Hockey Victoria Annual Report 2020
Contents
02 07 Welcome & Sub Commitees Overview & Advisory Groups
04 08 Hockey Victoria Clubs & Executive Report Associations
06 10 Board Meeting Financial Attendance Report
06 26 Hockey Victoria Independent Staff Auditor’s Report
Contents | 1 Welcome & Overview
2 | Hockey Hockey Victoria Victoria | |Annual Annual Report Report 2020 2020 Grow Diversify Unite Excel
Welcome & OverviewXXX | 3 Hockey Victoria Executive Report
Thirdly, to Hockey Australia (HA) and our fellow State Hockey On behalf of the Hockey Victoria (HV) Board Associations (MA’s) who have all supported us throughout & Management we would like to present our 2020. To HA who have provided the 8,500 registered Victorian annual report for 2020. players in 2020 a credit on their 2021 fees. To our fellow MAs who have thrown their support behind Victorian Hockey 2020 was arguably the most remarkable through the ‘sticksforvics’ campaign throughout the second lockdown period. year in everyone’s life through the challenges faced due to the emergence of COVID-19 We wanted to acknowledge the outstanding work conducted by our clubs and Associations in the last two months in getting in March. The impact was profound on the Hockey back out there in Victoria. For HV, we have been able organisation, Clubs/Associations and the to get our 2020 Under 15 & 18 State athletes back on the pitch participants of Hockey in Victoria. and deliver our Under 13 Academy Program. A number of clubs and Associations have reported strong junior numbers at Firstly, we would both like to acknowledge the efforts training and a summer season has been established. The team of more than 150 community Hockey clubs who worked entries for the 2021 season through the League and Pennant tirelessly to prepare for the 2020 season. The work our competitions are strong and HV Management & Board are very Clubs & Associations did to engage with their members confident of a swift recovery as we move towards 2021. during the midst of the pandemic was incredibly important. It was inspiring to see our communities innovate to remain Whilst our primary focus was to deliver a Winter Hockey connected socially throughout the year. This attitude and Competition in 2020, the cancelled season has allowed commitment to the game are why we are optimistic about management and the Board to focus on a range of key projects the recovery and growth of our game in 2021. targeted towards strengthening our capacity and capability from 2021. Secondly, to the Federal & State Governments for their strong support of community sport and community sporting We are delighted to release our Strategic Ambition for organisations. Without the support we would not be in the 2021-2024 in December 2020. The plan has a focus on financial position we find ourselves in at the end of December recovery while stretching ourselves into new heights through 2020. A position where we have been able to provide our participation in mid-week Hockey, inclusion, diversity, members with flexibility with regards to their fees in 2020 commercial revenue and governance. Over the past four years, and a cap on all fees leading into 2021. We would also like our success as an organisation has been a reflection of the to acknowledge the close to 750 Victorian players who strength of our clubs and Associations. We look forward to pledged their 2020 HV membership fees which assisted continuing our strong relationship together as we work towards the organisation in generating over $30,000. The support our aspirations outlined in the new plan. has enabled HV to maintain its staffing profile and the range of programs and activities which underpin the ongoing development of Hockey in Victoria.
4 | Hockey Victoria | Annual Report 2020 In August, we released our new version of the Hockey Victoria We would like to acknowledge the sacrifice and commitment website. The website is mobile friendly and through the of our staff at HV throughout 2020. Every staff member has transition process we have reduced the number of pages remained engaged and focussed on supporting the sport for and included an inclusion widget which provides greater our community. We both could not be prouder of the attitude accessibility to people with a disability. The new website also and professionalism demonstrated by the team. saw the launch of a club finder which will help new Hockey players find local clubs and programs in 2021 and beyond. Finally, we would like to thank the HV Directors for their time and efforts throughout 2020. The number of meetings We delivered a range of education programs and forums increased significantly and the Directors unwavering online in 2020 which has significantly increased the number of commitment greatly assisted the management team. regional Victorian participants in our programs. This included;
• Level 1 Coaching Courses
• Level 1 Umpire Course
• Hockey Education Week
• Girls Brunch Shaun Dooley – Andrew Skillern – President CEO • Retention in Community Sport Workshop with Victoria University
• 30 Day fitness challenges for our pathway athletes
• Regular Club & Association Forums
On the National stage, HV remained highly engaged with Hockey Australia with regards to the Hockey Co-op Project, Hockey One and the detailed consideration around joining the Federal Government’s National Redress Scheme. In late 2020, HV made a draft submission to join the National Redress Scheme as a lone institution (Hockey Victoria Inc) as did Hockey Australia and our fellow Members Associations. This submission aligns to Hockey’s strong position with regards to child safety in sport.
Welcome & Overview | 5 Board Meeting Attendance
Director Feb Apr May Jun Jul Aug Sep Oct Nov Total
Shaun Dooley 1 1 1 1 1 1 1 1 1 9 Ellen Williamson 1 1 1 1 1 1 1 1 1 9 Tracey Drake 1 1 1 1 1 1 1 1 1 9 Alison Foenander 0 1 1 1 1 1 1 1 1 8 Andrew Hodder 1 1 1 0 1 1 1 1 1 8 Chris Chittick 1 1 1 1 1 1 1 1 1 9 Kester Brown 1 1 1 1 1 1 1 1 1 9 Harry Drakos 1 1 1 1 1 1 1 1 1 9 Carina Ford N/A N/A N/A N/A N/A 1 1 1 1 4
Hockey Victoria Staff
Chief Executive Officer General Manager High Performance Andrew Skillern Lachlan Anderson
Finance Manager State Team & Athlete Pathway Elaine Zhao Administration Manager James McCallum Finance Coordinator Vicky Zhu P/T Athlete & Coach Development Manager Phil Burrows Chief Operating Officer Sash Herceg General Manager Game Development Suzanne Henderson (P/T) Head of Competitions David Bourke Head of Game Development Michael Fox Competitions Coordinator Rachelle Pole Club Development Manager Michaela Cook Competitions Coordinator Damien Deefholts Game Development Manager Peter Wroblewski Operations Manager Ben Seccull Participation Officer Amy Welsh Marketing & Communications Manager Patrick Rebakis Departed Staff Eliza Caldecott Membership & Administration Manager Merryn Christian Steven Lee Fitton Jo Crosby Business Operations Officer Keegan Watson P/T
6 | Hockey Victoria | Annual Report 2020 Sub-Committees & Advisory Groups
High Performance Andrew Hodder chair Hockey Victoria Officiating Peter Wroblewski chair Advisory Committee Committee Lachlan Anderson Damien Deefholts Phil Burrows James Stewart Stacia Joseph Jim Unkles Jay Stacy Keeley O'Reilly Tim Strapp Michael McLean Andrew Skillern Jeremy Harris
Investigation Panel DID NOT MEET Finance Sub-Committee Alison Foenander chair Roger Arnold Recognition & Awards Glenda Wilson chair Kester Brown Committee Robyn Pascoe Andrew Skillern Bruce Smith Elaine Zhao Andrew Skillern Sash Herceg Steven Lee Fitton Risk & Governance Tracey Drake chair Sub-Committee Rules Review Committee David Bourke chair Shaun Dooley Damien Deefholts Sash Herceg Sash Herceg Andrew Skillern Rachelle Pole Ellen Williamson
Welcome & Overview | 7 Clubs & Associations
Central Metro Eastern Metro North East Metro
Elwood HC Camberwell HC Craigieburn Falcons HC Hawthorn HC Collegians-X HC Croydon Ranges HC Maccabi HC ECHO Doncaster HC MCC Hockey Section Knox HC Greensborough HC MHSOB HC Monash University HC Hume HC Old East Malvern HC Old Camberwell HC KBH Brumbies PHSTK HC Old Trinnity Grammarians HC Old Carey HC Melbourne Razorbacks HC Old Xaverians HC United Khalsa HC TEM HC Waverley HC Whittlesea HC
North West Metro Southern Metro Western Metro
Brunswick HC Bayside HC Altona HC Caroline Springs HC Casey HC Footscray HC Essendon Hockey Frankston HC Geelong Hockey Association La Trobe University HC Greater Dandenong Warriors HC Corio HC Melbourne University HC Glen Eira HC Geelong College HC Melton HC Mentone HC Geelong HC Parkville Women’s HC Mornington Peninsula HC Golden Plains HC PEGS HC Mount Eliza HC Hockey Bellarine St Bernard’s HC Old Haileyburian’s HC Kardinia HC Yarra Valley HC Peninsula Women’s HA Newtown City HC Southern Knights HC Saints HC Southern United HC Torquay HC St Bedes Old Collegian HC Old Melburnians HC RMIT HC Sunshine HC Werribee HC
8 | Hockey Victoria | Annual Report 2020 North East Regional North West Regional South East Regional South West Regional
Goulburn Valley HA Hockey Central Vic Gippsland Bulls HC* Glenelg Region HA Benalla HC Bendigo Senjuns HC East Gippsland HA Bulls HC Echuca Moama HC Eaglehawk HC Bairnsdale HC Coleraine HC Euroa HC* Girton HC Maffra HC Demons HC Kyabram HC Loddon Murray HC Nagle College HC Dunkeld HC GV Grammar HC Sandhurst HC* Orbost HC Hockey Monivae Mooroopna HC Sea Lake Nandaly HC Sale HC Hamilton & Alexandra College HC Strikers HC Strathdale HC* Swan Reach HC Hockey Ballarat SYC HC Maryborough HA Wellington HC Bobcats HC Hockey Albury Wodonga North Central HA Latrobe Valley HA Blaze HC Beechworth HC Birchip-Watchem HC Churchill HC Eureka Golden City HC Corowa Rutherglen United HC Boort HC Moe HC Girls Day Out Falcons HC Charlton HC Traralgon HC Students of Ballarat HC Magpies HC Donald HC Traralgon Rovers HC Warrnambool & District HA Norths HC St Arnaud HC West Gippsland HA Corangamite Junior HC Scots HC Wedderburn HC Aztects HC Mariners HC Wangaratta HC Wycheproof-Narraport HC Drouids HC South West Strikers HC Wodonga HC Sunraysia HA Gulls HC Submariners HC Wombats HC Koowinda HC Warriors HC Technique HC Mildura Wanderers HC Portland HC Rivaside HC WestVic Hockey* Waratahs HC Wimmera HA Dimboola HC Horsham HC Kaniva HC Nhill & District Sporting Club – Hockey Division HC Warracknabeal HC Yanac HC
* Regional Clubs that Affiliate directly with Hockey Victoria
Welcome & OverviewXXX | 9 Financial Report
Statement of Profit or Loss and 15 Other Comprehensive Income
Statement of Financial Position 16
Statement of Changes in Members Funds 17
Statement of Cash Flows 18
Notes to the Financial Statements 19
Directors Declarations 29
Independent Auditor’s Report 30
10 | Hockey Victoria | Annual Report 2020 Statement of Profit or Loss and Other Comprehensive Income
For the year ended 31 December 2020
NOTES 2020 2019 $ $ Revenue 2 2,897,863 5,422,360
Administration and membership expenses 1,180,652 1,168,965 Competition and event expenses 320,253 High performance expenses 645,577 1,780,057 Education expenses 9,604 100,831 Recruitment and school expenses 245,843 299,961 Strategic projects and club development expenses 147,693 211,264 Hockey Club Melbourne expenses 11,440 543,767 Sponsorship expenses 1,200 53,215 Social hockey expenses 138,232 347,009 Profit/(Loss) for the year 1(a) 197,369 50,931
Other comprehensive income - -
Total comprehensive profit/(loss) for the year 197,369 50,931
Financial Report | 11 Statement of Financial Position
As at 31 December 2020
NOTES 2020 2019 $ $
CURRENT ASSETS Cash and cash equivalents 3 920,107 679,235 Trade and other receivables 4 460,396 351,447 Inventories 5 22,113 32,113 Investments 6 - 100,000 Other assets 7 275,404 234,556 TOTAL CURRENT ASSETS 1,678,020 1,397,351
NON-CURRENT ASSETS Right-of-use assets 8 36,039 252,274 Plant and equipment 9 27,702 53,291 TOTAL NON-CURRENT ASSETS 63,741 305,565
TOTAL ASSETS 1,741,761 1,702,916
CURRENT LIABILITIES Trade and other payables 10 364,992 436,470 Provisions 11 142,254 174,641 Lease liabilities 12 33,867 216,662 Other liabilities 13 489,302 347,486 TOTAL CURRENT LIABILITIES 1,030,415 1,175,259
NON-CURRENT LIABILITIES Provisions 11 68,215 48,028 Lease liabilities 12 - 33,867 TOTAL NON-CURRENT LIABILITIES 68,215 81,895
TOTAL LIABILITIES 1,098,630 1,257,154
NET ASSETS 643,131 445,762
MEMBERS' FUNDS Reserves 14 325,560 275,560 Accumulated surplus 317,571 170,202 TOTAL MEMBERS’ FUNDS 643,131 445,762
12 | Hockey Victoria | Annual Report 2020 Statement of Changes in Members Funds
For the year ended 31 December 2020
ACCUMULATED RESERVES SURPLUS TOTAL $ $ $
Balance at 1 January 2019 275,560 119,271 394,831 Surplus for the year - 50,931 50,931 Total comprehensive surplus for the year - 50,931 50,931 BALANCE AT 31 DECEMBER 2019 275,560 170,202 445,762
Balance at 1 January 2020 275,560 170,202 445,762 Surplus for the year - 197,369 197,369 Total comprehensive surplus for the year - 197,369 197,369 Transfer from retained earnings to reserves 50,000 (50,000) - BALANCE AT 31 DECEMBER 2020 325,560 317,571 64,131
Financial Report | 13 Statement of Cash Flows
For the year ended 31 December 2020
NOTES 2020 2019 $ $
CASH FLOWS FROM OPERATING ACTIVITIES Receipts from clubs and individual members 659,270 5,163,093 Receipts from government grant income 2,117,584 717,571 Payments to suppliers and employees (2,626,875) (5,806,404) Interest received 789 16,137 Net cash provided by operating activities 15(b) 150,768 90,397
CASH FLOWS FROM INVESTING ACTIVITIES Payment for property, plant and equipment (9,896) (28,496) Proceeds from sale of property, plant and equipment - 19,135 Net movement in term deposit investments 100,000 400,000 Net cash provided by/ (used in) investing activities 90,104 390,639
CASH FLOWS FROM FINANCING ACTIVITIES Repayment of lease libilities – (109,863)
Net increase/ (decrease) in cash and cash equivalents 240,872 371,173 Cash at beginning of the year 679,235 308,062 Cash at end of the year 15(a) 920,107 679,235
NOTE 1: STATEMENT OF SIGNIFICANT Critical Accounting Estimates and Judgements ACCOUNTING POLICIES The directors’ estimates and judgements incorporated into the Company information financial report are based on historical results and the best available current information. Estimates assumes a reasonable Hockey Victoria Incorporated is an individual entity and is an expectation of future events and are based on current trends and association incorporated in Victoria under the Associations economic data from internal and external sources. Incorporation Reform Act 2012. The registered office of the association is 10 Brens Drive, Parkville 3052, Victoria. In the application of the entity’s accounting policies, which are described below, the directors are required to make judgements, The financial report of Hockey Victoria was authorised for estimates and assumptions about the carrying amounts of issue by the Board on 25 February 2021 assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based Basis of Accounting on historical experience and other factors that are considered to These financial statements are general purpose financial report be relevant. Actual result may differ from these estimates. which have been prepared in accordance with the Associations The estimates and underlying assumptions are reviewed on an Incorporations Reform Act 2012, Australian Accounting ongoing basis. Revisions to accounting estimates are recognised Standards – Reduced Disclosure Requirements, and comply in the period in which the estimate is revised if the revision with other requirements of the law. affects only that period or in the period of the revision and future The report is prepared on an historical cost basis. Historical cost periods if the revision affects both current and future periods. is generally based on the fair values of the consideration given in exchange of the goods and services.
14 | Hockey Victoria | Annual Report 2020 Notes to the Financial Statements
For the year ended 31 December 2020
Key sources of estimation uncertainty (c) Leased assets
As described below in note 1(b) the entity reviews the estimated The Association assesses whether a contract us or contains a useful lives of property, plant and equipment at each reporting lease, at inception of the contract. The Association recognises date. No changes to the useful lives were determined during the a right-of-use asset and a corresponding lease liability with current year. respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of The following specific accounting policies, which are consistent 12 months or less) and leases of low value assets (such as with the previous year unless otherwise stated, have been tablets and personal computers, small items of office furniture adopted in the preparation of this report:The following specific and telephones). For these leases, the Association recognises accounting policies, which are consistent with the previous year the lease payments as an operating expense on a straight-line unless otherwise stated, have been adopted in the preparation basis over the term of the lease unless another systematic basis of this report: is more representative of the time pattern in which economic benefits from the leased assets are consumed. (a) Income Tax The lease liability is initially measured at the present value of the No liability for income tax has been recognised as lease payments that are not paid at the commencement date, the Association is exempt from income tax under discounted using the rate implicit in the lease. If this rate cannot Division 50 of the Income Tax Assessment Act 1997. be readily determined, the lessee uses its incremental borrowing (b) Non-current Assets rate.
Each class of plant and equipment is recognised in the Lease payments included in the measurement of the lease Statement of Financial Position at cost or fair value less, liability comprise: where applicable, any accumulated depreciation. • Fixed lease payments (including in-substance fixed Depreciation payments), less any lease incentives receivable;
The depreciable amount of all property, plant and equipment • Variable lease payments that depend on an index or is depreciated on a straight line basis over the useful lives of rate, initially measured using the index or rate at the the assets to the Association commencing from the time the commencement date; asset is held ready for use. The estimated useful lives, residual • The amount expected to be payable by the lessee under values and depreciation methods are reviewed at the end of residual value guarantees; each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. • The exercise price of purchase options, if the lessee is reasonably certain to exercise the options; The depreciation rates used for each class of depreciable asset are: • Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. Class of Fixed Asset Depreciation Rate The lease liability is presented as a separate line in the Office Furniture 28.6% consolidated statement of financial position. Electrical Equipment 28.6% The lease liability is subsequently measured by increasing the Hockey Equipment 28.6% carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect lease payments made.
Financial Report | 15 Notes to the Financial Statements
For the year ended 31 December 2020
NOTE 1: STATEMENT OF SIGNIFICANT The right-of-use assets are presented as a separate line in the ACCOUNTING POLICIES (CONT’D) consolidated statement of financial position.
(c) Leased assets (cont'd) The Association applies AASB 136 to determine whether a right-of-use asset is impaired and accounts for any identified The Association measures the lease liability (and makes impairment loss as described in the ‘Property, Plant and a corresponding adjustment to the related right-of-use Equipment’ policy in note (b). asset) whenever: Variable rents that do not depend on an index or rate are not • The lease term has changed or there is a significant event included in the measurement of the lease liability and the or change in circumstances resulting in a change in the right-of-use asset. The related payments are recognised as assessment of exercise of a purchase option, in which case an expense in the period in which the event or condition that the lease liability is remeasured by discounting the revised triggers those payments occurs and are included in ‘Other lease payments using a revised discount rate; expenses’ in profit or loss.
• The lease payments change due to changes in an index or As a practical expedient, AASB 16 permits a lessee not to rate or a change in expected payment under a guaranteed separate non-lease components, and instead account for residual value, in which case the lease liability is remeasured any lease and associated non-lease components as a single by discounting the revised lease payments using an arrangement. The Association has not used this practical unchanged discount rate (unless the lease payments change expedient. For a contracts that contain a lease component and is due to a change in a floating interest rate, in which case a one or more additional lease or non-lease components, the revised discount rate is used); Association allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of • A lease contract is modified and the lease modification is the lease component and the aggregate stand-alone price of the not accounted for as a separate lease, in which case the non-lease components. lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments COVID-19 related rent concessions using a revised discount rate at the effective date of the modification. The Association has adopted the practical expedient issued by the Australian Accounting Standards Board whereby it has not The Association did not make any such adjustments during the accounted for rent concessions (which are a direct consequence periods presented. of the COVID-19 pandemic) as lease modifications. Instead, the Association has recognised these concessions in the statement The right-of-use assets comprise the initial measurement of the of comprehensive income for the year ended 31 December corresponding lease liability, lease payments made at or before 2020 as ‘Rent relief’ as and when incurred. the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost The practical expedient may be applied where the following less accumulated depreciation and impairment losses. conditions apply:
Whenever the Association incurs an obligation for costs to • The changed lease payments were substantially the same or dismantle and remove a leased asset, restore the site on which less than the payments prior to the rent concession; it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is • The reductions only affect payments which fall due before recognized and measured under AASB 137. To the extent that 31 December 2020; the costs relate to a right-of-use asset, the costs are included in • There has been no substantive change in terms and the related right-of-use asset, unless those costs are incurred to conditions of the lease. produce inventories. (d) Employee Benefits Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease Provision is made for the Association's liability for employee transfers ownership of the underlying asset or the cost of benefits arising from services rendered by employees to the right-of-use asset reflects that the Association expects to reporting date. Employee benefits expected to be settled within exercise a purchase option, the related right-of-use asset is one year, together with benefits arising from wages and salaries depreciated over the useful life of the underlying asset. and annual leave which will be settled after one year, have been measured at the amounts expected to be paid when the liability The depreciation starts at the commencement date of the lease. is settled plus related on-costs.
16 | Hockey Victoria | Annual Report 2020 Other employee benefits payable later than one year have (i) Goods and Services Tax been measured at the present value of the estimated future cash outflows to be made for those benefits. Contributions are Revenues, expenses and assets are recognised net of the made by the Association to an employee superannuation fund amount of GST, except: nominated by an employee and are charged as expenses when incurred. I. where the amount of GST incurred is not recoverable from the Australian Taxation Office, it is recognised as part of (e) Unearned Deferred Revenue the cost of acquisition of an asset or as part of an item of expense; or Unearned revenue is recognised as a liability in the Statement of Financial Position and will be recognised as revenue in the II. for receivables and payables which are recognised Statement of Profit or Loss and Other Comprehensive Income inclusive of GST. when relevant services are delivered by the Association. The net amount of GST recoverable from, or payable to, (f) Cash the taxation authority is included as part of receivables or payables. For the purposes of the Statement of Cash Flows, cash includes cash on hand and at bank. Cash flows are included in the cash flow statement on a gross basis. The GST component of the cash flows arising from (g) Held-to-maturity financial assets investing and financing activities which is recoverable from, or payable to, the taxation authority is classified within operating If Hockey Victoria has the positive intent and ability to cash flows. hold term deposits to maturity, then such financial assets are classified as held-to-maturity. Held-to-maturity financial (j) Inventory assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, Inventories are measured at the lower of cost and net realisable held-to-maturity financial assets are measured at amortised cost value. The cost of inventories comprise all costs of purchase, using the effective interest method, less any impairment losses. costs of conversion and any other costs incurred in bringing the Held to maturity financial assets comprise term deposits. inventories to their present location and condition. Costs are assigned on a first-in, first-out. (h) Revenue (k) Trade and other payables Revenue from the rendering of a service is recognised upon the delivery of the service to the clubs and individual members. Trade payables and other accounts payable are recognised Interest revenue is recognised on a proportional basis taking into when the Association becomes obliged to make future account the interest rates applicable to the financial assets. payments resulting from the purchase of goods and services.
When the association receives government grants, donations (l) Provisions and bequests that are in the scope of AASB 1058 (being a transaction where the consideration paid to acquire an asset Provisions are recognised when the Entity has a present is significantly less than fair value principally to enable the obligation (legal or constructive) as a result of a past event, it is company to further its objectives), it performs an assessment probable that the Entity will be required to settle that obligation to determine if the contract is ‘enforceable’ and contains and a reliable estimate can be made of the amount of the ‘sufficiently specific’ performance obligations. obligation.
In cases where there is an ‘enforceable’ contract with a The amount recognised as a provision is the best estimate customer with ‘sufficiently specific’ performance obligations, of the consideration required to settle the present obligation the transaction is accounted for under AASB 15 where income at the reporting date, taking into account the risks and is recognised when (or as) the performance obligations are uncertainties surrounding the obligation. Where a provision is satisfied. In all other cases the transaction is accounted for under measured using the cash flows estimated to settle the present AASB 1058 where the income is recognised upon receipt. obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is All revenue is stated net of the amount of goods and services material). tax (GST).
Financial Report | 17 Notes to the Financial Statements
For the year ended 31 December 2020
NOTE 1: STATEMENT OF SIGNIFICANT New and revised Australian Accounting ACCOUNTING POLICIES (CONT’D) Standards in issue but not yet effective
(l) Provisions (cont'd) At the date of authorisation of the financial statements, the Association has not applied the following new and revised When some or all of the economic benefits required to settle Australian Accounting Standards, Interpretations and a provision are expected to be recovered from a third party, a amendments that have been issued but are not yet effective: receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable Effective for can be measured reliably. annual reporting Applicable Short‑term and other long‑term employee benefits Standard/ periods beginning from year amendment on or after ended A liability is recognised for benefits accruing to employees in AASB 1060 ‘General 1 Jan 2022 30 Dec 2023 respect of wages and salaries and annual leave in the period Purpose Financial the related service is rendered at the undiscounted amount of Statements – Simplified the benefits expected to be paid in exchange for that service. Disclosures for For-Profit and Not-for-Profit Tier 2 Liabilities recognised in respect of short‑term employee Entities’ benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service. AASB 2020-3 Amendments 1 Jan 2022 30 Dec 2023 to Australian Accounting Liabilities recognised in respect of other long‑term employee Standards – Annual benefits are measured at the present value of the estimated Improvements 2018-2020 future cash outflows expected to be made by the Association and Other Amendments in respect of services provided by employees up to the AASB 2020-1 Amendments 1 Jan 2023 30 Dec 2024 reporting date to Australian Accounting (m) Adoption of new and revised Accounting Standards Standards – Classification of Liabilities as Current or The Association has adopted all of the new and revised Non-current and AASB Standards and Interpretations issued by the Australian 2020-6 Amendments to Accounting Standards Board (the AASB) that are relevant to Australian Accounting their operations and effective for an accounting period that Standards – Classification begins on or after 1 January 2020. of Liabilities as Current or Non-current – Deferral of New and revised Standards and amendments thereof and Effective Date Interpretations effective for the current year that are relevant to the Association include: The Association does not expect any material impact on its financial position and performance, with the adoption of • AASB 2018-7 Amendments to Australian Accounting revised Standards/ Interpretations. Standards – Definition of Material
• Conceptual Framework for Financial Reporting and AASB 2019-1 Amendments to Australian Accounting Standards – References to the Conceptual Framework
• AASB 2019-5 Amendments to Australian Accounting Standards – Disclosure of the Effect of New IFRS Standards Not Yet Issued in Australia
The application of these amendments did not have any material impact on the disclosures or the amounts recognised in Association’s financial statements.
18 | Hockey Victoria | Annual Report 2020 2020 2019 $ $ NOTE 2: REVENUE Administration and membership revenue 230,411 1,012,294 Competition and events revenue 67,271 1,858,908 Education revenue 10,487 28,845 High performance revenue 319,456 1,457,857 Hockey Club Melbourne revenue - 288,508 Recruitment and school revenue 50,268 150,295 Sponsorship revenue 2,136 45,318 Social hockey revenue 160 446,898 Strategic projects and club development revenue 18,192 117,300 Interest revenue 789 16,137 Government grant revenue 1,420,273 290,500 JobKeeper subsidy 555,495 – Rental relief 222,925 – 2,897,863 5,422,360
NOTE 3: SIGNIFICANT EXPENSES Employee benefits expense 1,344,539 1,552,686 Depreciation expense 35,485 40,148 Amortisation expense 216,235 108,118
NOTE 3: CASH AND CASH EQUIVALENTS Cash on hand 219 2,449 Cash at bank 919,888 676,786 920,107 679,235
NOTE 4: TRADE AND OTHER RECEIVABLES Trade debtors 265,645 329,850 Other debtors 194,751 21,597 460,396 351,447
NOTE 5: INVENTORY Inventory - uniforms 22,113 32,113
NOTE 6: INVESTMENTS Term deposits at bank – 100,000
NOTE 7: OTHER ASSETS Prepayments 243,032 115,800 Deposits 32,372 118,756 275,404 234,556
NOTE 8: RIGHT-OF-USE ASSETS Right to use assets 360,392 360,392 Less: Accumulated amortisation (324,353) (108,118) 36,039 252,274
Financial Report | 19 Notes to the Financial Statements
For the year ended 31 December 2020
OFFICE ELECTRICAL HOCKEY FURNITURE EQUIPMENT EQUIPMENT TOTAL
NOTE 9: PROPERTY, PLANT & EQUIPMENT Gross carrying Amount Balance at 1 January 2018 2,658 28,921 51,265 82,844 Additions - 20,594 7,902 28,496 Disposals - (13,285) (4,616) (17,901) Depreciation expense (1,772) (13,400) (24,976) (40,148) BALANCE AT 31 DECEMBER 2019 886 22,830 29,575 53,291
Additions - 9,896 - 9,896 Disposals - - - - Depreciation expense (407) (17,135) (17,943) (35,485) BALANCE AT 31 DECEMBER 2020 479 15,591 11,632 27,702
2020 2019 $ $
NOTE 10: TRADE AND OTHER PAYABLES Trade creditors 182,027 271,009 Sundry creditors and accruals 182,965 165,461 364,992 436,470
NOTE 11: PROVISIONS CURRENT Provision for annual leave and long service leave 142,254 174,641 142,254 174,641
NON-CURRENT Provision for long service leave 68,215 48,028 (a) Aggregate employee benefits liability 210,469 222,669 (b) Number of employees at year end 21 21 As at 31 December 2020, there are 21 employees (2019: 21). The average number of employees throughout the year was 21 (2019:20).
20 | Hockey Victoria | Annual Report 2020 NOTES 2020 2019 $ $
NOTE 12: LEASE LIABILITIES CURRENT Lease liability 33,867 216,662
NON CURRENT Lease liability – 33,867
NOTE 13: OTHER LIABILITIES Deferred income (Payments - received in advance) 489,302 347,486
NOTE 14: RESERVES Balance at beginning of the year 275,560 275,560 Transfers from/to accumulated surplus 50,000 - Balance at end of the year 325,560 275,560
During 2019 Hockey Victoria implemented a Members Fund (Reserves) Policy. Under this policy Hockey Victoria plans to increase the equity reserves of the organisation over time to support the future business viability & sustainability of Hockey Victoria. The medium term goal is to increase the reserves to equate to three months of fixed operating expenses.
NOTE 15: STATEMENT OF CASH FLOWS (a) Reconciliation of cash and cash equivalents
Cash and cash equivalents at the end of the year as shown in the statement of cash flows is reconciled to the related items in the statement of financial position as follows: Cash on hand 3 219 2,449 Cash at bank 3 919,889 676,786 920,108 679,235
(b) Reconciliation of loss for the year to net cash flows from operating activities Profit / (Loss) for the year 197,369 50,931 Adjustments for non-cash items Depreciation 35,485 40,148 Amortisation 216,235 108,118 Gain on sale of fixed assets - (1,234) Rental relief (222,925) -
Financial Report | 21 Notes to the Financial Statements
For the year ended 31 December 2020
NOTES 2020 2019 $ $
Changes in assets and liabilities (Increase)/decrease in assets: Trade receivables (108,949) (42,905) Inventory 10,000 3,136 Other assets (40,848) (120,087) Increase/(decrease) in liabilities: Trade and other payables (71,478) 106,764 Provisions (12,200) (28,707) Other liabilities 148,079 (25,767) Net cash (used in) / provided by operating activities 150,768 90,397
NOTE 16: ASSOCIATION DETAILS
The principal place of business of Hockey Victoria Inc. is:
State Netball and Hockey Centre Brens Drive Royal Park Victoria
NOTE 17: COMMITMENTS AND CONTINGENT LIABILITIES
There were no commitments and contingent liabilities as at 31 December 2019.
NOTE 18: REMUNERATION OF AUDITORS Audit of the financial report 17,500 15,800 The auditor is Deloitte Touche Tohmatsu
22 | Hockey Victoria | Annual Report 2020 NOTE 19: KEY MANAGEMENT PERSONNEL NOTE 21: FINANCIAL INTRUMENTS REMUNERATION Capital risk strategy Mr Andrew Skillern, Chief Executive Officer Hockey Victoria receives State Government Funding and the Association is working to secure organic streams of revenue by Mr Sash Herceg, retaining its existing members and attracting new participants to Chief Operational Officer support the traditional sport.
Ms Susanne Henderson, The Association is fulfilling the goals of the strategic plan, hence General Manager – Game Development has reasonable ground to be able to continue as going concern and maximising the benefits to the members. Mr. Lachlan Anderson, General Manager- High Performance Hockey Victoria has no debt and the financial assets consist of short term bank deposits that have minimal or no financial risk. 2020 2019 (a) Market risk Short Term – Employee benefits1 $516,657 $536,619 The Association’s exposure to market risk is low. All financial Post-Employment Benefits2 $49,082 $50,979 investments consist of short term bank deposits. Other Long Term Employee Benefits $15,800 $58,437 (b) Credit risk
Note 1: The figure includes salary paid to Andrew Skillern & Sash Credit risk refers to the risk that a counterparty will default on Herceg for shared services and higher duties relating to agreement with its contractual obligations resulting in a financial loss to the Hockey SA. Association.
Note 2: Key Management accessed annual leave consistently throughout 2020 due to all of staff commitment to 0.6 salaries from Hockey Victoria trading terms with customers are 14 days. The mid- April to the start of October short payment term helps with liquidity and to enable prompt action if there are potentially doubtful or bad debt.
NOTE 20: RELATED PARTY TRANSACTIONS The carrying amount of financial assets recorded in the Statement of Financial Position represents the Association’s During the year, 10 (2019: 8) directors are members of Hockey maximum exposure. Victoria Inc and have paid a membership fee to Hockey Victoria Inc. The payment is made under the normal terms of business. Other than directors membership fees to Hockey Victoria Inc., made under normal business terms there are no related party transactions during the year.
Hockey Victoria Inc. maintains various bank accounts and term deposits through the National Australia Bank (NAB). Shaun Dooley (Deputy Chairman) is an employee of the NAB. The bank accounts and deposits are provided by NAB on an arm’s length basis at rates available to the general public.
The Board of Hockey Victoria Inc. receive no remuneration for their services to the Association.
Financial Report | 23 Notes to the Financial Statements
For the year ended 31 December 2020
NOTE 21: FINANCIAL INTRUMENTS (CONT’D) NOTE 22: SUBSEQUENT EVENTS
(c) Interest rate risk The outbreak of COVID-19 and the subsequent measures imposed by Governments both internationally and locally, Interest rate risk is the risk that the market value of throughout calendar 2020 have caused disruption to the Association’s investments will be adversely affected businesses, economic activity, sporting and recreation by fluctuations in interest rates. The effective weighted industries average interest rates on those financial assets and financial liabilities, is as follows: Due to the evolving COVID-19 situation government policy is changing rapidly in response and this is impacting business Weighted Average and customer responses and plans. At the date these financial Fair value Interest Weight statements are authorised for issue, the directors of the Company considered that the financial effects of COVID-19 2020 2019 2020 2019 on the Company's financial statements cannot be reasonably % % $ $ estimated for future financial periods.
Financial assets There has not been any other matter or circumstance Cash assets – – 920,107 679,235 occurring subsequent to the end of the financial year that has Investments - significantly affected, or may significantly affect, the operations short term bank – 1.40 – 100,000 of the Company, the results of those operations, or the state of deposits affairs of the Company in future financial years Trade receivables – – 460,396 351,441 Total current 1,380,503 1,130,682 financial assets
Financial assets:
As at 31 December 2020, cash and cash equivalents held in the Association amount to $920,107 (2019: $679,235).
(d) Foreign Currency Risk
The Association does not carry out any business that would give rise to foreign currency risk.
(e) Liquidity risk
Liquidity risk is the risk that the Association will have insufficient liquidity to meet its obligations as they fall due. All payables are non-interest bearing and standard settlement terms apply. This risk is managed by regularly monitoring liquid reserves and obligations falling due and through holding of cash and only short-term deposits. The Association is cash flow positive with cash inflows constantly exceeding outflows on a monthly basis.
The Association’s only financial liabilities are payables which are all contracted to be settled within 30 days after reporting date (2019: 30 days).
24 | Hockey Victoria | Annual Report 2020 Directors’ Declaration
The Board of Directors’ declares that: a. The attached financial reports and notes thereto comply with the Associations Incorporations Reform Act 2012, Australian Accounting Standards – Reduced Disclosure Requirements, and comply with other requirements of the law; b. The financial report presents a true and fair view of the financial position of Hockey Victoria Inc. as at 31 December 2020 and of the results of its operations, its changes in members’ funds and its cash flows for the financial year ended on that date; and c. There are reasonable grounds to believe that the Association will be able to pay its debts as and when they become due and payable.
This statement is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the Board of Directors by:
Shaun Dooley Tracey Drake Chair Vice Chair
Dated this 4th day of March 2021
Financial Report | 25 Independent Auditor’s Report to the members of Hockey Victoria Incorporated
Opinion Responsibilities of the Members of the Board for the Financial Report We have audited the financial report of Hockey Victoria Incorporated (the “Entity”) which comprises the statement The Members of the Board are responsible for the preparation of financial position as at 31 December 2020, statement of of the financial report in accordance with Australian Accounting comprehensive income, the statement of changes in equity and Standards – Reduced Disclosure Requirements and the the statement of cash flows for the year then ended, and notes Associations Incorporation Reform Act 2012 and for such to the financial statements, including a summary of significant internal control as management determine is necessary to accounting policies, and the declaration by the directors. enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error. In our opinion, the accompanying financial report presents fairly, in all material respects, the Entity’s financial position In preparing the financial report, management is responsible as at 31 December 2020 and of its financial performance for assessing the ability of the Entity to continue as a going and its cash flows for the year then ended in accordance concern, disclosing, as applicable, matters related to going with Australian Accounting Standards – Reduced Disclosure concern and using the going concern basis of accounting Requirements and Associations Incorporation Reform Act unless management either intend to liquidate the Entity or to 2012. cease operations, or has no realistic alternative but to do so.
Basis for Opinion Auditor’s Responsibilities for the Audit of the Financial Report We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are Our objectives are to obtain reasonable assurance about further described in the Auditor’s Responsibilities for the whether the financial report as a whole is free from material Audit of the Financial Report section of our report. We are misstatement, whether due to fraud or error, and to issue independent of the Entity in accordance with the ethical an auditor’s report that includes our opinion. Reasonable requirements of the Accounting Professional & Ethical assurance is a high level of assurance, but is not a guarantee Standards Board’s APES 110 Code of Ethics for Professional that an audit conducted in accordance with the Australian Accountants (including Independence Standards) (the Code) Auditing Standards will always detect a material misstatement that are relevant to our audit of the financial report in Australia. when it exists. Misstatements can arise from fraud or error We have also fulfilled our other ethical responsibilities in and are considered material if, individually or in the aggregate, accordance with the Code. they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. We confirm that the independence declaration required by the Associations Incorporation Reform Act 2012, which has been given to the directors of the Entity, would be in the same terms if given to the directors as at the time of this auditor’s report. Liability limited by a scheme approved under Professional Standards Legislation. We believe that the audit evidence we have obtained is Member of Deloitte Asia Pacific Limited sufficient and appropriate to provide a basis for our opinion. and the Deloitte Network
26 | Hockey Victoria | Annual Report 2020 As part of an audit in accordance with the Australian Auditing We communicate with the Members of the Board regarding, Standards, we exercise professional judgement and maintain among other matters, the planned scope and timing of the professional scepticism throughout the audit. We also: audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. • Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design We also provide the Members of the Board with a statement and perform audit procedures responsive to those risks, that we have complied with relevant ethical requirements and obtain audit evidence that is sufficient and appropriate regarding independence, and to communicate with them all to provide a basis for our opinion. The risk of not detecting relationships and other matters that may reasonably be thought a material misstatement resulting from fraud is higher than to bear on our independence, and where applicable, related for one resulting from error, as fraud may involve collusion, safeguards. forgery, intentional omissions, misrepresentations, or the override of internal control. From the matters communicated with the Members of the Board, we determine those matters that were of most • Obtain an understanding of internal control relevant to significance in the audit of the financial report of the current the audit in order to design audit procedures that are period and are therefore the key audit matters. We describe appropriate in the circumstances, but not for the purpose these matters in our auditor’s report unless law or regulation of expressing an opinion on the effectiveness of the Entity’s precludes public disclosure about the matter or when, in
internal control. extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse • Evaluate the appropriateness of accounting policies used consequences of doing so would reasonably be expected to and the reasonableness of accounting estimates and related outweigh the public interest benefits of such communication. From the matters communicated with the Members of the Board, we determine those matters that disclosures made by management. wereFrom theof mostmatters significance communicated in with the the audit Members of the of the financial Board, we report determine of the those current matters periodthat and are therefore thewere key of most audit significance matters. in theWe audit describe of the financial these reportmatters of the in current our auditor’s period and reportare therefore unless law or regulation • Conclude on the appropriateness of management’s use of precludesthe key audit public matters. disclosure We describe aboutthese matters the matterin our auditor’s or when, report unlessin extremely law or regulation rare circumstances, we determineprecludes public that disclosure a matter about shouldthe matter not or bewhen, communicated in extremely rare in circumstances,our report webecause the adverse the going concern basis of accounting and, based on the determine that a matter should not be communicated in our report because the adverse consequencesconsequences of doingof doing so would so wouldreasonably reasonably be expected be to expectedoutweigh the to public outweigh interest thebenefits public of interest benefits of audit evidence obtained, whether a material uncertainty suchsuch communication.communication. exists related to events or conditions that may cast
significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor’s report DELOITTE TOUCHE TOHMATSU DELOITTE TOUCHE TOHMATSU to the related disclosures in the financial report or, if such DELOITTE TOUCHE TOHMATSU disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or Robert Collie Partner conditions may cause the Entity to cease to continue as a Chartered Accountants Melbourne, 19 February 2019 going concern. RobertRobert Collie Collie Partner CharteredPartner Accountants • Evaluate the overall presentation, structure and content of Melbourne,Chartered 19 AccountantsFebruary 2019 the financial report, including the disclosures, and whether the financial report represents the underlying transactions Melbourne, 26 February 2020 and events in a manner that achieves fair presentation.
Financial Report | 27 17
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SPONSORS & PARTNERS
28 | Hockey Victoria | Annual Report 2020 Vetro Design HOV3855 XXX | 29 Hockey Victoria
State Netball Hockey Centre 10 Brens Drive, Parkville, 3052 www.hockeyvictoria.org.au 30 | Hockey Victoria | Annual Report 2020