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SHOP, DISTRIBUTIVE AND ALLIED EMPLOYEES' ASSOCIATION

ANNUAL FINANCIAL REPORT 30 June 2017

Shop, Distributive & Allied Employees’ Association Annual Financial Report as at 30 June 2017


Operating Report For the year ended 30 June 2017

1. Membership

.

2. Committee of Management

Name Experience


Operating Report (continued)

3. Affiliations & Directorships

4. Principal Activities

5. Superannuation Trustees

Directors: Alternates:


Operating Report (continued)

6. SDA Report to the Workplace Gender Equality Agency

7. Information to be provided to Members or General Manager

http://www.sda.org.au/


Committee of Management Statement

(a)

(b)

(c)

(d)

(e)

(i)

(ii)

(iii)

(iv)

(v)

(vi)

(f)


Certificate by National Secretary-Treasurer


Statement of Financial Position


Statement of Profit or Loss and Other Comprehensive Income


Statement of Changes in Equity


Statement of Cash Flows


Notes to Financial Statements

1. Reporting Entity

2. Basis of Preparation

•

•

•


Notes to Financial Statements (continued)

2. Basis of Preparation (continued)

•

•

•

•

•

3. Changes in accounting policies



4. Significant Accounting Policies


Notes to Financial Statements (continued) 4. Significant accounting policies (continued)

.

(b)

(i)



4. Significant accounting policies (continued)

•

•

•




•

•




(

(

5. Segment reporting

6. Financial risk management



6. Financial risk management (continued)

.



6. Financial risk management (continued)

•

•

•

•

•

•

•

•

•

•


Notes to Financial Statements (continued) 7. Other income

8. Auditor’s remuneration

9. Cash and cash equivalents



10. Receivables

11. Other financial assets

12. Investment property



12. Investment property (continued)

•

•

•

•


Notes to Financial Statements (continued) 13. Property, plant and equipment



14. Trade and other payables

15. Expenses

16. Employee benefits



16. Employee benefits (continued)


Notes to Financial Statements (continued) 16. Employee benefits (continued)



16. Employee benefits (continued)


Notes to Financial Statements (continued) 16. Employee benefits (continued)

17. Financial instruments



17. Financial instruments (continued)


Notes to Financial Statements (continued) 17. Financial instruments (continued)

18. Operating leases

19. Controlled entities


Notes to Financial Statements (continued) 20. Personnel expenses

21. Reconciliation of cash flows from operating activities


Notes to Financial Statements (continued) 22. Related party disclosures


Notes to Financial Statements (continued) 22. Related party disclosures (continued)



22. Related party disclosures (continued)


Notes to Financial Statements (continued) 22. Related party disclosures (continued)



22. Related party disclosures (continued)

23. Subsequent events

24. Information to be provided to Members or General Manager

25. Economic Dependency

Independent Auditor’s Report

To the members of Shop, Distributive and Allied Employees' Association

Opinion

We have audited the Financial Report of the Shop,

Distributive and Allied Employees’ Association (the

Association).

In our opinion, the accompanying Financial Report of

the Association is in accordance with the Fair Work

(Registered Organisations) Act 2009, including:

• giving a true and fair view of the Association’s

financial position as at 30 June 2017 and of its

financial performance for the year ended on that

date;

• complying with Australian Accounting Standards;

and

• complying with other reporting requirements

imposed by Part 3 of Chapter 8 of the Fair Work

(Registered Organisations) Act 2009.

The Financial Report comprises:

• Statement of financial position as at 30 June 2017

• Statement of profit or loss and other comprehensive income,

Statement of changes in equity and statement of cash flows for the

year then ended

• Notes including a summary of significant accounting policies

• Other explanatory information including the Operating Report, the

Committee of Management Statement and Certificate by National

Secretary-Treasurer.

Basis for opinion

We conducted our audit in accordance with Australian Auditing Standards and the Fair Work (Registered Organisations) Act 2009.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the Financial Report

section of our report.

We are independent of the Association in accordance with the ethical requirements of the Accounting Professional and Ethical

Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the Financial

Report in Australia. We have fulfilled our other ethical responsibilities in accordance with the Code.

Restriction on use

The Financial Report has been prepared to assist the members of the Association in complying with the financial reporting

requirements of the Fair Work (Registered Organisations) Act 2009.

As a result, the Financial Report and this Auditor’s Report may not be suitable for another purpose. Our opinion is not modified in

respect of this matter.Our report is intended solely for the members of the Association and should not be used by parties other

than the members of the Association. We disclaim any assumption of responsibility for any reliance on this report, or on the

Financial Report to which it relates, to any person other than the members of the Association or for any other purpose than that for

which it was prepared.

KPMG, an Australian partnership and a member firm of the KPMG

network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.

Liability limited by a scheme approved under Professional Standards Legislation.

Other Information

Other Information is financial and non-financial information in Shop, Distributive and Allied Employees’ Association’s annual

reporting which is provided in addition to the Financial Report and the Auditor’s Report. The National Executive is responsible for

the Other Information.

The Other Information we obtained prior to the date of this Auditor’s Report was the Operating Report, the Committee of

Management Statement and Certificate by National Secretary-Treasurer.

Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not express any form of

assurance conclusion thereon.

In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In doing so, we consider

whether the Other Information is materially inconsistent with the Financial Report or our knowledge obtained in the audit, or

otherwise appears to be materially misstated.

We are required to report if we conclude that there is a material misstatement of this Other Information, and based on the work we

have performed on the Other Information that we obtained prior to the date of this Auditor’s Report we have nothing to report.

Responsibilities of National Executive for the Financial Report

The National Executive is responsible for:

• preparing the Financial Report that gives a true and fair view in accordance with Australian Accounting Standards and

the Fair Work (Registered Organisations) Act 2009;

• implementing necessary internal control to enable the preparation of a Financial Report that gives a true and fair view

and is free from material misstatement, whether due to fraud or error; and

• assessing the Association’s ability to continue as a going concern. This includes disclosing, as applicable, matters related

to going concern and using the going concern basis of accounting unless they either intend to liquidate the Association

or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the Financial Report

Our objective is:

• to obtain reasonable assurance about whether the Financial Report as a whole is free from material misstatement,

whether due to fraud or error;

• to issue an Auditor’s Report that includes our opinion; and

• to conclude on the appropriateness of the National Executive’s use of the going concern basis of accounting and, based

on the audit evidence obtained, whether a material uncertainly exists related to events or conditions that may cast

significant doubt on the Association’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 to the related disclosures in the financial report or, if

such 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 conditions may cause the Association to cease to continue as

a going concern.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian

Auditing Standards and the Fair Work (Registered Organisations) Act 2009 will always detect a material misstatement when it

exists.

Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they could reasonably

be expected to influence the economic decisions of users taken on the basis of this Financial Report.

A further description of our responsibilities for the audit of the Financial Report is located at the Auditing and Assurance Standards

Board website at: http://www.auasb.gov.au/auditors_files/ar3.pdf. This description forms part of our Auditor’s Report.

http://www.auasb.gov.au/auditors_files/ar3.pdf

Going Concern

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