VICTORIAN WOMEN LAWYERS ASSOCIATION INC FINANCIAL REPORT

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1 ,. VICTORIAN WOMEN LAWYERS ASSOCIATION INC FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2013

2 . '.. CONTENTS Page No. Profit and Loss Statement Balance Sheet Notes to the Financial Statements Statement of Committee Members Compilation Report

3 INCOME PROFIT AND LOSS STATEMENT FOR THE YEAR ENDED 30 JUNE 2013 Note $ $ Seminar Revenue 2 23,432 28,522 Other Contributions Received 2, Membership Fees 45,493 28,312 Sponsorship Income 3 66,000 42,000 Interest Received 4 9,088 11, , ,462 LESS EXPENDITURE Accountancy Fees Administrative Expenses Bank Charges Catering Expenses Conferences! Seminars Entertainment Function Expenses Gifts Insurance Magazine and Publication Expenses Office Expenses Sponsorship - AWL Subscriptions! Memberships Travel Website Expenses Donations NET OPERATING PROFIT (LOSS) Retained profits at the beginning of the financial year TOTAL AVAILABLE FOR APPROPRIATION RETAINED PROFITS AT THE END OF THE FINANCIAL YEAR The accompanying notes form part of these financial statements. These statements should be read in conjunction with the attached compilation report of Moore Stephens Melbourne Ply Ltd. Page 2

4 BALANCE SHEET AS AT 30 JUNE 2013 Note 2013 $ 2012 $ CURRENT ASSETS Cheque Bank Account Debit Card Bank Account Investment Bank Account Goods And Services Tax Term deposits ,227,~ 3,015 " 59,134/ 1, ,957 " 14,182 5,000 18,471 2, , ,959 TOTAL ASSETS 242,959 CURRENT LIABILITIES Sundry Creditors TOTAL LIABILITIES 400 NET ASSETS 242,559 EQUITY Retained Profits 242,559 TOTAL EQUITY 242,559 The accompanying notes form part of these financial statements. These statements should be read in conjunction with the attached compilation report of Moore Stephens Melbourne Ply Ltd. Page 3

5 t NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE Summary of Significant Accounting Policies This financial report is a special purpose financial report prepared in order to satisfy the financial reporting requirements of the Associations Incorporation Act Victoria. The committee has determined that the association is not a reporting entity. Basis of Preparation The financial report has been prepared in accordance with the requirements of the following Australian Accounting Standards: AASB 101: Presentation of Financial Statements; AASB 107: Cash Flow Statements; AASB 108: Accounting Policies, Changes in Accounting Estimates and Errors; AAS 110 : Events after the Balance Sheet Date; AASB 116: Property, Plant and Equipment; AASB 117: Leases; AASB 118: Revenue; and AASB 1031: Materiality. No other Accounting Standards, Australian Accounting Interpretations or other authoritative pronouncements of the Australian Accounting Standards Board have been applied. The financial report is prepared on an accruals basis and is based on historic costs and does not take into account changing money values or current valuations of non-current assets, except where specifically stated. The following specific accounting policies, which are consistent with the previous period unless otherwise stated, have been adopted in the preparation of this report: (a) Income Tax On the 27th June 2008 a Federal Court decision was handed down ruling that the Victorian Women Lawyers' Association was exempt from liability to income tax on the basis of being a Charitable Institution under subsection 50-5 of the Income Tax Assessment Act 1997, as amended. As such all previous income tax paid has been refunded and the association is exempt from paying income tax in the future. (b) Revenue and Other Income Revenue is measured at the fair value of the consideration received or receivable after taking into account any trade discounts and volume rebates allowed. For this purpose, deferred consideration is not discounted to present values when recognising revenue. Interest revenue is recognised using the effective interest rate method, which for floating rate financial assets is the rate inherent in the instrument. Dividend revenue is recognised when the right to receive a dividend has been established. All revenue is stated net of the amount of goods and services tax (GST). (b) Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the balance sheet are shown inclusive of GST. These notes should be read in conjunction with the attached compilation report. Page 4

6 VICTORIAN WOMEN LAWYERS ASSOCIATION INC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE $ $ 2 Seminar Revenue: Seminar Revenue - General functions 23,432 28,522 3 Sponsorship Income: Sponsorship Income - Lawyers 66,000 42,000 4 Interest Received: Westpac Bank 9,088 8,826 Australian Taxation Office 2,372 9,088 11,198 5 Goods And Services Tax: GST Payable (1,737) (4,020) Input Tax Credit 3,363 6,331 1,626 2,311 6 Term deposits: Term deposits # 1 55,699 52,696 Term deposits # 2 100,258 94, , ,548 These notes should be read in conjunction with the attached compilation report. Page 5

7 .. STATEMENT OF COMMITTEE MEMBERS The members declare that the association is not a reporting entity. The members have determined that these special purpose financial statements should be prepared in accordance with the accounting policies outlined in Note 1 to the financial statements. The members of the association declare that: 1. the financial statements and notes as set out on pages 2 to 5 presents fairly the association's financial position as at 30 June 2013 and its performance for the year ended on that date in accordance with the accounting policies described in Note 1 to the financial statements; 2. in the members' opinion there are reasonable grounds to believe that the association will be able to pay its debts as and when they become due and payable. This declaration is made in accordance with a resolution of the members: P-I:96 iele nt G::o.--.., t.-~ Treasurer Dated: \cr Page 6

8 ~. I. I. COMPILATION REPORT We have compiled the accompanying special purpose financial statements of Victorian Women Lawyers Association Inc, as set out on pages 2 to 5. The specific purpose for which the special purpose financial statements have been prepared is set out in Note 1. The Responsibility of Members The members are solely responsible for the information contained in the special purpose financial statements and have determined that the significant accounting policies adopted as set out in Note 1 to the financial statements are appropriate to meet their needs and for the purpose that the financial statements were prepared. Our Responsibility On the basis of information provided by the members, we have compiled the accompanying special purpose financial statements in accordance with the significant accounting policies adopted as set out in Note 1 to the financial statements and APES 315: Compilation of Financial Information. Our procedures use accounting expertise to collect, classify and summarise the financial information, which the members provided, in compiling the financial statements. Our procedures do not include verification or validation procedures. No audit or review has been performed and accordingly no assurance is expressed. The special purpose financial statements were compiled exclusively for the benefit of the members of Victorian Women Lawyers Association Inc. We do not accept responsibility to any other person for the contents of the special purpose financial statements. Moore Stephens Melbourne Pty Ltd Chartered Accountants Level Collins Street MELBOURNE, VIC, 3000 Dated: l ~ O~( ~ G Liability limited by a scheme approved under Professional Standards Legislation Page 7

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