The Rotary Club of Manly Inc Financial Statements for the ... · Rotary Club of Manly Inc Income...

The Rotary Club of Manly Inc

Financial Statements for the year ended 30 June 2017

1. Balance Sheet 2. Statement of Profit and Loss and Other Comprehensive Income

3. Statement of Changes in Equity

4. Statement of Cash Flows

5. Notes to the Financial Statements

6. Directors’ Declaration

7. Treasurer’s Report

Rotary Club of Manly Inc

Balance Sheet as at 30 June 2017

2016 2016 2016

$ $ $ Assets $ $ $

Current Assets

Cash

180.75 Cash on hand

Cash at bank

5,032.21 Business account 6,527.08

1,873.44 Charities account 4,677.45

51,385.09 Fun Run account 39,455.01

28,531.21 Public Ancillary Fund 14,954.85

87,002.70 65,614.39

5,235.00 Accounts Receivable [Note 7] 42,162.90

Prepayment 300.00

5,235.00 42,462.90

92,237.70 Total current assets 108,077.29

0.00 Non-Current Assets 0.00

92,237.70 Total Assets 108,077.29

Liabilities

Current liabilities

31,070.55 Accounts Payable [Note 6] 61,530.90

Changeover fees in advance 1,500.00

31,070.55 63,030.90

61,167.15 NET ASSETS 45,046.39

Equity

41,092.98 Retained earnings 01 July 2016 61,167.15

20,074.17 Current year earnings/(deficit) -16,120.76

61,167.15 TOTAL EQUITY 45,046.39


Income Statement for Period Ended 30 June 2017

2016 2016 2016

$ $ $ $ $ $

Income

13,520.00 Gross meal fees 15,395.00

14,380.00 less Meal costs 15,561.40

-860.00 -166.40

2,517.90 Sergeant's sessions 2,580.90

1,657.90 Net meal fees 2,414.50

1,751.38 Changeover meal fees

3,275.00 Award Night meal fees

8,800.00 Membership subscriptions 9,845.00

3,447.00 Trifecta tickets

83,113.25 Fun Run entries 47,003.50

10,800.00 Fun Run sponsorship 18,254.62

93,913.25 Fun Run proceeds 65,258.12

5,689.22 Donations 5,543.55

5,055.00 Bowelscan receipts

Rotary grants net 42,907.90

5,000.00 CBPP grants

Club Christmas function 580.00

Zone dinner fees 360.00

493.42 Interest received 666.93

100 Year dinner fees 9,084.93

129,082.17 Total income received 136,660.93

Expenses

Activities

29,026.51 Fun Run 24,137.46

400.00 Trifecta costs

2,025.00 Changeover dinner

100 Year dinner cost 12,674.00

Zone dinner costs 320.00


4,229.15 Pride of Workmanship

35,680.66 37,671.83

Administration

2,800.00 Rotary District fees 2,970.00

3,171.19 Rotary International fees 2,960.34

320.54 Rotary Down Under goods 951.08

1,500.00 Rotary Down Under subscription 1,466.70

St George fees

41.75 Bank fees and charges 18.40

871.42 Merchant service fees 882.37

2,496.00 Storage

Club Runner subscription 822.38

961.49 General and administrative 404.60

12,162.39 10,475.87


Income Statement for Period Ended 30 June 2017

2016 2016 2016

$ $ $ $ $ $

Donations

Royal Far West PhD support

Royal Far West other 9,000.00

3,738.47 Pioneer Clubhouse

2,500.00 Bear Cottage, Manly 1,000.00

5,055.00 Bowelscan

2,957.00 Manly Womens Shelter

1,150.00 Sailability

Clontarf Foundation 10,000.00

3,000.00 Police Legacy 3,000.00

3,165.64 Homes for Heroes fitout

Mental health foundations

850.00 RYLA 850.00

10,000.00 PNG sanitation project 70,015.90

5,600.00 Shelterbox

15,230.75 Fun Run directed donations

2,000.00 Sydney Rotary Hay Drive

2,046.00 Youth

1,000.00 Sydney Harbour Conservancy 750.00

2,340.00 RYPEN 2,520.00

Polio Plus 3,653.09

110.00 SMS Lighthouse

Freshwater Scouts 500.00

Fragile X Association 2,500.00

59.99 North Head Memorial book

362.10 Mission Australia

Junee Rotary PNG books 845.00

61,164.95 Donations 104,633.99

109,008.00 Total expenses 152,781.69

20,074.17 Net profit/(loss) for year -16,120.76


Statement of Changes in Equity for Period Ended 30 June 2017

2016

41,092.98 Opening balance 1 July previous year 61,167.15

20,074.17 Add Profit for year -16,120.76

61,167.15 Closing balance 45,046.39


Statement of Cash Flows for Period Ended 30 June 2017

2016 2016 2016

$ $ $ $ $ $

Cash inflows

13,520.00 Meal fees 15,395.00

2,517.90 Sergeant's sessions 2,580.90

81,465.05 Fun Run entry fees 47,003.50

10,800.00 Fun Run sponsorships 13,254.62

8,800.00 Subscriptions 9,845.00

10,689.22 Donations 5,543.55

3,447.00 Trifecta

3,275.00 Award Night meal fees

1,571.38 Changeover meal fees 1,500.00

100 year dinner fees 9,084.93


Zone dinner fees 360.00

Rotary grants 6,000.00

16,075.00 Accounts receivable received 5,235.00

493.42 Interest 666.93

152,653.97 117,049.43

Cash outflows

14,380.00 Meal costs 15,561.40

27,010.96 Fun Run costs 23,264.46

6,569.15 Other Activity costs 13,534.37

Accounts payable paid


10,000.00 Disabled swing

Royal Far West PhD 11,000.00

Manly Womens Shelter

4,400.00 Shelterbox

4,000.00 Mission Australia

5,160.00 Bowelscan 5,055.00

5,000.00 ROMAC

5,000.00 ADI

5,000.00 Rotary Foundation

3,355.00 Changeover expenses

PNG sanitation 10,000.00

Sailability

Northern Beaches Interchange

3,000.00 Police Legacy 3,000.00

1,500.00 Australian Rotary Health

636.21 Accrued expenses 2,015.55

616.00 Manly Council event fee

63,667.21 31,070.55

12,247.39 Administration costs 10,475.87

123,874.71 Carried forward 93,906.65


Statement of Cash Flows for Period Ended 30 June 2017

2015 2015 2015

$ $ $ $ $ $

123,874.71 Carried down 93,906.65

Prepayment made 300.00

Overpayment made 255.00

Donations made3,738.47 Pioneer Clubhouse

2,500.00 Bear Cottage 1,000.00


1,150.00 Sailability

3,165.64 Homes for Heroes

850.00 RYLA 850.00

13,582.55 Fun Run directed donations

Royal Far West 9,000.00


Police Legacy

Junee Rotary Club 845.00

Polio Plus 3,653.09

Fragile X 2,500.00

PNG sanitation 13,108.00

Freshwater Scouts 500.00

2,000.00 Sydney Rotary Hay Drive

2,046.00 Youth

1,000.00 Sydney Harbour Conservancy

110.00 SMS Lighthouse

59.99 North Head memorial book

362.10 Mission Australia

5,600.00 Shelterbox

2,340.00 RYPEN 2,520.00

41,461.75 43,976.09

165,336.46 138,437.74

-12,682.49 Net cash inflow/outflow -21,388.31

Cash Balances

87,002.70 Cash at bank, 30 June 65,614.39

99,685.19 less Opening cash, 1 July prior year 87,002.70

-12,682.49 Net cash inflow/outflow -21,388.31

Rotary Club of Manly Notes to 2017 Financial Statements

Notes to the Financial Statements

The Rotary Club of Manly is an incorporated association which operates in NSW. The Rotary

Club of Manly is incorporated under to the Associations Incorporation Act 2009 (the Act). Its

incorporation number is Y0828122 and its ABN is 39 512 728 164.

The Rotary Club of Manly is a Tier 2 association under the Act as its gross receipts for the

financial year were less than $250,000 and its current assets are less than $500,000. Tier 2

associations are not required to be audited.

The Rotary Club of Manly Sunrise merged with the Rotary Club of Manly on 18 July 2013. The

residual assets and liabilities of the Rotary Club of Manly Sunrise were transferred to and taken

up by the Rotary Club of Manly.

Basis of preparation

This financial report for the period ended 30 June 2017 is a special purpose financial report,

which has been prepared in accordance with Australian Accounting Standards and other

authoritative pronouncements of the Australian Accounting Standards Board. The financial

report has been prepared on the basis of historical cost.

The financial statements include the assets and liabilities and income and expenditure of the

Rotary Club of Manly Public Ancillary Fund. A separate balance sheet, statement of profit and

loss and other comprehensive income and statement of cash flows for the Rotary Club of Manly

Public Ancillary Fund are attached as Note 9 to these financial statements.

Fun Run

Apart from credit card and cash payments received on the day, Fun Run entries were processed

via the Register Now organisation. In previous years, runners were able to nominate charities of

their choice as the recipients of funds they raised through participation in the event. In the 2016

comparative figures, commissions levied by Register Now and donations directed by runners to

specified charities have been added to funds received directly by the Rotary Club of Manly to

determine total revenue raised by the 2016 Fun Run.

In the 2016 comparative figures, donations paid to charities specified by runners were included in

the list of donations made by the Rotary Club of Manly. Donations paid to charities specified by

runners would not have been received if the Rotary Club of Manly had not held the Fun Run.

Directed donations by runners were not recorded for the 2017 Fun Run.


1. Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at bank and in hand. The Rotary

Club of Manly no longer holds term deposits.

2. Depreciation

The Rotary Club of Manly holds no depreciable assets.

3. Taxation

The Rotary Club of Manly is exempt from tax under Australian taxation legislation. The Rotary

Club of Manly Public Ancillary Fund holds deductible gift recipient [DGR] status. The Rotary

Club of Manly is not registered for GST.

4. Inventory

The Rotary Club of Manly holds no inventory. Certain consumable items used for the Fun Run

(bollards, signs, drinking cups and medals) are expensed on purchase. Where these items are not

completely used up, they are held in storage for use in next year’s event. While they reduce the

expense incurred in subsequent years, no value has been recorded for such items.

5. Results of Activities

Christmas Function

Meal fees 580.00

less Meal costs 540.37

Profit on Christmas Function 39.63

Zone Dinner

595.00 Meal fees 360.00

849.00 less Meal costs 320.00

(245.00) Profit on Zone Dinner 40.00

100 Year Dinner

Meal fees 9,084.93

less Meal costs 12,674.00

Loss on 100 Year Dinner (3,589.07)


Fun Run

2016

$ $

Fun Run entries

63,890.50 Direct online entries 43,708.50

3,992.00 On day entries 3,295.00

67,882.50 Manly Rotary entry fees 47,003.50

15,230.75 Directed donation entry fees 0.00

83,113.25 Total Entry fees 47,003.50

12,000.00 Fun Run sponsorship 18,254.62

95,113.25 Total Fun Run revenue 65,258.12

less Fun Run costs

11,969.65 Timing 8,567.79

4,062.80 Commission 2,687.15

1,851.78 Medallions 4,126.35

1,712.55 Printing 873.00

1,369.50 Banners and erection 1,015.00

1,728.37 Bollards, tape, signage and decal 1,113.17

245.00 Audio and announcer 355.00

803.00 Web site costs 770.90

583.23 Tshirts 651.42

825.00 First Aid services 825.00

750.00 NPWS Event fee 550.00

200.00 Facebook advertising 989.58

531.07 Truck hire and associated expenses 304.69

Ponchos 308.00

550.00 Fund raising page fee

371.36 Drinking cups

131.00 Refunds 92.00

864.00 Council Event fee 630.00

478.20 Marshals’ breakfast 278.41

29,026.51 Total Fun Run costs 24,137.46

66,086.74 Net Fun Run result 41,120.66


6. Accounts Payable

2016

$ $

11,000.00 Royal Far West PhD scholar

10,000.00 PNG Sanitation project 56,907.90

5,055.00 Bowelscan

3,000.00 Police Legacy 3,000.00

Sydney Harbour Conservancy 750.00

Changeover fees received in advance 1,500.00

2,015.55 Accrued Fun Run expenses 873.00

31,070.55 63,030.90

7. Accounts Receivable

2016

$ $

Fun Run sponsorship 5,000.00

Rotary International grant receivable 36,907.90

Overpayment receivable 255.00

10,000.00 CBPP grant receivable

5,055.00 Bowelscan

180.00 Changeover meal fees

Subscription in arrears

16,075.00 42,162.90


8. Cash flow information

Cash from operations is reconciled to profit or loss for the period as follows:

2016 2016 2017 2017

$ $ $ $

(12,682.49) Cash Inflow / Outflow (21,388.31)

43,596.66 add Decrease in accounts payable

Increase in accounts receivable 36,927.90

Prepayment 300.00

43,596.66 37,227.90

30,914.17 15,839.59

10,840.00 less Decrease in accounts receivable

Increase in accounts payable 30,460.35

Changeover fees in advance 1,500.00

10,840.00 31,960.35

20,074.17 Profit / (Loss) for year (16,120.76)


9. Rotary Club of Manly Public Ancillary Fund

2016 2016 2016

$ $ $ $ $ $

Statement of Comprehensive Income

for the Financial Year Ended 30 June 2017

Income

13,550.00 Donations received 28,924.64


14,043.42 28,924.64

Expenditure

Donations made


10,000.00 PNG Sanitation project 2,001.00



5,600.00 Shelterbox

3,000.00 Police Legacy 3,000.00


Bear Cottage 1,000.00



28,126.44 27,501.00

12.50 Bank fees 0.00

28,138.94 27,501.00

-14,095.52 Surplus / Deficit 1,423.64


2016 2016 2016

$ $ $ $ $ $

Rotary Club of Manly Public Ancillary Fund

Balance Sheet as at 30 June 2017

Assets

28,531.21 Cash at bank and on hand 14,954.85

Accounts receivable 5,000.00

28,531.21 19,954.85

less Liabilities

Donations payable

3,000.00 Police Legacy 3,000.00

10,000.00 PNG Sanitation project

13,000.00 3,000.00

15,531.21 Net Assets 16,954.85

Equity

29,626.73 Opening retained earnings 15,531.21

-14,095.52 add/less Surplus/Deficit for year 1,423.64

15,531.21 Total Equity 16,954.85


2016 2016 2016

$ $ $ $ $ $

Rotary Club of Manly Public Ancillary Fund

Cash Flow Statement

for Financial Year ended 30 June 2017

Cash Inflows

13,550.00 Donations received 23,797.62

1,000.00 Accounts receivable received


15,043.42 23,924.64

less Cash Outflows

Donations made





PNG sanitation project 2,001.00

5,600.00 Shelterbox

Bear Cottage 1,000.00



15,126.44 24,501.00

Accounts payable paid


PNG sanitation project 10,000.00

Police Legacy 3,000.00

4,400.00 Shelterbox

14,904.00 13,000.00

12.50 Bank fees 0.00

30,042.94 37,501.00

-14,999.52 Net Cash Inflow / Outflow 13,576.36

28,531.21 Cash at bank, 30 June 14,954.85

43,530.73 less Cash at bank, 01 July prior year 28,531.21

-14,999.52 Net Cash Inflow / Outflow -13,576.36


Treasurer’s Report

The Fun Run continues to be our major fund-raising event. Over the last eight years, it has generated a

profit of over $550,000. This year we generated only around $40,000 profit, while the three previous

years generated a total profit of $240,000. Next year we will not be directly competing against the

SMH Half Marathon and the Blue Mountains Cliff Run. We must do better in 2018.

Where we did do exceedingly well this year was in gaining Rotary Grants. We obtained a $6,000

District International Grant and a further $36,908 Rotary International Global Grant – we are adding

$20,000 of our own funds – for our PNG Rambutso Sanitation Project. The driving force behind this

was Lynne Shori; her’s was an amazing achievement.

Royal Far West received $9,000 support for a Walgett Camp and we paid the second $11,000 tranche

for the Royal Far West PhD scholarship. Clontarf Association received $10,000 and the Fragile X

Association $2,500. Over the last 10 years, the Club has donated in excess of $1,158,000. Just over

two-thirds of these donations were to local projects.

The Fun Run provided $550,000, NSW State Government grants contributed $164,000 and Rotary

grants another $42,908. The other $400,000 was mainly our own work.

The Club sent candidates to both RYLA and RYPEN and donated just over $7,000 to Rotary causes,

including Polio Plus. We contributed another $3,000 to Police Legacy and remain extremely grateful

for the support that the Northern Beaches Area Command gives to the Fun Run.

We are not soft touches and the board spends much time in considering submissions for support. The

commitment of our members, and their willingness to pitch in, makes this possible. We do not support

on-going operating expenses but will happily provide minor capital equipment.

Dues paid to Rotary International and District 9685, plus incidental costs of being a Rotary Club

amounted to just over $9,170. Our membership subscriptions yielded $9,845. There is really no scope

to reduce our subscriptions. After allowing for our carryforward war chest, our result for the year will

be a small surplus. We don’t keep significant carry forward funds, save for a $5,000 buffer for

contingencies plus a further $1,000 to meet our excess lest there be a claim under our Rotary insurance

policy.

“The Rotary Club of Manly Public Ancillary Fund” has DGR (i.e. deductible gift recipient) status.

The Public Ancillary Fund issues tax deductible receipts for donations; this contributes greatly to both

the volume and value of donations we receive. Every Rotary Club should have such a fund and we

have a kit which we give out so that they can achieve this. The DGR rules are that we can only make

donations FROM the Public Ancillary Fund to other DGR bodies. All our usual recipients are such

bodies.


It is always a delicate balance in our Club between giving as much as we can to immediate needs and

providing a base to support longer term projects. It is equally difficult deciding which organisations

will receive donations and those which must miss out. The support given by members of the Club and

their willingness to contribute enable the Club to achieve all that it does.

John Shanahan

Treasurer 2016-2017

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