The NILS Network Of Tasmania Inc
The NILS Network of Tasmania IncFinancial ReportFor the Year Ended 30 June 2019
The NILS Network of Tasmania IncContentsFor the Year Ended 30 June 2019PageFinancial StatementsBoard ReportBoard DeclarationStatement of Comprehensive IncomeStatement of Financial PositionStatement of Changes in EquityStatement of Cash FlowsNotes to the Financial StatementsAuditors' Independence DeclarationIndependent Audit Report12345671920
The NILS Network of Tasmania IncStatement of Comprehensive IncomeFor the Year Ended 30 June 201920192018 IncomeNAB bad debt subsidies12,24611,548DSG grant to clear loans write off41,44941,432DSG income to apply to loan8,5518,568Sundry 0437Grants - DHHS631,430605,616Grants - Good Shepherd343,190365,3921,114,2411,163,042Less: ExpensesAccounting services18,45922,661Administration28,36738,782Bad debt expense28,254(29,781)Corporate supportNILS membership feesTotal IncomeBank & interest charges636Cleaning and general gn & marketing12,73415,198Consultant onsEEAP - Subsidies paid outElectricityDue & subscriptions2,053860Delivery & partner expense17,73023,580Insurance15,2499,839IT expenses13,07213,886Loan write off's69,33358,866Meeting expense13,62014,8561,8641,637Office equipment expense17,9623,705Rent35,44632,684-1,275Motor vehicle expenseResearch & developmentStaff training & ,0121,040,687Net surplus/(deficit) for the yearOther Comprehensive Income46,229122,355--Total Comprehensive Income for the year46,229122,355Telephone & trainingWages & salariesTotal ExpensesThe accompanying notes form part of these financial statements.3
The NILS Network of Tasmania IncStatement of Financial PositionAs At 30 June 201920192018 eASSETSCURRENT ASSETSCash and cash equivalents2Trade and other receivablesOther assets3TOTAL CURRENT ASSETSNON-CURRENT ASSETSProperty, plant and 928TOTAL NON-CURRENT ASSETS1,758,2211,673,992TOTAL ASSETS2,109,2042,076,993168,528217,118Financial assets - loans receivableIntangible assetsLIABILITIESCURRENT LIABILITIESTrade and other payables78Employee benefits62,68462,191Other liabilities34,86124,645Loan from DSG400,000-TOTAL CURRENT LIABILITIES666,073303,95433,269-Loan from DSG414,692824,098TOTAL NON-CURRENT 948,941NON-CURRENT LIABILITIESEmployee benefitsTOTAL LIABILITIES8NET ASSETSEQUITYSubsidy Reserves70,252-Accumulated Surpluses924,918948,941TOTAL EQUITY995,170948,941The accompanying notes form part of these financial statements.4
The NILS Network of Tasmania IncStatement of Changes in EquityFor the Year Ended 30 June vicesSubsidyReserveTotalBalance at 1 July 2018Transfer to/(from) reservesNet surplus/(deficit) for the ce at 30 June mentCommunityServicesSubsidyReserveBalance at 1 July 2017Net surplus/(deficit) for the year826,586122,355-826,586122,355Balance at 30 June 2018948,941-948,9412018TotalThe accompanying notes form part of these financial statements.5
The NILS Network of Tasmania IncStatement of Cash FlowsFor the Year Ended 30 June 201920192018 NoteCASH FLOWS FROM OPERATING ACTIVITIES:Receipts from loans(2,683)Receipts from government1,072,082Receipts from corporate support, sponsorship & donation102,337Payments to suppliers & employees(1,195,795)Other receipts8,974Interest received-Net cash provided by/ (used in) operating (22,418)5,758(15,085)(419,865)Net movement of loan(9,406)(8,568)Net cash used by financing activities(9,406)(8,568)Net increase/(decrease) in cash and cash equivalents held(24,491)(428,433)Cash and cash equivalents at beginning of year371,581800,014347,090371,581CASH FLOWS FROM FINANCING ACTIVITIES:Cash and cash equivalents at end of financial year9(a)The accompanying notes form part of these financial statements.6
The NILS Network of Tasmania IncNotes to the Financial StatementsFor the Year Ended 30 June 2019The financial statements cover The NILS Network of Tasmania Inc as an individual entity.1Summary of Significant Accounting Policies(a).Basis of PreparationThis financial report is a special purpose financial report prepared in order to satisfy the financial reportingrequirements of the Australian Charities and Not-for-profits Commission Act 2012 (Cth). The Board has determinedthat the Association is not a reporting entity. The Association is a not for profit entity for financial reporting purposes.The financial statements have been prepared in accordance with the minimum requirements of the Australian Charitiesand Not-for-profits Commission Act 2012 (Cth) and therefore comply with the following Australian AccountingStandards as issued by the Australian Accounting Standards Board:yAASB 101 Presentation of Financial Statements;yAASB 107 Statement of Cash Flows;yAASB 108 Accounting Policies, Changes in Accounting Estimates and Errors;yAASB 1048 Interpretation of Standards; andyAASB 1054 Australian Additional Disclosures.No other Accounting Standards have been intentionally applied in the compilation of this financial report.The financial report, except for the cash flow information, have been prepared on an accruals basis and are based onhistoric costs and do not take into account changing money values or, except where specifically stated, currentvaluations of non-current assets. The amounts presented within the financial statements have been rounded to thenearest dollar.(b).Comparative FiguresWhere appropriate comparative figures have been adjusted to conform to changes in presentation for the currentfinancial year.(c).Cash and Cash EquivalentsCash and cash equivalents include cash on hand, deposits held at call with banks, and other short term highly liquidinvestments with original maturities of three months or less.(d).Trade and Other ReceivablesThe Association considers accounts receivable to be fully collectible, accordingly no allowance for doubtful accounts isrequired.7
The NILS Network of Tasmania IncNotes to the Financial StatementsFor the Year Ended 30 June 20191Summary of Significant Accounting Policies(e).Property, Plant and EquipmentOffice equipment are carried at cost less, where applicable, any accumulated depreciation.Depreciation RatesThe depreciation rates used for each class of depreciable assets are:Motor VehiclesFurniture fittings and equipmentComputer equipment25%10%20% - 40%Motor vehicles are depreciated on diminishing basis over the assets useful life to the Association, commencing whenthe asset is ready for use.(f).Financial instrumentsFinancial instruments are recognised initially on the date that the Association becomes party to the contractualprovisions of the instrument.On initial recognition, all financial instruments are measured at fair value plus transaction costs (except for instrumentsmeasured at fair value through profit or loss where transaction costs are expensed as incurred).Financial assetsAll recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value,depending on the classification of the financial assets.ClassificationOn initial recognition, the Association classifies its financial assets into the following categories, those measured at:yamortised costyfair value through profit or loss - FVTPLyfair value through other comprehensive income - equity instrument (FVOCI - equity)yfair value through other comprehensive income - debt investments (FVOCI - debt)Financial assets are not reclassified subsequent to their initial recognition unless the Association changes its businessmodel for managing financial assets.8
The NILS Network of Tasmania IncNotes to the Financial StatementsFor the Year Ended 30 June 20191Summary of Significant Accounting Policies(f).Financial instrumentsFinancial assetsAmortised costAssets measured at amortised cost are financial assets where:ythe business model is to hold assets to collect contractual cash flows; andythe contractual terms give rise on specified dates to cash flows are solely payments of principal and intereston the principal amount outstanding.The Association's financial assets measured at amortised cost comprise trade and other receivables and cash andcash equivalents in the statement of financial position.Subsequent to initial recognition, these assets are carried at amortised cost using the effective interest rate methodless provision for impairment.Interest income, foreign exchange gains or losses and impairment are recognised in profit or loss. Gain or loss onderecognition is recognised in profit or loss.Fair value through other comprehensive incomeThere are no financial instrument classified as fair value through other comprehensive income.Financial assets through profit or lossThere are no financial instruments classified as financial assets through profit and loss.Impairment of financial assetsImpairment of financial assets is recognised on an expected credit loss (ECL) basis for the following assets:yfinancial assets measured at amortised costydebt investments measured at FVOCIWhen determining whether the credit risk of a financial assets has increased significant since initial recognition andwhen estimating ECL, the Association considers reasonable and supportable information that is relevant and availablewithout undue cost or effort. This includes both quantitative and qualitative information and analysis based on theAssociation's historical experience and informed credit assessment and including forward looking information.The Association uses the presumption that an asset which is more than 30 days past due has seen a significantincrease in credit risk.9
The NILS Network of Tasmania IncNotes to the Financial StatementsFor the Year Ended 30 June 20191Summary of Significant Accounting Policies(f).Financial instrumentsFinancial assetsThe Association uses the presumption that a financial asset is in default when:ythe other party is unlikely to pay its credit obligations to the Association in full, without recourse to theAssociation to actions such as realising security (if any is held); orythe financial assets is more than 90 days past due.Credit losses are measured as the present value of the difference between the cash flows due to the Association inaccordance with the contract and the cash flows expected to be received. This is applied using a probability weightedapproach.Trade receivablesImpairment of trade receivables have been determined using the simplified approach in AASB 9 which uses anestimation of lifetime expected credit losses. The Association has determined the probability of non-payment of thereceivable and multiplied this by the amount of the expected loss arising from default.The amount of the impairment is recorded in a separate allowance account with the loss being recognised in financeexpense. Once the receivable is determined to be uncollectable then the gross carrying amount is written off againstthe associated allowance.Where the Association renegotiates the terms of trade receivables due from certain customers, the new expected cashflow are discounted at the original effective interest rate and any resulting difference to the carrying value is recognisedin profit or loss.Other financial assets measured at amortised costImpairment of other financial assets measured at amortised cost are determined using the expected credit loss modelin AASB 9. On initial recognition of the asset, an estimate of the expected credit losses for the next 12 months isrecognised. Where the asset has experienced significant increase in credit risk then the lifetime losses are estimatedand recognised.Financial liabilitiesThe Association measures all financial liabilities initially at fair value less transaction costs, subsequently financialliabilities are measured at amortised cost using the effective interest rate method.The financial liabilities of the Association comprise trade payables and other payables.10
The NILS Network of Tasmania IncNotes to the Financial StatementsFor the Year Ended 30 June 20191Summary of Significant Accounting Policies(g).Trade PayablesTrade and other payables are stated at cost, which approximates fair value due to the short term nature of theseliabilities.(h).Unexpended GrantsIt is the policy of the Association to treat grant monies as unexpended grant liabilities in the statement of financialposition where the Association is contractually obliged to provide the services in a subsequent financial period to whenthe grant is received or in the case of specific project grants where the project has not been completed.(i).Employee BenefitsProvision is made for the Association's liability for employee benefits arising from services rendered by employees tothe end of the reporting period. Employee benefits that are expected to be wholly settled within one year have beenmeasured at the amounts expected to be paid when the liability is settled.Contributions made by the Association to an employee superannuation fund are charged as expenses when incurred.(j).ProvisionsProvisions are recognised when the Association has a legal or constructive obligation, as a result of past events, forwhich it is probable that an outflow of economic benefits will result and that outflow can be reliably measured.(k).Income TaxNo provision for income tax has been raised as the Association is exempt from income tax under Div 50 of the IncomeTax Assessment Act 1997.(l).Goods and Services Tax (GST)Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurredis not recoverable from the Tax Office. In these circumstances the GST is recognised as part of the cost of acquisitionof the asset or as part of an item of the expense. Receivables and payables in the statement of financial position areshown inclusive of GST.11
The NILS Network of Tasmania IncNotes to the Financial StatementsFor the Year Ended 30 June 20191Summary of Significant Accounting Policies(m).Department Community Services Subsidy ReserveThe Department Community Services Subsidy Reserve represents the surplus of energy efficient subsidies set asideto be spent on this purpose in the future.(n).Critical Accounting Estimates and JudgmentsThe Association evaluate estimates and judgments incorporated into the financial report are based on historicalknowledge and best available current information. Estimates assume a reasonable expectation of future events andbased on current trends and economic data, obtained both externally and within the Association. However asadditional information is known then the actual results may differ from the estimates.(o).Revenue and Other IncomeRevenue is measured at fair value of the consideration received or receivable after taking into account any tradediscounts and volume rebates allowed. For this purpose, deferred consideration is not discounted to present valueswhen recognising revenue.Interest revenue is recognised over the period for which the funds are invested.Grant income is recognised when expended in accordance with the terms of the funding agreement.Donation income is recognised when the Association obtains control over the funds, which is generally at the time ofreceipt.All revenue is stated net of the amount of goods and services tax (GST).(p).Adoption of new and revised accounting standardsDuring the current year, standards which became mandatory had no significant impact on the financial report of theNils Network of Tasmania Inc. AASB 9 Financial Instruments has been adopted and had no significant impact and norequirement for any reclassifications or restatement comparatives.12
The NILS Network of Tasmania IncNotes to the Financial StatementsFor the Year Ended 30 June 20191Summary of Significant Accounting Policies(q).New Accounting Standards and InterpretationsThe AASB has issued new and amended Accounting Standards and Interpretations that have mandatory applicationdates for future reporting periods. The Association has decided not to early adopt these Standards. The following tablesummarises those future requirements, and their impact on the Association where the standard is relevant:Standard NameRequirementsAASB 15 Revenue fromcontracts with customers1 July 2019AASB 15 introduces a five stepThe Association is yetprocess revenue recognition with the to determine thecore principal of the new standardimpact, if any.being for entities to recogniserevenue to depict the transfer ofgoods or services to customers inamounts that reflect theconsideration (That is, payment) towhich the entity expects to beentitled in exchange for those goodsor services.AASB 1058 Income for Not forProfits1 July 2019AASB 1058 supersedes all theThe Association is yetincome recognition requirementsto determine therelating to private sector NFPimpact, if any.entities, and the majority of incomerecognition requirements relatingpublic sector NFP entities, previouslyin AASB 1004 Constitution. Thetiming of income regonition dependson whether such a transactions givesrise to a liability or otherperformance obligation (a promise totransfer a good or service), or acontribution by owners, related to anasset (such as cash or anotherasset) received by an entity.AASB 16 Leases1 July 2019New standard that abolishes theThe Association is yetconcept of the operating lease forto determine thelessees by creating a single model impact, if any.for lessees and recognises a 'right ofuse' asset and financial liability for allleases.13
The NILS Network of Tasmania IncNotes to the Financial StatementsFor the Year Ended 30 June 20192Cash and Cash Equivalents2019Cheque Account/AdminCash at BankCheque Account - WPAC LoansCheque account - WPAC MBiz LoansCheque Account - NAB (Subsidy)Debit Card WestpacPetty CashDebit Card NABCheque Account - NAB (NILS)2018 1,488,701)347,0903 ,170,477)371,581Other assets2019Amounts in disputeRental 13014
The NILS Network of Tasmania IncNotes to the Financial StatementsFor the Year Ended 30 June 20194Property, Plant and Equipment20192018 44)Total plant and equipment22810,2172,05615,713Total property, plant and equipment10,21715,713Furniture, fixtures and fittingsAt costAccumulated depreciationTotal furniture, fixtures and fittingsMotor vehiclesAt costAccumulated depreciationTotal motor vehiclesComputer equipmentAt costAccumulated depreciationTotal computer equipment5Financial assets - loans receivableLoans MicrofinanceProvision for DD Micro financeLoans Micro BizProvision for DD Micro BizMicroFinance yet to draw downMicroBiz yet to draw down620192018 1,659,226(100,869)292,041(54,344) ,742,9951,643,35120192018Intangible AssetsSoftware systemAccumulated Amortisation 55,880(50,871) 55,880(40,952)5,00914,92815
The NILS Network of Tasmania IncNotes to the Financial StatementsFor the Year Ended 30 June 20197Trade and Other PayablesCreditorsGST collected and paid20192018 uals8Employee benefits20192018 CURRENTAnnual leave31,07131,941Long service N CURRENTLong service leave16
The NILS Network of Tasmania IncNotes to the Financial StatementsFor the Year Ended 30 June 20199Cash Flow Information(a).Reconciliation of cashCash at the end of the financial year as shown in the isreconciled to items in the statement of financial positionas follows:Cash and cash equivalents(b).220192018 347,090371,581Reconciliation of result for the year to cashflows from operating activities2019Surplus for the year2018 46,229 122,355Non-cash flows in surplus/(deficit)- depreciationChanges in assets and liabilities- (increase)/decrease in trade and other receivables- (increase)/decrease in other assets- increase/(decrease) in trade and other payables- increase/(decrease) in employee benefits- increase/(decrease) in other 310,215(208,710)(278,124)(73,585)-Cashflow from operations(15,085)(419,865)17
The NILS Network of Tasmania IncNotes to the Financial StatementsFor the Year Ended 30 June 201910Capital and Leasing CommitmentsThe only leasing commitment for the year ended 30 June 2019 is the annual rent for lease of the building.11Auditors' RemunerationRemuneration of the auditor, Crowe Tasmania (2019) and AccruAccounting (2018) ,for:- auditing or reviewing the financial statements1220192018 5,3005,742Contingent Liabilities and Contingent AssetsIn the opinion of the Board, the Association did not have any contingencies at 30 June 2019 (30 June 2018: None).13Events After Balance DateThere are no events after balance date affecting these financial statements to be disclosed.14Association DetailsThe PO box of the association is located at:NILS Network of Tasmania IncPO Box 132Battery Point Tas 700418
The NILS Network of Tasmania Inc Contents For the Year Ended 30 June 2019 Page Financial Statements Board Report 1 Board Declaration 2 Statement of Comprehensive Income 3 Statement of Financial Position 4 Statement of Changes in Equity 5 Statement of Cash Flows 6 Notes to the Financial Statements 7 Auditors' Independence Declaration 19 Independent Audit Report 20
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