NOTES TO THE FINANCIAL STATEMENTSFor the financial year ended 31 March 2022NOTE 1. GENERAL INFORMATIONThe Royal Agricultural Society of Western Australia("RASWA") is a not-for-profit, incorporated associationoperating in Western Australia.Its principal place of business is :Claremont Showground, Claremont, WA 6010RASWA's principal activities relate to education andthe promotion of state agriculture together with usingthe Showground as an exhibition and tradepromotion centre.NOTE 2. SUMMARY OF SIGNIFICANTACCOUNTING POLICIESFINANCIAL REPORTING FRAMEWORKFor the purpose of preparing the financial statements,RASWA is a not-for-profit entity.RASWA is not a reporting entity because in the opinionof the Councillors there are unlikely to exist usersof the financial report who are unable to commandthe preparation of reports tailored so as to satisfyspecifically all of their information needs. Accordingly,these special purpose financial statements have beenprepared to satisfy the reporting requirements of theAustralian Charities and Not-for-Profits CommissionAct 2012 and the Society's Constitution.STATEMENT OF COMPLIANCEThe financial statements have been prepared inaccordance with the recognition and measurementrequirements specified by all Australian AccountingStandards and Interpretations, and the disclosurerequirements of Accounting Standards AASB 101:'Presentation of Financial Statements', AASB 107:'Statement of Cash Flows', AASB 108: 'AccountingPolicies, Changes in Accounting Estimates and Errors',AASB 1048: 'Interpretation of Standards' and AASB1054: 'Australian Additional Disclosures'.The financial statements were authorised for issue byCouncil in May 2022.GOING CONCERNThese financial statements are prepared on a goingconcern basis as RASWA has sufficient cash reserves topay its debts as and when they fall due. It has significantunencumbered (saleable) assets, the ability to borrowshould it be appropriate and possible access togovernment assistance.PRESENTATION OF CONSOLIDATEDFINANCIAL STATEMENTSThe Royal Agricultural Society of Western Australia hasestablished two separate Trusts. The Society controlsthe Trusts through the Trustees (Refer to Note 16).However, Accounting Standard AASB 127 Consolidatedand Separate Financial Statements has not beenadopted in the preparation of these special purposefinancial statements.BASIS OF PREPARATIONThe financial report has been prepared on an accrualsbasis and is based on historical cost. Cost is based onthe fair values of the consideration given in exchange forassets. All amounts are presented in Australian dollars.Accounting policies are selected and applied in amanner which ensures that the resulting informationsatisfies the concepts of relevance and reliability,thereby ensuring that the substance of the underlyingtransactions or other events is reported.CRITICAL ACCOUNTING JUDGEMENTS ANDKEY SOURCES OF ESTIMATION UNCERTAINTYIn the application of RASWA's accounting policies,which are described below, management is required tomake judgements, estimates and assumptions aboutcarrying values of assets and liabilities that are notreadily apparent from other sources. The estimatesand associated assumptions are based on historicalexperience and various other factors that are believedto be reasonable under the circumstance, the results ofwhich form the basis of making the judgements. Actualresults may vary from these estimates.The estimates and underlying assumptions are reviewedon an ongoing basis. Revisions to accounting estimatesare recognised in the period in which the estimate isrevised if the revision affects only that period, or in theperiod of the revision and future periods, if the revisionaffects both current and future periods.ADOPTION OF NEW AND REVISEDACCOUNTING STANDARDSThe AASB has issued a number of standards andamendments to standards that are mandatory for thefirst time in the reporting period commenced 1 April 2021.RASWA has assessed and determined that there are nonew or amended standards applicable for the first timefor the 31 March 2022 year report that materially affectRASWA’s accounting policies or any of the amountsrecognised in the financial statements.R A S WA A N N U A L R E P O R T 2 0 2 221
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