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1 CaseWare Partnership (Special Purpose) Financial Statements Disclaimer: These financials include illustrative disclosures for a Partnership that is a non-reporting entity and is not intended to be and is not comprehensive in relation to its subject matter. This document is not a substitute for reading technical pronouncements relating to the preparation of financial statements. To the extent permitted by law, CaseWare Australia and New Zealand, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences arising from the reliance on the information contained in this document or for any decisions based on it.

2 Contents Financial Statements Income Statement 1 Balance Sheet 2 Notes to the Financial Statements 3 Partners' Statement 7 Compilation Report 8 Page

3 Income Statement Sales revenue 6,351,672 6,188,380 Cost of sales (3,066,203) (2,819,432) Gross profit 3,285,469 3,368,948 Less: Expenses Distribution costs (85,668) (94,230) Marketing expenses (478,622) (224,849) Occupancy costs (325,768) (313,031) Administrative expenses (1,858,823) (2,221,052) Finance costs (89,350) (57,025) Other expenses (337,875) (419,198) Total Expenses (3,176,106) (3,329,385) Net (loss)/profit 109,363 39,563 Other Income Other income 266, , Net (loss) profit available for distribution 375, ,264 Attributed as follows: Julian Dan 174, ,352 Sophie Black 201, ,912 Total distribution 375, ,264 The accompanying notes form part of these financial statements. 1

4 Balance Sheet As At 30 June 2015 ASSETS CURRENT ASSETS Cash and cash equivalents 3 89,861 7,186 Trade and other receivables 4 439, ,928 Inventories 5 1,832,912 1,712,496 Other assets 146, ,893 TOTAL CURRENT ASSETS 2,509,243 2,429,503 NON-CURRENT ASSETS Property, plant and equipment 6 504, ,728 Intangible assets 229, ,265 TOTAL NON-CURRENT ASSETS TOTAL ASSETS Note , ,993 3,243,342 3,265,496 LIABILITIES CURRENT LIABILITIES Trade and other payables 7 192, ,411 Borrowings 8 228, ,584 Employee benefits 73,468 76,915 Other financial liabilities 108, ,059 TOTAL CURRENT LIABILITIES 602, ,969 NON-CURRENT LIABILITIES Employee benefits 23,351 23,351 TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS 23,351 23, , ,320 2,617,226 2,425,176 EQUITY Julian Dan Capital Account 9 162, ,500 Current account 9 1,061, ,000 Sophie Black Capital account 9 163, ,467 Current account 9 1,230,254 1,124,209 TOTAL EQUITY 2,617,226 2,425,176 The accompanying notes form part of these financial statements. 2

5 Notes to the Financial Statements The financial statements cover CaseWare Partnership (Special Purpose) and have been prepared in accordance with the Partnership agreement. The principal activities of the Partnership for the year ended 30 June 2015 was the manufacture and sale of boutique goods from a retail premises in Richmond, Victoria. Comparatives are consistent with prior years, unless otherwise stated. 1 Basis of Preparation The Partnership is non-reporting since there are unlikely to be any users who would rely on the general purpose financial statements. The special purpose financial statements have been prepared in accordance with the significant accounting policies described below and do not comply with any Australian Accounting Standards unless otherwise stated. The financial statements have been prepared on an accruals basis and are based on historical costs modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. Significant accounting policies adopted in the preparation of these financial statements are presented below and are consistent with prior reporting periods unless otherwise stated. 2 Summary of Significant Accounting Policies (a) Income Tax Under current legislation, the Partnership is not liable for income tax provided its taxable income is fully distributed to partners. (b) Revenue and other income Revenue is recognised when the amount of the revenue can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the Partnership and specific criteria relating to the type of revenue as noted below, has been satisfied. Revenue is measured at the fair value of the consideration received or receivable and is presented net of returns, discounts and rebates. All revenue is stated net of the amount of goods and services tax (GST). Sale of goods Revenue is recognised on transfer of goods to the customer as this is deemed to be the point in time when risks and rewards are transferred and there is no longer any ownership or effective control over the goods. Interest revenue Interest is recognised using the effective interest method. Other income Other income is recognised on an accruals basis when the Partnership is entitled to it. 3

6 Notes to the Financial Statements 2 Summary of Significant Accounting Policies continued (c) 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 Australian 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. (d) Property, Plant and Equipment Each class of property, plant and equipment is carried at cost less accumulated depreciation. (e) Cash and cash equivalents Cash and cash equivalents comprises cash on hand, demand deposits and short-term investments which are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value. (f) Employee benefits Provision is made for the Partnership's liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits that are expected to be wholly settled within one year have been measured at the amounts expected to be paid when the liability is settled. Employee benefits expected to be settled more than one year after the end of the reporting period have been measured at the present value of the estimated future cash outflows to be made for those benefits. In determining the liability, consideration is given to employee wage increases and the probability that the employee may satisfy vesting requirements. Cashflows are discounted using market yields on national government bonds with terms to maturity that match the expected timing of cashflows. Changes in the measurement of the liability are recognised in profit or loss. Employee benefits are presented as current liabilities in the balance sheet if the Partnership does not have an unconditional right to defer settlement of the liability for at least one year after the reporting date regardless of the classification of the liability for measurement purposes under AASB Cash and cash equivalents Cash at bank and in hand 30,820 5,791 Short-term bank deposits 59,041 1,395 89,861 7,186 4 Trade and other receivables Current Trade receivables 444, ,620 Provision for impairment (4,589) (692) 439, ,928 4

7 Notes to the Financial Statements 5 Inventories CURRENT At cost: Raw materials and consumables 62,490 44,250 Work in progress 11,995 9,729 Finished goods 1,742,366 1,621,190 Goods in transit 16,061 37,327 1,832,912 1,712,496 6 Property, plant and equipment Buildings At cost 395, ,986 Accumulated depreciation (188,780) (145,864) Total buildings 207, ,122 PLANT AND EQUIPMENT Furniture, fixtures and fittings At cost 654, ,214 Accumulated depreciation (370,038) (307,988) Total furniture, fixtures and fittings 283, ,226 Motor vehicles At cost 43,283 51,424 Accumulated depreciation (29,483) (28,044) Total motor vehicles 13,800 23,380 Total plant and equipment 297, ,606 Total property, plant and equipment 504, ,728 7 Trade and other payables Current unsecured liabilities: Trade payables 64, ,279 Operating lease payables 3,589 14,908 Other payables 123, , , ,412 All amounts are short term and the carrying values are considered to be a reasonable approximation of fair value. 5

8 Notes to the Financial Statements 8 Borrowings CURRENT Secured liabilities: Bank loans 228, ,584 9 Partner Accounts Julian Dan Capital Account Opening balance 162, ,500 Closing balance 162, ,500 Current Account Opening balance 975, ,495 Distribution 174, ,352 Drawings (88,580) (64,847) Closing balance 1,061, ,000 Sophie Black Capital Account Opening balance 163, ,467 Closing balance 163, ,467 Current Account Opening balance 1,124,209 1,028,924 Distribution 201, ,912 Drawings (95,093) (73,627) Closing balance 1,230,254 1,124,209 Total Capital Account 325, ,967 Total Current Account 2,291,259 2,099,209 Total closing balance 2,617,226 2,425,176 6

9 Partners' Statement The partners have determined that the Partnership is not a reporting entity and that these special purpose financial statements should be prepared in accordance with the accounting policies outlined in Note 2 to the financial statements. The partners declare that: 1. The financial statements and notes, as set out on pages 1 to 6, present fairly the partnership's financial position as at 30 June 2015 and its performance for the year ended on that date in accordance with the accounting policies outlined in Note 2 to the financial statements; and 2. In the partners' opinion, there are reasonable grounds to believe that the partnership will be able to pay its debts as and when they become due and payable. This statement is made in accordance with a resolution of the partners. Partner... Julian Dan Partner... Sophie Black Dated 29 November

10 Compilation Report 30 June 2015 COMPILATION REPORT TO CASEWARE PARTNERSHIP (SPECIAL PURPOSE) We have compiled the accompanying special purpose financial statements of CaseWare Partnership (Special Purpose), which comprise the balance sheet as at 30 June 2015, and the income statement for the year then ended, a summary of significant accounting policies and other explanatory notes. The specific purpose for which the special purpose financial statements have been prepared is set out in the notes to the accounts. The Responsibility of the Partners The partners are solely responsible for the information contained in the special purpose financial statements and have determined that the basis of accounting used is appropriate to meet their needs and for the purpose that the financial statements were prepared. Our Responsibility On the basis of the information provided by the partners we have compiled the accompanying special purpose financial statements in accordance with the basis of accounting and APES 315: Compilation of Financial Information. Our procedures use accounting expertise to collect, classify and summarise the financial information, which the partners 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 partners. We do not accept responsibility to any other person for the contents of the special purpose financial statements.... A N Accountant 29 November