Queensland Water Polo Incorporated Annual Report 2015-2016
Queensland Water Polo Inc.
Contents
Corporate
Office Bearers 1
Honour Roll 2
Vale – Cole Miller 5
President’s Report 8
Statistics & Results
Membership Statistics 9
National Championships 11
State Championships 13
Australian & International Representation 2015/16 16
Financial Report
Committee’s Report 18
Statement of Comprehensive Income 19
Statement of Financial Position 20
Statement of Cash Flow 21
Notes to the Financial Statements 22
Statement by Members of the Committee 27
Independent Audit Report 28
Annual Report 2015-2016 Queensland Water Polo Inc.
Office Bearers 2015/16
HONORARY OFFICERS PERSONNEL
Water Polo Queensland Office Board of Directors Executive Officer/Director of Coaching Sharyn Tucker (President/Chair) Jodie Watson Lou Scarpato (Secretary) Administration & Finance Officer Michael William (Finance Director) Pam McGarrigle
Paul Coolican (Country Associations Director) Club Coordinator Stephen Porter (Marketing Director) Joanna Main
Bjorn Galjaardt (Athlete Development Director) Sport Development & Event Coordinator Heather Belshaw Bevan Groves (Competitions Director) – resigned 18/4/2016 Sports Officer Ashleigh McCall
Queensland Academy of Sport
High Performance Manager Aleksandr Osadchuk
Head Coach – Women’s Water Polo Program Arjan Vos
Head Coach – Men’s Water Polo Program Dmitry Gorshkov
1 Annual Report 2015-2016 Queensland Water Polo Inc.
Honour Roll
LIFE MEMBERS
1972 ...... Mr N.M.Cooke LLB 1976 – 1977...... Sue Raeburn 1975...... Dr J. Van Opdenbosch 1977...... Kathy Beer 1976...... Mr R.W. Parton 1977...... Denise Lee Long 1981...... Mr R.J. Wiles* 1977 ...... Vicki McKain 1983...... Mr S.J. Cluett 1981 – 1991 ...... Amanda Leeson 1989...... Ms B. Parker 1981 – 1983...... Sue Gordon 2005...... Mr J Birch 1981 – 1983...... Jackie Thomas 2007...... Ms L Lister* 1981 ...... Julie Antonieff 1982 – 1986...... Katie McAdam *deceased 1982 – 1986...... Sandy Mills 1982 – 1988...... Janet Rayner HALL OF FAME 1983 – 1985...... Natalie Greig 2005...... Debbie Cummins 1985 – 1993...... Sharyn Gist 2006...... Anthony (Tony) West 1987 – 1991...... Kylie Williams 2006...... Kate Swete-Kelly 1987...... Linda Dick 2006...... Julian Muspratt 1989 ...... Jackie (Thomas) Giles 2007...... Russell Sherwell 1989 ...... Fiona Jamieson 2008...... Amanda Leeson-Smith 1992 – 1993...... Kristina Smith 2008...... Carol Hudson 1993...... Nicola (Smith) Johnson 2008...... Jacqui (Thomas) Giles 1993 – 2003...... Melissa (Mills) Byram 2009...... Jack Lusic 1993 – 2004...... Naomi Castle 2009...... Debbie Powell 1999 ...... Tanya Keogh 2013...... Janet Rayner 1999 – 2000...... Gail Miller 2013...... Sandy Mills 1999 – 2002...... Nikita Cuffe 2013...... Toby Jenkins 2001 ...... Julia Flaskas 2013...... Sharyn (Gist) Arnold 2001 – 2003...... Jodie (Taylor) Watson 2013...... Aleks Osadchuk 2002 – 2004...... Bronwyn Maher (Smith) 2013...... Gus Wiles 2002 – 2012...... Kate Gynther 2002 – 2012...... Melissa Rippon AUSTRALIAN REPRESENTATIVES 2006 – 2008...... Suzie Fraser AUSTRALIAN WOMEN’S TEAM 2006 – 2008...... Amy Hetzel 1976 – 1981...... Paul Gair – Coach 2006 – 2014...... Sophie Smith 1976 – 1981 ...... Debbie Handley-Cummins 2006 – 2014...... Jane Moran 1976 – 1980 ...... Carol Hudson 2006 – 2016...... Bronwen Knox 1976 – 1980...... Debbie Larkin 2009 – 2016...... Ashleigh Southern
Annual Report 2015-2016 2 Queensland Water Polo Inc.
Honour Roll
2011 – 2016 ...... Kelsey Wakefield OLYMPIC GAMES REPRESENTATIVES 2013 – 2016...... Bronte Colenso 1980...... Julian Muspratt 2013 – 2016...... Elle Armit 2000...... Rafael Stark 2013 – 2014...... Olivia King 2000...... Naomi Castle 2014 ...... Maddie Coburn 2000...... Gail Miller 2014 – 2016...... Ellodie Ruffin 2000...... Melissa Mills 2004...... Pietro Figlioli AUSTRALIAN MEN’S TEAM 2004...... Topby Jenkins 1973 – 1975...... Tony West 2004...... Aleksandr Osadchuk 1975 – 1979...... Ross Langdon 2004...... Naomi Castle (c) 1979 ...... Col Ling 2004...... Nikita Cuffe 1979 ...... Bill Brooks 2004...... Kate Gynther 1979 ...... Andrew Carrick 2004...... Jodie Stuhmcke 1979 ...... Phil Howden 2008...... Pietro Figlioli 1978 ...... Jack Lusic 2008...... Rhys Howden 1980 – 1986...... Julian Muspratt 2008...... Robert Maitland 1981 – 1986...... Russell Sherwell 2008...... Anthony Martin 1982 ...... Adrian Smith 2008...... Melissa Rippon (c) 1983 – 1985...... Peter Bagster 2008...... Nikita Cuffe 1985 – 1986...... Mark Grooby 2008...... Suzie Fraser 1985 – 1986...... Brett Dugdale 2008...... Kate Gynther 1989 ...... Bill Brooks 2008...... Amy Hetzel 2001 – 2004...... Toby Jenkins 2008...... Bronwen Knox 2001 – 2008...... Rafael Sterk 2012...... Rhys Howden 2003 – 2008...... Pietro Figlioli 2012...... Billy Miller 2001 – 2004...... Aleks Osadchuk 2012...... Kate Gynther (c) 2003 – 2006...... Adam Richardson 2012...... Bronwen Knox 2003 ...... David Will 2012...... Jane Moran 2009 ...... Tom Woodwyck 2012...... Melissa Rippon 2006 – 2012...... Anthony Martin 2012...... Sophie Smith 2010 ...... Daniel Streets 2012...... Ashleigh Southern 2006 – 2012...... Rob Maitland 2016...... Rhys Howden 2007 – 2016...... Rhys Howden 2016...... Bronwen Knox (c) 2008 – 2016...... William (Billy) Miller 2016...... Ashleigh Southern 2016...... Kelsey Wakefield
3 Annual Report 2015-2016 Queensland Water Polo Inc.
GOLD MEDALIST 2000...... Naomi Castle 2000...... Gail Miller 2000...... Melissa Mills
BRONZE MEDALIST 2008...... Melissa Rippon (c) 2008...... Nikita Cuffe 2008...... Suzie Fraser 2008...... Kate Gynther 2008...... Amy Hetzel 2008...... Bronwen Knox 2012...... Kate Gynther (c) 2012...... Bronwen Knox 2012...... Jane Moran 2012...... Melissa Rippon 2012...... Sophie Smith 2012...... Ashleigh Southern
Annual Report 2015-2016 4 Queensland Water Polo Inc.
A TRIBUTE TO COLE MILLER #10 12/9/1997 – 4/1/2016 Over the last few years, this cheeky little kid began to fill out and change from a little sea pup into the beginnings of a finely tuned athlete. It was time to join the big boys in the QAS and the Barracudas national league team.
There are so many fond memories of time spent with Cole, whether it be him singing ‘Juicy’ by Biggie Smalls at his QAS initiation, his constant wearing of Billy’s clothes to the pool and gym instead of his own, with no real reason as to why or his constant usage of the phrase “skux delux” particularly when talking about his sneakers.
Aside from his much loved humour outside of the pool, Cole was about to start his journey as a young up & coming player with so much still to be achieved. From the outside Cole was quiet & often a little reserved, but once in the water Cole’s determination & drive to succeed was obvious to everyone around him. He would often tell Billy to step aside in swim sets so that he could lead and take me on. This wasn’t the only thing Cole challenged me with.
By Rhys Howden At last year’s break up he yelled, “Rhys” ‘Let’s go one for one’. My eyes glanced at Billy who shrugged with “yeah My first memories of Cole was this chubby, little kid sitting go on”! After a lousy 3 coronas and a few Sailor Jerry’s I around the pool watching Billy & I play polo in our earlier thought we were just warming up, however Cole had other days and can I tell you, Cole was far from looking like an plans. Following in true Miller fashion he was soon feeling athlete. a million dollars trying to hook up with every girl at the aquarium (our house). This was short lived and Cole was It wasn’t until I had the opportunity to coach Cole at a soon driving the porcelain bus and needing clean sheets junior level that I saw the potential, determination & as this freight train was stopped in the Dugong Station. heart that this little kid had. But before stepping into the Sorry Owen I was going to tell you eventually. pool himself, it was easy to see that Cole could read the game beyond his years. This was probably because of the My most recent & sadly my last memory of Cole, is playing countless games he watched while touring with his family in the QLD team at the World Club Water Polo Challenge as one of Billy’s biggest fans. in Sydney. The Hungarian team were down in numbers and recruiting players for their game against Serbia. After Over the years we have all watched Cole transform in and having just played a game our team was less than excited out of the water from the eager but shy kid, commonly about the idea…except for Cole. “When will I ever get known as Baby Miller or Little Billy, to the confident young another chance to play in a Hungarian club side and verse adult we all knew. some of the best under 20 Serbian players” Cole said. So One of my favourite memories coaching Cole was when he he capped up and when he got his chance he was the first & Bede copied a move Billy and I stole “The 6 meter”. The player on the Hungarian side to make any impact. He got boys pulled it off with some style a couple of times, but a kick out on a drive and gave the side their first extra man had nothing on billy and I. The best part was when they opportunity which they scored from. After the game he would both look over with a smug grin on their faces, as was ecstatic to of had the opportunity and all the boys in if to say “it ain’t that hard”. At training he loved to work on the QLD team congratulated him on having a crack. This his shooting, always trying to perfect his favourite shot a truly showed his love and respect for the game. ‘wristy short corner’ and when he scored he would say “call I have here a signed T-shirt from all the players in the last me sniper”. Knowing he was still developing power behind QLD team from which Cole represented. On behalf of that his shot, Cole would often throw a lob from outside 7m, team I would like to present it to the Millers as a keep sake. and when given a hard time about it would state “it was a finesse shot”. These are just some examples of Cole’s competitive nature and the love he had for water polo. Love you Cole 5 Annual Report 2015-2016 Queensland Water Polo Inc.
Annual Report 2015-2016 6
Queensland Water Polo Inc.
PRESIDENT’S REPORT
It gives me great pleasure to present the Annual Report of I would like to thank my fellow Board members for their Queensland Water Polo Incorporated (QWPI) for the 2015- contribution and cooperation during the process of 16 year. A somewhat challenging year at times, but one change that happened in 2015-16. We are moving into where there were many achievements and successes as a new and exciting era for water polo in this state and you can see in the collated reports. welcome CEO Robert Donaghue who will be the driving force behind the implementation of the many new and/ I would like to thank the many volunteers, QWPI staff, or reviewed policies and procedures as well as continuing ancillary coaches, facility managers and staff and suppliers to work with our affiliates and clubs to further expand the who have collectively supported water polo in Queensland delivery of services, activities and events into the future. and contributed to the ongoing growth and success of the organisation. Volunteers form the backbone for delivery of this sport and spend many hours each week ensuring pools are available, coaches are on pool deck, referees are Sharyn Tucker appointed and, most importantly, that there is compliance President to the relevant policy and procedures. The volunteers are diligently supported by the expertise of the QWPI operational staff and their efforts are also acknowledged here.
The support from the Queensland Government, and in particular the Department of National Parks Sport and Racing, is greatly appreciated and vital to QWPI being able to deliver development programs throughout the state. With the current funding cycle almost completed, QWPI looks forward with great anticipation to the implementation of a new Strategic Plan and aligned successful funding application for 2017-19. Proudly Supported by QWPI congratulates Rhys Howden, Bronwyn Knox, Kelsey Wakefield and Ash Southern on their inclusion in the national teams for the Rio Olympics. Rhys and Bronwyn were named Captains of their respective teams – Queenslanders rewarded for their exemplary work ethics, leadership and sportsmanlike qualities. They are both excellent role models for developing players.
The Board initiated a governance review in December and is in the process of implementing the recommendations from that report. A constitution compliant with the current legislation with a related Board Governance Policy is being written and sub committees to ensure efficiency and overall risk management for the organisation will be introduced. A website developer has been engaged to produce a new, informative, interactive and user friendly waterpoloqld. com.au - an initial step to improving all communication with members. The Executive Officer/Director of Coaching position was made redundant as of 27th May and a new CEO role was created requiring different skill sets and experience to lead the organisation through the changes set by the recommendations of the governance review. I acknowledge the almost five years when the EODC, Jodie Watson, was in charge of QWPI and wish her well in her future endeavours.
Annual Report 2015-2016 8 Queensland Water Polo Inc.
2015/16 STATISTICS
Membership Statistics
Senior Junior Flippa Non-Playing Total
Female Male Female Male Female Male
Member Associations 75 138 235 170 14 31 24 687
Member Clubs 119 148 1471 330 79 36 184 2367
Total 194 286 1706 500 93 67 208 3054
Event Participant Program Participant School Competitions School Programs
609 2948 959 13269
Coaches Officials
Accredited Non-Accredited Accredited Non-Accredited
135 310 101 330
Club & Association Membership
Seniors Juniors Flippa Affiliated Associations 15/16 Non-Playing F M F M F M
Gold Coast 209 57 105 16 24 4 3
Mackay 6 6
Rockhampton 186 2 6 95 59 8 12 4
Sunshine Coast 141 4 9 39 52 2 16 19
Toowoomba 95 4 8 72 10 1
Townsville 50 8 4 13 25
Sub Total 687 75 138 235 170 14 31 24
9 Annual Report 2015-2016 Queensland Water Polo Inc.
Seniors Juniors Flippa Affiliated Clubs 15/16 Non-Playing F M F M F M
All Hallows 230 203 27
Alstonville 28 4 20 4
Ambrose Treacy College 23 23
Balls So Hard 8 8
Bluebottles 14 14
Brigidine College 68 62 6
Barracudas (Tugun) 226 10 33 75 76 32
Brisbane Girls’ Grammar 202 191 11
Carina Leagues Warriors 256 13 12 138 46 13 8 26
Hammers 10 10
Mermaids 38 8 29 1
KFC Breakers 52 22 16 5 9
Moby Dicks 41 41
Moreton Bay College 74 72 2
Mt St Michaels 162 153 9
North Brisbane 114 42 28 13 7 24
Rivercity 213 21 33 61 60 20 6 12
St Margarets 103 103
St Peters 81 75 6
St Ritas 112 112
Souths 26 13 13
Somerville 116 116
Stuartholme 110 103 7
QWPI 60 2 2 32 15 9
Sub Total 2367 119 148 1471 330 79 36 184
TOTALS 3054 194 286 1706 500 93 67 208
Annual Report 2015-2016 10 Queensland Water Polo Inc.
2015/16 STATISTICS
NATIONAL CHAMPIONSHIPS RESULTS
WOMEN MEN
National Water Polo League
12 Teams 12 Teams
Brisbane Barracudas (Minor Premiers) 2nd Brisbane Barracudas 7th
KFC QLD Breakers 9th KFC QLD Breakers 11th
Peter Kerr Trophy – National Water Polo League Club Championship
Brisbane Barracudas 2nd KFC QLD Breakers 11th
U18 National Club Championships
15 Teams 13 Teams
Sunshine Coast 9th Sunshine Coast 5th
Brisbane Barracudas 10th Brisbane Barracudas 12th
All Hallows 11th
U16 National Club Championships
26 Teams 29 Teams
All Hallows 6th Sunshine Coast Gold 5th
Polar Bears 7th Warriors 10th
Sunshine Coast 8th River City 13th
BGGS 15th Brisbane Barracudas 22nd
Queensland Country 23rd Sunshine Coast Blue 28th
Queensland Country 29th
11 Annual Report 2015-2016 Queensland Water Polo Inc.
2015/16 STATISTICS Continued
NATIONAL CHAMPIONSHIPS RESULTS
WOMEN MEN
U14 National Club Championships
8 Teams 27 Teams
All Hallows 1st Brisbane Barracudas 11th
Sunshine Coast 5th Sunshine Coast 13th
Stuartholme 6th Polo Bears/Alstonville 19th
Barracudas/Polo Bears 8th River City 24th
Queensland Country 26th
U14 East Coast Challenge
QLD Maroon 2nd QLD Maroon 2nd
QLD White 5th QLD White 7th
U16 Trans-Tasman Cup
QLD Maroon 2nd QLD Maroon 3rd
QLD White 4th
Australian Secondary Schools Championships
Queensland 2nd Queensland 2nd
Annual Report 2015-2016 12 Queensland Water Polo Inc.
2015/16 STATISTICS Continued
STATE CHAMPIONSHIPS RESULTS
WOMEN MEN
Queensland Country Championships
7 Teams 7 Teams
Sunshine Coast Blue 1st Sunshine Coast Gold 1st
Gold Coast 1 2nd Mackay 2nd
Sunshine Coast Gold 3rd Sunshine Coast Blue 3rd
Gold Coast 2 4th Gold Coast 4th
Gold Coast 3 5th Gold Coast 2 5th
Rockhampton 6th Rockhampton 6th
Toowoomba 7th Toowoomba 7th
State 18 & Under Championships
10 Teams 7 Teams
All Hallows 1st Sunshine Coast 1st
BGGS 2nd Warriors 2nd
Sunshine Coast 3rd Brisbane Barracudas 3rd
Brisbane Barracudas 4th River City 4th
Cudas 5th Rockhampton 5th
Rockhampton 6th Alstonville 6th
Brigidine College 7th Gold Coast 7th
All Hallows Development 8th
Breakers 9th
St Peters 10th
13 Annual Report 2015-2016 Queensland Water Polo Inc.
2015/16 STATISTICS Continued
STATE CHAMPIONSHIPS RESULTS
WOMEN MEN
State 16 & Under Championships
16 Teams 9 Teams
Polar Bears 1st Sunshine Coast Gold 1st
All Hallows 2nd River City 2nd
Sunshine Coast Blue 3rd Warriors 3rd
Stuartholme 4th Polar Bears 4th
Barracudas 5th Barracudas 5th
BGGS 6th Sunshine Coast Blue 6th
Rockhampton 7th River City Development 7th
Warriors 8th Rockhampton 8th
Polar Bears Snow 9th Warriors/Alstonville 9th
Moreton Bay College 10th
Sunshine Coast Gold 11th
St Rita’s 12th
St Peters 13th
Loreto Warriors 14th
Somerville 15th
River City 16th
Annual Report 2015-2016 14 Queensland Water Polo Inc.
2015/16 STATISTICS Continued
STATE CHAMPIONSHIPS RESULTS
WOMEN MEN
State 14 & Under Championships
15 Teams 8 Teams
Mermaids 1st Sunshine Coast Gold 1st
All Hallows (A) 2nd Brisbane Barracudas 2nd
Stuartholme 3rd River City 3rd
Brisbane Barracudas 4th Alstonville 4th
BGGS Blue 5th Polar Bears 5th
All Hallows (B) 6th Warriors 6th
Sunshine Coast Blue 7th Sunshine Coast Blue 7th
St Rita’s 8th River City Sharks 8th
St Peters 9th
BGGS White 10th
Moreton Bay College 11th
River City 12th
Polo Bears 13th
All Hallows Development 14th
Sunshine Coast Gold 15th
15 Annual Report 2015-2016 Queensland Water Polo Inc.
AUSTRALIAN & INTERNATIONAL REPRESENTATION 2015/16
Senior Women Bronwen Knox, Ashleigh Southern, Kelsey Wakefield, Bronte Colenso, Elle Armit
Senior Men Rhys Howden, Billy Miller
Australian Youth Men’s Team - World Championships (Montenegro) Nicholas Porter
Australian Born ’00 Pan Pacific Youth Water Polo Festival and NZ Test Series (Boys) William Downes, Max Fodor
Australian Born ’01 European Tour (Boys) Tom Culleton, Jack Gallagher, James Gillfeather, Evan Mclean, Nick Newton
Australian Youth Women’s Team - World Championships (New Zealand) Gabriella Palm, Alice Williams
Australian Born ’97 European Tour (Girls) Zoe Balmanno, Jessica Emerson, Olivia McDonald, Ash- leigh Roberts, Georgia Hickey
Australian Born ’98 European Tour (Girls) Gabriella Palm, Alice Williams
Australian Born ’00 Pacific Youth Water Polo Festival and NZ Test Series (Girls) Abby Andrews, Charlize Andrews, Alessia Cerasani, Kasey Williams Dalziel, Mikaela Kenwood, Sophie Milliken, Jessica Smith
Australian Country Women Sarah Connolly, Lily Merlo, Peta Schulte, Caroline Zanussi
Australian Country Men Alex Paterson, Trevor Southern
International Referees Nicola Johnson
International Coaches Arjan Vos, Dmitry Gorshkov
Annual Report 2015-2016 16 FINANCIAL REPORT For the year ended 30 June 2016 Queensland Water Polo Inc.
COMMITTEE’S REPORT
Your committee members submit the financial report of the association for the financial year ended 30 June 2016.
Committee Members
The names of committee members throughout the financial year and at the date of this report are:
Sharyn Tucker President Lou Scarpato Secretary Paula Shannon Treasurer Paul Coolican Bjorn Galljardt Stephen Porter
Principal Activities
The principal activity of the association during the financial year was the promotion of water polo in Queensland.
No significant change in the nature of these activities occurred during the year.
Significant Changes
No significant change in the nature of these activities occurred during the year
Operating Result
The surplus from ordinary activities amounted to $66,790 (2015 surplus: $18,719).
After Balance Date Events
No matters or circumstances have arisen since the end of the financial year which significantly affected or may signifi- cantly affect the operations of the association, the results of those operations, or the state of affairs of the association in future financial years.
Signed in accordance with a resolution of the Members of the Committee:
Director ......
Treasurer ......
Annual Report 2015-2016 18 Queensland Water Polo Inc.
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2016
Notes 2016 2015
$ $
Revenue 2 690,314 675,855
Merchandising Income 42,218 40,226
Cost of Sales (19,416) (30,828)
Administration (71,160) (49,466)
Employee benefits expense (261,445) (244,303)
Sport Expenses (192,745) (266,987)
Membership (100,143) (85,730)
Human Resources (3,866) (5,109)
Travel (4,449) (4,995)
Public Relations (12,518) (9,944)
Net surplus for the year ended 30 June 2016 66,790 18,719
The above statement should be read in conjunction with the accompanying notes 19 Annual Report 2015-2016 Queensland Water Polo Inc.
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2016
Notes 2016 2015
$ $
CURRENT ASSETS
Cash and cash equivalents 4 706,316 668,255
Trade and other receivables 5 46,393 90,596
Inventories 24,216 15,913
Prepayments and Other Assets 6 114,349 -
TOTAL CURRENT ASSETS 891,274 774,764
NONCURRENT ASSETS
Property, plant and equipment 7 8,378 10,784
TOTAL NONCURRENT ASSETS 8,378 10,784
TOTAL ASSETS 899,652 785,548
CURRENT LIABILITIES
Trade creditors 83,723 31,949
Income in Advance 16,473 28,750
Other payables 8 87,723 79,907
TOTAL CURRENT LIABILITIES 187,919 140,606
TOTAL LIABILITIES 187,919 140,606
NET ASSETS 711,733 644,942
MEMBERS’ FUNDS
Retained profits 9 711,733 644,942
TOTAL MEMBERS’ FUNDS 711,733 644,942
The above statement should be read in conjunction with the accompanying notes Annual Report 2015-2016 20 Queensland Water Polo Inc.
STATEMENT OF CASH FLOWS AS AT 30 JUNE 2016
Notes 2016 2015
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 805,786 774,364
Payments to suppliers and employees (777,476) (819,464)
Income tax paid - -
Interest received 9,751 12,114
Interest paid - -
Net Cash Provided by (Used in) Operating Activities 10 38,061 (32,986)
CASH FLOWS FROM INVESTING ACTIVITIES
(Purchases) of plant and equipment - (5,811)
Net Cash Provided by (Used in) Investing Activities (5,811)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds (repayment) of borrowings - -
Net Cash Provided by (Used in) Financing Activities - -
NET INCREASE (DECREASE) IN CASH HELD 38,061 (38,797)
Cash at the Beginning of the Financial Year 4 668,255 707,052
CASH AT THE END OF THE FINANCIAL YEAR 706,316 668,255
The above statement should be read in conjunction with the accompanying notes 21 Annual Report 2015-2016 Queensland Water Polo Inc.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
This financial report is a special purpose financial report prepared in order to satisfy the financial reporting require- ments of the Associations Incorporation Act 1981. The committee has determined that the association is not a report- ing entity.
The financial report has been prepared on an accruals basis and is based on historic costs and does not take into ac- count changing money values or, except where stated specifically, current valuations of non-current assets.
The following significant accounting policies, which are consistent with the previous period unless stated otherwise, have been adopted in the preparation of this financial report. a. Cash flow statement
The presentation of a cash flow statement is not required under the Associations Incorporation Act. However, it has been determined by management that inclusion will assist user understanding of the financial statements. b. Property, Plant and Equipment (PPE)
Leasehold improvements and office equipment are carried at cost less, where applicable, any accumulated deprecia- tion.
The depreciable amount of all PPE is depreciated over the useful lives of the assets to the association commencing from the time the asset is held ready for use.
Leasehold improvements are amortised over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements. c. Impairment of Assets
At the end of each reporting period, the committee reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, an impairment test is carried out on the asset by comparing 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 amount. Any excess of the asset’s carrying amount over its recoverable amount is recognised in the income and expenditure statement. d. 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 have been measured at the amounts expected to be paid when the liability is settled.
e. Provisions
Provisions are recognised when the association has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions are measured at the best estimate of the amounts required to settle the obligation at the end of the reporting period. f. Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less. g. Accounts Receivable and Other Debtors
Accounts receivable and other debtors include amounts due from members as well as amounts receivable from donors. 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.
Annual Report 2015-2016 22 Queensland Water Polo Inc.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONT) h. Revenue and Other Income
Revenue is measured at the fair value of the consideration received or receivable. For this purpose, deferred consideration is not discounted to present values when recognising revenue.
Interest revenue is recognised using the effective interest method, which for floating rate financial assets is the rate inherent in the instrument.
Grant and donation income is recognised when the entity obtains control over the funds, which is generally at the time of receipt.
If conditions are attached to the grant that must be satisfied before the association is eligible to receive the contribution, recognition of the grant as revenue will be deferred until those conditions are satisfied.
In the case of grants provided for administration purposes, these are apportioned over the time the administration grant is expected to be used.
All revenue is stated net of the amount of goods and services tax (GST). i. Leases
Leases of PPE, where substantially all the risks and benefits incidental to the ownership of the asset (but not the legal ownership) are transferred to the association, are classified as finance leases.
Finance leases are capitalised by recording an asset and a liability at the lower of the amounts equal to the fair value of the leased property or the present value of the minimum lease payments, including any guaranteed residual values. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for that period.
Leased assets are depreciated on a straight-line basis over the shorter of their estimated useful lives or the lease term. Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses in the periods in which they are incurred. j. 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). Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in the statement of financial position. k. Financial Assets
Investments in financial assets are initially recognised at cost, which includes transaction costs, and are subsequently measured at fair value, which is equivalent to their market bid price at the end of the reporting period. Movements in fair value are recognised through an equity reserve. l. Accounts Payable and Other Payables
Accounts payable and other payables represent the liability outstanding at the end of the reporting period for goods and services received by the association during the reporting period that remain unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability.
23 Annual Report 2015-2016 Queensland Water Polo Inc.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016
2016 2015
$ $
NOTE 2: REVENUE
Grants 125,800 153,315 Registrations 264,783 276,144 Programs 241,095 167,449 Events / Tournaments 44,405 51,239 Interest 9,751 12,114 Other Income 4,480 15,594 690,314 675,855
NOTE 3: EXPENSES
Travel and Meals for Teams 59,371 32,494 Venue Hire 48,908 85,536 Depreciation 2,406 3,058 Audit Fees 3,155 3,155
NOTE 4: CASH ASSETS
Cash at Bank 705,704 667,843 Petty Cash 612 412 706,316 668,255
NOTE 5: TRADE RECEIVABLES
Trade Receivables 46,393 90,596 46,393 90,596
NOTE 6: PREPAYMENTS AND OTHER ASSETS
Prepayments 114,349 - 114,349 -
Annual Report 2015-2016 24 Queensland Water Polo Inc.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016
2016 2015
$ $
NOTE 7: PROPERTY, PLANT AND EQUIPMENT
(a) Plant and equipment
At cost 7,663 7,663
Less accumulated depreciation (3,742) (2,521)
3,921 5,142
(b) Furniture, fixtures and fittings
At cost 2,657 2,657
Less accumulated depreciation (1,629) (1,363)
1,028 1,294
(d) Lease Improvements
At cost 7,356 7,356
Less accumulated depreciation (3,928) (3,008)
3,428 4,348
Total property, plant and equipment 8,377 10,784
NOTE 8: OTHER PAYABLES
Employee Entitlements 4,832 30,375
QAS Grant Money - -
GST payable 14,923 6,798
Deposits by unknown customers - 1,504
Member deposits 36,291 25,466
Other Payables 31,677 15,764
87,723 79,907
25 Annual Report 2015-2016 Queensland Water Polo Inc.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016
2016 2015
$ $
NOTE 9: RETAINED EARNINGS
Retained earnings at the beginning of the financial year 644,942 626,223
Net surplus / (deficit) attributable to members of the entity 66,791 18,719
Retained Earnings at the end of the financial year 711,733 644,942
NOTE 10: RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES
Operating profit (loss) after income tax 66,790 18,719
Non-cash flows in operating profit
Depreciation 2,406 3,058
Changes in current assets and liabilities
(Increase) in trade debtors 44,204 (54,231)
Decrease in other debtors and prepayments (114,348) 4,614
(Increase) / Decrease in inventories 8,304 52
(Decrease) / Increase in trade creditors 43,291 6,430
(Decrease) in other creditors and accruals 12,957 (11,165)
(Decrease) / Increase in employee provisions (25,543) (463)
Net Cash Provided by Operating Activities 38,061 (32,986)
Annual Report 2015-2016 26 Queensland Water Polo Inc.
STATEMENT BY MEMBERS OF THE COMMITTEE
The committee have determined that the association is not a reporting entity.
The committee have determined that this special purpose financial report should be prepared in accordance with the accounting policies outlined in Note 1 to the financial statements.
In the opinion of the committee the financial report as set out on pages 1 to 10:
1. Presents a true and fair view of the financial position of as at 30 June 2016 and its performance for the financial year ended on that date.
2. At the date of this statement, there are reasonable grounds to believe that will be able to pay its debts as and when they fall due.
This statement is made in accordance with a resolution of the committee and is signed for and on behalf of the Com- mittee by:
Director ......
Treasurer ......
27 Annual Report 2015-2016 Queensland Water Polo Inc.
Tel: +61 7 3237 5999 Level 10, 12 Creek St Fax: +61 7 3221 9227 Brisbane QLD 4000 www.bdo.com.au GPO Box 457 Brisbane QLD 4001 Australia
INDEPENDENT AUDITOR’S REPORT
To Members of Queensland Water Polo Inc.
Report on the Financial Report We have audited the accompanying financial report, being a special purpose financial report of Queensland Water Polo Inc. , which comprises the statement of financial position as at 30 June 2016, the statement of comprehensive income and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and Committee’s Report.
Managements’ Responsibility for the Financial Report
Management are responsible for the preparation and fair presentation of the financial report, and have determined that the basis of preparation described in Note 1 is appropriate to meet the requirements of Associations Incorporation Act 1981 and is appropriate to meet the needs of the members. The management’s responsibility also includes such internal control as they determine is necessary to enable the preparation and fair presentation of a financial report that is free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility Our responsibility is to express an opinion on the financial report based on our audit. We have conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Independence
In conducting our audit, we have complied with the independence requirements of the Australian professional accounting bodies.
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation, other than for the acts or omissions of financial services licensees.
Annual Report 2015-2016 28 Queensland Water Polo Inc.
Opinion n our opinion the financial report presents fairly, in all material respects, the financial position of Queensland Water Polo Inc. as at une , and its financial performance and its cash flo s for the year then ended in accordance ith the financial reporting re uirements of ssociations ncorporation ct . asis of Accounting