St Francis Xavier Parents and Friends Association

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1 St Francis Xavier Parents and Friends Association Financial Report For the Year Endinq 3{st December 2009 report inancial Report comprising; lncome Statement Balance Sheef Statement of Recognised lncome and Expense Statement of Cash Flows Nofes to the Financial Statements Statement bv Members of the Commiftee Paqe Page 1 of 11. Liability limited by a scheme approved under Professional Standards Legislation

2 PAUL D. TEEFY B. BUS (ACCL CPA Certified Practising Accountant Registered Tax Agent and Auditor Suite 7A 1-3 OlymPic Circuit Southport Queensland 4215 P0 Box 288 Ashmore CitY Queensland 4214 Telephone (07) Facsimile (07) Em ai I : p aul@pdteefy.com. au 'Paul Teefy: CPA Principal Independent Audit Report To The Members Of St Francis Xavier Parents and Friends Association Scope The financial report and commiftee's responsibility. The financiat report comprises the income statement, balance sheet, statement of recognised income and expense, statement of cash flows and accompanying notes to the financial statemenfs for Sf Francis Xavier Parents and Friends Association (the association), for the year ended 31st December The commiftee of the association is responsible for the preparation and true and fair presentation of the financial repoft. This inctudes respons,b ility for the maintenance of adequate accounting records and internal controls that are designed to prevent and detect fraud and enor, and for the accounting policies and accounting esfmafes inherent in the financial repoft. Audit Approach We conducted an independent audit in order fo express an opinion to the members of the association. Our audit was conducted in accordance with Australian Auditing Standards, in order to provide reasonable assurance as to whether the financial report is free from misstatement. The nature of the 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. We pertormed procedures fo assess whether in all materialrespecfs the financial repoft presents fairly, in accordance with Accounting Standards and other mandatory reporting requirements in Australia, a view which rs consrsfent with our understanding of the associafibnb financial position, and of its performance as represented by the results of its operations and cash flows. We formed our opinion on the basis of these procedures, which included: - examining, on a fesf basrs, information to provide evidence supporting the amounts and disclosures in the financial report, and - assessrng the appropriafeness of the accounting policies and disclosures used and the reasonableness of sretn/?bant accounting esfrmafes made by the commiftee. While we considered the effectiveness of management's internal controls over financial reporting when determining the nature and extent of our procedures, our audit was not designed to provide assurance on internalcontrols. Liability limited by a scheme approved under Professional Standards Legislation

3 lndependence!n conducting our audit, we foltowed applicable independence requirements of Australian professional ethical pronou nce me nts. Qualification Recerpfs from fundraising activities are a significant source of revenue for St Francis Xavier Parents and Friends Association. St Francis Xavier Parents and Friends Association has determined that it is impracticable to estabtish control over the collection of fundraising income prior to its entry in the financiat records. Accordingty, as the evidence available to us regarding revenue from these sources was 1imited, our audit pro""aur"t with respect to fundraising income had to be restricted to the amounts recorded in the financial records. We therefore are unable fo express an opinion on whether fundraising income obtained by St Francis Xavier Parents and Friends Association is complete. Qualified Audit OPinion ln our opinion, except for the effects on the financia! repoft of such adiustments, if any, as might have been required had the timitation on our audit procedures referred to in the qualification paragraph not existed, the financiat report of St Francis Xavier Parents and Friends Assocation presenfs a true and fair view, in accordance witn appticable Accounting Standards and other mandatory professional repofting requirements in Australia of the financiat position of ST Francis Xavier Parents and Friends Association as af 37sf December 200g and the resutts of its operations and lfs cash flows for the year then ended' A,o,,l,,,Y cpa Suite 7A, 1 Otympic Circuit, Southport, Qld th March 2010 Liabitity limited by a scheme approved under Professional Standards Legislation

4 lncome Statemenl Revenue from Ordinary Activities Fete Parent Levies Fundraising Activities Government Grants TOTAL REVENUE FROM ORDINARY ACTIVITIES 14,000 35,041 4,252 10,000 63,293 31,328 41,388 73,013 Expenses from ordinary activities Audit Fees Postage, Printing & Stationery Sport SupPort Fundraising ExPenses Gifts and Presentations Welcome BBQ Family Mass SchoolProjects Cuppa Club P & F Levies Minor EquiPment Consumables Grant ExPenses Other Expenses TOTAL EXPENSES FROM ORDINARY ACTIVITIES, , ,397 27,784 3, ,817 50, ,231 1, , , ,323 PROFIT BEFORE INCOME TAX 12,661 { 23,310) lncome Tax ExPense PROFIT FOR THE YEAR 12,661 ( 23'310) The accompanying notes form part of this financial report' Page4of11.

5 FI St Francis Xavier Parents and Friends Association I I Balance Sheet As at 31st December 2009 Gurrent Assets Cash and cash equivalents Trade and other receivables TOTAL CURRENT ASSETS TOTAL NON.CURRENT ASSETS TOTAL ASSETS 2009 $ 23,647 23,647 23,647 6,154 6,154 Current Liabilities Trade and other PaYables TOTAL CURRENT LIABILITIES 4,916 4, TOTAL NON.CURRENT LIABILITIES TOTAL LIABILITIES 4, NET ASSETS 18,732 6,070 EQUITY Retained Earnings TOTAL EQUITY 18,731 18,731 6,070 6,070 The accompanying notes form part of this financial report' Page5of11.

6 2009 $ 2008 $ NET INCOME RECOGNISED DIRECTLY IN EQUITY PROFIT FOR THE YEAR TOTAL RECOGNISED INCOME AND EXPENSE FOR THE YEAR 12,661 ( 1,615) 12,661 ( 1'615) Attributable to: Members of the Association 't2,661 ( 1'615) 12, '615) The accompanying notes form part of this financial report' Page6of11.

7 Cash flow from operating activities ReceiPts from Members and Clients Payments to Suppliers and Donations HCT CASX PROVIDED BY OPERATING ACTIVITIES 63,293 57,859 ( 45,800) ( 59'533),17, ,675) NET CASH PROVIDED BY INVESTING ACTIVITIES NET CASH PROVIDED BY FINANCING ACTIVITIES Net lncrease in Gash Held Cash at Beginning Of Year CASH AT END OF YEAR 17,493 6,154 23'647 ( 1,675) ,320 The accompanying notes form part of this financial report' i i [1 ll i ii.i i Page7of11.

8 Notes To The Financial Statements For the Year Ending 31st December 2009 This interim financial report is a special purpose financial report. The financial report covers st Francis Xavier parents and Friends Association as an individual entity' st Francis Xavier Parents and Friends Association is an association domiciled in Queensland ' The financial report of st Francis Xavier Parents and Friends Association as an individual entity' The following is a summary of the materiar accounting policies adopted by the Association in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated' Basis of PreParation The accounting policies set out below have been consistently applied to all years presented' Repofting Basis and Conventions The financial report has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected non-current assets, and financial assets and financial liabilities for which the fair value basis of accounting has been applied' Accountinq Policies Gash and cash equivalents cash and cash equivalents include cash on hand, deposits held at-call with banks, other short-term highly liquid investments with original maturities or 3 months or less, and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the balance sheet' Revenue Revenue from the sale of goods is recognised upon the delivery of goods to customers' Revenue from the rendering of a service is recognised upon delivery of the service to the customers' Goods and Seryices Tax (GST) The association is not registered for GST. ln these circumstances the GST is recognised as part of the cost of acquisition of the asset oi as part of an item of the expense. Receivables in the Balance Sheet are shown inclusive of GST. Comparative Figures when required by Accounting standards, comparative figures have been adjusted to confirm to changes in presentation for the current year. Page8of11.

9 Notes To The Financial Statements For the Year Ending 31st December 2009 Nofe Bush Dance lncome Bush Dance ExPenses Net Bush Dance Easter Raffle lncome Easter Raffle ExPenses Net Easter Raffle Chocclate Drive lncome Chocolate Drive ExPenses Net Chocolate Drive 4,252 4,304 ( szt 3,868 2, ,976 23,340 13,636 Remuneration of the Auditor for: - auditing or reviewing the financial report - other services - services provided by related practice of the auditor Projects Family Mass Contribution Sport SuPPort 26,968 1, ,465 62, ,556 Cash at Bank 23,647 6'154,2, AA cash at the end of the period as shown in the cash flow statement is reconciled to the related items in the balance sheet as follows: Cash and cash equivalents Cash at the end of the half Year 23,647 6,154 23,647 6'154 Gurrent Trade payables TotalTrade and Other PaYables 4,916 4, Page9of11.

10 st Francis Xavier parents and Friends Association Notes To The Financial Statements For The Year Ending 31st December 2009 IVote 2oot Balance at the beginning of the year Profit for the year Balance at the end of the financial year 6,070 29,380 12,661 ( 23,310) 18,731 6,070 Surplus from Ordinary Activities Non-cash flows in profit from ordinary activities Depreciation and amortisation (Profit)/loss on disposal of fixed assets 12,661 23,310) Changes ln assefs and liabilities (lncrease)/decrease in Trade and other receivables (Decrease)/increase in Trade and other payables Cash Flows from Operations ( 84) 12, ( 23,166) There are no mortgages, charges or other securities affecting the assets of the association. The principal place of business of the association is: St Francis Xavier Parents and Friends Association PO Box 1 19 Runaway Bay Qtd 4216 The principal activity of the association is: Parents and Friends Association No events have occurred since balance sheet date which will have a material financial effect. The financial report was issued on 29th March 2010 by the committee. Page 10 of 11.

11 Statement By Members Of The Gommittee' rn the opinion of the committee the financiar report comprising_ the.income statement, balance sheet' statement of recognised income and expense, cash flow statement and notes thereto: 1 presents a true and fair view of the financial position of st Francis Xavier Parents and Friends Association as at 3lstDecember200ganditsperformanceforthehalfyearendedonthatdate. 2 At the date of this statement, there are reasonabre grounds to believe that St Francis Xavier Parents and Friends Association will be able to pay its debts as and when they fall due' This statement is made in accordance with a resorution of the committee and is signed for and on behalf of the Committee by: Dated?3.r..?.r-.!-9 Page 11 of 11.

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