year 42,912.94 17,688.43
________ _______
Retained profits at the end of the year 34,640.11 42,912.94
________ _______
To be read in conjunction with attached notes to and forming part of the
financial report.
INTERNET SOCIETY OF AUSTRALIA
ACN 076406801
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL POSITION (BALANCE SHEET)
AS AT 30 JUNE 2001
Note 2001 2000
CURRENT ASSETS $ $
Cash 77,339.30 58,315.86
Receivables / Sundry Debtors 10,994.22 78,160.90
________ _______
TOTAL CURRENT ASSETS 88,333.52 136,476.76
________ _______
NON-CURRENT ASSETS
Property, Plant & Equipment at cost 4,000.00 4,000.00
Accumulated Depreciation 1,214.00 214.00
Written Down Value 2,786.00 3,786.00
TOTAL NON-CURRENT ASSETS 2,786.00 3,786.00
TOTAL ASSETS 91,119.52 140,262.76
CURRENT LIABILITIES
Accounts payable 28,606.01 32,349.82
Other creditors / prepaid sponsorships 23,000.01 65,000.00
Provision for employee benefits 4,873.39 0.00
________ _______
TOTAL CURRENT LIABILITIES 56,479.41 97,349.82
________ _______
TOTAL LIABILITIES 56,479.41 97,349.82
________ _______
NET ASSETS $34,640.11 $42,912.94
________ _______
MEMBERS' EQUITY 2
Retained surplus 34,640.11 42,912.94
________ _______
TOTAL MEMBERS' EQUITY $34,640.11 $42,912.94
________ _______
To be read in conjunction with attached notes to and forming part of the
financial report.
INTERNET SOCIETY OF AUSTRALIA
ACN 076406801
(A Company Limited by Guarantee)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2001
2001 2000
$ $
Cash flows from operating
activities
Receipts from members 18,584.66 8,920.00
Consulting 3,000.00 37,000.00
Sponsorship/Donations 213,672.62 59,500.00
Interest received 820.14 245.41
_________ ________
236,077.42 105,665.41
Payments to creditors/employees (217,053.98) (73,139.85)
_________ ________
Cash flows from operating activities 19,023.44 32,525.56
Cash flows from investment operations
Purchase of assets 0.00 0.00
Cash flows from finance operations
Loans raised/(repaid) 0.00 0.00
Net increase/(decrease) in cash 19,023.44 32,525.56
Cash at 30 June 2000 58,315.86 25,790.30
_________ ________
Cash at 30 June 2001
Cash at bank 77,339.30 58,315.86
Notes to Statement of Cash Flows
1.Reconciliation of net operating cash flow to net operating profit:
Net operating profit/(loss) (8,272.83) 25,224.51
Depreciation 1,000.00 214.00
(Increase)/decrease in debtors 67,166.68 (74,160.90)
Increase/(decrease) in sponsorship prepayments (41,999.99) 65,000.00
Increase/(decrease) in sundry creditors (3,743.81) 16,247.95
Increase/(decrease) in provisions 4,873.39 0.00
________ ________
Cash flows from operating activities 19,023.44 32,525.56
2. Reconciliation of cash
For the purposes of the Cash Flow statement, cash includes cash on hand
and at bank.
NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2001
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
As a not-for-profit member of the Information and Communications
Technology industry the company is exempt from income tax.
(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 2001 2000
Operating profit before income tax includes
the following items of operating revenue:
Members fees 18,371.82 8,920.00
Consulting income 0.00 40,000.00
Donations/sponsorship 191,172.61 55,000.00
Miscellaneous income 212.84 0.00
Interest received - bank 820.14 245.41
________ ________
210,577.41 104,165.41
2. OPERATING PROFIT(cont.) 2001 2000
Operating profit before income tax is
arrived at after charging the following
items of operating items:
Auditor's remuneration for auditing accounts 1,500.00 1,500.00
Bank fees & charges 1,347.94 1,004.18
Computer expenses 1,629.54 0.00
Consulting services 0.00 22,728.94
Depreciation 1,000.00 214.00
ICANN expenses 62,227.01 0.00
ISOC International fees 9,060.34 8,301.14
Motor vehicle expenses 1,524.56 0.00
Provision for employee benefits 4,873.39 0.00
Salaries & wages 104,345.74 26,924.80
Superannuation 8,369.71 1,884.75
Secretariat expenses 9,277.32 9,932.51
Travel and entertainment 12,182.40 5,548.88
Workcover 1,050.00 0.00
Miscellaneous expenses 462.26 901.70
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 G. Fong, S. Hackett, K. Lance, L. Mayo, G. Michaelson, G.
Watson, A. McRae, E. Roberts, D. Thompson, A. Greiner, G Astbrink
(elected Nov 2000), T Taylor (elected Nov 2000 resigned March 2001).
No director has entered into a material contract with the company
or received any other benefit or remuneration.
5. STATEMENT OF CASH FLOWS 2001 2000
Reconciliation of the operating profit/ (loss)
after tax to the net cash flows from operations
Operating profit/(loss) after tax (8,272.83) 25,224.51
Add: Depreciation 1,000.00 214.00
Add: Provision for employee benefits 4,873.39 0.00
Changes in assets and liabilities
(Increase)/decrease in debtors 67,166.68 (74,160.90)
Increase/(decrease in sponsorship prepayments (41,999.99) 65,000.00
Increase/(decrease) in sundry creditors (3,743.81) 16,247.95
Net Cash flows from operating activities 19,023.44 32,525.56