Orana NSW Inc. Special Purpose Financial Report ABN (Formerly Shire Community Services Inc)

Size: px

Start display at page:

Download "Orana NSW Inc. Special Purpose Financial Report ABN (Formerly Shire Community Services Inc)"

Edward Ray
5 years ago
Views:

1 (Formerly Shire Community Services Inc) ABN Special Purpose Financial Report For the Year ended 30 June 2015

2 STATEMENT BY COMMITTEE The Committee hereby states that: 1. The financial statements and notes satisfy the requirements of the Australian Charities and Not For Profits Commission Act 2012 including (a) complying with Australian Accounting Standards and the Associations Incorporation (NSW) Act 2009; and (b) giving a true and fair view of the financial position as at 30th June 2015 and performance for the year ended on that date of the association; 2. The provisions of the Charitable Fundraising Act and the conditions attached to the Authority to Fundraise have been complied with; 3. Internal Controls exercised by the Association are appropriate and effective in accounting for all income received and applied from any fundraising appeals. 4. In the Committee's 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. Signed in accordance with subsection 60.15(2) of the Australian Charities and Not-forprofit Commission Regulation Committee Member... Committee Member Dated 1 October 2015

SHEDDEN & GREEN PARTNERS ABN 43 723 342 276 INDEPENDENT AUDIT REPORT TO: The Members, We have audited the accompanying special purpose financial report of, which comprises the Balance Sheet as at 30

3 SHEDDEN & GREEN PARTNERS ABN INDEPENDENT AUDIT REPORT TO: The Members, We have audited the accompanying special purpose financial report of, which comprises the Balance Sheet as at 30 June 2015, the Income Statement and Cash Flow Statement for the year ended on that date, a summary of significant accounting policies, other explanatory notes and the Committee s Declaration. Boards Responsibility for the Financial Report The Committee are responsible for the preparation of the financial report that gives a true and fair view accordance with the requirements of the Australian Charities and Not For Profits Commission Act 2012 including Australian Accounting Standards and the needs of the members. They 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 the financial reporting requirements of the Constitution and are appropriate to meet the needs of the members and other stakeholders. The Coimmittee s responsibility also includes such internal control as they determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those Standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation of the financial report that gives a true and fair view 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 entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Phone: (02) Fax: (02) Level 3 - Suite Central Road MIRANDA NSW sheddenandgreen@bigpond.com Liability limited by a scheme approved under Professional Standards Legislation PO Box 142 MIRANDA 1490

4 Independence In conducting the audit, we have requirements. complied with applicable auditor independence Audit Opinion In our opinion the financial report of has been prepared in accordance with Division 60 of the Australian Charities and Not For Profits Commission Act 2012, ncluding: (i) (ii) (iii) (iv) giving a true and fair view of the entity s financial position as at 30 th June 2015 and of its financial performance and cash flows for the year ended on that date; and complying with relevant Australian Accounting Standards and Division 60 of the Australian Charities and Not For Profits Commission Regulation The financial reports and associated records have been properly kept in accordance with the Charitable Fundraising Act and its regulations. Monies received as a result of fundraising appeals conducted during the year have been properly accounted for and applied in accordance with the NSW Charitable Fundraising Act and its regulations. Shedden and Green Partners Lawrence R Green FCA Partner 1 October 2015 Miranda NSW Liability limited by a scheme approved under Professional Standards Legislation

5 Balance Sheet as at 30 June 2015 Note $ $ Current Assets Cash on Hand 1, Cash at Bank 2 2, ,758 Cash on Deposit 2 219, ,845 Bonds 1,441 1,441 Receivables 6,036 8,540 Prepayments 40,118 33, , ,283 Non-Current Assets Office Furniture & Equipment At Cost 45,505 39,002 Less Provision for Depreciation 36,785 35,653 8,720 3,349 Total Assets 279, ,632 Current Liabilities Trade Creditors and accruals 13,820 8,076 GST Payable/(Recoverable) (1,959) (17) PAYG Tax payable 3,916 5,958 Provision for Staff Leave 52,378 44,876 68,155 58,893 Non-Current Liabilities Accrued Long Term Liabilities 17,000 12,000 Provision for Long Service Leave 28,687 34,812 45,687 46,812 Total Liabilities 113, ,705 Net Assets $ 165,571 $ 163,927 Accumulated Funds and Reserves Accumulated Funds 135, ,927 Reserves 3 30,000 30,000 $ 165,571 $ 163,927 This Statement is to be read in conjunction with the accompanying Notes

6 Income Statement For the Year ended 30 June $ $ Revenues Grants 298, ,829 Sutherland Council Grants 145, ,910 CDSE Grants 15,000 26,000 Donations 85,451 96,084 Interest 5,693 9,811 Printing and duplicating Other Revenue 102,860 77, , ,958 Expenses Staffing 376, ,146 Occupancy 50,471 54,588 Administration 119,967 99,354 Other Program Costs 22,331 39,482 Other Costs 83,968 54, , ,322 Operating Surplus/(Deficit) (208) (43,364) Prior year adjustments 1,852 7,844 Transfer in of Adult Leisure Learning net assets - 12,840 Accumulated Funds at the beginning of the year 133, ,607 Accumulated Funds at the end of the year $ 135,571 $ 133,927 This Statement is to be read in conjunction with the accompanying Notes

7 Statement of Cashflows For the Year ended 30 June 2015 Funds From/(Used in) in Operations $ $ Grants Received 313, ,829 Sutherland Shire Council Grant 145, ,910 Printing, Copying Revenue Donations and Sponsorship 85,451 87,545 Interest 5,693 9,811 Other 102, ,546 Payments to Suppliers and Employees (646,130) (763,392) Funds from/(used in) Operations 7,387 (85,341) Increase in Non-Current Assets Expenditure on Furniture and Equipment (6,503) (3,721) Decrease/(Increase) in Bond - (1,135) Increase/(Decrease) in GST Payable (1,942) 350 Transfer in of Adult Leisure Learning net assets - 12,840 Prior Year adjustments 1,852 16,384 (6,593) 24,718 Increase/(Decrease) in Cash 795 (60,623) Cash at the Beginning of the Year 222, ,926 Cash at the End of the Year $ 223,098 $ 222,303 Funds Used in Operations are Reconciled to the Operating Surplus as Follows: Operating Surplus/(Deficit) for the Year (208) (43,364) Depreciation 1, (Increase)/Decrease in Prepayments (6,119) (33,999) (Increase)/Decrease in Inventory - 1,920 (Increase)/Decrease in Receivables 2,504 (8,540) Increase/(Decrease) in Staff Leave Provision 7,502 (2,717) Increase/(Decrease) in Long Service Provision (6,125) 3,966 Increase/(Decrease) in Creditors and accrued expenses 8,702 5,561 Funds from/(used in) Operations $ 7,387 $ (76,801) This Statement is to be read with the accompaning Notes

8 Notes to and Forming Part of the Financial Report For the Year ended 30 June Significant accounting policies and methods a) The financial statements are a special purpose financial report drawn up so as to satisfy the requirements of the Australian Charities and Not for Profits Commission Act They are drawn up under the historical cost convention and accordingly have not been adjusted to reflect changes in the purchasing power of money. b) The financial statements are drawn up on an accrual basis with the exception that donations are brought to account in the year of receipt. c) No income tax is provided in the accounts as the Association is not a profit-making concern. The Association is incorporated under the Associations Incorporation Act, The Association is registered as a charity with the ACNC and endorsed by the Australian Taxation Office as a Deductible Gift recipient. Donations to the Association are tax deductible to the donor. d) Revenues Government and other grants are recognised at fair value where there is reasonable assurance that the grant will be received and all grant conditions will be met. Grants related to expense items are recognised as income over the periods necessary to match the grant to the costs. At the date of this report the Directors have no reason to believe that the various government funding bodies will not continue to support the entity's operations. e) Employee Benefits Provision is made in respect of the association's liability for annual leave and long service leave at balance date. Contributions are made by the association to superannuation funds in respect of employees and are charged as expenses when incurred. The association has no legal obligation to provide benefits to employees on retirement. e) Depreciation is charged with respect to assets so as to charge the cost of each asset against income over its estimated useful life. The straight line method of depreciation is used, which brings the same charge to account for each year of an asset's life. Minor assets are expensed in the year they are acquired Cash at bank and on Hand $ $ Funds on hand are committed for the following: Provision for Long Service Leave 28,687 34,812 Provision for Staff Leave 52,378 44,876 Accrued Long Term Liabilities 17,000 12,000 Other Payables 16,829 14,018 Replacement and Refurbishment Reserves 30,000 30,000 Working Capital 76,704 86,598 Cash at bank and on deposit $ 221,598 $ 222,304 3 Reserves All bank account and deposit monies are held with Australian banks. Replacement and Refurbishment Balance at the beginning of the year 30,000 30,000 Transferred from/(to) Income - - Balance at the end of the year 30,000 30,000

9 Notes to and Forming Part of the Financial Report For the Year ended 30 June $ $ 4 Operating result for the year is after: Crediting as income: Grants - Family & Community Services 268, ,443 Grants - DSS 29,689 43,386 Grants - other 174, ,910 Interest received - other 5,693 9,811 Tax deductible donations 51,721 58,924 Other public donations 1,000 6,675 Charging as expenses Auditors remuneration - audit 3,600 3,500 Depreciation expense 1, Interest paid 30 - Staff leave provisions 1,377 1,249 5 Charitable Fundraising holds an Authority to Fundraise. Fundraising is by direct contact, Newsletters and through events. In view of the fact that the direct contact occurs irrespective of fund raising appeals there are no appreciable separate costs of fundraising and so fundraising ratios are not included in these accounts. 6 Financial Instrument Disclosures Cash represents cash at bank and interest bearing financial instruments. The average interest rate earned during the year was approximately 1.28% There is no currency risk as funds are held in Australian currency and there are no foreign currency commitments. There is no significant market risk as funds are primarily held in short term interest bearing bank accounts and term deposits only. The exposure to interest rate risk (based on funds held at balance date) is: For a change of 1.0% in interest rates administration income would change by: 2,216 2,223

10 This Year Last Year Grants 298, , , , ,421 Sales ,052 1,273 2,935 Council 145, , , ,320 55,981 Donations 85,451 96,084 91,138 49, ,952 Other income 123, ,897 53,777 87,581 34,080 Surplus/(Deficit) (208) (43,364) (43,920) 34,307 82,915 Staffing 376, , , , ,910 Other 276, , , , ,542 Other Last Year This Year Staffing Income Expe xpenses Surplus/(Deficit) Other income Donations Council Sales Grants (100,000) - 100, , , , ,000

SPECIAL PURPOSE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2016

SPECIAL PURPOSE FINANCIAL REPORT FOR THE CONTENTS DIRECTORS REPORT 1 AUDITOR S INDEPENDENCE DECLARATION 2 FINANCIAL AND NOTES 3 STATEMENT BY THE DIRECTORS 14 INDEPENDENT AUDITOR S REPORT 15 DIRECTORS REPORT