Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697778743870.pdf (Fiji)
Fiji Association of Sports and National Olympic Committee Financial Statements For the year ended 31 December 2022 Fiji Association of Sports and National Olympic Committee Contents Statement by the Executive Board Independent auditors’ report Statement of income and accumulated funds Statement of financial position Statement of cash flows Notes to and forming part of the financial statements Disclaimer Additional financial information 3 4 – – 19 20 21 – 36 Independent Auditors’ Report To the Members of Fiji Association of Sports and National Olympic Committee Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Fiji Association of Sports and National Olympic Committee (“the Association”), which comprise the statement of financial position as at 31 December 2022, the statements of income and accumulated funds and cash flows for the year then ended, and notes, comprising significant accounting policies and other explanatory information as set out in notes 1 to 20.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Association as at 31 December 2022, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards for Small and Medium-sized Entities as issued by the International Accounting Standards Board (IFRS for SMEs).

Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs).
Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report.
We are independent of the Association in accordance with International Ethics Standards Board for Accountants International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) and the ethical requirements that are relevant to our audit of the financial statements and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Information Management is responsible for the other information.

The other information comprises the information included in the statement by the Executive Board and statement of income and expenditure, but does not include the financial statements and our auditors’ report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

KPMG, a Fiji partnership, is part of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

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Liability limited by a scheme approved under Professional Standards Legislation.
4 Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS for SMEs, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Association’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Association or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Association’s financial reporting process.
Auditors’ Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and 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 these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit.
We are also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Association’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty 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 auditors’ report to the related disclosures in the financial statements 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 auditors’ report.

However, future events or conditions may cause the Association to cease to continue as a going concern.
5 Auditors’ Responsibilities for the Audit of the Financial Statements (continued) • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
KPMG Chartered Accountants Suva, Fiji 20 April 2023 6 Fiji Association of Sports and National Olympic Committee Statement of income and accumulated funds For the year ended 31 December 2022 Income Revenue Other income Total income Expenses Note 2022 $ 2021 $ 3 4 3,246,072 345,863 3,591,935 2,231,391 38,021 2,269,412 Administration expenses – other Administration expenses – games Operating expenses – other Operating expenses – games Total expenses 5(a) 5(b) 5(c) 5(d) (445,994) (234,039) (433,772) (2,467,110) (3,580,915) (425,107) (175,410) (217,180) (1,514,483) (2,332,180) Results from operating activities 11,020 (62,768) Net finance income Surplus before tax Income tax expense Surplus for the year 6 194,949 109,759 205,969 46,991 7(a) - - 205,969 46,991 Retained earnings at start of year 5,937,831 5,890,840 Retained earnings at end of year 6,143,800 5,937,831 The statement of income and accumulated funds is to be read in conjunction with the notes to and forming part of the financial statements set out on pages 10 to 19.
7 Fiji Association of Sports and National Olympic Committee Statement of cash flows For the year ended 31 December 2022 Cash flows from operating activities Cash receipts from donors and customers Cash payments to suppliers and employees Interest received Net cash from operating activities Cash flows from investing activities Proceeds from held-to-maturity investments Payments for equipment acquired Net cash (used in) / from investing activities Net increase in cash Cash at beginning of year Cash at end of year 2022 $ 2021 $ 3,763,987 (3,686,477) 20,000 97,510 2,918,473 (2,099,209) 24,329 843,593 - (37,735) (37,735) 225,821 (11,358) 214,463 59,775 1,058,056 3,532,492 2,474,436 3,592,267 3,532,492 The statement of cash flows is to be read in conjunction with the notes to and forming part of the financial statements set out on pages 10 to 19.
9 Fiji Association of Sports and National Olympic Committee Notes to and forming part of the financial statements For the year ended 31 December 2022 1.

General information Fiji Association of Sports and National Olympic Committee (the Association) is domiciled in Fiji.

The address of its registered office and principal place of business is 17 Bau Street, Suva.

The principal activities are the promotion of sports in Fiji and operation of the Suva Apartments.
The financial statements were authorised for issue by the Executive Board on ______________.

2.

Summary of significant accounting policies (a) Basis of preparation The significant accounting policies, which have been adopted in the preparation of these financial statements are set out below.

The accounting policies have been consistently applied and are consistent with those of the previous year.
The financial statements have been prepared in accordance with the International Financial Reporting Standard for Small and Medium-sized Entities (“IFRS for SMEs”) as issued by the International Accounting Standards Board.

The financial statements are presented in Fiji Dollars, which is the Association’s functional currency, and amounts have been rounded to the nearest dollar.
The financial statements have been prepared on the basis of historical costs except for investment property that is stated at fair value.

(b) Cash Cash comprises of cash on hand and cash at bank.

Of the cash balance, 22% is restricted cash.

(c) Trade and other receivables Trade and other receivables are measured at amortised cost.
At the end of each reporting period, the carrying amount of trade and other receivables are reviewed to determine whether there is any objective evidence that the amounts are not recoverable.

If so, any impairment loss is recognised in profit and loss.

(d) Financial assets held to maturity Investments in term deposits and bonds with financial institutions are measured at amortised cost.

Interest income is recognised in profit or loss using the effective interest method.
10 Fiji Association of Sports and National Olympic Committee Notes to and forming part of the financial statements For the year ended 31 December 2022 2.

Summary of significant accounting policies (continued) (e) Inventories Inventories are stated at the lower of cost and net realisable value.

Cost has been assigned to inventory quantities on hand at balance date using the first-in-first out method.

Items included in inventories are generally badges and t-shirts.
(f) Property, plant and equipment Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment.

Depreciation is charged to profit or loss on a straight-line basis over the estimated useful lives of the items of property, plant and equipment.
Property, plant and equipment, other than freehold land, are depreciated over their estimated useful lives on a straight-line basis using the following rates: Buildings Furniture and fittings Office equipment Freehold land is not depreciated Impairment of assets Rates 1.25% 20% 20% At each reporting date, property, plant and equipment is reviewed to determine whether there is any indication that the assets have suffered an impairment loss.
If there is an indication of possible impairment, the recoverable amount of any affected asset (or group of related assets) is estimated and compared with it carrying amount.

If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
(g) Investment property Investment property is property held either to earn rental income or for capital appreciation or for both, but not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes.

Investment property is measured at cost on initial recognition, unless the investment property is donated in which case fair value is assigned and is subsequently measured at fair value with any change therein recognised in profit or loss.
Cost includes expenditure that is directly attributable to the acquisition of the investment property.

The cost of self-constructed investment property includes the cost of materials and direct labour, any other costs directly attributable to bringing the investment property to a working condition for their intended use including capitalised borrowing costs.
Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss.

11 Fiji Association of Sports and National Olympic Committee Notes to and forming part of the financial statements For the year ended 31 December 2022 2.
Summary of significant accounting policies (continued) (h) Income tax In accordance with Part 7 sub-section 2 of the Income Tax (Exempt Income) Regulations 2016, the Association is exempt from income tax.

Effective from 1 January 2016, the same Regulation stipulated that the business income of the Association became taxable.

Accordingly, the tax expense comprises the current and deferred tax relating to the Suva Apartments.
The tax expenses are recognised by applying the currently enacted income tax rate to the allocated profit relating to the Apartments.

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities related to the Apartments for financial reporting purposes and the amounts used for tax purposes.

A deferred tax asset is recognised to the extent that it is probable that future tax profits will be available against which they are offset.
Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available against which they can be used.

In addition, provisions of the Value Added Tax Decree, Service Turnover Tax Decree 2012 and Environment Levy Act 2016 apply.

(i) Trade and other payables Trade and other payable are stated at amortised cost.

(j) Deferred income Deferred income represents grants and affiliation fees received in advance.
Grants and affiliation fees are recognised as income as described in Note 2(m) below.

(k) Employee benefits The obligation for employee entitlements relating to amounts expected to be paid to employees for annual leave is measured as the amount unpaid as at balance date at current employee pay rates.

(l) Foreign currency transactions Transactions denominated in foreign currencies are translated to Fiji dollars at the rates of exchange ruling at the date of the transactions.
Foreign currency receivables and payables at balance date are translated to Fiji dollars at exchange rates current at reporting date.

Exchange gains and losses are recognised in profit or loss.

12 Fiji Association of Sports and National Olympic Committee Notes to and forming part of the financial statements For the year ended 31 December 2022 2.
Statement of significant accounting policies (continued) (m) Income recognition Income represents grant revenue, course income, income from rental of apartments, sponsorship revenue, appeal income, lottery income, sale of inventories, income from functions and events and miscellaneous sundry income.

Grant revenue received in respect of future events is initially deferred and subsequently brought to account as income in the period of the event or as funds are expended.
Revenue relating to income from accommodation from the Suva Apartments is recognised as the services are performed or provided.

Generally, income is recognised in the year in which the event for which it is allocated for occurs.

Revenue from other sources is recognised in the period of the event.

(n) Comparative information Comparative information has been restated where necessary to achieve consistency in disclosure with current year amounts.
(o) Government grant The Association treats grants received as income either in the year of receipt or when entitlement to the grant is established.

Government grants without conditions attached are recognised as income on receipt.

Government grants that are in respect of games or events scheduled to occur in future financial periods are recognised initially as deferred income and are then recognized in profit or loss in the period that the game or event occurs.
(p) Donated assets Donated assets for which no or minimal conditions apply are recognized in a similar manner to Government grants, that is, the benefit is recognised on a systematic basis over the period in which the related costs for which the donated assets are intended to compensate.

In the case of property, this is considered to be at the same depreciation rate applied for buildings.

The carrying value assigned for such donated assets in typically assessed at fair value at date of transfer.
Meanwhile, donated assets for events like lotteries are recognised as income at the time of drawing of lottery.
13 Fiji Association of Sports and National Olympic Committee Notes to and forming part of the financial statements For the year ended 31 December 2022 2022 $ 2021 $ 34,193 2,207,359 209,535 60,000 345,296 303,043 57,910 28,736 3,246,072 29,809 1,833,311 149,173 57,501 129,301 27,118 - 5,178 2,231,391 10,980 326,042 263 720 7,858 345,863 702 - 2,553 680 34,086 38,021 2,688 33,702 12,956 5,877 8,398 197,965 16,201 17,027 1,529 41,587 108,064 445,994 1,175 5,830 2,573 33,342 650 1,876 - 188,593 234,039 3,164 41,184 - 6,678 8,089 218,702 18,252 11,091 2,247 - 115,700 425,107 1,148 603 2,772 33,857 700 1,505 328 134,497 175,410 3.
4.

Revenue Course income Grant income Rental of apartments Sponsorship revenue – cash Sponsorship revenue – in kind Appeal income Lottery income Functions and events Other income Service fee, hall hire, office rental and equipment usage Flight charter sales Laundry Marketing compensation Sundry income 5.
Expenses (a) Administration expenses - other Bank charges Depreciation Meeting expenses Audit and accounting fees Rental and rates Salaries and wages Fax, internet, postage and telephone Fiji National Provident Fund Fiji National University Levy Consultancy fees Other administration expenses (b) Administration expenses - games Bank charges Meeting expenses Audit and accounting fees Salaries and wages Fax, internet, postage and telephone Fiji National Provident Fund Fiji National University Levy Other administration expenses 14 Fiji Association of Sports and National Olympic Committee Notes to and forming part of the financial statements For the year ended 31 December 2022 5.
6.

7.
Expenses (continued) (c) Operating expenses – other Advertising and promotions Electricity Functions and events Other operating expense Repairs and maintenance Sports House expenses Travelling expenses Course expense Stop HIV campaign expense Uniforms (d) Operating expenses - games Advertising and promotions Other operating expenses Team preparation and travelling expenses Uniforms Lottery expense Finance income Interest on term deposits Foreign exchange gain Income tax Surplus before tax Income tax at 20% (2021: 20%) Exempt income (a) Current tax liability Balance at beginning of year Payments during the year Balance at end of year 2022 $ 2021 $ 10,798 26,561 34,084 183,722 106,008 3,665 14,879 - 54,055 - 433,772 4,304 26,501 - 103,316 34,855 3,325 10,965 360 33,042 512 217,180 7,470 102,824 1,853,072 482,184 21,560 2,467,110 12,236 365,032 962,499 174,716 - 1,514,483 20,000 174,949 194,949 24,408 85,351 109,759 150,692 46,991 30,138 (30,138) - 9,398 (9,398) - - - - - - - 15 Fiji Association of Sports and National Olympic Committee Notes to and forming part of the financial statements For the year ended 31 December 2022 8.
Trade and other receivables Trade receivables Provision for doubtful debts Other receivables Provision for doubtful debts Interest receivable 9.

Financial assets held to maturity Non-current 2022 $ 53,087 (35,927) 17,160 53,391 (44,883) 8,508 5,671 31,339 2021 $ 72,577 (35,927) 36,650 101,826 (44,883) 56,943 5,672 99,265 402,791 402,791 402,791 402,791 Term deposits and bonds are held with various financial institutions for a period of upto 10 years at interest rates of 5% (2021: 5%).

10.

11.
10.

11.

Inventories Inventories on hand – badges and t-shirts Other assets Deposits Prepayments 11,127 20,468 4,707 6,688 11,395 4,706 5,734 10,440 16 Fiji Association of Sports and National Olympic Committee Notes to and forming part of the financial statements For the year ended 31 December 2022 12.
Property, plant and equipment Cost Balance at 1 January 2022 Additions Balance at 31 December 2022 Accumulated depreciation Balance at 1 January 2022 Depreciation charge for the year Balance at 31 December 2022 Carrying amount 1 January 2022 31 December 2022 Freehold land $ Buildings $ Office equipment $ Furniture and fittings $ Total $ 210,000 - 210,000 468,602 - 468,602 302,180 35,275 337,455 76,311 1,057,093 37,735 78,771 1,094,828 2,460 - - - 69,451 5,856 75,307 255,948 24,982 280,930 72,576 2,864 75,440 397,975 33,702 431,677 210,000 210,000 399,151 393,295 46,232 56,525 3,735 3,331 659,118 663,151 13.
Investment property Balance at 1 January Change in fair value Balance at 31 December 2022 $ 3,800,000 - 3,800,000 2021 $ 3,800,000 - 3,800,000 Investment property relates to the Suva Apartments with related properties and two donated properties in 2019.

As the Suva Apartments with related buildings are held under a single title, the independent valuer has assumed a subdivision of the title as per occupation by the different buildings and used this to estimate the fair value of the Suva Apartments.
The donated properties are in Taveuni and Toorak.

The donated properties are considered to be investment properties.

In case any of the properties are developed for own or administrative purposes, that property will be reclassified as property, plant and equipment.

The fair value was recongnised in the 2020 financial statements.

As at 31 December 2022, the Executive Board commissioned the fair value of the investment property relating to Suva Apartments be undertaken.
The valuation was undertaken in February 2022.
Management and the Board have determined that there has been no significant change in fair value at 31 December 2022 17 Fiji Association of Sports and National Olympic Committee Notes to and forming part of the financial statements For the year ended 31 December 2022 14 Trade and other creditors Trade creditors and accruals Contract liabilities Athletics Fiji- staff wages Value Added Tax payable 2022 $ 172,633 - 1,132 48,949 222,714 2021 $ 185,833 6,906 2,460 38,087 233,286 15 Deferred income - solidarity grants Grants carried forward from previous years and amounts received from the International Olympic Committee – Solidarity and expended were as follows: Athletes Commission Coaches in Sailing Continental Athlete Support Grant IOC scholarship – Banuve Tabakaucoro IOC scholarship – Epeli Rabua IOC scholarship – Eugene Vollmer IOC scholarship – Shanice Takayawa IOC scholarship – Hansel McCraig IOC scholarship – R Elder IOC scholarship – Taniela Rainibogi Equipment Grant Moana Wind National Activities NOC Management Initiative Olympoceania Grant STOP HIV & AIDS IOC Participation recognition Balance 01-Jan-22 Amount received $ - - (8,543) $ 16,988 16,635 41,363 Amount paid or expensed $ - - (55,277) Balance 31-12-22 $ 16,988 16,635 (22,457) - 17,536 (17,536) - 2,368 2,048 - - 499 - 26,792 1,046 170,502 14,043 403,410 29,987 166,736 808,888 - - 17,563 17,536 - 26,304 - - 227,572 23,820 - 57,058 - 462,375 (2,368) (2,048) (10,713) (17,536) (499) (18,608) (20,422) (1,046) (465,612) (32,384) - (81,793) - (725,842) - - 6,850 - - 7,696 6,370 - (67,538) 5,479 403,410 5,252 166,736 545,421 18 Fiji Association of Sports and National Olympic Committee Notes to and forming part of the financial statements For the year ended 31 December 2022 16.
Deferred income - other Donated assets – Investment property Other 17.

Employee benefits Opening balance Additional provisions recognized Utilized during the year 2022 $ 1,451,625 139,050 1,590,675 13,895 - (4,435) 9,460 2021 $ 1,451,625 79,049 1,530,674 16,782 16,791 (19,678) 13,895 18.

Capital commitments and contingent liabilities There are no capital commitments or contingent liabilities as at 31 December 2022 (2021: Nil).

19.
19.

Related parties (a) Transactions with related parties The only related party transactions for the Association are transactions with key management personnel.

(b) Key management personnel Key management personnel comprise Members of the Executive Board and the CEO of the Association, who is also the Secretary General.

Key management personnel compensation includes: Short term benefits 2022 $ 45,295 2021 $ 49,000 20.
Events subsequent to balance date There has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the Board Members of the Association, to affect significantly the operations of the Association, the results of those operations, or the state of affairs of the Association, in the future financial year.
19 Disclaimer The additional financial data presented on pages 21 to 36 of the financial statements is in accordance with the books and records of Fiji Association of Sports and National Olympic Committee which have been subjected to the auditing procedures applied in our audit for the year ended 31 December 2022.

It will be appreciated that our audit did not cover all details of the additional financial information.
Accordingly, we do not express an opinion on this financial information and no warranty of accuracy or reliability is given.

In accordance with our firm policy, we advise that neither the firm nor any member or employee of the firm undertakes responsibility arising in any way whatsoever to any person (other than the Association) in respect of this information, including any errors or omissions therein, arising through negligence or otherwise however caused.
KPMG Chartered Accountants Suva, Fiji 20 April 2023 20 Fiji Association of Sports and National Olympic Committee Statement of income and expenditure - summary For the year ended 31 December 2022 Surplus from: Course Account (page 22) Equipment Grant Account (page 23) Events Account (page 24) 2022 $ 2021 $ - - (13,395) (1,150) - 375 General Account (page 25 – 26) 318,112 143,466 Suva Apartments Account (page 27) (6,785) 185 Appeal Account (page 28) Surplus for the year (91,963) (95,885) 205,969 46,991 The detailed statements of income and expenditure are to be read in conjunction with the disclaimer as set out on page 20.
21 Fiji Association of Sports and National Olympic Committee Statement of income and expenditure (continued) For the year ended 31 December 2022 Course account Income Athletes Commission Oceania Sports Education Program Total income Expenditure Athletes Commission Oceania Sports Education Program Total expenditure 2022 $ - 88,032 88,032 - 88,032 88,032 2021 $ 15,830 58,274 74,104 16,583 58,671 75,254 Deficit for the year transferred to page 21 - (1,150) The detailed statements of income and expenditure are to be read in conjunction with the disclaimer as set out on page 20.
22 Fiji Association of Sports and National Olympic Committee Statement of income and expenditure (continued) For the year ended 31 December 2022 Equipment Grant Account Income Equipment grant Total income Expenditure Equipment Grant Freight and customs Total expenditure Surplus for the year transferred to page 21 2022 $ 20,422 20,422 19,606 816 20,422 - 2021 $ - - - - - - The detailed statements of income and expenditure are to be read in conjunction with the disclaimer as set out on page 20.
23 Fiji Association of Sports and National Olympic Committee Statement of income and expenditure (continued) For the year ended 31 December 2022 Events Account Income Drug Free Sports Fiji Olympic Day Run STOP HIV – IOC STOP HIV – ONOC Hall of Fame World Olympians grant Total income Expenditure Drug Free Sports Fiji Olympic Day Run STOP HIV expenses Hall of Fame Total expenditure 2022 2021 13,067 7,806 37,126 45,371 20,930 - 124,300 13,283 7,778 82,497 34,137 137,695 4,252 5,178 18,345 64,374 - 4,444 96,593 4,252 5,304 82,719 3,943 96,218 (Deficit) / surplus for the year transferred to page 21 (13,395) 375 The detailed statements of income and expenditure are to be read in conjunction with the disclaimer as set out on page 20.
24 Fiji Association of Sports and National Olympic Committee Statement of income and expenditure (continued) For the year ended 31 December 2022 General account Income Affiliation fees Foreign exchange gain Hall & equipment hire Interest on term deposits IOC administration subsidy IOC Sports Development Officer grant IOC The Olympic Program grant Management fees NOC Management Initiatives Grant Secretarial revenue Sponsorship Sundry income Total income Expenditure Accommodation Advertising and promotions Airfares Audit and accounting fees Bank charges Catering Cleaning supplies Depreciation Electricity Fiji National Provident Fund Fiji National University levy Freight and customs charges Gifts and giveaways Insurance Internet IT Maintenance & Agreements License & subscriptions Local meeting expenses MEMOS NOC Management Initiatives Office equipment consumables Other admin expenses Other operating expenses Overseas meeting expenses Photocopier expenses 2022 $ 720 174,429 980 20,000 93,187 31,854 355,844 84,000 29,390 10,000 14,900 4,465 819,769 520 8,314 13,370 2,574 1,419 200 708 15,200 10,904 14,348 1,529 312 - 10,189 3,164 5,441 3,511 8,787 6,131 41,587 365 5,355 388 4,169 570 2021 $ 680 85,351 702 24,329 91,278 20,056 206,240 34,500 25,556 - 4,167 6,319 499,178 - 3,833 - 3,975 2,040 - 174 20,379 7,242 8,329 1,761 274 585 10,869 2,479 4,898 1,869 - - 25,556 265 3,352 5,116 - - The detailed statements of income and expenditure are to be read in conjunction with the disclaimer as set out on page 20.
25 Fiji Association of Sports and National Olympic Committee Statement of income and expenditure (continued) For the year ended 31 December 2022 General account (continued) Expenditure (continued) Post box rental Printing and artwork design Rental and rates Resurgence workshop Repairs and maintenance – Buildings Repairs and maintenance – Furniture and fittings Repairs and maintenance – Office equipment Salaries and wages Sports House expenses Stationery and office supplies Telephone Toorak property Transport Uniforms Valuation Water Total expenditure 2022 $ 37 7,625 3,495 - 78,935 342 2,888 200,889 3,665 1,294 11,693 28,185 1,492 - 1,650 412 501,657 2021 $ 24 4,375 3,595 3,346 10,551 - 7,775 205,711 3,325 875 8,687 927 - 512 1,815 1,238 355,712 Surplus for the year transferred to page 21 318,112 143,466 The detailed statements of income and expenditure are to be read in conjunction with the disclaimer as set out on page 20.
26 Fiji Association of Sports and National Olympic Committee Statement of income and expenditure (continued) For the year ended 31 December 2022 Suva Apartments Income Accommodation Laundry sales Total income Expenditure Audit and accounting fees Bank charges Catering Cleaning supplies Depreciation Electricity Fiji National Provident Fund Fiji National University levy Gas Guest supplies Insurance Laundry License & subscriptions Management fees Other admin expenses Other operating expenses Post box rental Rental and rates R&M - Buildings R&M - Office equipment Replacements Salaries and wages Security Sky rental Telephone Transport Water Total expenditure 2022 $ 209,535 263 209,798 3,303 1,117 1,400 2,284 18,502 15,657 1,719 - 1,139 1,196 5,095 - 472 84,000 1,989 106 37 1,323 10,273 6,885 6,045 33,758 14,172 3,506 818 17 1,770 216,583 2021 $ 149,173 2,553 151,726 2,702 1,007 - 4,105 20,805 19,259 1,639 255 650 818 2,610 1,227 2,609 34,500 644 1,550 - 1,480 7,202 3,372 - 25,758 13,081 2,966 1,959 330 1,013 151,541 (Deficit) / surplus for the year transferred to page 21 (6,785) 185 The detailed statements of income and expenditure are to be read in conjunction with the disclaimer as set out on page 20.
27 Fiji Association of Sports and National Olympic Committee Statement of income and expenditure (continued) For the year ended 31 December 2022 2022 $ 2021 $ Appeal account Appeal account – Lottery Account (Page 29) 35,297 Appeal account – Solomon Islands Pacific Games 2020 (Page 30) (44,889) - - Appeal account – Tokyo Olympic Games (Page 31 – 32) (16,011) (83,433) Appeal account – Pacific Mini Games (Page 33 – 34) (81,815) (5,021) Appeal account – Commonwealth Games (Page 35 - 36) 15,455 (7,431) Deficit for the year transferred to page 21 (91,963) (95,885) The detailed statements of income and expenditure are to be read in conjunction with the disclaimer as set out on page 20.
28 Fiji Association of Sports and National Olympic Committee Statement of income and expenditure (continued) For the year ended 31 December 2022 Lottery Account Income Lottery ticket sales Total income Expenditure Advertising and promotions Bank charges Lottery Expense NF Lottery Share Printing & artwork design Transport Total expenditure Surplus for the year transferred to page 28 2022 $ 57,910 57,910 380 32 9,600 11,960 630 11 22,613 35,297 2021 $ - - - - - - - - - The detailed statements of income and expenditure are to be read in conjunction with the disclaimer as set out on page 20.
29 Fiji Association of Sports and National Olympic Committee Statement of income and expenditure For the year ended 31 December 2022 Solomon Islands Pacific Games 2023 Expenditure Advertising and promotions Air fare Bank charges Fiji National Provident Fund Internet Other admin expenses Salaries and wages Team Fiji admin expenses Transport Uniform Total expenditure 2022 $ 1,104 2,808 25 525 200 51 12,041 900 115 27,120 44,889 Deficit for the year transferred to page 28 (44,889) 2021 $ - - - - - - - - - - - - The detailed statements of income and expenditure are to be read in conjunction with the disclaimer as set out on page 20.
30 Fiji Association of Sports and National Olympic Committee Statement of income and expenditure (continued) For the year ended 31 December 2022 Tokyo Olympic Games Income Accommodation refunds ANOC grant Government grant National activities Olympic Games Pacific AusSports Sundry income Team Fiji levy Team Fiji merchandise Team Fiji sponsorship Team support grant Travel grant Total Income Expenditure Advertising and promotions Air fare ANOC grant disbursements AOC grant Audit and accounting fees Bank charges Catering Fiji National Provident Fund Fiji National University levy Freight and customs charges Gifts & giveaways Insurance Internet IT Maintenance & Agreements Local meeting expenses Office equipment consumables Other admin expenses Other operating expenses Pre & post Covid 19 expenses - Accommodation Pre & post Covid 19 expenses - Testing Printing & artwork design Salaries and wages Telephone Transport Team Fiji medical expenses Team Fiji admin expenses Team Fiji itautau/assemblies Team Support Grant NF disbursements T/Prep Archery 2022 $ 2021 $ - - - - - - - - - - - - - - - - 16,011 - - - - - - - - - - - - - - - - - - - - - - - - - 23,118 89,117 362,483 174,160 241,303 101,530 26,668 4,000 1,178 182,635 56,698 201,299 1,464,189 10,980 544,369 9,360 - 2,772 1,148 13,186 1,095 246 3,005 10,050 90,950 568 1,097 582 145 1,485 1,538 247,113 52,890 26,317 24,496 1,317 10,852 3,805 26,381 3,300 56,626 301 The detailed statements of income and expenditure are to be read in conjunction with the disclaimer as set out on page 20.
31 Fiji Association of Sports and National Olympic Committee Statement of income and expenditure (continued) For the year ended 31 December 2022 Tokyo Olympic Games Expenditure (continued) T/Prep Athletics T/Prep Judo T/Prep Rugby 7's T/Prep Swimming T/Prep Table Tennis T/Prep Sailing Uniform Total expenditure 2022 $ 2021 $ - - - - - - - - 26,893 25,092 96,423 49,976 7,711 20,837 174,716 1,547,622 Deficit for the year transferred to page 28 (16,011) (83,433) The detailed statements of income and expenditure are to be read in conjunction with the disclaimer as set out on page 20.
32 Fiji Association of Sports and National Olympic Committee Statement of income and expenditure (continued) For the year ended 31 December 2022 Pacific Mini Games Income CGF Development Grant Charter Sales Continental athlete support National activities Sundry income Team Fiji levy Team Fiji Sponsorship Travel Grant Total Income Expenditure Accommodation Advertising and promotions Air fare Bank charges Catering Fiji National Provident Fund Freight and customs charges Gifts & giveaways Insurance Internet Local meeting expenses Marketing Meal Allowance Office equipment consumables Other admin expenses Printing & artwork design R&M - Office equipment Salaries and wages Stationery & office supplies Telephone Transport Team Fiji admin expenses Team Fiji itautau/assemblies Team Fiji medical expenses Team Fiji per diems T/Prep Athletics T/Prep Outrigger T/Prep Tennis T/Prep Triathlon T/Prep Weightlifting 2022 $ 2021 $ - - - - - - - - - - 628 - - - 143 - - - 35 - - - - - - - 4,215 - - - - - - - - - - - - The detailed statements of income and expenditure are to be read in conjunction with the disclaimer as set out on page 20.
33 Fiji Association of Sports and National Olympic Committee Statement of income and expenditure (continued) For the year ended 31 December 2022 Pacific Mini Games (continued) Expenditure (continued) Team Prep Baseball Venue Hire Uniform Total expenditure 2022 $ 9,000 1,150 105,057 1,081,365 2021 $ - - - 5,021 Deficit for the year transferred to page 28 (81,815) (5,021) The detailed statements of income and expenditure are to be read in conjunction with the disclaimer as set out on page 20.
34 Fiji Association of Sports and National Olympic Committee Statement of income and expenditure (continued) For the year ended 31 December 2022 Commonwealth Games Income CGF Development Grant Continental athlete support grant Game Changer CWG Government Grant - Participation Government Grant – Preparation National Activities Queen Baton Relay Team athlete support Team Fiji Games Accommodation Team Fiji Levy Team Fiji Sponsorship Team Support Grant Travel Grant Total income Expenditure Accommodation Advertising and promotions Air fare Audit and accounting fees Bank charges Catering Continental grant Covid Test Fiji National Provident Fund Fiji National University levy Freight and customs charges Game changer CWG Gifts & giveaways Insurance Internet IT Maintenance & Agreements Local meeting expenses Marketing Meal Allowance National Activities Office equipment consumables Other admin expenses Other operating expenses Overseas meeting expenses Printing & artwork design Queen Baton Relay Salaries and wages Stationery & office supplies Team Fiji admin expenses 2022 $ 161,998 8,218 - 250,000 250,000 86,722 9,970 37,276 23,641 109,150 295,946 69,937 247,727 1,550,585 6,393 4,704 519,779 2,573 599 2,250 - 300 678 - 23,101 - 732 70,888 125 701 324 4,919 8,600 560 260 577 657 5,190 901 12,105 12,187 550 22,053 2021 $ - 48,000 15,405 - - 64,475 - - - - - - - 127,880 - 628 - - - - 48,000 - 268 82 - 15,405 - - 97 - 97 - - - 290 724 100 - - - 5,145 - - The detailed statements of income and expenditure are to be read in conjunction with the disclaimer as set out on page 20.
35 Fiji Association of Sports and National Olympic Committee Statement of income and expenditure (continued) For the year ended 31 December 2022 Commonwealth Games (continued) Expenditure (continued) Team Fiji medical expenses Team Support Grant Transport T/Prep Athletics T/Prep Boxing T/Prep Bowls T/Prep Judo T/Prep Para Athletes T/Prep Rugby 7's T/Prep Squash T/Prep Swimming T/Prep Table Tennis T/Prep Tennis T/Prep Triathlon T/Prep Weightlifting Uniform Venue Hire Total expenditure 2022 $ 31,184 69,937 6,632 9,741 5,000 10,000 11,618 2,000 227,525 1,539 29,000 37,430 5,000 17,471 18,140 350,007 1,200 1,535,130 2021 $ - - - - - - - - 64,475 - - - - - - - - 135,311 Surplus/(deficit) for the year transferred to page 28 15,455 (7,431) The detailed statements of income and expenditure are to be read in conjunction with the disclaimer as set out on page 20.
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