AUSTRALIAN CROP ACCREDITATION SYSTEM LIMITED
ABN 84 093 984 902
ANNUAL REPORT
FOR THE YEAR ENDED 30 JUNE 2010
Australian Crop Accreditation System
ABN: 84 093 984 902
DIRECTORS’ REPORT
The directors present their report together with the financial report of Australian Crop Accreditation System Ltd for the financial year ended 30 June 2010 and auditors report thereon.
Directors’ Names
The names of the directors in office at any time during or since the end of the financial year are:
- Ian Howard Coad
- Hugh George Roberts
- John Edwin Harvey
- Christopher Alfred Cole
- William Golsby
Objectives of the company
In the long term, the company aims at developing a mechanism for the Australian grains industry to be able to obtain current and unbiased information about grain varieties and their suitability for the various cropping regions of Australia.
Short term objectives are to continually develop web-based vehicles for the operations of a national network of variety trials and for the presentation of current and unbiased information for use by growers and their consultants. Management of the trial service provider network and continued development of improvements in the National Variety Trial program are ongoing.
Strategy to achieve objectives
ACAS Ltd will improve cost effectiveness of IT management by enabling enhanced delivery of information to the target audience. Increased staff numbers will enable enhanced monitoring and reporting activity and more timely delivery of information. Staff numbers and improved skills will enable ACAS Ltd to expand upon its service delivery.
Review of Operations
A review of the operations of the company during the financial year and the results of those operations found that, during the year, the Company continued to engage in its principal activity of managing the operations and presentation of results of the National variety Trials program. The successful delivery in January of results of the year’s trials program and varietal characteristic information presented is the measure of the success of the company. Undertaking these activities successfully within budget constraints is also a measure of the performance of the company.
Significant Changes in State of Affairs
ACAS Ltd has successfully completed a 5-year service delivery project for the Grains Research and Development Corporation (GRDC). A new 5-year project has been initiated by GRDC delivering the same services for the new project due for completion at June 30, 2015. The new project continues to build upon the developments of the previous five years.
Principal Activities
The principal activity of the company during the financial year was the implementation and management of the National Variety Trials program and the associated development of processes and delivery systems for the provision of data to growers to enable them to make informed decisions about crop varieties.
After Balance Date Events
No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Company, the results of those operations, or the state of affairs of the Company in future financials years.
Likely Developments
It is not foreseen that the company will undertake any change in its general direction during the coming financial year. The Company will continue to pursue it financial trading activities as detailed earlier in the report to produce the most beneficial result for members.
Environmental Issues
The Company’s operations are not regulated by any significant environmental regulation under a law of the Commonwealth or of a State or Territory.
Dividends Paid, Recommended and Declared
No dividends were paid or declared since the start of the financial year. No recommendation for payment or dividends has been made.
Winding Up
ACAS Ltd is a company limited by guarantee where each Member undertakes to contribute an amount not exceeding $10.00 to the Company’s property if the Company is wound up. As there are three member of the company, the total amount that members are liable to contribute if the company is wound up is $30.00.
Information on Directors
Ian Howard Coad
ExperienceChief Executive Officer of Heritage Seeds Pty Ltd. for sixteen years and a Director of the Australian Seed Federation for eight years. A former Director of the Australian Seed Authority, he has more than 40 years experience in the crop-growing industry.
Hugh George Roberts
Experience Registered seed grower. Has more than forty years experience in the crop-growing industry.
Christopher Alfred Cole
QualificationsB.App.Sc.(Agriculture) Hons. Grad. Cert. Public Sector Management
Experience Professional Adviser for 12 years in broadacre agriculture with five years in middle management. Currently Manager, Industry Development (Broadacre Cropping) for Extensive Industries Development Branch, Division of Agriculture & Fisheries, NSW Department of Primary Industries
Due to an untimely death, Chris Cole ceased to be a Director of ACAS Ltd on May 17, 2010.
John Edwin Harvey
Qualifications B Rural Science, Grad Dip Resource Engineering, Grad Cert Bus Admin, Grad Member AICD
Experience 30 years experience in research and extension relating to the Australian grains industry and 10 years experience managing grains related R&D. Executive Manager, Varieties for the Grains Research and Development Corporation.
William Golsby
QualificationsAssociate Diploma Farm Management, Orange Agricultural College. Diploma Company Directors Course, Australian Institute Company Directors.
Experience:Currently Chief Executive Officer and Company Secretary - Australian Seed Federation. Previously employed as Ministerial Adviser - Australian Government Minister for Trade, Transport and Regional Services, and Agriculture, Fisheries and Forestry. Policy Manager - NSW Farmers’Association and Business Manager -Grainco Australia.
Meetings of Directors
Directors / Directors’ MeetingsNumber eligible to attend / Number attended
Ian Howard Coad
Hugh George Roberts
Christopher Alfred Cole
John Edwin Harvey
William Golsby / 6
6
6
6
6 / 6
6
3
6
6
Indemnification of officer or auditor
No indemnities have been given or insurance premiums paid, during or since the end of the financial year, for any person who is or has been an officer or auditor of the company.
Proceedings on Behalf of the Company
No person has applied for leave of Court to bring proceedings on behalf of the company or intervene in any proceedings to which the company is party for the purpose of taking responsibility on behalf of the company for all or any part of those proceedings.
The company was not a party to any such proceedings during the year.
Signed in accordance with a resolution of the Board of Directors:
Director………………………………………………………………….
Director…………………………………………………………………
Dated this …………. day of ……………………, 2010
1/15
Australian Crop Accreditation System
ABN: 84 093 984 902
Statement of Financial Position
As at 30 June 2010
Current AssetsBusiness Chq Account
CMA Account
ANZ - Online Saver One
ANZ - Online Saver Two
Trade Debtors / Note 2
Note 3 / 2010
$
42,874
16,273
435,804
64,001
77,220
636,172 / 2009
$
52,359
550,327
-
-
85,717
688,403
Non-Current Assets
Plant & Equipment
Total Assets / Note 4 / 4,500
4,500
640,672 / 8,285
8,285
696,688
Current Liabilities
Grants Refundable
Trade and other Payables
Provision for Annual Leave
Provision for Superannuation / Note 5 / -
82,131
17,403
3,176
102,710 / 138,203
60,790
-
-
198,993
Non-Current Liabilities
Provision for Long Service Leave
Provision for Redundancy
Advanced Payment GRDC 1
Advanced Payment GRDC 2 / Note 6 / 17,887
41,731
236,118
200,000
495,736 / -
-
236,118
200,000
436,118
Total Liabilities / Note 7 / 598,446 / 635,111
Net Assets / 42,226 / 61,577
Statement of Changes in Equity
For the Year ended 30 June 2010
20102009
$$
Opening Balance61,577 58,056
Retained Earnings
Profit/(Loss) Attributable (19,351) 3,521
(19,351) 3,521
Closing Balance42,226 61,577
Reconciliation of Retained Earnings
Opening Balance61,577 58,056
Profit/(Loss) Attributable (19,351) 3,521
Closing Balance42,226 61,577
Total Equity42,226 61,577
The accompanying notes form part of these financial statements.
These financial statements have not been subject to audit or review and should be read in
conjunction with the attached Compilation Report.
1/15
Australian Crop Accreditation System
ABN: 84 093 984 902
Statement of Comprehensive Income
For the Year ended 30 June 2010
20102009
$$
Income
Grants713,796623,918
Interest Received10,7357,406
724,531631,324
Expenditure
Accountancy Fees5,6754,689
Advertising5753,438
Bank Charges163186
Board Operations24,62718,055
Contract Work-45,497
Depreciation - Plant & Equipment3,7853,885
Insurance4,3733,743
IT Management143,135163,800
Office Expenses14,33620,184
Software Development138,337133,189
Superannuation Contributions25,55916,981
Travelling Expenses57,60029,980
Wages325,717184,176
743,882627,803
Loss (Net) (19,351) 3,521
Statement of Cashflows
For the Year ended 30 June 2010
20102009
$$
Cash Flows from Activities
Receipts from Customers584,010945,427
Payments to Suppliers and Employees (638,480) (701,096)
Interest Received10,7357,406
-
Net Cash Inflow from Activities(43,735) 251,737
Net Decrease in Cash Held (43,735) 251,737
Cash and Cash Equivalents as at 1 July 2009602,686350,949
Cash and Cash Equivalents as at 30 June 2010558,951602,686
The accompanying notes form part of these financial statements.
These financial statements have not been subject to audit or review and should be read in
conjunction with the attached Compilation Report.
1/15
Australian Crop Accreditation System
ABN: 84 093 984 902
Notes to the Financial Statements
For the Year ended 30th June 2010
- STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
The financial report is a general purpose financial report that has been prepared in accordance with Accounting Standards and the Corporations Act.
The financial report complies with the Australian equivalents to the International Financial Reporting Standards. The application of the AIFRS has had no impact on the accounts.
The financial report is for the entity Australian Crop Accreditation System Ltd as an individual entity. Australian Crop Accreditation System Ltd is a company limited by guarantee, incorporated and domiciled in Australia.
The financial report has been prepared on an accruals basis and is based on historical costs. It does not take into account changing money values or, except where stated, current valuations of non-current assets. Cost is based on the fair value of the consideration given in exchange for assets.
The following is a summary of the material accounting policies adopted by the company in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated.
(a)Going Concern
The financial report has been prepared on a going concern basis, which contemplated continuity of normal business activities and the realization of assets and settlement of liabilities in the ordinary course of business.
(b)Comparative Figures
Where required by Accounting Standards, comparative figures have been adjusted to conform with changes in presentation for the current financial year.
(c)Revenue
Other revenue is recognized when the right to receive the revenue has been established.
All revenue is stated net of the amount of goods and services tax (GST).
(d)Grants Received
Grants received from the Grains Research & Development Corporation have been accounted for on an accruals basis.
Notes to the Financial Statements
For the Year ended 30th June 2010
2010
$
2.Cash and Cash Equivalents
Business Chq Account42,874
CMA Account16,273
ANZ - Online Saver One435,804
ANZ - Online Saver Two64,001
558,952
3.Trade and Other Receivables
Current
Trade Debtors77,220
Total Trade and Other Receivables77,220
4.Property, Plant & Equipment
Plant & Equipment4,500
4,500
5.Trade and Other Payables
Current
Trade Creditors54,334
Provision for GST18,978
PAYG Payable5,918
ANZ Credit Card2,901
82,131
Total Trade and Other Payables82,131
Notes to the Financial Statements
For the Year ended 30th June 2010
6.Liabilities
.Provisions
Current
Provision for Long Service Leave17,887
Provision for Annual Leave17,403
Provision for Redundancy41,731
Provision for Superannuation3,176
80,197
Total Provisions80,197
7.Non-Current
Advanced Payment GRDC 1236,118
Advanced Payment GRDC 2200,000
Total Non- Current436,118
Total Financial Liabilities598,446
Directors Declaration
for the Year Ended 30 June 2010
The directors have determined that the company is a reporting entity and that this general purpose financial report should be prepared in accordance with the accounting policies outlined in Note 1 to
the financial statements.
The directors of the company declare that:
1. the financial statements and notes, as set out in the financial report present fairly thecompany’s financial position as at 30 June 2010 and its performance for the year ended on that date in accordance with the accounting policies described in Note 1to the financial statements; and
(a)Comply with International Financial Reporting Standards (IFRS): and
(b)Comply with Accounting Standards and the Corporations Regulations 2001
2. in the directors’ opinion there are reasonable grounds to believe that the company wille able to pay its debts as and when they become due and payable.
This declaration is made in accordance with a resolution of the Board of Directors.
*
Director
Dated this...... day of...... 2010
1/15
1/15