Transcription
ComLink LimitedFinancial StatementsFor the year ended 30 June 2014
ComLink LimitedContentsDirectors' Report3Auditor's Independence Declaration5Statement of Profit or Loss and Other Comprehensive Income6Statement of Financial Position7Statement of Changes in Equity8Statement of Cash Flows9Notes to the Financial Statements11Directors' Declaration16Independent Auditor's Report17Divisional Profit and Loss Statements19
Page 3 of 30ComLink LimitedDirectors' ReportYour directors present this report on the company for the financial year ended 30 June 2014.DirectorsThe names of the directors in office at any time during or since the end of the year are:Bruce WarrellJohn MuirFeda AdraLes PontinPeter BlancheKevin FoxRory ConnillyDirectors have been in office since the start of the financial year to the date of this report unlessotherwise stated.Operating ResultThe loss of the company for the financial year after providing for income tax amounted to:Year endedYear ended30 June 201430 June 2013 (63,118)(52,299)Principal ActivitiesThe principal activities of the company during the course of the year were to provide transport and careservices for the elderly, transport disadvantaged, and younger people with disabilities.No significant change in the nature of these activities occurred during the year.Significant Changes in the State of AffairsNo significant changes in the company's state of affairs occurred during the financial year.After Balance Date EventsNo matters or circumstances have arisen since the end of the financial year which significantly affectedor may significantly affect the operations of the company, the results of those operations, or the state ofaffairs of the company in subsequent financial years.Future DevelopmentsThe company expects to maintain the present status and level of operations and hence there are nolikely developments in the operations in future financial years.The accompanying notes form part of these financial statements.
Page 5 of 30ComLink LtdAuditor's Independence DeclarationUNDER SECTION 307C OF THE CORPORATIONS ACT 2001I declare that, to the best of my knowledge and belief, during the year ended 30 June 2014 there havebeen :(i) no contraventions of the auditor independence requirements as set out in the Corporations Act2001 in relation to the Audit; and(ii) no contraventions of any applicable code of professional conduct in relation to the auditMobbs and Company Pty LtdStephen Shirley, Company Auditor Registration #290262Unit F3 The Precinct, 12 Browning Street, West End Qld 4104Dated: 1 October 2014The accompanying notes form part of these financial statements.
Page 6 of 30ComLink LimitedStatement of Profit or Loss and Other Comprehensive IncomeFor the year ended 30 June 2014NoteRevenue2Gross profitOther income2Direct expenditure2014 2013 94)(1,677,445)Indirect expenses(15,326)(1,057,476)(532,781)Operating (deficit)(63,118)(52,299)Retained profits at the beginning of thefinancial year644,785697,084Total available for appropriation581,667644,785Retained profits at the end of the financial year581,667644,785DepreciationThe accompanying notes form part of these financial statements.(19,848)
Page 7 of 30ComLink LimitedStatement of Financial Position as at 30 June 2014Note2014 2013 AssetsCurrent AssetsCash 874,761829,211Total Current AssetsNon-Current AssetsProperty, plant and equipment5205,453109,018Intangible tal Non-Current AssetsTotal AssetsLiabilitiesCurrent LiabilitiesPayables7182,21710,095Other liabilities81,397,465290,758Total Current Liabilities1,579,682300,853Total Liabilities1,579,682300,853581,667644,785Retained profits581,667644,785Total Equity581,667644,785Net AssetsEquityThe accompanying notes form part of these financial statements.
Page 8 of 30ComLink LimitedStatement of Changes in EquityNotesRetainedProfitsTotalBalance at 01/07/2012697,084697,084Loss attributable to the 667Balance at 30/06/2013Loss attributable to the membersSubtotalBalance at 30/06/2014The accompanying notes form part of these financial statements.
Page 9 of 30ComLink LimitedStatement of Cash FlowsFor the year ended 30 June 20142014 2013 Cash Flow From Operating ActivitiesReceipts from customersOperating grants receivedPayments to Suppliers and employeesInterest receivedNet cash provided by operatingactivities (note 11,88722,93730,3761,267,96580,476Cash Flow From Investing ActivitiesPayment for:Payments for property, plant and equipment(528,761)(29,464)Proceeds from disposal of:Proceeds from sale of propertyNet cash provided by (used in) investingactivities26,341(502,420)(29,464)Net increase (decrease) in cash held765,54551,012Cash at the beginning of the year763,252712,2401,528,797763,252Cash at the end of the year (note 1)The accompanying notes form part of these financial statements.
Page 10 of 30ComLink LimitedStatement of Cash FlowsFor the year ended 30 June 201420142013Note 1. Reconciliation Of CashFor the purposes of the statement of cashflows, cash includes cash on hand and inbanks and investments in money marketinstruments, net of outstanding bankoverdrafts.Cash at the end of the year as shown in thestatement of cash flows is reconciled to therelated items in the balance sheet as follows:ANZ Business Classic accountANZ Online Saver account158,66628,2651,334,861380,188328,249Term deposit32,59025,000Cash on hand1,0001,000Petty cash1,6805501,528,797763,252Term deposit - bank guaranteeNote 2. Reconciliation Of Net Cash Provided By/Used In Operating ActivitiesTo Operating Profit After Income TaxOperating profit after income taxCash flows excluded from profit attributableto operating activitiesNon-cash flows in profit- Depreciation and amortisationChanges in assets and liabilities- (Increase) in trade and other debtors- Increase/(decrease) in trade creditors andaccruals- Increase/(decrease) in other creditors- Increase/(decrease) in sundry provisionsNet cash provided by operating 7,96580,476The accompanying notes form part of these financial statements.
Page 11 of 30ComLink LimitedNotes to the Financial StatementsFor the year ended 30 June 2014Note 1: Summary of Significant Accounting PoliciesComLink Limited is a company limited by guarantee, incorporated and domiciled in Australia.The financial statements were authorised for issue on 19 September 2014 by the directors of thecompany.Basis of PreparationThe directors have prepared the financial statements on the basis that the company is a non-reportingentity because there are no users dependant on general purpose financial statements. The financialstatements are therefore special purpose financial statements that have been prepared in order to meetthe requirements of the Corporations Act 2001.The company is a not-for-profit entity for financial reporting purposes under Australian AccountingStandards.The financial statements have been prepared in accordance with the mandatory Australian AccountingStandards applicable to entities reporting under the Corporations Act 2001 and the significantaccounting policies disclosed below, which the directors have determined are appropriate to meet theneeds of members. Such accounting policies are consistent with the previous period unless statedotherwise.The financial statements, except for cash flow information, have been prepared on an accruals basisand are based on historical costs unless otherwise stated in the notes. The material accountingpolicies that have been adopted in the preparation of the statements are as follows:Accounting Policies(a)Property, Plant and EquipmentEach class of property, plant and equipment are carried at cost or fair value less, whereapplicable, any accumulated depreciation and impairment losses.Plant and equipmentPlant and equipment are measured on the cost basis.DepreciationThe depreciable amount of all fixed assets is depreciated on a straight-line basis over theasset's useful life to the company commencing from the time the asset is held ready for use.The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at theend of each reporting period.Gains and losses on disposals are determined by comparing proceeds with the carryingamount. These gains or losses are recognised immediately in profit or loss.(b)Cash and Cash EquivalentsCash and cash equivalents include cash on hand and deposits held at call with banks.sh andcash equivalents include cash on hand and deposits held at call with banks.
Page 12 of 30ComLink LimitedNotes to the Financial StatementsFor the year ended 30 June 2014(c)Revenue and Other IncomeGrant, interest and donation income is recognised when the entity obtains control overthe funds, which is generally at the time of receipt.Grant, interest and donation income isrecognised when the entity obtains control over the funds, which is generally atAll revenue is stated net of the amount of goods and services tax (GST).All revenue usstated net of the amount of goods and services tax (GST).he time of receipt.(d)Goods and Services Tax (GST)Revenues, expenses and assets are recognised net of the amount of GST, except where theamount of GST incurred is not recoverable from the Australian Taxation Office (ATO). In thesecircumstances, the GST is recognised as part of the cost of acquisition of the asset or as partof an item of the expense. Receivables and payables in the balance sheet are shown inclusiveof GST.Revenues, expenses and assets are recognised net of the amount of GST, exceptwhere the amount of GST incurred is not recoverable from the Australian Taxation Office(ATO). In these circumstances, the GST is recognised as part of the cost of acquisition of theasset or as part of an item of the expense. Receivables and payables in the balance sheet areshown inclusive of GST.(e)New Accounting StandardsThe AASB has issues a number of new and amended Accounting Standards andInterpretations that have mandatory application dates for future reporting periods, none ofwhich are relevant to the company.
Page 13 of 30ComLink LimitedNotes to the Financial StatementsFor the year ended 30 June 201420142013Note 2: Revenue and Other IncomeRevenue:Interest revenueContracted transportClient contributionsGrant - operatingGrant - otherCentre Based Day 6031,569,10799,69125,00022,01859,202Other incomeSub Lease13,14419,0913,816,8372,177,775Other income:Profit on sale of property, plant, equip26,34126,341Note 3: Cash assetsBank accounts:ANZ Business Classic accountANZ Online Saver account158,66628,2651,334,861380,188328,249Term deposit32,59025,000Cash on hand1,0001,000Petty cash1,6805501,528,797763,252Term deposit - bank guaranteeOther cash items:
Page 14 of 30ComLink LimitedNotes to the Financial StatementsFor the year ended 30 June 201420142013Note 4: ReceivablesCurrent102,95165,959102,95165,959- At cost173,73584,047- Less: Accumulated depreciation(58,878)(49,707)114,85634,340- At cost173,915163,070- Less: Accumulated 409Trade debtorsNote 5: Property, Plant and EquipmentFurniture, fittings and equipment:Motor vehicles:Note 6: Intangible AssetsComputer software:- At cost- Less: Accumulated amortisation
Page 15 of 30ComLink LimitedNotes to the Financial StatementsFor the year ended 30 June 201420142013Note 7: PayablesTrade creditors153,257Other ,19246,349Capital Grant Received25,012101,382Payroll liabilities - PAYGW & super70,67124,115Provision for leave - AL & LSL189,93842,714Grants received in advance906,521Note 8: Other LiabilitiesGST clearingProvision for vehicle 5,300Note 9: Auditors' RemunerationRemuneration of the auditor of the companyfor:Auditing or reviewing the financial reportNote 10: Members' GuaranteeThe company is incorporated under the Corporations Act 2001 and is a company limited by guarantee.If the company is wound up, the constitution states that each member is required to contribute to theassets of the company, in the event of the company being wound up, while that person is a member, orwithin one year after that person ceased to be a member, for payment of the debts and liabilities of thecompany, contracted before that person ceases to be a member, and of the costs, charges andexpenses of winding up, and for the adjustment of the rights of the contributories, among themselves,such amounts as may be required, not exceeding ten dollars ( 10.00).
Page 17 of 30ComLink LimitedIndependent Auditor's ReportWe have audited the accompanying financial report, being a special purpose financial report, ofComLink Limited (the company), which comprises the Directors' Declaration, the Statement ofProfit or Loss and Other Comprehensive Income, the Statement of Financial Position, Statementof Cash Flows, Statement of Changes In Equity, notes comprising a summary of significantaccounting policies and other explanatory information, for the year ended 30 June 2014.Directors' Responsibility for the Financial ReportThe directors of the company are responsible for the preparation of the financial report that gives atrue and fair view and have determined that the accounting policies described in Note 1 of thefinancial report are appropriate to meet the requirements of the Corporations Act 2001 and to meetthe needs of the members. The directors’ responsibility also includes such internal control as thedirectors determine is necessary to enable the preparation of a financial report that gives a true andfair view and is free from material misstatement, whether due to fraud or error.Auditor's ResponsibilityOur responsibility is to express an opinion on the financial report based on our audit. We conductedour audit in accordance with Australian Auditing Standards. Those Standards require that wecomply with relevant ethical requirements relating to audit engagements and plan and perform theaudit to obtain reasonable assurance about whether the financial report is free from materialmisstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosuresin the financial report. The procedures selected depend on the auditor’s judgement, including theassessment of the risks of material misstatement of the financial report, whether due to fraud orerror. In making those risk assessments, the auditor considers internal control relevant to thecompany’s preparation and fair presentation of the financial report that gives a true and fair view, inorder to design audit procedures that are appropriate in the circumstances, but not for the purposeof expressing an opinion on the effectiveness of the company’s internal control. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonableness ofaccounting estimates made by the directors, as well as evaluating the overall presentation of thefinancial report.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion.IndependenceIn conducting our audit, we have complied with the independence requirements of the CorporationsAct 2001. We confirm that the independence declaration required by the Corporations Act 2001,which has been given to the directors of ComLink Limited, would be in the same terms if given tothe directors as at the time of the auditor’s report.OpinionIn our opinion the financial report of ComLink Limited is in accordance with the Corporations Act2001, including:(a)giving a true and fair view of the company's financial position as at 30 June 2014and of its performance for the year ended on that date in accordance with theaccounting policies described in Note 1; and(b)complying with Australian Accounting Standards to the extent described in Note1 and complying with the Corporations Regulations 2001.
Page 18 of 30ComLink LtdIndependent Auditor's ReportBasis of AccountingWithout modifying our opinion, we draw attention to Note 1 to the financial report, which describesthe basis of accounting. The financial report has been prepared for the purpose of fulfilling thedirectors' financial reporting responsibilities under the Corporations Act 2001. As a result, thefinancial report may not be suitable for another purpose.Signed on :Stephen Shirley, Company Auditor Registration #290262Mobbs and Company Pty LtdUnit F3 The Precinct, 12 Browning Street, West End Qld 4104
Page 19 of 30ComLink LimitedConsolidated Profit and Loss StatementFor the year ended 30 June 20142014 2013 IncomeContracted transportClient contributionGrants - operatingGrants - otherInterest receivedOther incomeProfit on sale of property, plant, ,843,1782,177,773AccountancyAdvertising and promotionAudit feesBank Fees And ChargesComputer expensesConference/seminar costsConsultants feesDepreciation - otherHMS Systems costsInsuranceCentre Based Day CarePostage, printing & stationeryRent on land & buildingsStaff trainingSubscriptionsSundry expensesTelephoneTravel, accom & conferenceVehicle expensesVolunteer expensesVolunteer travelWagesWrite off items under 1,000Work to be done - provisionShared services - al3,906,2962,230,071-63,118-52,298ExpensesNet DeficitThe accompanying notes form part of these financial statements.
Page 20 of 30ComLink LimitedDivisional Profit and Loss StatementFor the year ended 30 June 2014Comlink2014 2013 IncomeContracted transport272,598Client contribution-265,741537Interest received10,60722,989Other income27,06551,679Profit on sale of property, plant, it feesCentre Based Day CareComputer expensesConference/seminar costsConsultants feesDepreciation - otherInsurancePostage, printing & stationeryRent on land & buildingsStaff trainingSubscriptionsSundry expensesTelephoneTravel, accom & conferenceVehicle expensesVolunteer expensesVolunteer 755TotalExpensesNet ProfitThe accompanying notes form part of these financial statements.
Page 21 of 30ComLink LimitedDivisonal Profit and Loss StatementFor the year ended 30 June 2014HACC2014 2013 IncomeContracted transportClient contributionsGrant - operatingGrant - otherInterest receivedOther 6,829AccountancyAdvertising and promotionAudit feesBank Fees And ChargesComputer expensesConference/seminar costsConsultants feesDepreciation - otherHMS Systems costsInsuranceCentre Based Day CarePostage, printing & stationeryRent on land & buildingsStaff trainingSubscriptionsSundry expensesTelephoneTravel, accom & conferenceVehicle expensesVolunteer expensesVolunteer travelWagesWrite off items under 1,000Work to be done - provisionShared services - 521175,20014,4205,4843,0001,5809,0075,
ANZ Online Saver account 1,334,861 380,188 Term deposit 328,249 Term deposit - bank guarantee 32,590 25,000 Cash on hand 1,000 Petty cash 1,680 550 1,528,797 763,252 The accompanying notes form part of these financial statements. Note 2. Reconcilia
