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AUSSIE HELPERS LTD. A.B.N 29 126 111 582
ANNUAL REPORTFOR THE FINANCIAL YEAR ENDED 30 JUNE 2019
ANNUAL REPORT
AUSSIE HELPERS LTD. A.B.N 29 126 111 582
Directors’ Report 1
Auditor’s Independence Declaration 4
Statement of comprehensive income 5
Statement of financial position 6
Statement of changes in equity 7
Statement of cash flows 8
Notes to the financial statements 9
Directors’ declaration 18
Independent Auditor’s Report 19
CONTENTSAS AT 30 JUNE 2019
ANNUAL REPORT
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Your directors present their report on Aussie Helpers Ltd ("the company") for the year ended 30 June 2019.
DirectorsThe following persons were Directors of the company from the start of the year up to the date of this report unless otherwise stated:
Mr Brian Egan - resigned from the board - 29 June 2019
Mrs Nerida Egan- resigned from the board - 29 June 2019
Ms Christina Lee
Mr Anthony Bonnici
Mr Rodney Flynn
Principal ActivitiesThe principal activities of the company are:
a. Raise funds from donations to be used for the purchase of food and clothing items from manufacturers or food banks to be distributed to the persons who are suffering poverty;
b. Canvass stock feed manufacturers for donations of animal fodder products for distribution to farms suffering hardships;
c. Seek corporate support from companies and other organisations or groups and to see grants that are available (from various sources) for the purchase of vehicles and buildings that could be used for Aussie Helpers work; and
d. Recruit homeless and other persons from cities and to train them to work in rural areas.
There were no significant changes in the nature of the company's activities during the year.
Operating results and review of operationsThe result for the year is a profit of $46,541 (2018: $1,191,829) and reflects the nature of the company's activities during the Year.
Objectives and strategiesThe company's short term objectives are to:
− Assist rural communities throughout Queensland and New South Wales; − Assisting age pensioners in rural communities; − Assisting people in rural communities suffering from depression; − Assisting farmers with shortage of farm workers.
DIRECTOR’S REPORT AS AT 30 JUNE 2019
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Objectives and Strategies (Continued):The company's long term objectives are to:
− Assist rural communities throughout Australia effected by natural disasters; − Making sure age pensioners in rural communities have sufficient living needs; − Reduce the number of suicides in rural communities; − Provide ongoing farm training to help fill the skill shortage on farming businesses.
To achieve these objectives, the company has adopted the following strategies:
− Seek donations and grants from private and public organisations; − Organise volunteers and provide financial assistance in restoration costs; − Providing food hampers to farmers and age pensioners in need; − Organise counselling for farmers suffering depression and educating people on
depression in rural communities; − Provide farm hand training services at Aussie Helpers farm.
Meetings of Directors:During the year there were 4 meetings of Directors held. Attendances were as follows:
Information on Directors
Limited by Guarantee
Director Qualifications Experience Special Responsibilities
Brian Egan Founder - Secretary - resigned from the board - 29 June 2019
Nerida Egan Founder - President - resigned from the board 29 June 2019
Christina Lee Motel Proprietor - Treasurer - 29 June 2019
Anthony Bonnici Visual Effects expert for Victoria Police - Director/President - 29 June 2019
Rodney Flynn Managing director of Customised Gas Australia - Director/Secretary - Elected 29
June 2019
Director Meetings held whilst a director Meetings Attended
Brian Egan 5 5
Nerida Egan 5 5
Christina Lee 5 5
Anthony Bonnici 5 5
Rodney Flynn 5 5
DIRECTOR’S REPORT AS AT 30 JUNE 2019
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The 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 a maximum of $2 each towards meeting any outstanding obligations of the company. At 30 June 2019 that total amount that members of the company liable to contribute if the company is wound up is S12 (2018: $12).
Auditor’s Independence DeclarationThe auditor’s independence declaration in relation to the audit of the financial report for the year ended 30 June 2019 is attached and forms part of this Directors’ Report.
Sign in accordance with a resolution of the Board of Directors
Director
Date
DIRECTOR’S REPORT AS AT 30 JUNE 2019
ANNUAL REPORT
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ANNUAL REPORT
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Note 2019 $ 2018 $
Revenue 8,283,242 2,843,401
Other Income 113,111 92,816
2 8,396,353 2,936,217
Advertising (256,455) (117,899)
Assistance given/grants (1,971,470) (417,433)
Fuel & Lubricants (92,770) (73,874)
Transport and Accommodation (2,806,469) (508,871)
Depreciation and amortisation expenses (210,782) (193,583)
Direct Farmers Support (2,000,000) -
Employee benefit expenses (335,336) (57,781)
Office/Administration Costs (371,856) (215,025)
Other expenses (188,443) (67,276)
Repairs & maintenance (116,228) (92,649)
Operating Surplus 46,541 1,191,829
Income tax expense - -
Surplus for the year 46,541 1,191,829
Other comprehensive income, net of income tax
Total comprehensive income 46,541 1,191,829
STATEMENT OF COMPREHENSIVE INCOMEAS AT 30 JUNE 2019
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Note 2019 $ 2018$
ASSETSCURRENT ASSETS
Cash and cash equivalents 3 7,587,034 7,115,415
Trade and other receivables 4 177,542 110,290
Other current assets 5 2,000 77,956
TOTAL CURRENT ASSETS 7,766,576 7,303,661
NON-CURRENT ASSETS
Property, plant and equipment 6 2,498,899 2,788,970
Intangible assets 7 128,187 45,500
TOTAL NON-CURRENT ASSETS 2,627,086 2,834,470
TOTAL CURRENT ASSETS 10,393,662 10,138,131
EQUITY
Retained earnings 10,166,882 10,120,341
TOTAL EQUITY 10,166,882 10,120,341
LIABILITIESCURRENT LIABILITES
Trade and other payables 8 191,265 9,142
Borrowings 9 22,871 8,648
Employee beneits 10 12,645 -
TOTAL CURRENT LIABILITIES 226,781 17,790
TOTAL LIABILITIES 226,781 17,790
NET ASSETS 10,166,882 10,120,341
STATEMENT OF FINANCIAL POSITIONAS AT 30 JUNE 2019
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Total $
Balance at 1 July 2017 8,847,454
Surplus for the year 1,191,829
Other comprehensive income -
Add back Bartercard 2017 balance 81,058
Balance at 30 June 2018 10,120,341
Surplus for the year 46,541
Other comprehensive income -
Balance at 30 June 2019 10,166,882
STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 30 JUNE 2019
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STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 30 JUNE 2019
Note 2019 $ 2018 $
CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from donations and other (incl. GST) 8,283,242 2,843,401
Interest received 107,861 79,220
Payment to suppliers and employees (incl GST) (7,935,558) (1,634,473)
Net cash provided by operating activities 3(b) 455,545 1,288,148
CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment 406,150 41,821
Payments for property, plant and equipment (404,299) (495,297)
Net cash provided by (used in) investing activities 1,851 (453,476)
Net increase in cash held 457,396 834,672
Cash at beginning of financial year 7,106,767 6,272,095
Cash at end of financial year 3(a) 7,564,163 7,106,767
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NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2019
1 Summary of significant accounting policiesThe financial report includes the financial statements and notes of Aussie Helpers Ltd.
These financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards - Reduced Disclosure Requirements and the Australian Charities and Not-for-profits Commission Act 2012. Aussie Helpers Ltd is a not-for-profit entity for the purpose of preparing the financial statements.
The financial statements for the year ended 30 June 2019 were approved and authorised for issue by Directors on ..............
The significant accounting policies that have been used in the preparation of these financial statements are summarised below.
The financial statements have been prepared using the measurement bases specified by Australian Accounting Standards for each type of asset, liability, income and expense. The measurement bases are more fully described in the accounting policies below.
(a) Property, Plant and EquipmentEach class of property, plant and equipment is carried at cost or fair value as indicated less, where applicable, any accumulated depreciation and impairment losses.
PropertyFreehold land and buildings are shown at cost less accumulated depreciation for buildings.
Plant and equipmentPlant and equipment are measured on the cost basis and are therefore carried at cost less accumulated depreciation and any accumulated impairment.
ImpairmentIn the event the carrying value of property, plant and equipment is greater than the estimated recoverable amount, the carrying value is written down immediately to the estimated recoverable amount. A formal assessment of recoverable amount is made when impairment indicators are present.
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NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2019
DepreciationThe 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 company. 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 the 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 or losses are included in the statement of comprehensive income. When revalued assets are sold, amounts included in the revaluation reserve relating to that asset are transferred to retained earnings.
Major depreciation Periods areFreehold property
Buildings 40 years Improvements 40 years
Motor Vehicles 8 years
Plant & Equipment 2-20 years
Office Equipment 3-13.33 years
At the end of each reporting period, property, plant and equipment, intangible assets and investments are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset (or group of related assets) is estimated and compared with its carrying amount. The recoverable amount is the higher of the asset's fair value less costs to sell and the present value of the asset's future cash flows discounted at the expected rate of return. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2019
(b) Financial InstrumentsInitial Recognition and MeasurementFinancial assets and financial liabilities are recognised when the entity becomes a party to the contractual provisions to the instrument. For financial assets, this is equivalent to the date that the company commits itself to either purchase or sell the asset (i.e. trade date accounting adopted).
Financial instruments are initially measured at fair value plus transactions costs except where the instrument is classified 'at fair value through profit or loss', in which case transaction costs are expensed to profit or loss immediately.
(c) Impairment of AssetsAt each reporting date, the company reviews the carrying values of its assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset's fair value less costs to sell and value in use, is compared to the asset's carrying value. Any excess of the asset's carrying value over its recoverable amount is expensed to the statement of comprehensive income.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
(d) Cash and Cash EquivalentsCash 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 short-term borrowings in current liabilities on the statement of financial position.
(e) Revenue and Other IncomeRevenue is recognised when the amount of the revenue can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the Company.
Other income is recognised on an accruals basis when the Company is entitled to it.
(f) DonationsIncomes arising from the contribution or donations are recognised in the year in which the contributions have been made. Income shall be measured at fair value of the contributions received or receivable.
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NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2019
(g) Goods and Services Tax (GST)Revenues, expenses and assets are recognised net of the amount of GST, except where 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 the asset or as part of an item of the expense. Receivables and payables in the statement of financial position are shown inclusive of GST.
Cash flows are presented in the statement of cash flows on a gross basis, except for the GST components of investing and financing activities, which are disclosed as operating cash flows.
(h) Comparative FiguresComparative figures have been adjusted to conform to changes in presentation for the current financial year where required by accounting standards or as a result of changes in accounting policy.
(i) Operating ExpenseOperating expenses are recognised in profit or loss upon utilisation of the service or at the date of their origin.
j) Income TaxNo provision for income tax has been raised as the Company is exempt from Income tax under Div 50 of the Income Tax Assessment Act 1997.
(k) IntangiblesSoftwareSoftware has a finite life and is carried at cost less any accumulated amortisation and impairment losses. It has an estimated useful life of between one and three years. However, no amortisation has been done as software is still under development phase.
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(l) Significant management judgement in applying accounting policiesWhen preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses.
Estimation uncertaintyInformation about estimates and assumptions that have the most significant effect on recognition and measurement of assets, liabilities, income and expenses is provided below. Actual results may be substantially different.
ImpairmentIn assessing impairment, management estimates the recoverable amount of each asset or cash generating unit based on expected future cash flows and uses an interest rate to discount them. Estimation uncertainty relates to assumptions about future operating results and the determination of a suitable discount rate.
Useful lives of depreciable assetsManagement reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technical obsolescence that may change the utility of certain software and IT equipment.
InventoriesManagement estimates the net realisable values of inventories, taking into account the most reliable evidence available at each reporting date. The future realisation of these inventories may be affected by future technology or other mark-driven changes that may reduce future selling prices.
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2019
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NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2019
2 Revenue
3 Cash & Cash Equivalents
Revenue and Other Income
Donations 8,283,242 2,843,401
Interest Received 107,861 79,220
Gains on Disposal of Assets 5,250 13,596
8,396,353 2,936,217
SHORT TERM DEPOSITS
Term Deposit (NAB *6260) 1,526,185 1,526,185
Term Deposit (NAB *550) - 1,500,000
Term Deposit 1,500,000
Term Deposit (NAB *1691) 1,012,893 1,012,893
Total Short Term Deposits 4,039,078 4,039,078
Total Cash & Cash Equivalents 7,587,034 7,115,415
CASH ON HAND
Cash in Hand
Total Cash on Hand 500 500
500 500
CASH AT BANKSuncorp - Business Cheque Account 325,420 669,838
Suncorp - Cash Management A/C 232,385 739,270
NAB - Working Doc Community Fee Saver A/C 2,704,545 1,302,446
Suncorp - Fish for Life - 48,029
NAB - Farmers Aid 7,967 50,000
NAB - Breakfast in a Bag - 58,694
NAB - AH VISE 223,893 11,864
Suncorp Mental Health 53,246 195,696
Total Cash at Bank 3,547,956 3,075,837
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(a) Reconciliation to statement of cash flowsFor the purposes of the Statement of Cash Flows, cash and cash equivalents comprise the following at the end of the financial year:
4 Trade and other receivables
5 Other Current Assets
Trade and other receivables have been reviewed for indicators of impairment
(b) Reconciliation of cash flows from operations with Surplus:
Cash and cash equivalents 7,587,034 7,115,415
Borrowings (note 8) (22,871) (8,648)
7,564,163 7,106,767
Current
Current GST Receivables 177,542 110,290
Prepayment - Wages 2,000 347
Bartercard - 77,609
Total Other Current Assets 2,000 77,956
Surplus 59,217 1,191,829
Non-cash flows in profit
- Depreciation and amortisation 210,751 193,583
- Profit on disposal of property, plant and equipment (5,250) (13,596)
- Loss on disposal of property, plant and equipment - -
Changes in assets and liabilites
- (Increase)/decrease in assets 8,704 (74,409)
- Increase/(decrease) in liabilities 182,123 (9,259
Cash flows provided by operating activities 455,545 1,288,148
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2019
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6 Property, Plant and Equipment
7 Intangible assets
8 Trade and Other Payables
9 Borrowings
Freehold Property
Buildings Improvements
Plant and Equipment Total
Gross Carrying Amount
Balance at 1 July 2018 2,063,142 140,085 1,525,794 3,774,521
Additions - 48,235 273,376 404,299
Disposals (400,900) - - (400,900)
Balance at 30 June 2019 1,662,242 188,320 1,799,170 3,649,732
Depreciation and Impairment
Balance 1 July 2018 (46,418) (20,799) (872,834) (940,051)
Disposals - - - -
Depreciation (10,136) (3,840) (196,806) (210,782)
Balance 30 June 2019 (56,554) (24,639) (1,069,640) (1,150,833)
Carrying amount 30 June 1,605,688 163,681 729,530 2,498,899
Software development - at cost 128,188 45,500
128,188 45,500
Current
Trade Payables 170,411 1,463
Superannuation payable 6,044 1,855
Payroll liabilities 14,810 5,824
191,265 9,142
Current
Nab Credit Card 3,281 -
Suncorp Credit Card 19,590 8,648
22,871 8,648
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2019
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10 Employee benefits
11 Related PartiesTransactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated.
The following transactions occurred with related parties:
Transactions with key management personnel:
i. Use of a company vehicle and house for operational purposes by Brian Egan and Nerida Egan - Ceased upon resignation from board on the 29 June 2019.
ii. The totals of remuneration paid to the key management personnel of Aussie Helpers Ltd during the year are as follows:
12 Member’s guaranteeThe company is incorporated under the Corporations Act 2001 and is a company limited by guarantee.
13 Contingent LiabilitiesThe company did not have any contingent liabilities as at 30 June 2019 ( 30 June 2018: $ Nil).
14 Employee benefitsProvision is made for the Association’s liability for employee beneflts arising from services rendered by employees to the end of the reporting period. Employee benefits that are expected to be wholly settled within one year have been measured at the amounts expected to be paid when the liability is settled.
Current
Provision for annual leave 12,645 -
12,645 -
2019 2018
Short-term employee benefits:
Remuneration for Natasha Kocks $53,321 -
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2019
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1. In the opinion of the Aussie Helpers Ltd:
a. The financial statements and notes of Aussie Helpers Ltd are in accordance with the Australian Charities and Not-for-profit Commission Act 2012, including
i. Giving a true and fair view of its financial position as at 30 June 2019 and of its performance for the financial year ended on that date; and
i. Complying with Australia Accounting Standards - Reduced Disclosure Requirements (including the Australian Accounting Interpretations) and the Australian Charities and Not-for-profits Commission Act 2012; and
b. There are reasonable grounds to believe that Aussie Helpers Ltd will be able to pay its debits as and when they become due and payable.
Signed in accordance with a resolution of the Directors
Director:
Dated this day of
DIRECTOR’S DECLARATION FOR THE YEAR ENDED 30 JUNE 2019
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