s
ANNUAL
REPORT
2019/2020
Creating inclusive opportunities from the park to the podium. INDEX
STRATEGIC DIRECTION CHAIR AND CHIEF EXECUTIVE REPORT DIRECTORS AND STAFF GOVERNANCE FINANCE MEMBERSHIP HIGH PERFORMANCE EVENTS AFDA CONFERENCE DEVELOPMENT AWARDS DISC GOLF MEMBER ORGANISATIONS PARTNERS COMMITTEES
APPENDIX A – AUDITED ACCOUNTS
2 ANNUAL REPORT 2019/20
STRATEGIC DIRECTION
3 ANNUAL REPORT 2019/20
Chair and Chief Executive Report
The 2019 financial year started off with an SGM to change our constitution and prepare to transition to a company limited by guarantee. The transition came to fruition on 23 March 2020 with the ASIC certificate of registration of a body corporate as a company. A big Thanks to Emma Taylor for guiding us through this process. This transition will mean the AFDA will have a more rigid reporting requirement. As such the AFDA appointed Simon Wood (CEO) to the additional role of company secretary.
The AFDA also finalised the 2020-2022 strategic plan and corresponding operational plan.
On the field we had success at a number of events with our national teams winning medals for both Spirit and competition results. Locally our national events were well supported with a record number of teams competing. A highlight at Mixed Nationals was the Cultural Diversity showcase game. We also partnered with 10 Million Discs and the US Embassy to run clinics around the country.
2020 has been more challenging. COVID-19 caused all on field activities to cease in March and we have had to cancel all our 2020 national events. This leaves a massive shortfall in our income. Luckily, we were in a strong financial position before the pandemic and with the assistance of government stimulus grants, we are still able to operate off the field as per normal.
The AFDA staff have been using this time to create resources including an online coaching course, primary school program and team manager manual. We are also reviewing and updating all our policies and documents. This will mean we will be better prepared once we are able to resume our on-field activities.
As the AGM fast approaches, we would like to thank the current board for their service to the sport over this time of transition. Your support has been invaluable.
Simon Farrow Simon Wood
AFDA President AFDA CEO
4 ANNUAL REPORT 2019/20
Directors and Staff
PRESIDENT: SIMON FARROW
VICE PRESIDENT: EMMA TAYLOR
TREASURER: NATALIE ROBINSON
EVENTS DIRECTOR: EMMA BRIGGS
MARKETING DIRECTOR: SARAH KRISH
HIGH PERFORMANCE DIRECTOR: SANDRA POON
SCHOOLS DIRECTOR:
ELLEN SHACKLES HP & BUSINESS CEO & COMPANY NATIONAL EVENTS DEVELOPMENT MANAGER SECRETARY MANAGER COACHING DIRECTOR: DAN RULE SIMON WOOD ANNA HAYNES TARA SCHWARZE Ann
5 ANNUAL REPORT 2019/20
Governance
In February 2019, Emma Taylor and Simon Wood conducted a series of workshops around the country. The consultation process discussed - Governance reform - AFDA stakeholders and their roles - Potential governance models - Sport Australia governance principles
The outcome of this consultation resulted in a new constitution being adopted, a change to the AFDA financial year and a transition of the AFDA from an incorporated association to a company limited by guarantee.
The AFDA received notification on the 23rd March 2020 that Australian Flying Disc Association Ltd was certified as a registered company under ASIC.
The AGM to be held in September 2020 will be the first AGM under the new constitution.
We will continue to work with our State/Territory associations to further evolve the governance structure of the company.
The AFDA also created the 2020-2022 strategic plan and developed an operational plan to compliment.
One benefit of COVID-19 has been the ability to allow our staff to focus on creating resources including primary schools’ programs, coaching framework, representative team staff manuals and reviewing our policies.
Company Secretary
Simon Wood (AFDA CEO) has been appointed as Company Secretary. Simon is a Director of a Pilates business as well as having worked as an AFDA employee for over 13 years. He has an intimate knowledge of the AFDA operations. He will undergo company secretary training with the Australian Institute of Company Directors.
6 ANNUAL REPORT 2019/20
Finance
7 ANNUAL REPORT 2019/20
Finance
8 ANNUAL REPORT 2019/20
Membership
• AFDA 2019/20 membership was 7339 compared with 7261 in 2018/19 (an increase of 1%)
9 ANNUAL REPORT 2019/20
High Performance
Australia competed in three international events in 2019. Unfortunately, all the World Championship events to be held in 2020 WJUC (U20), WUGC (Open) and WMUC (Masters) were either postponed or cancelled due to COVID-19.
World Under 24 Ultimate Championships 2019
The 2019 World Under-24 Ultimate Championships took place from July 13-20, 2019 in Heidelberg, Germany. Australia sent representative teams to compete in each division across the week-long peak championship event.
10 ANNUAL REPORT 2019/20
Asia Oceanic Ultimate and Guts Championships 2019
Australia sent three teams to Asian Oceanic Ultimate & Guts Championships in 2019. The event took place in Shanghai, China from July 23-27.
11 ANNUAL REPORT 2019/20
AOFDF Junior Ultimate Championships 2019
Australia sent a men’s and women’s team to compete at the inaugural Junior and Masters Ultimate Championships hosted by the Asian Oceanic Flying Disc Federation in Manila, Philippines.
SELECTION CAMPS
The AFDA held selection camps for WUGC2020, WJUC2020 and WMUC2020. Congratulations to all athletes selected.
12 ANNUAL REPORT 2019/20
Events
The AFDA was able to host national championships in 2019 before COVID-19 caused the cancellation of all 2020 national events.
2019 Australian Youth Ultimate Championships
The 2019 Australian Youth Ultimate Championships was held in Queensland with a Mixed division included for the first time.
9 teams comprising of 122 players competed across the three divisions. Green and Gold Merit teams were selected at the conclusion of the event.
13 ANNUAL REPORT 2019/20
2019 Australian Mixed Ultimate Championships Division 1
The 2019 Australian Mixed Ultimate Championships DI was held in Bendigo, Victoria from October 25-27. 16 teams comprised of 287 players competed across the three-day event.
14 ANNUAL REPORT 2019/20
2019 Australian Mixed Ultimate Championships Division II
2019 Australian Mixed Ultimate Championships DII was held in Nelson Bay, NSW from October 18-20.
32 teams comprised of 564 players competed.
15 ANNUAL REPORT 2019/20
2019 Australian Under-22 Ultimate Championships
2019 Under-22 Ultimate Championships was held in Canberra, ACT from November.
18 teams comprised of 315 players competed across the three divisions. Green and Gold Merit teams were selected at the conclusion of the event.
16 ANNUAL REPORT 2019/20
AFDA Conference
The 2019 AFDA National Conference was held 21-22 September at the University of New South Wales in Sydney bringing together Australian Ultimate’s brightest administrators, coaches and community leaders together in the same place. This event combines various topics of interest into a single weekend where the top influencers and key stakeholders in Australian Ultimate to attend, so don't miss out on this amazing opportunity to meet, learn, problem-solve and network with the best: • Coaching • Women • Growth, Governance and Delivery • Grassroots
17 ANNUAL REPORT 2019/20
Event Volunteers
A massive THANK YOU to all the volunteers that make our events possible.
• Tournament Directors and their Tournament Organising Committees.
• Game Advisors.
• Commentators.
• Field Services.
18 ANNUAL REPORT 2019/20
Development
10 Million Discs
Ultimate Australia recently partnered with 10 Million Discs, the US Embassy Canberra and the Indigenous Ultimate Association on a new Sport for Development initiative, A New Approach to Sport: Improving Society Through Ultimate Frisbee. The program aims to introduce Ultimate Frisbee and Spirit of the Game concepts to Indigenous Australians, Multicultural/CALD groups, People with disabilities, and rural youth.
We were excited to connect with many organisations, including many English Language Schools, the Clontarf Foundation, and with Special Olympics Australia.
Clinics were conducted all over the country, including in Hobart (Tas), Woodbridge (Tas), Launceston (Tas), Cygnet (Tas), Melbourne (Vic), Mornington (Vic), Warrnambool (Vic), Dubbo (NSW), Narromine (NSW), Molong (NSW), Coonabarabran (NSW), Darwin (NT), Palmerston (NT), Fred’s Pass (NT), Batchelor (NT), Jabiru (NT), Perth (WA), Noonkanbah Station (WA), Brisbane (QLD), Gold Coast (QLD).
19 ANNUAL REPORT 2019/20
Ulti-Mates Primary School Program
As part of the AFDA’s push to be recognised for Sporting Schools, Dan Rule is finalising the Ulti- Mates primary school program. Dan has been testing the modules with the local community schools in the Northern Territory.
Australia-India Ultimate Partnership
Early in 2020, AFDA High Performance and Business Development Manager, and past Indian national team coach, Dan Rule, visited India as part of the partnership. Dan’s trip included:
• Delivering an Operational Planning session for the UPAI • Attending and presenting at the UPAI National Conference • Mentoring the four coaches of the India Under-20 Women’s team, in the lead up to, and during their team training camp • Meeting with many of the India WMUC and WUGC team coaches • Planning grassroots Ultimate delivery and coach education with multiple NGO’s • Meeting with senior officials of Kendriya Vidyalaya (a national school network) to propose the introduction of Ultimate to the curriculum to 1200+ schools across the country • Attending the UPAI National Championships in Bangalore • Meeting with the Australian High Commission in New Delhi to discuss the Australia- India Ultimate Partnership
20 ANNUAL REPORT 2019/20
The Rob Hancock Memorial Award is given by the AFDA for most outstanding contributions to flying disc sports. Awards Rob Hancock Award Winners are granted Life Membership of the AFDA. Rob Hancock Award
Mick Canci tends to be introduced to people as ‘the guy who held the world distance record’. But his involvement in disc sports in Australia is much longer and deeper than that. Mick started playing disc sports in 1980 when a physical education teacher at his school (Tuart Hill Senior High School), Rob Hancock, introduced it to the school.
Here’s a brief list of Mick’s flying disc achievements.
• Started playing in 1980 whilst in high school, introduced to the sport by Rob Hancock. • Member of the initial executive committee for the WA Frisbee Disc Association from 1981 which then changed to WA Flying Disc Association. • Held every position within the WAFDA committee until about 1990, including being the club president when the Rob Hancock Memorial Disc Golf Course was installed in 1989 • Member of the first Australian Ultimate Team to attend a world championship – the 1988 World Ultimate and Guts Championships in Belgium 1988 • Member of the executive committee for the Australian Flying Disc Association, being Treasurer for a number of years from about 1984-1989 • Authored the first Australian supplement to official Rules for events at Flying Disc Tournaments, circa 1985. • Attended 1982, 1985, 1986, 1987, 1988, 1992 Australian Flying Disc Championship’s. • Tournament Director (and competitor) for 1988 Australian Flying Disc Championship held in Perth January 1988. • Have played in the Perth Ultimate League continuously since 2002, introducing many newcomers to the sport. • Member of Australian Disc Golf since 2007 • Competed in 2012 Mixed Ultimate Championships in Perth • Member of the organising committee for the 2006 World Ultimate Club Championships in Perth. Playing member of the Fear Discsonia Open Masters Team at 2006 World Ultimate Club Championships. • Re-started playing competitive disc golf in 2014. Placed 3rd in advanced master’s division at 2017 Australian National Disc Golf Championships. Placed 1st in advanced masters 40+ at 2019 Perth Open • Member of the executive committee for Perth Disc Golf Club in 2018 & now secretary in 2019 • Established and league director of the Spearwood Disc Golf League, started in 2018. • Became the first person in the world to throw more than 600 feet (182.8m) by setting the world distance record in Bunbury on April 11 1987 of 186.83m (612.9ft).
21 ANNUAL REPORT 2019/20
The Martin Laird Awards The Martin Laird Awards are an important recognition for the achievements and efforts of Australian University ultimate players. This is a great chance for your club to demonstrate your appreciation to those players that have invested so much time and energy to be both the best possible teammate, and to keep the club running smoothly. Congratulations to our 2019 recipients:
Martin Laird Achievement Award Ava Mueller (UQ)
Martin Laird Encouragement Awards Martin Laird Encouragement Female – Hannah Nandan (ANU) Martin Laird Encouragement Male – Curtis Ly (UNSW)
Disc Golf Australian Disc Golf and the AFDA is very proud to announce our first Disc Golf World Champion. Bruce McNaughton, playing in the MA65 division, won going away in the final nine of the world championship tournaments to triumph by 11 throws over Garry Hanley from Oregon, USA and 13 ahead of Buz Ryalls-Clephane from Florida, USA.
22 ANNUAL REPORT 2019/20
Member Organisations The entity which is the only official representative of, and controlling authority for, Disc sports in a State or Territory shall be recognised as a Member Organisation and shall administer Disc Sports in that particular State or Territory in accordance with clearly defined Objects. Member Organisations, shall have the right to receive notice of, attend, debate and vote at General Meetings. Each Member Organisation must: • be incorporated in its particular State; • elect or appoint two Delegates to represent it at General Meetings and other relevant meetings in accordance with this Constitution; • iii) provide the Company with copies of its annual financial statements, annual report and associated documents as presented to its members within 30 days of its annual general meeting;
Canberra Ultimate NSW Ultimate NT Ultimate Queensland Ultimate
SA Ultimate Ultimate Tasmania Ultimate Victoria WA Ultimate
23 ANNUAL REPORT 2019/20
Affiliate Members Affiliate Members which subject to this Constitution shall have the right to receive notice of, attend and debate (but not vote) at General Meetings. Legal entities can be recognised as an affiliate member through an application process.
Australian Disc Golf Indigenous Ultimate Association
24 ANNUAL REPORT 2019/20
Partners
Discraft – National Events Disc Partner
Ulti.TV – Live Streaming Partner
Paladin – National Team Apparel Supplier Money Saver Home Loans - National Event Supporter
Recognised by SPORTAUS
25 ANNUAL REPORT 2019/20
Committees
High Performance Committee The function of the AFDA High-Performance Committee (HPC) is to develop, administer and improve High-Performance Ultimate in Australia, including the Team Australia program.
The High-Performance Committee includes Dan Rules (AFDA Board representative), Chris Stephens, Karen Baker, Tom Tulett and Yew Eng Ng.
AFDA Tour Committee The function of the AFDA Tour Committee is to develop, administer and improve the Ultimate Australia Tour (Tour)
The Tour Committee includes Anna Haynes (AFDA Board representative), Annie Longley, Catherine Phillips, Leanne King, Louis Masarei and Tom Tulett.
Universities Committee The purpose of this Universities Committee is to assist in providing a conduit for feedback and communication between the AFDA National Events Manager and the Australian University Ultimate playing community in regards to University National events conducted by Unisport.
The Universities Committee includes Anna Haynes (AFDA Board representative), Max Qua, Sean Reed, Liam Varley, Glenn Hodges, Jasper Luis and Sean Davis
Nominations Committee The purpose of the Nominations Committee is to determine the eligibility for nominees for elected positions and determine the skill suitability for nominees for appointed positions.
The Nominations Committee includes Simon Wood (CEO), Emma Taylor and Tara Schwarze.
26 ANNUAL REPORT 2019/20
AUSTRALIAN FLYING DISC ASSOCIATION LTD.
ACN 105 187 933
Financial Statements For the ended 30 June 2020
Storey Accounting Services Pty Ltd Certified Practising Accountant ABN 42 002 479 790 PO Box 2574 Carlingford Court NSW 2118
Phone 02 9869 1570 Australian Flying Disc Association Ltd. ACN 105 187 933
Contents
Directors' Report
Statement of Profit or Loss and Other Comprehensive Income
Statement of Financial Position
Statement of Changes in Equity
Statement of Cash Flows
Notes to the Financial Statements
Directors' Declaration
Independent Auditor's Report Australian Flying Disc Association Ltd. ACN 105 187 933 Directors' Report
Your directors present this report on the company for the financial year ended 30 June 2020.
Directors The names of the directors in office at any time during or since the end of the year are: Simon Farrow Emma Taylor Natalie Robinson Emma Briggs Sarah Krish Sandra Poon Ellen Shackles Tara Schwarze Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.
Directors' Meetings During the year four face to face Directors' meetings were held which were attended by between 6 to 8 directors. There were also three teleconferences attended by between 6 and 7 directors.
Operating Result The loss of the company for the financial year after providing for income tax amounted to:
Year ended Year ended 30 June 2020 30 June 2019 $ $ (59,251.16) (110,182.39)
Significant Changes in the State of Affairs Significant changes in the state of affairs of the company during the financial year, other than those referred to elsewhere in this report, are as follows: - The organisation transitioned from an incorporated association to a company limited by guarantee on 23rd March 2020. - All onfield activity was suspensed due to COVID-19 on 16th March 2020.
Principal Activities The principal activities of the company during the course of the year were to make disc sports more accessible to more Australians, to provide opportunities for players and administrators to reach their highest potential and inspire Australia, and to deliver and administer disc sports in Australia to the highest standards possible. No significant change in the nature of these activities occurred during the year.
The accompanying notes form part of these financial statements. Australian Flying Disc Association Ltd. ACN 105 187 933 Directors' Report After Balance Date Events Details of matters or circumstances that have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the company, the results of those operations or the state of affairs of the company in future financial years are : - The cancellation of ALL national events in 2020. This has been taken into account in the budget forecast for the 2020-2021 financial year.
Future Developments Due to the uncertainity surrounding COVID-19, the company is unable to make plans for any development in the operations for future financial years.
Directors' Benefits No director has received or has become entitled to receive, during or since the financial year, a benefit because of a contract made by the company or related body corporate with a director, a firm which a director is a member or an entity in which a director has a substantial financial interest.
This statement excludes a benefit included in the aggregate amount of emoluments received or due and receivable by directors shown in the company's accounts, or the fixed salary of a full-time employee of the company or related body corporate.
Indemnifying Officer or Auditor No indemnities have been given or agreed to be given or insurance premiums paid or agreed to be paid, during or since the end of the financial year, to any person who is or has been an officer or auditor of the company.
Proceedings on Behalf of Company No person has applied for leave of Court to bring proceedings on behalf of the company or intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all or any part of those proceedings. The company was not a party to any such proceedings during the year. Signed in accordance with a resolution of the Board of Directors:
______Simon Farrow President
______Natalie Robinson Treasurer
Dated: 8 September 2020
The accompanying notes form part of these financial statements. Australian Flying Disc Association Ltd. ACN 105 187 933 Statement of Profit or Loss and Other Comprehensive Income For the year ended 30 June 2020
Note 2020 2019 $ $
Revenue 636,347.53 660,444.59 Gross profit 636,347.53 660,444.59 Governance (104,822.84) (99,337.40) Finance (2,322.50) (85.50) High Performance (9,865.19) (12,603.53) Events (430.52) HR/Volunteers (300,500.04) (287,345.19) Development (3,185.23) (2,954.01) Marketing (2,295.21) (7,298.79) Communication (16,833.00) (33,302.35) National Events' Expenses (255,774.68) (327,269.69) Profit (deficit) before income tax (59,251.16) (110,182.39)
Income tax (credit) expense Profit (deficit) for the year (59,251.16) (110,182.39)
Other comprehensive income: Items that will not be reclassified subsequently to profit or loss: Items that will be reclassified subsequently to profit or loss when specific conditions are met: Total other comprehensive income for the year, net of tax
Total comprehensive income for the year (59,251.16) (110,182.39)
The accompanying notes form part of these financial statements. Australian Flying Disc Association Ltd. ACN 105 187 933 Statement of Financial Position as at 30 June 2020
Note 2020 2019 $ $
Assets Current Assets Cash assets 222,784.28 273,878.70 Receivables 39,510.53 50,357.37 Total Current Assets 262,294.81 324,236.07
Total Assets 262,294.81 324,236.07
Liabilities Current Liabilities Grants & Fees 22,219.89 10,470.51 Payables (50.00) (1,788.09) Payroll Liabilities 11,607.38 11,613.86 GST Liability 5,584.95 21,756.04 Total Current Liabilities 39,362.22 42,052.32
Non-Current Liabilities
Members Compassionate Fund 5,424.85 5,424.85 Total Non-Current Liabilities 5,424.85 5,424.85
Total Liabilities 44,787.07 47,477.17
Net Assets 217,507.74 276,758.90
Equity Retained profits 217,507.74 276,758.90 Total Equity 217,507.74 276,758.90
The accompanying notes form part of these financial statements. Australian Flying Disc Association Ltd. ACN 105 187 933 Statement of Changes in Equity for the year ended 30/06/2020
Notes Retained Issued & Total Earnings Paid Up Capital
Balance at 01/07/2018 12,393.04 12,393.04 Comprehensive income Operating Deficit (246,564.88) (246,564.88) Other comprehensive income for the year Total comprehensive income for the (246,564.88) (246,564.88) year attributable to members of the entity Balance at 30/06/2019 (246,564.88) 12,393.04 (234,171.84) Comprehensive income Other comprehensive income for the year Total comprehensive income for the year attributable to members of the entity Balance at 30/06/2020 (246,564.88) 12,393.04 (234,171.84)
The accompanying notes form part of these financial statements. Australian Flying Disc Association Ltd. ACN 105 187 933 Statement of Cash Flows For the year ended 30 June 2020
2020 2019 $ $
Cash Flow From Operating Activities
Government Funding 2,730.82 13,979.60 Receipts from customers 560,249.09 644,271.25 JobKeeper Supplement 24,000.00 Payments to Suppliers and employees (707,715.67) (770,541.48) Interest and other costs of finance (2,322.50) (85.50) Net cash provided by (used in) operating activities (note 2) (120,058.26) (112,376.13)
Cash Flow From Investing Activities
Interest Earnt 1,050.41 2,193.74 Loans 28,104.05 (1,152.36) Grants and Fees 11,749.38 (6,021.49)
Net cash provided by (used in) investing activities 40,903.84 (4,980.11)
Cash Flow From Financing Activities Cash Flow Boost 28,060.00 Net cash provided by (used in) financing activities 28,060.00
Net increase (decrease) in cash held (51,094.42) (82,085.09)
Cash at the beginning of the year 273,878.70 355,963.79 Cash at the end of the year (note 1) 222,784.28 273,878.70
The accompanying notes form part of these financial statements. Australian Flying Disc Association Ltd. ACN 105 187 933 Statement of Cash Flows For the year ended 30 June 2020
2020 2019
Note 1. Reconciliation Of Cash For the purposes of the statement of cash flows, cash includes cash on hand and in banks and investments in money market instruments, net of outstanding bank overdrafts. Cash at the end of the year as shown in the statement of cash flows is reconciled to the related items in the balance sheet as follows: AFDA Debit Card 2,361.02 3,236.57 WMUC2020 2,175.52 3,472.00 AFDA Tourament 22,966.47 55,675.26 Westpac - Current A/C 95,720.85 62,880.27 ING - Business Optimiser 99,560.42 148,614.60 222,784.28 273,878.70
Note 2. Reconciliation Of Net Cash Provided By/Used In Operating Activities To Operating Profit After Income Tax Operating profit after income tax (59,251.16) (110,182.39)
Increase/(decrease) in provision for income tax (15,787.09) (15,581.08)
Changes in assets and liabilities net of effects of purchases and disposals of controlled entities: (Increase) decrease in trade and term debtors (17,257.21) 50,220.68 Increase (decrease) in creditors, grants & fees 41,591.52 (7,278.98) Increase (decrease) in employee entitlements (390.48) 736.68 Net cash provided by (used in) operating activities (51,094.42) (82,085.09)
The accompanying notes form part of these financial statements. Australian Flying Disc Association Ltd. ACN 105 187 933 Notes to the Financial Statements For the year ended 30 June 2020
Note 1: Statement of Significant Accounting Policies
The financial report is a general purpose financial report that has been prepared in accordance with Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001. The financial report covers Australian Flying Disc Association Ltd. as an individual entity. Australian Flying Disc Association Ltd. is a company limited by shares, incorporated and domiciled in Australia. The financial report has been prepared on an accruals basis and is based on historical costs and does not take into account changing money values or, except where stated, current valuations of non-current assets. Cost is based on the fair values of the consideration given in exchange for assets. The following is a summary of the material accounting policies adopted by the economic entity in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated.
Inventories Inventories are measured at the lower of cost and net realisable value. Costs are assigned on a first-in first-out basis.
Employee entitlements Provision is made for the liability for employee entitlements arising from services rendered by employees to balance date. Employee entitlements expected to be settled within one year together with entitlements arising from wages and salaries, annual leave and sick leave which will be settled after one year, have been measured at their nominal amount. Other employee entitlements payable later than one year have been measured at the present value of the estimated future cash out flows to be made for those entitlements. Contributions are made by Australian Flying Disc Association Ltd. to an employee superannuation fund and are charged as expenses when incurred.
Cash For the purpose of the statement of cash flows, cash includes cash on hand and in all call deposits with banks or financial institutions, investments in money market instruments maturing within less than two months, net of bank overdrafts.
Comparative Figures Where required by Accounting Standards comparative figures have been adjusted to conform with changes in presentation for the current financial year.
Revenue Revenue from the sale of goods is recognised upon the delivery of goods to customers. All revenue is stated net of the amount of goods and services tax (GST).
The accompanying notes form part of these financial statements. Australian Flying Disc Association Ltd. ACN 105 187 933 Directors' Declaration
The directors of the company declare that: 1. the financial statements and notes are in accordance with the Corporations Act 2001 and: (a) comply with Accounting Standards and the Corporations Regulations; and (b) give a true and fair view of the company's financial position as at 30 June 2020 and of its performance for the year ended on that date; 2. in the directors' opinion, there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.
This declaration is made in accordance with a resolution of the Board of Directors.
______Simon Farrow President
______Natalie Robinson Treasurer
Dated: 8 September 2020