2013 Annual Report

Transcription

2013 Annual Report

Annual Report 2013
Suzuki Talent Education Association of Australia (Victoria) Incorporated
trading as Suzuki Music
Registered Association No A5744
ABN 14 080 413 955
Suzuki Music Council
President
Secretary
Treasurer
Teacher Vice-President
Parent Vice-President
Cello Representative
Flute Representative
Guitar Representative
Piano Representative
Violin/Viola Representative
PD Representative
Parent Representatives
Rob Turton
Lisa Loh
Peter Wan
Zeah Riordan
Lisa Loh
Vacant
Kate Bergen
Zeah Riordan
Miriam Choi
Sophie Maxwell
Margaret Bland
Lisa Loh
Fabian Rebelo
Jeannie Paterson
Suzuki Music Staff
General Manager
Events Co-ordinator
Administrative Assistant
Kathryn Bond
Rosemary Fuller
Anna Fahey
Life Members
Hilary Bergen
Marguerite Brand
Julia Breen
June Brown
Carolyn Coxhead
Christine Fasham
Maria Gallery
Noela Hogg
Lucille Kidney
Peter King
Nehama Patkin
Marie Scott
Lois Shepheard
89A Canterbury Road
Canterbury VIC 3126
Phone 03 9830 0433
Fax 03 9830 0577
Email [email protected]
Suzuki Music Annual Report 2013
3
Contents
President’s Report
5
Treasurer’s Report
6
Professional Development
7
Flute
7
Guitar
8
Piano
9
Violin/Viola
10
Life Membership Award
11
Committees
12
Membership
12
Financial Statements
13
Committee Declaration
15
Auditor’s Report
16
Notes to the Financial Statements
17- 18
4
President’s Report
A new constitution and Association rules that
are clear, responsive and best practice
It is a bittersweet thing to write this final report of
my six-year term as President of our wonderful
Association. I feel great pride in belonging to this
movement - with its exceptional philosophical
framework, the passion, dedication and character
embodied by its founder and by so many of our
current elders and mentors and the daily
outworking of all this in the lives of the current
generation of students and teachers.
I feel proud of the work we do together here in
Victoria. It is a challenging thing to make an
institution organic, personal and responsive to
individual context. It is a challenging thing to stay
fresh, to develop new ideas and better ways of
doing things in a volunteer organization of
dedicated but stretched individuals.
Our
Victorian Suzuki Association rarely has the
capacity to move and change quickly, but
change we have – steadily, constantly,
reflectively, through the ideas, hard work and
determination of our wonderful staff and
passionate volunteers.
I would like to thank Kathryn Bond, Rosemary
Fuller and all the members of our PD Committee,
Council and Instrument Committees for their
contributions - so often above and beyond what
could be reasonably expected of any individual.
Not just to the significant and worthy tasks of
sustaining our annual calendar of operations and
events and the handling of short term challenges,
but also to the following notable developments
across the last 6 years:
The
relocation and expansion of our office
facilities – providing a functional home for our
staff, the Primary Course and many of our
smaller events.
The
rebranding and updating of our public
presentation materials
Hosting
the highly successful 2009 Suzuki
World Convention
Attaining
an enviable position of financial
stability that places us in excellent stead for
future opportunities and challenges.
Role
descriptions and clear appointment /
tenure for all key roles within our Association
Suzuki in Schools – laying all the groundwork
for a positive, formalised relationship between
our Association and all Victorian schools that
promote the Suzuki Method.
Regional
Assistance
strategies
that
acknowledge and support the challenges and
work done by Suzuki teachers and families in
regional Victoria
Refinements
to the communications and
productivity of Council meetings
Review of Association budgeting processes –
ensuring our systems and predictions most
accurately reflect and respond to current
realities.
Partnership with the University of Melbourne
for the promotion and provision of our Suzuki
Primary Course to the Masters of
Performance Teaching students.
Review of refunds and late fee policies
A full upgrade of our website, database and
financial software (in process) that will present
a much more engaging and informative face
to the world and lead to significant integration
and automation of our administrative
processes
Development
of teacher & student bursary
funds to increase access and equity for low
income families to our events and to increase
the access to training for our teachers.
These funds are made by possible by our
own financial reserves but also by extremely
generous bequests from the estates of
Nehama Patkin and Noela Hogg.
The establishment of the Pan Pacific Suzuki
Association (in which Julia Breen & Jeannie
Paterson played key roles) – which will
provide improved clarity and tenure for ISA
appointments
and
greatly
improved
communication flow between the regional
Associations and with the ISA
The
recruitment, training and significant
contributions provided by Georgia RadcliffeSmith, Elizabeth Blomberg, Rachael Storey,
Anna Fahey and now Yahna Pal
Placing all our governance on a strong footing,
including:
At the end of 2013, Sophie Maxwell is stepping
down from Council - where her enthusiasm and
ideas will be missed. We also farewell Zeah
Riordan from Council after 6 years as Teacher
Vice President. I can’t thank her enough for her
support, advice and perspective over these
5
years; Zeah has made an exceptional
contribution to the life of our Association and will
continue do so in her many other roles. Fabian
Rebelo steps down from his role as Parent
Representative on Council after 3 years. We are
fortunate that he is willing to stay on Council as a
co-opted specialist director for the life of the
current website project.
With regret, we also accepted the resignation of
Anna Fahey from the Administrative Assistant
position due to her relocation to Brisbane. She
was excellent in her role and will be truly missed.
From a high number of applications for the
Administrative Assistant role, we welcomed
Yahna Pal to the position and she has been
doing an excellent job. We are fortunate to have
her skills and enthusiasm alongside the
experience of our highly valued General Manager
and Events Co-ordinator. Words don’t do justice
to the exceptional commitment, dedication and
competence of Kathryn and Rosemary. To have
kept our Association functioning so well in the
midst of new arrivals and countless challenges is
a testament to the strong foundations their work
has laid for us all. I look forward to the evolution
of our Association over the coming years and the
new directions that will emerge from the Council
lead by our new President.
Rob Turton
President
Treasurer’s Report
The Association has recorded a surplus of over
$66,000 compared to a budgeted deficit of over
$63,000 for the calendar year 31 December
2013. This is an outstanding result and was
attributable to the strict management and control
measures over expenditures maintained by the
management of the Association. The interest
income earned is in line with budget and
donations of over $50,000 received by the
Association making up total other income for the
calendar year.
This has again demonstrated the consistent
practice of sound and prudent financial
management displayed by the team of Council
and staff members of Suzuki Music.
The
members of the Association should continue to
have full confidence in the financials maintained
at the Association given the strength of its
Balance Sheet and its ability to pay its debt as
and when they fall due. The professionalism and
leadership quality of the team at Suzuki Music
should provide you as members, the continuing
excellence and quality member services in every
area within the Association.
I commend the Income Statement and Balance
Sheet reports to the members and propose that
you adopt the financials as true record of the
activities and results for the calendar year ended
31 December 2013.
Peter Wan
Treasurer
6
Flute
The PD Committee of teacher trainers meets
twice each term, to discuss vital philosophical
and policy policy matters relating to Suzuki
teachers and areas such as graduations, teacher
training courses, other PD events for all teachers
and Parent Education lectures for the annual
Festival.
This year our events were opened by the Flute
Concerts. 19 students as well as 2 ensembles
performed in this concert.
Courses: In 2013, the Primary Accreditation
course had trainees in piano, violin, guitar and
flute. Intermediate Violin tutorials were also held.
Teacher Graduations: 9 teachers graduated in
2013, including an Intermediate level in organ.
Ongoing PD Events:
All-instrument PD was given in February and in
October, and various instrument-specific PD
sessions were held during the year.
Excellent PD was provided at Festival by guest
teachers Shozo Matsumoto (violin), Ruth Miura
and Zohara Rotem (piano), Rebecca Paluzzui
(flute), Akira Nakajima and Takao Mizushima
(cello), and MaryLou Roberts (guitar).
Retirement of Cello Teacher Trainer
Jacinth Powell announced her resignation as a
Suzuki cello teacher and teacher trainer, in order
to pursue other career paths more easily
compatible with her commitments to her family.
We are very sorry to lose such an experienced
and dedicated teacher and trainer, who has been
devoted to the Suzuki philosophy. She has
fulfilled her roles meticulously over a long period
of time, and her students and trained teachers
bear witness to the quality of her teaching and of
her high standards.
A number of flute students represented Victoria at
the World Convention in Japan at Easter. There
was a large contingent from Australia at the
convention including 6 teachers.
We were delighted this year with the return of
Rebecca Paluzzi from Tennessee USA as our
guest faculty member and teacher trainer for the
Winter Festival. The students tone and technique
were vastly improved after spending 3 days with
Rebecca. The teachers were also inspired from
her training and tone classes. A total of 23
students attended this event.
2013 saw 33 students work extremely hard to
achieve another Graduation Level. Students
graduated from levels 1 through 9, with a number
of students again this year performing Complete
Mozart Concertos.
Thank you to everyone involved in making 2013 a
successful year for the Suzuki flute community.
Kate Bergen
Flute Committee Member & Council
Representative
PD Committee has been exploring the options for
future cello trainees, and will be having assistance
from interstate and New Zealand teacher trainers.
Appreciation: I would like to thank all members
of the Professional Development Committee for
their time, expertise and contributions to a range
of important professional issues within Suzuki
Music.
I would also like to thank all teacher trainers for
their outstanding efforts and dedication to
providing the very best education for both new
and established Suzuki teachers
Julia Breen
Director of Professional Development
7
Guitar
The past year has certainly sped by – molto
accelerando!
World Convention - At the end of first term a
guitar group of 13 families from Melbourne went
to the Suzuki World Convention in Japan. They
were warmly welcomed by our Matsumoto hosts.
Melbourne guitar students were
wonderful
ambassadors for the instrument. The afternoon
concert performance and final concerts were
highlights, not to mention the building of
friendships through making music together and
the direct experience of the birthplace and world
centre of Suzuki Method.
Winter Festival - This year’s Winter Festival had
a different flavour as our older students move on
and a new generation of students is being
nurtured. This year 28 students from Book 1-4
attended, a good number of whom performed in
the afternoon concerts. Mary Lou Roberts (USA)
was again guest tutor and teacher trainer. As
well as the five Melbourne teachers we welcomed
teachers from NSW & Italy for professional
Development.
Twinkles & A Bit Workshop - This was the 2nd
year of this workshop with a whole new batch of
13 pre-twinklers & young students attending their
first workshop. Lisae Paguio ably convened this
event. This is a really positive afternoon with
teachers working together to welcome new
families to the Suzuki workshop experience. We
feel it is achieving its goal of encouraging new
families to become members of SMA and to
participate in activities.
Suzuki Guitar concert where he was very happy
to hear the context in which his instruments are
being played.
Graduations - This year there were 33 student
graduations over 7 levels.
It is appropriate here to say valé to our friend &
colleague Peter Draper who died in late March.
Peter was one of the foundation teachers of
Suzuki Guitar in Australia, and produced many
fine students. While his connection with Suzuki
teaching reduced in recent years, he remained a
good friend and supporter of Suzuki Guitar. We
miss him.
While the Guitar Committee has an irregular
meeting schedule (Usually a Friday night once per
term with electronic communications in between
as needed) , there remains an abundance of
enthusiasm and good will for the ongoing
growth of Suzuki Guitar in Victoria. For many
years Rob has served as President and Zeah as
Teacher Vice President on Council. 2014 will see
a ‘changing of the guard’ enabling them to
nurture their own programmes and the
instrument’s consolidation & growth.
Zeah Riordan
Guitar Committee Chairperson
Teacher Training - Two new trainees commenced
training in the Primary Course this year. It is
optimal that they are based in the northern
suburbs so will enable Suzuki Guitar to extend
north of the river for the first time in many years.
It is pleasing to see the regional growth of Suzuki
Guitar in keeping with the Association’s regional
planning – on the Mornington Peninsula as part of
the Sorrento Primary School Suzuki Program,
and at Newhaven College, Phillip Island.
It is also exciting and inspiring to see the
increasing uptake of high quality small scale
instruments in the teaching programmes of all
teachers. The Southern Cross Guitars build by
luthier Sachar Amos, are second to none
internationally. Recently Sachar attended his first
8
Piano
The Piano Committee has continued to organise
various events in 2013, to nurture and develop
the musical ability of our students. The committee
expresses sadness on the passing of Linda
Barnabas, a valued member who is missed
personally by the committee and piano teachers
and remembered for her fine contribution to
Suzuki Music.
While some events continued to be popular and
were well attended, other scheduled events were
cancelled because of low enrolments.
A brief overview of the events is as follows:
Play-a-thon
This event, organised on Sunday, 11th August
2013, fulfilled a dual purpose in providing a
performance opportunity and raising money for
TLC for Kids, an Australian charity for kids in
hospital. It was well attended and held at 4
venues: Malvern Central, Knox Shopping Centre,
Monash Gallery and Penleigh and Essendon
Grammar. The total amount raised by
participants was $2202.56 supported by a
contribution of $1101.28 from Suzuki Music. This
was greatly appreciated by the charity. It was a
privilege to have Bernie’s Musicland as a sponsor
who provided the piano, show bags and
certificates for the participants.
Convening concerts
The Piano Committee members continued to
convene most of the events through the year.
The committee would like more teachers to
support and be involved in the concerts and
welcomes new members.
The committee is grateful for the support of the
administration staff, piano teachers and it’s
members: Angela Mosca, Linda Barnabas(late),
Margaret Bland, Miriam Choi, Sandra Pinto, Sean
Hallam and Yuko Ikeda who have given of their
time, generosity and commitment.
Centred on providing a range of opportunities to
promote and celebrate learning while contributing
to the community, the committee consistently
strives to make improvements and looks forward
to greater support and participation from fellow
piano teachers and Suzuki families in 2014.
Sandra Pinto
Piano Committee Member
Winter festival
Due to the Suzuki World Convention 2013 being
held in March, the Festival was held in Winter.
The enrolments were good but not many
advanced students participated. Ruth Miura and
Zohara Rotem were guest tutors.
Concert Plus was was cancelled due to low
enrolments.
Art in the Park – Monash Gallery
On the 24th November 2013, Suzuki piano
students were invited to play at the Monash
Gallery Community Festival and enjoy the
ambience of the venue. It was a successful and
final event for the year with 32 participants.
Graduations
3 series of Piano graduations were held in 2013.
In Term 3, we also had a good number of
students attended the Book 1 Celebration
Concert.
9
Violin/Viola
During 2013 the Violin Viola Committee grew to
accept 4 new teacher members, Cathy Hughes,
Sophie Maxwell, Rumiko Saka and Rosemary
Walsh. Existing members Kim Bishop, Michelle
Lewit and Toni Robson stayed on the committee
as did the chairman, Moirsheen Kelly-Keesing.
Yulie Tran continued on as the Parent
Representative. Unfortunately Chantal Jones also
had to resign mid-year due to other
commitments.
This was a very successful year for the orchestra
program which culminated in a concert at St.
John’s Southbank. Thank you to Kim Bishop,
Simon Forrester and Toni Robson for the work
they consistently put in over the years, and to
Yulie Tran for doing the research and booking for
this special concert. We hope that the program
can continue to have a concert at a special venue
each year so the children can enjoy the
excitement that such an event brings and work
towards a special goal.
We continue to welcome new members and any
interested teachers can contact the office for
information on who to contact. We continue to
employ the convenor-in-training so any new
teachers can be shown the ropes on all of our
convening roles. This year Moirsheen will be
stepping down from the role of chairman of the
committee opening the door for new skills to be
learned by other committee members. We all
look forward to the inspiration 2014 will bring.
Moirsheen Kelly-Keesing
Violin Committee Chairperson
The violin and viola teachers of Melbourne have
been fortunate over the years to have the
guidance and support of Dr. Suzuki’s niece, Mrs.
Hiroko Suzuki in our annual professional
development sessions at Autumn Festival. It was
only when she broke her ankle that she could not
attend and this year would have been the tenth
year that we enjoyed her teaching. Sadly Mrs.
Suzuki’s appointment as President of Talent
Education meant that she could not attend
Winter Festival 2013 as she had mountains of
work. In her place we were grateful that Shozo
Matsumoto was able to take time from his busy
schedule to bring us his inspiring teaching style
and beautiful tone which always rang from his
violin. We were equally fortunate to experience
the inspiring teaching from our interstate teachers
Haruo Goto, Yasuki Nakamura and Sachie Yuki.
Alison Williams (McAlpine) excited students with
her energetic teaching at our Stringalong and
was accompanied by her husband, Sam, and
young daughter, Ruby. We also thank all of our
local teachers who teach at our local events.
The committee wishes to thank all of the teachers
who worked as convenors over the last year. Toni
Robson who convened the Virtuoso Project;
Sarah Walters who convened the Stringalong;
Rosemary Walsh who convened the Greythorn
P.S. All Instrument Concerts; Kim Bishop who
spends countless hours working out the classes
for Winter Festival and Stringalong.
10
Life Membership Award
just make this nomination seem
As current Teacher Vice-President of Suzuki
Music, it gives me a great deal of pleasure to
announce that our outgoing President, Robert
Turton, has been appointed a Life Member of
Suzuki Music Victoria, in recognition of his
service and leadership over many years.
Life Membership is a small token of recognition
and acknowledgement for these efforts. The
Suzuki Music Council was unanimous in its
support for Rob to be appointed as a life
member. Now that Rob is embarking on a wellearned period of ‘leave’ from leading our
Association, he will hopefully have a bit more time
to be with family, more time to play guitar for the
sheer pleasure of it, and more time for a surf
when the right winds are prevailing. He will still
be active in Suzuki world and his leadership
legacies will continue to provide valuable muscle
to what we do as an organisation in the future.
From his very first steps in the Suzuki movement
20 years ago, part of the appeal of the Suzuki
movement for Rob, was the opportunity that was
offered to be a part of something bigger than
himself
as
an
individual
teacher. His commitment to service to the
Suzuki Community has been as significant as
his teaching role. Over the past two decades
he has consistently and generously contributed
his time, his creative energy, his insights and
his skills not only to the musical aspects of the
Suzuki teaching experience, but also to the
organisation as it has grown and matured into the
21st century.
obvious.
I am sure you join me in saying ‘Bravo! A job
well done!’ And, if you see Rob at any Suzuki
event coming up, do share your appreciation
with him!
Zeah Riordan
Teacher Vice President (outgoing)
Teacher Trainer Guitar
Rob has been a superb President since 2008, a
vitally active Vice-President prior to that from
2001, and active on Suzuki Council since 1999.
All the while he has been a member of the
Guitar Committee, some of that time as
Chairperson. That is 15 years of active service to
Suzuki Music.
In that time these are just some of the major
areas to which he has provided leadership and
impetus:
 The Suzuki in Schools project
 Regional development issues and planning
 Pan-Pacific Suzuki Association constitution
& organisation development
 Development of staff management
protocols
 Overhaul of Suzuki Music Constitution
(2012-13)
 Overseeing re-development and launch of
new web presence (2013-14)
I & many others have valued the quarterly
inspirational messages he has written for Suzuki
Notes - each one has contributed a fresh insight
and reflection. Also his opening addresses at
major events have been those of a wonderful
leader. Then there are those other small things
like kindness, sense of humour, awareness of
others, and general all round good guy-ness, that
11
Committees 2013
Membership 2013
Julia Breen - Director of PD
Lucy Adeney- Prenatal & Baby Music
Kim Bishop - Violin
Margaret Bland - Piano
Katrina Pezzimenti - Voice
Jacinth Powell - Cello (to June)
Zeah Riordan - Guitar
Lois Shepheard - Violin/Viola
Rob Turton- ex-officio as President
Membership Type
No.
Families - Email
560
Families - Paper
317
Country Family - Email
47
Country Family - Paper
39
Teachers
128
Teacher Trainees
63
Friends of Suzuki
4
Cello
Jacinth Powell - Chairperson/Teacher Trainer
Kazimirs Krasovskis - Teacher
Simon Meighan - Teacher
Baby & Toddler
0
Flute
Kate Bergen - Chairperson
Julia Breen - Teacher Trainer
Marina Ting - Parent
Phyllis Todner - Teacher Trainer
Instrument
Total
1158
Accredited
Teachers
Teacher
Trainees
Cello
9
5
Double Bass
0
0
Flute
8
4
Guitar
Zeah Riordan - Chairperson/Teacher Trainer
Lisae Sew Hoy - Teacher
Rob Turton - Teacher
Alexandra Velasco - Teacher
Guitar
4
4
Organ
2
0
Piano
66
24
Prenatal & Baby Music
5
6
Piano
Miriam Choi - Co-Chairperson
Angela Mosca - Co-Chairperson
Margaret Bland - Teacher Trainer
Sean Hallam - Teacher
Yuko Ikeda - Teacher
Julia Kaplan - Teacher
Sandra Pinto - Teacher
Viola
17
0
Violin
43
23
Voice
3
0
Total
157
66
Violin/Viola
Moirsheen Kelly-Keesing - Chairperson
Kim Bishop - Teacher Trainer
Cathy Hughes - Teacher
Michelle Lewit - Teacher
Sophie Maxwell - Teacher
Toni Robson - Teacher
Rumiko Saka - Teacher
Yulie Tran - Parent
Rosemary Walsh - Teacher
Double Bass
0
Flute
88
Guitar
95
Organ
9
Piano
821
Prenatal & Baby Music
52
Viola
31
Violin
729
Voice
66
Total
2003
Instrument
Cello
Students
112
12
Financial Statements 2013
13
Financial Statements 2013 cont.
14
Committee Declaration
15
Auditor’s Report
Notes to the Financial Statements
SUZUKI TALENT EDICATION ASSOCIATION OF AUSTRALIA (VICTORIA) INC.
NOTES TO THE FINANCIAL STATEMENTS FOR THE
YEAR ENDED 31 DECEMBER 2013
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
This financial report is a special purpose financial report prepared in order to satisfy the financial reporting requirements of the Associations Incorporations Reform Act 2012. The Committee has determined that the Association is not a reporting entity.
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 specifically stated, current
valuation of non-current assets.
The following significant accounting policies, which are consistent with the previous period unless
otherwise stated, have been adopted in preparation of this financial report.
(a) Fixed assets:
The depreciable amount of fixed assets with a cost in excess of $500 are bought to account on a
straight line basis over the useful lives of the assets of the association commencing from the time the
asset is held ready for use. Assets costing less than $500 are expensed in the year of acquisition.
The depreciation rate used for each class of depreciable asset is:
Furniture and Fixtures 10-20%
Computer Equipment 33%
The carrying amount of fixed assets is reviewed annually to ensure it is not in excess of the recoverable amount. The recoverable amount is assessed on the basis of expected net cash flows which will
be received from the assets use and subsequent disposal. The expected net cash flows have not
been discounted to their present values in determining the recoverable amount.
(b) Impairment of Assets:
At the end of each reporting period, the entity reviews the carrying values of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such
an indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value
less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is recognised immediately in profit or loss.
(c) Leases:
Lease payments in relation to operating leases, where the lessor effectively retains substantially all
risks and benefits incidental to ownership of the lease item, are charged as an expense over the term
of the lease.
(d) Revenue:
Revenue from operating activities is recognised upon the delivery of services to members. Interest
revenue is recognised on a proportional basis taking into account the interest rates applicable to the
financial assets. All revenue is stated net of the amount of goods and services tax (GST).
17
Notes to the Financial Statements cont.
SUZUKI TALENT EDICATION ASSOCIATION OF AUSTRALIA (VICTORIA) INC.
NOTES TO THE FINANCIAL STATEMENTS FOR THE
YEAR ENDED 31 DECEMBER 2013
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(e) Goods and Services Tax (GST):
GST is paid on the majority of purchases and is refunded from the Taxation Office.
Some sales are GST free but other services attract GST. All revenue and expenses are stated net of
the amount of GST.
(f) Taxation:
No income tax is payable by the Association as it has been granted tax exempt status under Section
50 of the Income Tax Assessment Act 1997.
(g) Cash and Cash Equivalents:
Cash and cash equivalents include cash on hand, deposits held at-call with banks, other short-term
highly liquid investments with original maturities of three months or less and bank overdrafts. Bank
overdrafts are shown within short-term borrowings in current liabilities on the statement of financial
position.
(h) Trade Receivables
Accounts receivable and other debtors include amounts due from donors and any outstanding grants
receipts. 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.
(i) Trade Payables
Trade and other payables represent the liability outstanding at the end of the reporting period for
goods and services received by the company during the reporting period which remain unpaid. The
balance is recognised as a current liability with the amount being normally paid within 30 days of recognition of the liability.
(j) Employee Entitlements:
Provision is made for the association’s 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 entitlements payable
later than one year have been measured at the present value of the estimated future cash outflows to
be made for these entitlements.
Contributions are made by the association to an employee superannuation fund are charged as an
expense when incurred
(k) Revenue in Advance
When revenue is received whereby the Association incurs an obligation to deliver economic value
directly back to the contributor, this is considered a reciprocal transaction and the revenue is recognised in the statement of financial position as a liability until the service has been delivered to the
contributor, otherwise the revenue is recognised as income on receipt.
18

2013 Annual Report

Transcription

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