AFGHAN AUSTRALIAN NOOR ASSOCIATION INCORPORATED... · Afghan Australian Noor Association Incorporated is an association incorporated in NSW under the Associations Incorporation Act.

AFGHAN AUSTRALIAN NOOR

ASSOCIATION INCORPORATED

ABN 99 705 876 735

Financial Statements

For the Year ended 30 June 2018

AFGHAN AUSTRALIAN NOOR

ASSOCIATION INCORPORATED

Annual Report

for the Year Ended 30 June 2018

Contents Page

Income and Expenditure Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Assets and Liabilities Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Notes to the Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Committee's Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Statement by Members of the Committee . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Independent Auditor's Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

AFGHAN AUSTRALIAN NOOR ASSOCIATION INCORPORATED

Income and Expenditure Statement


2018 2017 $ $

Revenue General Donations 238,560 216,655 Other Donations 529,208 42,297 Grants 39,206 - Other Income 21,123 46,000 Interest Received

- Related Corporations 5,000 21,827 - Other Corporations 607 221

Proceeds on Sale of Non-current Assets 3,462,616 - 4,296,320 327,000

Expenditure Accountancy Fees - 3,300

Bank Charges 20 172

Depreciation - Office Furniture & Equipment 1,250 - Donation Disbursements 220,070 150,732 Electricity 2,439 5,821 Event Expenses 16,700 32,319 Insurance 110 7,840 Interest Paid

- Other Persons/Corporations 29,504 22,877 Printing & Stationery - 164

Rates & Taxes - 5,132

Rent 2,196 - Repairs & Maintenance 2,099 - Salaries & Wages 37,452 - School Expenses 18,040 28,440 Superannuation Contributions 3,558 - Telephone 270 1,031 Waste Disposal - 3,990

333,708 261,818

Net Surplus 3,962,612 65,182

Operating Surplus at the beginning of the financial year 129,068 63,886

Operating Surplus at the end of the financial year 4,091,680 129,068

The accompanying notes form part of these financial statements.

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Assets and Liabilities Statement

As at 30 June 2018

Note 2018 2017 $ $

Current Assets Cash and Cash Equivalents 5 60,839 133,787 Trade and Other Receivables 7 4,100,116 917,300 Current Tax Assets 8 155 23 Total Current Assets 4,161,110 1,051,110

Total Assets 4,161,110 1,051,110

Current Liabilities Trade and Other Payables 10 9,830 - Short-Term Financial Liabilities 11 40,520 907,054 Other 12 3,558 - Total Current Liabilities 53,908 907,054

Non-Current Liabilities Long-Term Financial Liabilities 11 15,522 14,988 Total Non-Current Liabilities 15,522 14,988

Total Liabilities 69,430 922,042

Net Assets 4,091,680 129,068

Equity Operating Surplus 4,091,680 129,068

Total Equity 4,091,680 129,068


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Notes to the Financial Statements


1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements cover Afghan Australian Noor Association Incorporated as an individual

entity. Afghan Australian Noor Association Incorporated is an association incorporated in NSW

under the Associations Incorporation Act.

Basis of Preparation The financial statements are general purpose financial statements that have been prepared in

accordance with Australian Accounting Standards (including Australian Accounting Interpretations)

of the Australian Accounting Standards Board (AASB) and the Associations Incorporations Act.

The association is a not-profit entity for financial reporting purposes under Australian Accounting

Standards.

Australian Accounting Standards set out accounting policies that the AASB has concluded would

result in financial statements containing relevant and reliable information about transactions, events

and conditions to which they apply. Compliance with Australian Accounting Standards ensures that

the financial statements and notes also comply with International Financial Reporting Standards

(IFRS). Material accounting policies adopted in the preparation of the financial statements are

presented below and have been consistently applied unless stated otherwise.

The financial statements have been prepared on an accruals basis and are based on historical costs,

modified, where applicable, by the measurement at fair value of selected non-current assets,

financial assets and financial liabilities. The amounts presented in the financial statements have

been rounded to the nearest dollar.

(a) Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, deposits held at call with banks, other

short-term highly liquid investments with original maturities of three months or less, and

bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the

statement of financial position.

(b) Employee Benefits

Provision is made for the association’s liability for employee benefits arising from services

rendered by employees to the end of the reporting period. Employee benefits that are

expected to be settled within one year have been measured at the amounts expected to be paid

when the liability is settled. Employee benefits payable later than one year have been

measured at the present value of the estimated future cash outflows to be made for those

benefits. In determining the liability, consideration is given to employee wage increases and

the probability that the employees may not satisfy vesting requirements. Those cash outflows

are discounted using market yields on national government bonds with terms to maturity that

match the expected timing of cash flows.

(c) Property, Plant and Equipment

Each class of property, plant and equipment is carried at cost or fair value as indicated less,

where applicable, any accumulated depreciation and impairment losses.


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Depreciation The depreciation method and useful life used for items of property, plant and equipment

(excluding freehold land) reflects the pattern in which their future economic benefits are

expected to be consumed by the association. Depreciation commences from the time the asset

is held ready for use. Leasehold improvements are depreciated over the shorter of either the

unexpired period of the lease or the estimated useful lives of the improvements. The

depreciation method and useful life of assets is reviewed annually to ensure they are still

appropriate.

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the

end of each reporting period.

An asset’s carrying amount is written down immediately to its recoverable amount if the

asset’s carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with the carrying

amount. These gains and losses are included in the statement of comprehensive income.

When revalued assets are sold, amounts included in the revaluation relating to that asset are

transferred to retained earnings.

(d) Borrowing Costs

Borrowing costs directly attributable to the acquisition, construction or production of assets

that necessarily take a substantial period of time to prepare for their intended use or sale, are

added to the cost of those assets, until such time as the assets are substantially ready for their

intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are

incurred.

(e) Trade and Other Receivables

Trade receivables are recognised initially at the transaction price (i.e. cost) and are

subsequently measured at cost less provision for impairment. Receivables expected to be

collected within 12 months of the end of the reporting period are classified as current assets.

All other receivables are classified as non-current assets.

At the end of each reporting period, the carrying amount of trade and other receivables are

reviewed to determine whether there is any objective evidence that the amounts are not

recoverable. If so, an impairment loss is recognised immediately in statement of

comprehensive income.


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(f) Revenue and Other Income

Revenue is measured at the fair value of the consideration received or receivable after taking

into account any trade discounts and volume rebates allowed. Any consideration deferred is

treated as the provision of finance and is discounted at a rate of interest that is generally

accepted in the market for similar arrangements. The difference between the amount initially

recognised and the amount ultimately received is interest revenue.

Interest revenue is recognised using the effective interest method, which for floating rate

financial assets is the rate inherent in the instrument.

Revenue from the provision of membership subscriptions is recognised over the financial

year.

Revenue from the rendering of a service is recognised upon the delivery of the service to the

customer.

All revenue is stated net of the amount of goods and services tax (GST).

(g) Trade and Other Payables

Trade and other payables represent the liabilities at the end of the reporting period for goods

and services received by the association that remain unpaid. Trade payables are recognised at

their transaction price. Trade payables are obligations on the basis of normal credit terms.

(h) Comparative Figures

When required by Accounting Standards, comparative figures have been adjusted to conform

to changes in presentation for the current financial year. Where the association has

retrospectively applied an accounting policy, made a retrospective restatement of items in the

financial statements or reclassified items in its financial statements, an additional statement of

financial position as at the beginning of the earliest comparative period will be disclosed.

(i) Critical Accounting Estimates and Judgments

The committee members evaluate estimates and judgments incorporated into the financial

statements based on historical knowledge and best available current information. Estimates

assume a reasonable expectation of future events and are based on current trends and

economic data, obtained both externally and within the association.


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Key Estimates - Impairment The association assesses impairment at the end of each reporting period by evaluation of

conditions and events specific to the association that may be indicative of impairment

triggers. Recoverable amounts of relevant assets are reassessed using value-in-use

calculations which incorporate various key assumptions.

(j) New Accounting Standards for Application in Future Periods

The AASB has issued new and amended Accounting Standards and Interpretations that have

mandatory application dates for future reporting periods. The association has decided not to

early adopt any of new and amended pronouncements and that it would not have any material

effect on the association’s financial statements.


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2018 2017 $ $

2. Revenue

Revenue Donations & Bequests 828,097 304,952

828,097 304,952

Other Income Interest Received 5,607 22,048 Proceeds on Sale of Non-current Assets 3,462,616 -

3,468,223 22,048

4,296,320 327,000

3. Surplus

Expenses Employee Benefits Expense 41,010 - Depreciation and Amortisation Expenses 1,250 - Bank Charges 20 172 Insurance 110 7,840 Printing & Stationery - 164 Rates & Taxes - 5,132

Rent 2,196 - Repairs & Maintenance 2,099 - Telephone 270 1,031 Other Expenses 257,249 224,602

304,204 238,941

4. Finance Costs

Interest Paid - Other Persons/Corporations 29,504 22,877

29,504 22,877

5. Cash and Cash Equivalents

WBC Account #*6446 15,307 48,555 CBA Account #*1588 2,078 37,962 CBA Account #*6845 1,854 341 CBA Account #*6853 5,198 8,728


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2018 2017 $ $

WBC Account #*6135 3,183 6,179 WBC Account #*6151 27,707 27,561 WBC Account #*7824 46 - WBC Account #*8687 5,466 4,461

60,839 133,787

Reconciliation of Cash Cash and Cash Equivalents 60,839 133,787 Bank Overdrafts - (54)

60,839 133,733

6. Cash Flow Information

Reconciliation of Cash Flow from Operations with Surplus after Income Tax

Surplus 3,962,612 65,182

Adjustments for Non-Cash Components in

Profit:

Depreciation 1,250 -

Changes in Assets and Liabilities Decrease in Income Tax Payable (132) -

Increase in Loans Receivable (2,349,296) - Increase in Trade and Other Receivables (1,700,000) - Increase in Trade and Other Payables 13,388 -

Increase in Member Contribution 534 -

Asset Purchase (1,250) -

Net Cash Increase in Cash Held (72,894) 65,182

7. Trade and Other Receivables

Current Term Debtors Term Deposit 1,000,000 - Term Deposit 700,000 - Loans - Unsecured AA Noor Limited 2,100,116 917,300 Mohammad Reza Safdari 300,000 -

4,100,116 917,300

Total Trade and Other Receivables 4,100,116 917,300


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2018 2017 $ $

8. Tax

Current Assets Current Tax Asset 155 23

155 23

Net Tax Assets (155) (23)

9. Property, Plant and Equipment

Plant and Equipment Office Furniture & Equipment 1,250 - Less Accumulated Depreciation & Impairment 1,250 -

10. Trade and Other Payables

Current Other Creditors 9,830 -

Total Trade and Other Payables 9,830 -

11. Financial Liabilities

Current WBC Account #*7824 - 54 Loans - Unsecured Ahmadshah Bakhtiari - 115,000

Ali Ahmad Ali - 100,000

Assad Backtiari - 150,000

Mohammad Amir Karimi - 90,000

Various 40,520 452,000

40,520 907,054

Non-Current Member Loans

- Member Contributions 15,522 14,988 15,522 14,988

Total Financial Liabilities 56,042 922,042


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2018 2017 $ $

12. Other

Current Accrued Charges 3,558 -

3,558 -

13. Association Details

The registered office of the company is:

Afghan Australian Noor Association Incorporated

37 Cowper Street, Granville NSW 2142

The principal place of business is:

Afghan Australian Noor Association Incorporated

37 Cowper Street, Granville NSW 2142


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AFGHAN AUSTRAT .TAN NOOR ASSOCIATION INCORPORATED

Statement by Members of the Commiuee

L Presents a true- and fair view of the fiuanciaJ posiUon of Af�hau Au,b.iliau N1101 ,\\.,.)fi..1Hn,1 lnc-orpor.uPd :tc. At :ffl h11w- 2018 and il� performance for lhc war cnc.lcJ on lh31 dah' Jn ,:ic:r.(llf(tlnf't> wtrh 1\11Mr,1lfon Ac:rrnmling .Si.andards (iududiug A�ualian Accounliug lm1>rp,e1;nlC'lns) of dW' l\u_c;1ralbn Accmmling Smndards Board

2. A, 1hP da1e of 1h1s slatement. t.lwre are n:.i:.onablc ground� tv bl'iiL"\C lli..11 Af_ghau Aus1taUJJI'\Joor Association locorpormt-d will be uble lo pa) · ib dcbb a:. and v.,hcn ltwy fall Jui.•.

Thb !:>lalcmc11l b :.it1,ncd fo1 und on Ul'halJ uf th(• touu1lillt:(• by

E:i,�'l',.,+ l-l<'S' b·••·••- ' .... . ,-.,··········-····••·••·········

(fre-sklPm N.imP)

(Slgn:'IIUl'fll

.. �it.I __ '1 _I 2./J 1.J .. . .. (Dated)

D...,-w.,.jb.l:1b,l'.l<l,L. Dar�J, sh·, ( 1 rca:.UCLT Natut.•1

(Slgn,,J. ··-

. . .i.8 /:L/J.oJO ................. .(Dal<'cO

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Independent Auditors' Report

to the Members of


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Independent Auditors' Report

to the Members of


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AFGHAN AUSTRALIAN NOOR ASSOCIATION INCORPORATED... · Afghan Australian Noor Association Incorporated is an association incorporated in NSW under the Associations Incorporation Act.

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