2023 annual report final WEB - Flipbook - Page 60
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Corporate Information
Christian Outreach Centre is incorporated under
Letters Patent issued pursuant to the Religious
Education and Charitable Institutions Act 1861-1967
on 9th September, 1976. The organisation is a not-forprofit entity established to pursue charitable purposes
only and must apply its income in promoting those
purposes.
Christian Outreach Centre has a registered trading
name of International Network of Churches which is
now in common use for the organisation.
AASB 15 Revenue from Contracts with Customers
AASB 16 Leases
AASB 101 Presentation of Financial Statements
AASB 107 Statement of Cash Flows
AASB 108 Accounting Policies, Changes in
Accounting Estimates and Errors
AASB 110 Events After the End of the Reporting
Period
AASB 1048 Interpretation of Standards
AASB 1054 Australian Additional Disclosure
AASB124 Related Party Disclosures
The address of the registered office of Christian
Outreach Centre is:
3374 Pacific Highway,
Springwood QLD 4127.
The financial report has been prepared in
accordance
with
the
recognition
and
measurement requirements of other applicable
accounting standards.
The National Executive is of the view that the Group is
a going concern. The Group has a reported working
capital deficit of $19.97 million for the year ended
31 December 2023. External banking facility
agreements are in place with Westpac Banking
Corporation (Westpac) to manage the Group’s cash
movement needs.
New or amended Accounting Standards and
Interpretations adopted
The company has adopted all of the new or
amended
Accounting
Standards
and
Interpretations issued by the Australian
Accounting Standards Board ('AASB') that are
mandatory for the current reporting period.
Any new or amended Accounting Standards or
Interpretations that are not yet mandatory have
not been early adopted.
Included in the working capital deficit is:
$5.94 million in Members' investment funds held.
It is unlikely that all of the funds would be
withdrawn and not replaced in the 2024 financial
year. The Group is required to maintain sufficient
margin in its multi-option credit agreement with
Westpac to cover all Member investments at any
given time should the investment funds be called
upon.
$7.59 million of accrued long service leave
entitlements. In the normal course of operations.
It is unlikely that this will need to be paid out in
full in any one year.
Note 2. Summary of Significant Accounting
Policies
(a) Basis of Preparation
The National Executive has determined that
Christian Outreach Centre is not a reporting entity
because there are no users dependent on general
purpose financial statements. The financial report
is a special purpose financial report, which has
been prepared in accordance with the
requirements of the Australian Charities and Notfor-Profits Commission Act 2012 and the following
Australian Accounting Standards:
AASB 10 Consolidated Financial Statements
60
2023 Financials
The financial report is presented in Australian
dollars and all values are rounded to the nearest
thousand dollars ($000) unless otherwise stated.
(b) Basis of Consolidation
The consolidated financial statements comprise
the financial statements of Christian Outreach
Centre and its subsidiaries and special purpose
entities (the Group) as at 31 December 2023.
Control is achieved when the Group is exposed, or
has rights, to variable returns from its involvement
with the subsidiary and has the ability to affect
those returns through its power over the
subsidiary. Specifically, the Group controls a
subsidiary if and only if the Group has:
i)
Power over the subsidiary (i.e. existing rights
that give it the current ability to direct the
relevant activities of the subsidiary);
ii) Exposure, or rights, to variable returns from
its involvement with the subsidiary; and
iii) The ability to use its power over the
subsidiary to affect its returns.
