Page 71 - BWA 2021 ANNUAL REPORT

WESTERN AUSTRALIAN BASKETBALL FEDERATION INC.
Notes to the financial statements
for the year ended 31 December 2021
Note
1.1 Revenue
Administration, affiliation, and referee fees Grants
Merchandise sales
NBL1 vision and data rights
Nominations and admissions
Participation fees
Registrations
Stadium & Court hire, and Grand Final income
1.2 Other Income
Interest income
VW cleaning contribution Government COVID-19 support Donations and sponsorship Other income
Note
SECTION A. HOW THE NUMBERS ARE CALCULATED
This section provides additional information about those individual line items in the financial statements that the Directors consider most relevant in the context of the operations of the entity, including:
(a) accounting policies that are relevant for an understanding of the items recognised in the financial statements. These cover situations where the accounting standards either allow a choice or do not deal with a particular type of transaction.
(b) analysis and sub-totals.
(c) information about estimates and judgements made in relation to particular items.
1 Revenue and other income
2021 $
2020 $
479,959 1,275,017 208,686 128,694 1,013,636 145,402 1,585,297 609,382
5,446,073
1.3.7a 1.2.1
187,906 1,468,472 176,588 - 811,948 204,348 1,106,405 352,776
4,308,443
22,045 129,523 644,500 641,205
39,307 1,476,580
11,495 144,525 - 81,265 93,863
331,148
1.2.1 Included in donations in FY2020 is a one-off donation of $550,000 from Jack Bendat to assist the Association in running the Lynx women’s basketball team that became the Association’s responsibility from May 2020.
1.3 Accounting policies
The Association applies AASB 1058 Income of Not-for-Profit Entities and AASB 15 Revenue from Contracts with Customers.
A portion of the revenue from the Association’s registrations and fees, is deferred and recognised over the period to which they relate. These are included under deferred revenue in the statement of financial position, refer also note 4.6 Deferred income.
All revenue is stated net of the amounts of Goods and Services Tax (GST).
1.3.1 Revenue from Nominations and Admissions
The revenue from nominations or admissions is recognised at a point in time, when the competition is held.
1.3.2 Revenue from Merchandise Sales
The revenue from merchandise sales is recognized at a point in time, when control of the goods is transferred to the purchaser.
1.3.3 Revenue from Participation Fees
The revenue from participation fees is recognized at a point in time, when the course is delivered.
1.3.4 Revenue from Registrations
The revenue from registrations is generally recognized over a period of 12 months as the customer is provided with the benefit by the Association. However, in 2020 some registrations were extended to 15 months in view of COVID-19.
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