References in various legislation and regulations require Clubs to maintain proper records.

Providing timely and accurate reports to the Management/ Executive Committee on a regular basis is critical to their ability to discharge their responsibility.

a) Why is this information important?

Directors and officers of the organisation require information:

  • To exert financial control over the activities of the entity
  • To monitor performance
  • To manage cash flows
  • To plan for the future

Other interested parties include:

  • Government (Australian Tax Office, Department of Fair Trading, Office of Liquor Gaming and Racing, Grantors)
  • Sponsors
  • The donating public
  • Members
  • Auditors

b) Financial Reporting Requirements

The following reports are suggested as a guide for the minimum financial information which should be presented to the Management/ Executive Committee:

  • A Profit and Loss Statement showing income and expenditure for the period and for year-to-date
  • Budget report showing a comparison between actual results and budgeted results (commonly combined with the Profit and Loss Statement above) and explanations of material variances
  • List of debtors with appropriate explanations for amounts which have remained unpaid for over, say, 30 days
  • List of payments since the last meeting of the Committee, for ratification
  • Report on the movements in the bank accounts
  • Copy of the Bank Statement and the Bank Reconciliation Report

c) End of Financial Year Reporting

After the end of every year, financial statements are required to be prepared in a prescribed format, for presentation to and adoption by its members at the Annual General Meeting. This is a requirement of the Associations Incorporation Act.

Clubs are also required to complete the reporting that is required from ACNC as a registered charity.

d) Club Annual Reports

Clubs are required to submit a copy of their Annual Report to Life Saving Victoria (Club Support) after their Annual General Meeting (AGM) each year. This is a requirement of the Administration Grant

To assist clubs in the producing of their Annual Reports, the following is a list of contents that may be included:

  • Front table of contents – date of season
  • List of club office bearers for the season
  • Presidents report
  • Club financial statements including income and expenditure, balance sheet and signed auditors report*
  • Club captains report
  • Patrol/Lifesaving services report
  • Chief Instructors report
  • Junior activities report
  • Cadets and U18 report
  • Competition report – listing team members by name, e.g. boat crews, board teams, etc.
  • Marketing/Social activities report – including all club sponsors
  • Club champion results
  • Club members in national and state teams
  • Club members gaining State or National Awards, scholarships etc
  • Club members results in national and state title
  • Awards gained by club members
  • Club membership list for the season including membership category e.g. Life members, Nippers, Active, etc.

e) Other Reporting

Clubs may need to complete additional reports such as OH&S (or work injuries), employment or other elements such as was required during the COVID-19 pandemic. LSV may also require additional reports to complete Affiliation such as Annual General Meeting reports, emergency contacts and financial reports. For additional information, please contact the Club Support team.

References

Associations Incorporation Reform Act 2012 -
https://www.legislation.vic.gov.au

Create a Budget -
https://business.gov.au/finance/accounting/create-a-budget

How to set up a profit and loss statement -
https://business.gov.au/finance/accounting/how-to-set-up-a-profit-and-loss-statement

Templates & Forms

Profit and Loss Statement Excel template –
https://business.gov.au/-/media/business-information/business-plans/profit-and-loss-statement-template-

Last modified: 13 July 2023