Internet Society of Australia
A Chapter of the Internet Society
Below is the 1997 Annual Report of the Society, which comprises the
profit and loss account, the balance sheet, the report of the directors
and of the auditors and the directors' statement.
INTERNET SOCIETY OF AUSTRALIA
ACN 076 406 801
FINANCIAL STATEMENTS
30 JUNE 1997
Contents Page
Directors' Report 2
Profit and Loss Statement 3
Balance Sheet 4
Statement of Cash Flows 5
Notes to the Accounts 6
Statement by Directors 9
Independent Audit Report 10
INTERNET SOCIETY OF AUSTRALIA
DIRECTORS' REPORT
Your Directors submit the following report for the period ended 30 June 1997.
DIRECTORS
The names of the directors of the company at the date of this report are:
Ms Donna Ashelford
Mr Karl Auer
Mr Tony Barry
Mr Peter Elford
Mr Simon Hackett
Mr Geoffrey Huston
Mr Hugh Irvine
Mr Robert Kummerfeld
Ms Kate Lance
Mr George Michaelson
Mr David Purdue
Ms Pauline van Winsen
PRINCIPAL ACTIVITIES
The principal activity of the company was to act as a representative
body for its members on Internet issues.
OPERATING RESULTS
The operating profit of the company for the period amounted to $6,015.
No income tax is payable as the company is exempt under section 23(h) of
the Income Tax Assessment Act 1936.
SIGNIFICANT EVENTS AFTER BALANCE DATE
There are no events which have occurred subsequent to balance date that
require disclosure.
DIRECTORS' BENEFITS
During or since the financial year no director of the company has
received or become entitled to receive a benefit, other than a benefit
included in the aggregate amount of emoluments received or due and
receivable by the directors shown in the accounts, by reason of a
contract entered into by the company or an entity that the company
controlled or a body corporate that was related to the company when the
contract was made or when the director received, or became entitled to
receive, the benefit with:
* a director, or
* a firm of which a director is a member, or
an entity in which a director has a substantial financial interest.
Signed in accordance with the resolution of the directors.
Hugh Irvine Kate Lance
Director Director
Melbourne, November 1997
INTERNET SOCIETY OF AUSTRALIA
PROFIT AND LOSS STATEMENT
For the Period Ended 30 June 1997
Notes 1997
$
OPERATING REVENUE 2 22,785
OPERATING PROFIT BEFORE INCOME TAX 6,015
INCOME TAX ATTRIBUTABLE TO
OPERATING PROFIT 1(e) -
OPERATING PROFIT AFTER INCOME TAX 6,015
RETAINED PROFITS at the beginning of the financial period -
RETAINED PROFITS at the end of the financial period 6,015
INTERNET SOCIETY OF AUSTRALIA
BALANCE SHEET
AT 30 JUNE 1997
Notes 1997
$
CURRENT ASSETS
Cash on hand 7,340
TOTAL CURRENT ASSETS 7,340
TOTAL ASSETS 7,340
CURRENT LIABILITIES
Accounts payable 3 1,325
TOTAL CURRENT LIABILITIES 1,325
TOTAL LIABILITIES 1,325
NET ASSETS 6,015
SHAREHOLDERS' EQUITY
- Issued Capital 4 -
- Retained profits 6,015
TOTAL SHAREHOLDERS' EQUITY 6,015
INTERNET SOCIETY OF AUSTRALIA
STATEMENT OF CASH FLOWS
For the Period Ended 30 June 1997
Notes 1997
$
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from members 22,785
Payments to suppliers (15,950)
NET CASH FLOWS FROM OPERATING ACTIVITIES 9(a) 6,835
CASH FLOWS FROM FINANCING ACTIVITIES
Advance received 505
NET CASH FLOWS FROM FINANCING ACTIVITIES 505
NET INCREASE IN CASH HELD 7,340
CLOSING CASH CARRIED FORWARD 7,340
INTERNET SOCIETY OF AUSTRALIA
NOTES TO AND FORMING PART OF THE ACCOUNTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of Accounting
The financial report is a general purpose financial report which has
been prepared in accordance with the requirements of the Corporations
Law which includes applicable Accounting Standards. Other mandatory
professional reporting requirements (Urgent Issues Group Consensus
Views) have also been complied with.
(b) Reporting Period
The company was incorporated on 15 November 1996 and has prepared this
first set of statutory accounts for the period from that date to 30 June
1997. Thus no comparatives exist.
Any reference to the "reporting period" within these financial
statements refers to the period from incorporation to 30 June 1997.
(c) Cash
For the purposes of the statement of cash flows, cash includes cash on
hand and in banks, 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 bought to account when cash and
applications are received.
(e) Income Tax
The company is not liable for payment of income tax under section 23(h)
of the Income Tax Assessment Act 1936 as amended.
1997
$
2. OPERATING PROFIT
The operating profit before income tax is arrived
at after charging/(crediting) the following items:
Banking fees and charges 688
ISOC International fees 13,152
Included in the operating profit are the following
items of operating revenue:
Member fees revenue 22,785
INTERNET SOCIETY OF AUSTRALIA
NOTES TO AND FORMING PART OF THE ACCOUNTS
3. ACCOUNTS PAYABLE
Trade creditors 820
Advance payable 505
1,325
4. SHARE CAPITAL
The company is a public company limited by guarantee and
not having a share capital.
5. REMUNERATION OF DIRECTORS
(a) Directors' remuneration
Income paid or payable, or otherwise made
available, in respect of the period, to all
directors of Internet Society of Australia, directly or
indirectly, from the entity or any related party: nil
The number of directors of Internet Society of Australia
whose income (including superannuation
contributions) falls within the following bands is:
$0 - $9,999 12
6. AUDITORS' REMUNERATION
No amounts are receivable or due and receivable by the auditors
from the entity for auditing accounts or other services.
INTERNET SOCIETY OF AUSTRALIA
NOTES TO AND FORMING PART OF THE ACCOUNTS
1997
$
7. RELATED PARTY DISCLOSURES
(a) The directors of the Internet Society of Australia
during the financial year were:
Ms Donna Ashelford
Mr Karl Auer
Mr Tony Barry
Mr Peter Elford
Mr Simon Hackett
Mr Geoffrey Huston
Mr Hugh Irvine
Mr Robert Kummerfeld
Ms Kate Lance
Mr George Michaelson
Mr David Purdue
Ms Pauline van Winsen
8. STATEMENT OF CASH FLOWS
a) Reconciliation of the operating profit after tax to
the net cash flows from operations
Operating profit after tax 6,015
Changes in assets and liabilities
Trade creditors 820
Net cash flow from operating activities 6,835
INTERNET SOCIETY OF AUSTRALIA
STATEMENT BY DIRECTORS
In accordance with a resolution of the directors of the Internet Society
of Australia we state that:
1. In the opinion of the directors:
a) the profit and loss account is drawn up so as to give a true and fair
view of the profit of the company for the period to 30 June 1997;
b) the balance sheet is drawn up so as to give a true and fair view of
the state of affairs of the company as at 30 June 1997; and
c) at the date of this statement there are reasonable grounds to believe
that the company will be able to pay its debts as and when they fall
due.
On behalf of the Board
Kate Lance
Director
Hugh Irvine
Director
Melbourne, November 1997
INDEPENDENT AUDIT REPORT
To the members of the Internet Society of Australia
Scope
We have audited the financial statements of Internet Society of
Australia for the period ended 30 June 1997, as set out on pages 3 to
9, including the Statement by Directors. The company's directors are
responsible for the preparation and presentation of the financial
statements and the information they contain. We have conducted an
independent audit of these financial statements in order to express an
opinion on them to the members of the company.
Our audit has been conducted in accordance with Australian Auditing
Standards to provide reasonable assurance whether the financial
statements are free of material misstatement. Our procedures included
examination on a test basis, of evidence supporting the amounts and
other disclosures in the financial statements, and the evaluation of
accounting policies and significant accounting estimates. These
procedures have been undertaken to form an opinion whether, in all
material respects, the financial statements are presented fairly in
accordance with Accounting Standards, other mandatory professional
reporting requirements, and statutory requirements so as to present a
view which is consistent with our understanding of the company's
financial position, the results of its operations and its cash flows.
The audit opinion expressed in this report has been formed on the above
basis.
Audit Opinion
In our opinion, the financial statements of the Internet Society of
Australia are properly drawn up:
a) so as to give a true and fair view of:
(i) the state of affairs as at 30 June 1997 and the profit and cash
flows for the period ended on that date of the company; and
(ii) the other matters required by Divisions 4, 4A and 4B of Part 3.6 of
the Corporations Law to be dealt with in the financial statements;
(b) in accordance with the provisions of the Corporations Law; and
(c) in accordance with applicable Accounting Standards and other
mandatory professional reporting requirements.
Ernst & Young RJ Walsh
Partner
Melbourne
Date: