Council for the Humanities, Arts and Social Sciences

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ABN 75 017 337 844

Financial Statements For the year ended 30 June 2020

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Contents

Committee's Report

Income and Expenditure Statement Balance Sheet

Notes to the Financial Statements Depreciation Schedule

Statement by Members of the Committee Compilation Report

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Committee's Report For the year ended 30 June 2020

Your committee members submit the financial accounts of the Council for the Humanities, Arts and Social Sciences for the financial year ended 30 June 2020.

Committee Members

The names of committee members at the date of this report are: Prof. Dan Woodman

Dr. Helen Sykes

Prof. Barbara De La Harpe Prof. Julian Meyrick

Principal Activities

The principal activities of the association during the financial year were: To Promote The Interests Of The Humanities, Arts And Social Sciences In Australia.

Significant Changes

No significant change in the nature of these activities occurred during the year.

Operating Result

The profit from ordinary activities after providing for income tax amounted to

Year ended Year ended

30 June 2020 30 June 2019

$ $

17,329 (2,969)

Signed in accordance with a resolution of the Members of the Committee on:

_________________________________________________ Prof. Dan Woodman

_________________________________________________ Dr. Helen Sykes

These financial statements are unaudited. They must be read in conjunction with the attached Accountant's Compilation Report and Notes which form part of these financial statements.

Alec Coles OBE

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Income and Expenditure Statement For the year ended 30 June 2020

Note 2020 2019

$ $

Income

Government Grants 11,084 0

Memberships And Subscriptions

- Membership Subscriptions 120,265 133,900

- Event Regos & Sponsorships 8,025 7,444

128,290 141,344

Interest received 45 431

Extraordinary Items : GST Rec 0 15,205

Total income 139,419 156,980

Expenses

Accountancy 3,533 2,297

Advertising and promotion 500 500

Audit fees 2,100 2,400

Bank Fees And Charges 543 443

Computer support, software and repairs 683 531

Conference/seminar costs 5,653 8,784

Depreciation - other 0 1,015

Insurance 4,822 4,492

Postage 192 186

Printing & stationery 712 424

Subscriptions 6,293 12,036

Superannuation 5,355 9,898

Telephone 0 145

Travel,accom & conference 3,473 4,189

Wages 87,355 105,465

Workers Compensation Insurance 876 908

Annual Leave provision 0 6,234

Total expenses 122,090 159,949

Profit from ordinary activities before income

tax 17,329 (2,969)

Income tax revenue relating to ordinary activities 0 0

Net profit attributable to the association 17,329 (2,969)

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Income and Expenditure Statement For the year ended 30 June 2020

Note 2020 2019

$ $

Total changes in equity of the association 17,329 (2,969)

Opening retained profits 156,601 159,570

Net profit attributable to the association 17,329 (2,969)

Closing retained profits 173,930 156,601

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Balance Sheet as at 30 June 2020

Note 2020 2019

$ $

Assets

Current Assets

Cash assets 3 18,316 49,675

Receivables 4 188,235 143,724

Total Current Assets 206,551 193,399

Total Assets 206,551 193,399

Liabilities

Current Liabilities

Payables 6 443 2,970

Financial liabilities 7 14 14

Current tax liabilities 8 17,913 19,563

Provisions 9 14,251 14,251

Total Current Liabilities 32,621 36,798

Non-Current Liabilities

Financial liabilities 7 1 1

Total Non-Current Liabilities 1 1

Total Liabilities 32,622 36,798

Net Assets 173,930 156,601

Equity

Retained profits 173,930 156,601

Total Members' Funds 173,930 156,601

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Notes to the Financial Statements For the year ended 30 June 2020

Note 1: Summary 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 Act of the Australian Capital Territory. The committee has determined that the association is not a reporting entity.

The financial report has been prepared on an accrual basis and is based on historical costs and does not take into account changing money values or, except where specifically stated, current valuations of non-current assets.

The following significant accounting policies, which are consistent with the previous period unless otherwise stated, have been adopted in the preparation of this financial report.

(a) Receivables

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.

(b) 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.

(c) 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.

(d) Revenue and Other Income

Revenue is measured at the fair value of the consideration received or receivable after taking into account any trade discounts and volume rebates allowed. For this purpose, deferred consideration is not discounted to present values when recognising revenue.

Interest revenue is recognised using the effective interest rate method, which for floating rate financial assets is the rate inherent in the instrument. Dividend revenue is recognised when the right to receive a dividend has been established.

Grant and donation income is recognised when the entity obtains control over the funds, which is generally at the time of receipt.

All revenue is stated net of the amount of goods and services tax (GST).

These notes should be read in conjunction with the attached financial statements and compilation report of Caliyan Associates.

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Notes to the Financial Statements For the year ended 30 June 2020 (e) 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 Tax Office. In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the assets and liabilities statement are shown inclusive of GST.

(f) Trade and Other Payables

Trade 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, which remain unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability.

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2020 2019

Note 2: Revenue and Other Income

Revenue:

Interest revenue 45 431

Government Grants 11,084 0

Membership Subscriptions 120,265 133,900

Event Regos & Sponsorships 8,025 7,444

Extraordinary Items : GST Rec 0 15,205

139,419 156,980

Note 3: Cash assets

Bank accounts:

- CBA Main A/c - 10305799 10,729 8,632

- CBA Saver - 10360202 7,420 40,876

Other cash items:

- Cash on hand 167 167

18,316 49,675

Note 4: Receivables

Current

Trade debtors 188,235 143,724

188,235 143,724

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2020 2019

Note 5: Intangible Assets

Other intangibles:

- At cost 6,800 6,800

- Less: Accumulated amortisation (6,800) (6,800)

0 0

Note 6: Payables

Unsecured:

- Trade creditors 88 88

- Other creditors 314 2,842

403 2,930

Secured:

- Other creditors 40 40

40 40

443 2,970

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2020 2019

Note 7: Financial Liabilities

Current Unsecured:

- Bank loans 14 14

14 14

Non-Current Unsecured:

- Loans from other persons 1 1

1 1

Note 8: Tax Liabilities

Current

GST payable control account 17,913 13,253

PAYG Withheld Payable 0 6,310

17,913 19,563

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2020 2019

Note 9: Provisions

Current

Employee entitlements* 14,251 14,251

14,251 14,251

* Aggregate employee entitlements liability 14,251 14,251

There were 0 employees at the end of the year

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Depreciation Schedule for the year ended 30 June, 2020

DISPOSAL ADDITION DEPRECIATION PROFIT LOSS

Total Priv OWDV Date Consid Date Cost Value T Rate Deprec Priv CWDV Upto + Above Total - Priv

Website

1 CHASS Website Development

0.00 6,800 0.00 0 0 0 0 P 25.00 0 0 0 0 0 0 0

6,800 0 0 0 0 0 0 0

Deduct Private Portion 0

Net Depreciation 0

Computers

2 Divya's I-mac 1,817.27 01/10/13 1,817 0.00 0 0 0 0 W 50.00 0 0 0 0 0 0 0

1,817 0 0 0 0 0 0 0

Net Depreciation 0

Office Equipment

1 Office Equipment 0.00 274 0.00 0 0 0 0 W 30.00 0 0 0 0 0 0 0

274 0 0 0 0 0 0 0

Net Depreciation 0

The accompanying notes form part of these financial statements. The accompanying notes form part of these financial statements.

Council for the Humanities, Arts and Social Sciences ABN 75 017 337 844

Statement by Members of the Committee For the year ended 30 June 2020

In our opinion:

(a) the accompanying financial report as set out on pages [insert page numbers], being a special purpose financial statement, is drawn up so as to present fairly the state of affairs of the

Association as at 30 June 2020 and the results of the Association for the year ended on that date; (b) the accounts of the Association have been properly prepared and are in accordance with the books of account of the Association; and

(c) there are reasonable grounds to believe that the Association will be able to pay its debts as and when they fall due.

We confirm as follows:

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Statement by Members of the Committee For the year ended 30 June 2020

In our opinion:

(a) the accompanying financial report as set out on pages [insert page numbers], being a special purpose financial statement, is drawn up so as to present fairly the state of affairs of the

Association as at 30 June 2020 and the results of the Association for the year ended on that date; (b) the accounts of the Association have been properly prepared and are in accordance with the books of account of the Association; and

(c) there are reasonable grounds to believe that the Association will be able to pay its debts as and when they fall due.

We confirm as follows:

(a) The name of each committee member of the association during the relevant financial year were:

Prof. Dan Woodman Dr. Helen Sykes

Prof. Barbara De La Harpe Mr. Alec Coles OBE Prof. Julian Meyrick

(b) The principal activities of the association during the relevant financial were: To Promote The Interests Of The Humanities, Arts And Social Sciences In Australia

(c) The net profit of the association for the relevant financial year was:

Year ended Year ended

30 June 2020 30 June 2019

$ $

17,329 (2,969)

Signed at: Melbourne Signed on:

_________________________________________________ Prof. Dan Woodman

President

_________________________________________________ Dr. Helen Sykes

Treasurer

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Compilation Report to Council for the Humanities, Arts and Social Sciences

We have compiled the accompanying general purpose financial statements of Council for the Humanities, Arts and Social Sciences, which comprise the Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in Equity, Statement of Cash Flows and Statement of Financial Position as at 30 June 2020, a summary of significant accounting policies and other explanatory notes. These have been prepared in accordance with the financial reporting framework described in Note 1 to the financial statements.

The Responsibility of the Committee

The committee of Council for the Humanities, Arts and Social Sciences is solely responsible for the information contained in the general purpose financial statements and the reliability, accuracy and completeness of the information.

Our Responsibility

On the basis of information provided by the committee, we have compiled the accompanying general purpose financial statements in accordance with the financial reporting framework and APES 315 Compilation of Financial Information.

We have applied our expertise in accounting and financial reporting to compile these financial statements in accordance with Australian Accounting Standards. We have complied with the relevant ethical requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards).

Assurance Disclaimer

Since a compilation engagement is not an assurance engagement, we are not required to verify the reliability, accuracy or completeness of the information provided to us by management to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on these financial statements.

The general purpose financial statements were compiled for the benefit of the committee who is responsible for the reliability, accuracy and completeness of the information used to compile them. We do not accept responsibility for the contents of the general purpose financial statements.

Caliyan Associates 65 Middle Park Drive Point Cook

14 October, 2020

This compilation report is to be read in conjunction with and forms part of the attached unaudited financial statements and notes.