WYNNUM MANLY ALLIANCE CHURCH OF THE CHRISTIAN AND MISSIONARY ALLIANCE OF AUSTRALIA

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1 OF THE CHRISTIAN AND MISSIONARY ALLIANCE OF AUSTRALIA FINANCIAL STATEMENTS AND INDEPENDENT AUDIT REPORT T y 11 DA INSTITUTE OF PUBLIC ACCOUNTANTS CORALIE A PETERSON BAY TAXATION SERVICES THE TAX INSTITUTE

2 BALANCE SHEET AS AT 31 OCTOBER 2014 CURRENT ASSETS Cash Assets Bank Account TOTAL ASSETS TOTAL LIABILITIES NET ASSETS MEMBERS' FUNDS Accumulated surplus Total Members' Funds The accompanying notes form part of these financial statements

3 RECEIPTS AND PAYMENTS STATEMENT RECEIPTS Offerings $ $ Great Commission Hall hire GST refunded Interest on Accounts Bells' (Love Fund) Chaplaincy Threads of Hope Love Gifts Goodwill Fund (Benevolent) Junior Church Transition Team Expense Fund Sale of Bus and Bus use Refunds - Bus Insurance/GST Fleet/ Go Via Workshop Receipts Loans Pastors - Long Service Leave Other Receipts Gifts - Dor Tut Scholarship TOTAL RECEIPTS $ $ The accompanying notes form part of these financial statements

4 RECEIPTS AND PAYMENTS STATEMENT PAYMENTS Audit Fees Bank Fees Church Bus Expenses Chaplaincy, donations & honoraria & Telephone Fellowship expenses General Ministry Great Commission Insurance Missionary & other payments Music & Ancilliary costs National contribution, College & Youth Support Junior Church Pastors Retreats etc Pastors - Rent Pastors - Fringe Benefits Pastors - Net Salaries Pastors - Tax paid Pastors - Superannuation Pastors - Car Allowance Pastors - Long Service Leave Pastors - Long Service Leave Bells' (Love Fund) Threads of Hope San Buena Project Student Pastor Workshop Expenses Love Gifts Loans GST Payment Gifts - Dor Tut Scholarship Goodwill Fund (Benevolent) Transition Team Expense Fund Postages & Office Expenses Rates & Electricity Repairs & Maintenance - general Security New Fence 2014 $ TOTAL PAYMENTS $ $142615' -37 NET PROFIT/(LOSS) $ $ ( ) The accompanying notes form part of these financial statements

5 RECEIPTS AND PAYMENTS STATEMENT Total changes in equity $ $( Opening Retained Profits $ $ Net Profit/Loss) $( ; Closing Retained Profits $ The accompanying notes form part of these financial statements

6 NOTES TO THE FINANCIAL STATEMENTS NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES This financial report is a special purpose financial report. The committee has determined that the Church is not a reporting entity. The report has been prepared in accordance with the following Australian Accounting Standards: AASB 112 AASB1031 AASB 110 Income Taxes Materiality Events after the Balance Sheet Date No other applicable Accounting Standards, Australian Accounting Interpretations or other authoritative pronouncements of the Australian Accounting Standards Board have been applied. The financial report has been prepared on an accruals basis and is based on historic costs and does not take into account changing money values or, except where specifically stated, current valuations of non-current assets. The following specific accounting policies, which are consistent with the previous period unless otherwise stated, have been adopted in the preparation of this financial report: a) Income Tax The Church is exempt from Income Tax under the Income Tax Assessment Act.

7 STATEMENT BY MEMBERS OF THE COMMITTEE The Committee has determined that the Church is not a reporting entity and that this special purpose financial report should be prepared in accordance with the accounting policies outlined in Note 1 to the financial statements. In the opinion of the Committee the Income and Expenditure Statement, Balance Sheet and Notes to the Financial Statements: 1. Presents fairly the financial position of the Wynnum Manly Alliance Church of the Christian and Missionary Alliance of Australia as at 31 October 2014 and its performance for the year ended on that date. 2. At the date of this statement, there are reasonable grounds to believe that the Church will be able to pay its debs as and when they fall due. This statement is made in accordance with a resolution of the Committee and is signed for and on behalf of the Committee by: President

8 Scope INDEPENDENT AUDIT REPORT TO THE MEMBERS The special purpose financial report and committee's responsibility The special purpose financial report comprises the Balance Sheet, Receipts and Payments Statement and accompanying Notes to the Financial Statements for the Wynnum Manly Alliance Church of the Christian and Missionary Alliance of Australia for the year ended 31 October The committee of the Church is responsible for the preparation and true and fair presentation of the financial report and have determined that the accounting policies used and described in Note 1 to the financial statements which form part of the financial report are consistent with financial reporting requirements and are appropriate to meet the needs of the members. This includes responsibility for the maintenance of adequate accounting records and internal controls that are designed to prevent and detect fraud and error, and for the accounting policies and accounting estimates inherent in the financial report. The special purpose financial report has been prepared for distribution to members for the purpose of fulfilling the committee's financial reporting requirements. I disclaim any assumption of responsibility for any reliance on this report or on the financial report to which it relates to any person other than the members, or for any purpose other than that for which it was prepared. Audit Approach I conducted an independent audit in order to express an opinion to the members. My audit was conducted in accordance with Australian Auditing Standards, in order to provide reasonable assurance as to whether the financial report is free of material misstatement. The nature of an audit is influenced by factors such as the use of professional judgement, selective testing, the inherent limitations of internal control, and the availability of persuasive, rather than conclusive evidence. Therefore, an audit cannot guarantee that all material misstatements have been detected. I performed procedures to assess whether in all material respects the financial report presents fairly, in accordance with the accounting policies described in Note 1, so as to present a view which is consistent with my understanding of the association's financial position, and of its performance as represented by the results of its operations. These policies do not require the application of all Accounting Standards and other mandatory professional reporting requirements in Australia. No opinion is expressed as to whether the accounting policies used and described in Note 1, are appropriate for the needs of the members.

9 INDEPENDENT AUDIT REPORT TO THE MEMBERS I formed my audit opinion on the basis of these procedures, which included: examining, on a test basis, information to provide evidence supporting the amounts and disclosures in the financial report, and assessing the appropriateness of the accounting policies and disclosures used and the reasonableness of significant accounting estimates made by the committee. While I considered the effectiveness of management's internal controls over financial reporting when determining the nature and extent of my procedures, my audit was not designed to provide assurance on internal controls. Independence In conducting my audit, I followed applicable independence requirements of Australian professional ethical pronouncements. Qualifications As is common for organisations of this type, it is not practicable for the Church to maintain an effective system of internal control over cash received until their initial entry in the accounting records. Accordingly, my audit in relation to income producing activities was limited to amounts recorded and banked. Qualified Audit Opinion In my opinion, subject to the effects of such adjustments, if any, as might have been determined necessary had the limitation referred to in the qualification paragraph not existed, the financial report represents fairly in accordance with the accounting policies described in Note 1 to the financial statements the financial position of the Wynnum Manly Alliance Church of the Christian and Missionary Alliance of Australia as at 31 October 2014 and the results of its operations and cash flows for the year then ended. CORALIE A PETERSON Public Accountant 369 Manly Road MANLY WEST QLD 4179 Dated this 4th day of May 2015 FIPA Signed CORALIE A PETERSON