ST BARNABAS CHURCH BROADWAY ABN

Transcription

1 ST BARNABAS CHURCH BROADWAY ABN FINANCIAL STATEMENTS for the year ended 31 December 2017

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3 IAN W BROWN Chartered Accountant ABN Dora Street Dora Creek NSW 2264 Mob : INDEPENDENT AUDIT REPORT To THE PARISHIONERS OF ST BARNABAS CHURCH BROADWAY Opinion I have audited the financial statements, being a special purpose financial repo o Church Broadway for the year ended 31 December In my opinion, the accompanying financial report of St Barnabas Church Broadway gives a rue fair view of the financial position of St Barnabas Church Broadway as at 31 December an o i s financial performance for the year then ended in accordance with the accounting po icies escrj e the notes to the financial statements and the requirements of the Parish Adminis re ion r in Basis of Opinion. I have conducted my audit in accordance with Australian Auditing Standards. My responsi i i ies under those standards are further described in the Auditors Responsibilities for the Audit o e Financial Report section of my report. I am independent of the parish in accordance wit t e e ica requirements of the Accounting Professional and Ethical Standards Board's APES I 10: 0 e o IC for Profossional Accountants (the Code) that are relevant to my audit of the financial report in Australia. I have also fulfilled my other ethical responsibilities in accordance with the Code. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a asis or my opinion. Emphasis of Matter - Basis of Accounting Without modifying my opinion I draw attention to note I to the financial report w ic escri e, basis of accounting. The financial report has been prepared for the purpose of fu I ing e war e ' financial reporting responsibilities under the provisions of the Parish Administration r inarice As a result the financial report may not be suitable for another purpose. Responsibilities of the Wardens for the Annual Financial Report The wardens are responsible for the preparation of the financial report that gives a true an air view, and have determined that the basis of preparation described in Note I to the financial repo is appropriate to meet the requirements of the Parish Administration Ordinance 2008 an is appropria to meet the needs of the members. The wardens' responsibility also includes such interna con ro they determine is necessary to enable the preparation of a financial report that gives a rue an view and is free from material misstatement, whether due to fraud or error. In preparing the financial report, the wardens are responsible for assessing t e paris 's a ' ' y continue as a going concern, disclosing, as applicable, matters relating to going concern an using going concern basis of accounting unless the wardens either intend to liquidate the paris or o ce operations, or has no realistic alternative but to do so. Liability limited by a scheme approved under Professional Standards Legislation

4 Auditor's Responsibilities for the Audit of the Financial Report My objectives are to obtain reasonable assurance about whether the financia repo as a from material misstatement, whether due to fraud or error, and to issue an au i or's repo includes my opinion. Reasonable assurance is a high level of assurance, but is no a gua an audit conducted in accordance with the Australian Auditing Standards will always e ec a in a e.' misstatement when it exists. Misstatements can arise from fraud or error and are consi e e if, individually or in the aggregate, they could reasonably be expected to in uence e eco decisions of users taken on the basis of this financial report. As part of an audit in accordance with the Australian Auditing Standards, I exercise pro essiona judgement and maintain professional scepticism throughout the audit. I also:. Identify and assess the risks of material misstatement of the financial report, w e er ^e fraud or error, design and perform audit procedures responsive to those risks, an o ain evidence that is sufficient and appropriate to provide a basis for my opinion. e ri^ o detecting a material misstatement resulting from fraud is higher than for one resu ing rom error, as fraud may involve collusion, forgery, intentional omissions, misrepresen a ions, or override of internal control.. Obtain an understanding of internal control relevant to the audit in order to design au i procedures that are appropriate in the circumstances, but not for the purpose o expressing an opinion on the effectiveness of the parish's internal control.. Evaluate the appropriateness of accounting policies used and the reasonab eness o accounting estimates and related disclosures made by the wardens.. Conclude on the appropriateness of the warden's use of the going concern basis o accoun i g and, based on the audit evidence obtained, whether a material uncertainty exists relate to events or conditions that may cast significant doubt on the parish's ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw a en ion I my auditor's report to the related disclosures in the financial report or, if such disc OSures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtain^d up to the date of my auditor's report. However, future events or conditions may cause e paris o cease to continue as a going concern.. Evaluate the overall presentation, structure and content of the financial report, including e disclosures, and whether the financial report represents the underlying transactions an even s in a manner that achieves fair presentation.. Receipts of offertories, donations and other sundry items as shown in the financial state men s have been extracted from the parish's books of account. While certain contro s over e handling and banking of cash receipts are in place, the scope of my audit does no inc u e accounting for receipts prior to their initial recording in the parish's books and records. I communicate with the wardens regarding, among other matters, the planned scope an jining o audit and significant audit findings, including any significant deficiencies in interna con ro identify during my audit. IAN W BROWN Chartered Accountant ^;,^ 9 March 2018 Liability limited by a scheme approved under Professional Standards Legislation

5 St Barnabas Broadway Balance Sheet As at December 31, 2017 ASSETS Current Assets ACPT Deposits 31 Dec Dec 2016 Office ACPT Rebuilding ACPT 425 2,272, Total ACPT Deposits 2,272, Bank Capital Improvements High Interest 21, , Community SolutionsBonus 351, High Interest SBF 59, , Westpac Cheque Account 151, , Total Bank 583, , Cash Held Accounts Receivable 24, , Prepayments 1, , Amounts owing by Terraces 11, , Total Current Assets 2,894, , Fixed Assets Buildings 37 Arundel St Laundry 16, , Church and Lift 24,730, ,010, Curate 37 Arundel St 637, , Garage 37A Arundel St , Garage Catherine St 22, , Rectory and Carport Garage 1,225, ,189, Total Buildings 26,632, ,306, Furniture & Fittings (Contents) 1,166, ,134, Land - V.G. 1/7/ Catherine St ,220, Carpark-33A Arundel St 1,540, ,540, Curate - 37 Arundel St 1,450, ,450, Garage - 37A Arundel St ,280, Mountain St Broadway 1,430, ,430, Rectory - 35 Arundel St 1,913, ,180, Total Land - V.G. 1/7/2016 6,333, ,100, Total Property 34,133, ,540, Total Fixed Assets 34,133, ,540, TOTAL ASSETS $ 37,027, $ 36,921, Page 1 of 2

6 St Barnabas Broadway Balance Sheet As at December 31, 2017 LIABILITIES Current Liabilities 31 Dec Dec 2016 Accounts Payable Credit Cards 4, Congregational Gifts 10, , For Tfr to School Building Fund 16, , Key Deposit Loan - Westpac ,004, Other Payables 27, PAYG Tax 4, , Payroll Liabilities 49, , Prepayments - Events/WEA , Prov for Arundel St Development 100, Prov for Min Allowance 26, , Tax Payable GST -2, , Total Current Liabilities 238, ,098, TOTAL LIABILITIES 238, ,098, NET ASSETS $ 36,789, $ 35,823, EQUITY Provision for Asset Revaluation 37,255, ,445, Retained Earnings -622, ,086, Net Income 156, , TOTAL EQUITY $ 36,789, $ 35,823, Page 2 of 2

7 St Barnabas Broadway Profit & Loss January to December 2017 Ordinary Income/Expense Income Jan - Dec 17 Jan - Dec 16 Gifts , Giving Offertories & Donations Congregation Offertories AM 549, , PM 390, , BOCC Offertory 67, , Unallocated 36, , Total Congregation Offertories 1,043, ,160, Bequest for Building related items 50, Total Offertories & Donations 1,093, ,160, Grants 6, , Interest Bank Interest 2, , Property Trust Interest 7, Total Interest 10, , Net Trading Activities 46, , Other Income 1, Rents 205, , Total Income $ 1,362, $ 1,568, Expense Administration Costs Audit 3, , Bank Charges 4, , Computer Expenses 3, , General 1, Internet Costs 6, , Photocopier Expenses 16, , Photocopier Income -12, , Playgroup , Postage Printing , Professional Fees , Staff Training (admin&min) Stationery & Supplies 1, , Telephone 2, , Travel Expenses Web Site Writeoffs Total Administration Costs 28, , Page 1 of 4

8 St Barnabas Broadway Profit & Loss January to December 2017 Extra Parochial Jan - Dec 17 Jan - Dec 16 International Project 15, , Mission support 82, , Welfare Total Extra Parochial 97, , Interest Expenses and Fees Fees & Interest - Westpac Loan 39, , Total Interest Expenses and Fees 39, , Ministries All Congregations Congregations Six Thirty Service 9, , Ten O'Clock Service 9, , Congregations - Other Total Congregations 18, , All Congregations - Other Total All Congregations 18, , Evangelism 1, , Family Ministries Childrens Ministries 1, , Scripture Youth Ministries Total Family Ministries 2, , Staff Ministry Allowances , BOCC -1, , Member Empowerment Growth Groups 1, , Leadership Development Total Member Empowerment 1, , Other Ministry Christmas BBQ Christmas Income Christmas Services 8, , Love Your Neighbour Ministry Discretionary Fund 2, , Music 1, , Signboards Womens Ministry Total Other Ministry 12, , Tertiary Students General Training Total Tertiary Students , Total Ministries 35, , Page 2 of 4

9 St Barnabas Broadway Profit & Loss January to December 2017 Property & Equipment Jan - Dec 17 Jan - Dec 16 Cleaning Contractors 17, , Consumables 5, , Maintenance 53, , New Furniture/Equipment 8, , Rates - Council 5, , Repairs 25, , Verger Costs 29, , Property & Equipment - Other Total Property & Equipment 146, , Property Overheads Electricity & Gas 51, , Garbage & Recycling 9, , Water 1, , Total Property Overheads 63, , Staff & Synod Annual Leave expense 6, , FMG Helpers 2, , Insurances - Workers Comp 7, , Long Service Leave Expense 9, , Ministry Remuneration Housing Expense 78, , Ministry Salaries Ministry Allowances 169, , Ministry Salaries - Other 194, , Total Ministry Salaries 364, , Moving & Travel Allowance Total Ministry Remuneration 443, , Office Staffing 138, , Parish Cost Recoveries 74, , Superannuation (Employer) 45, , Trainee Fundraising Support , Total Staff & Synod 728, , Total Expense $ 1,139, $ 1,254, Net Ordinary Income $ 223, $ 314, Page 3 of 4

10 St Barnabas Broadway Profit & Loss January to December 2017 Other Income/Expense Other Income Rebuilding Income Jan - Dec 17 Jan - Dec 16 Debt Forgiveness - SBF , Donations and Fundraising - CBF Total Rebuilding Income , Sale of land and buildings 32, Total Other Income 32, , Other Expense Arundel Street Development 100, Rebuilding Barneys Professional & Legal Total Rebuilding Barneys Total Other Expense 100, Net Other Income -$ 67, $ 150, Net Income $ 156, $ 464, Page 4 of 4

11 ST BARNABAS CHURCH BROADWAY NOTES TO THE PRESCRIBED FINANCIAL STATEMENTS for the year ended 31 December 2017 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies which have been adopted in the preparation of the Prescribed Financial Statements (the Financial Statements) which comprise the Balance Sheet and the Profit and Loss are: (a) Basis of Preparation The Financial Statements have been drawn up as a special purpose financial report for distribution to the parishioners of the Parish. The wardens of the parish have applied the following accounting policies in the preparation of the Financial Statements (i) (ii) (iii) The Financial Statements have been prepared on a modified cash basis of accounting using the historical cost convention and going concern assumption, except as affected by policies below. Other Accounting Standards and mandatory professional reporting requirements in Australia have not been applied except as stated below. Except where stated the Financial Statements do not take into account changing money values or fair values of assets. These accounting policies have been consistently applied and, except where there is a change in accounting policy, are consistent with those of the previous year. The Financial Statements have been prepared based on the underlying accounting records of the Parish. (b) Revenue Recognition Cash amounts received are recognised at fair value of the consideration received net of the amount of goods and services tax (GST) payable to the Australian Tax Office. Exchanges of goods or services of the same nature and value without any cash consideration are not recognised as revenues. Interest revenue is recognised when it is received. (c) Asset Valuation Land is shown at Valuer General s valuation. Buildings and contents are stated at replacement value for insurance purposes. Investments are shown at market value. Other assets are shown at historic cost unless otherwise stated. (d) Employee Benefits Liabilities for employee benefits in relation to wages, salaries, annual leave and long service leave and ministry expense accounts represent present obligations resulting from employees services to year end. (e) Income tax In accordance with Division 50 of the Income Tax Assessment Act 1997, the Parish is exempt from income tax. (f) Goods and services tax Revenues, expenses and assets are recognised net of the amount of goods and services tax (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 the expense. (g) Agreement with Archbishop In September 2017 the parish entered into an agreement with the Endowment of the See to transfer properties on Arundel and Catherine Streets for the purposes of providing accommodation and hospitality space for the new Archbishop s residence. The properties were transferred for a consideration of $3.25 million. Under the terms of the agreement entered into, the parish will contribute up to $100,000 for architectural and engineering works related to the development of a shared space on Arundel Street. This amount has been expensed in the 2017 accounts. If building works proceed, the parish has also agreed to contribute up to $250,000 towards the cost of construction.

12 ST BARNABAS SCHOOL BUILDING FUND FINANCIAL STATEMENTS for the year ended 31 December 2017

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14 IAN W BROWN Chartered Accountant ABN Dora Street Dora Creek NSW 2264 Mob : INDEPENDENT AUDIT REPORT FOR THE ST BARNABAS SCHOOL BUILDING FUND Opinion I have audited the financial statements, being a special purpose financial report of St Barnabas School Building Fund for the year ended 31 December In my opinion, the accompanying financial report of St Barnabas School Building Fund gives a true and fair view of the financial position of St Barnabas School Building Fund as at 31 December 2017 and of Its financial performance for the year then ended in accordance with the accounting policies described in the notes to the financial statements and the requirements of the Parish Administration Ordinance Basis of Opinion... I have conducted my audit in accordance with Australian Auditing Standards My responsibilities under those standards are further described in the Auditors Responsibilities for the Audit of the Financial Report section of my report. I am independent of the fund in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board's APES I 10: Code of Ethics for Professional Accountants (the Code) that are relevant to my audit of the financial report in Australia. I have also fulfilled my other ethical responsibilities in accordance with the Code. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion. Emphasis of Matter - Basis of Accounting Without modifying my opinion I draw attention to note I to the financial report which describes the basis of accounting. The financial report has been prepared for the purpose of fulfilling the wardens' financial reporting responsibilities under the provisions of the Parish Administration Ordinance As a result the financial report may not be suitable for another purpose. Responsibilities of the Wardens for the Annual Financial Report The wardens are responsible for the preparation of the financial report that gives a true and fair view, and have determined that the basis of preparation described in Note I to the financial report is appropriate to meet the requirements of the Parish Administration Ordinance 2008 and is appropriate to meet the needs of the members. The wardens' responsibility also includes such internal control as they determine is necessary to enable the preparation of a financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. In preparing the financial report, the wardens are responsible for assessing the parish's ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using t e going concern basis of accounting unless the wardens either intend to liquidate the fund or to cease operations, or has no realistic alternative but to do so. Liability limited by a scheme approved under Professional Standards Legislation.

15 Auditor's Responsibilities for the Audit of the Financial Report My objectives are to obtain reasonable assurance about whether the financial report as a whole is ree from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee t at an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered materia if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. As part of an audit in accordance with the Australian Auditing Standards, I exercise professional judgement and maintain professional scepticism throughout the audit. I also:. Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or t e override of internal control.. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the fund's internal control.. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the wardens.. Conclude on the appropriateness of the warden's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the fund's ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor's report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor's report. However, future events or conditions may cause the fund to cease to continue as a going concern.. Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.. Receipts of donations and other sundry items as shown in the financial statements have been extracted from the fund's books of account. While certain controls over the handling and banking of cash receipts are in place, the scope of my audit does not include accounting or receipts prior to their initial recording in the fund's books and records. I communicate with the wardens regarding, among other matters, the planned scope and timing o e audit and significant audit findings, including any significant deficiencies in internal control t at identify during my audit. IAN W BROWN Chartered Accountant :^! ^,*,.,,^~, 9 March 2018 Liability limited by a scheme approved under Professional Standards Legislation

16 St Barnabas Broadway School Building Fund Balance Sheet As at December 31, 2017 ASSETS Current Assets Chequing/Savings Bank 31 Dec Dec 2016 NAB Cheque Account 49, , Westpac School Building Fund 41, , Total Bank 91, , Total Chequing/Savings 91, , Other Current Assets Undeposited Funds 16, , Total Other Current Assets 16, , Total Current Assets 107, , TOTAL ASSETS $ 107, $ 30, LIABILITIES NET ASSETS $ 107, $ 30, EQUITY Retained Earnings 30, , Net Income 76, , TOTAL EQUITY $ 107, $ 30, Page 1 of 1

17 St Barnabas Broadway School Building Fund Profit & Loss January to December 2017 Ordinary Income/Expense Income Jan - Dec 17 Jan - Dec 16 Gifts and Donations Income Unrestricted 76, , Total Gifts and Donations Income 76, , Interest Bank Interest Total Interest Total Income 76, , Net Ordinary Income $ 76, , Other Income/Expense Other Expense Debt Forgiveness - StBarnabas , Total Other Expense , Net Other Income $ - -$ 150, Net Income $ 76, $ 47, Page 1 of 1

18 ST BARNABAS SCHOOL BUILDING FUND NOTES TO THE PRESCRIBED FINANCIAL STATEMENTS for the year ended 31 December 2017 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies which have been adopted in the preparation of the Prescribed Financial Statements (the Financial Statements) which comprise the Balance Sheet and the Profit and Loss are: (a) Basis of Preparation The Financial Statements have been drawn up as a special purpose financial report for distribution to the parishioners of St Barnabas Church, Broadway. The wardens of the parish have applied the following accounting policies in the preparation of the Financial Statements (i) The Financial Statements have been prepared on a modified cash basis of accounting using the historical cost convention and going concern assumption, except as affected by policies below. (ii) Other Accounting Standards and mandatory professional reporting requirements in Australia have not been applied except as stated below. Except where stated the Financial Statements do not take into account changing money values or fair values of assets. (iii) These accounting policies have been consistently applied and, except where there is a change in accounting policy, are consistent with those of the previous year. The Financial Statements have been prepared based on the underlying accounting records of the Parish. (b) Revenue Recognition Cash amounts received are recognised at fair value of the consideration received net of the amount of goods and services tax (GST) payable to the Australian Tax Office. Exchanges of goods or services of the same nature and value without any cash consideration are not recognised as revenues. Interest revenue is recognised when it is received. (c) Asset Valuation Land is shown at Valuer General s valuation. Buildings and contents are stated at replacement value for insurance purposes. Investments are shown at market value. Other assets are shown at historic cost unless otherwise stated. (d) Income tax In accordance with Division 50 of the Income Tax Assessment Act 1997, the Parish is exempt from income tax. (e) Goods and services tax Revenues, expenses and assets are recognised net of the amount of goods and services tax (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 the expense.

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