ST MARK'S ANGLICAN CHURCH SOUTH HURSTVILLE ABN

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1 ST MARK'S ANGLICAN CHURCH SOUTH HURSTVILLE ABN FINANCIAL STATEMENTS for the year ended 31 December 2014 Liability limited by a scheme approved under Professional Standards Legislation.

2 PASCOE WHITTLE LEVEL 8, 191 CLARENCE STREET SYDNEY NSW 2000 INDEPENDENT AUDIT REPOUT TO THE PARISHIONERS OF ST MARK'S ANGLICAN CHIDlCH SOUTH HURSTVILLE GPO Box 5269 SYDNEY NSW 2001 TELEPHONE (02) FACSIMILE (02) Report on the Annual Financial Btatements We have audited the accompanying financial statements, being a special purpose fmancial report of St Mark's Anglican Church South HurstviJle for the year ended 31 December Wardens' Responsibility for the Annual Financial Statements The wardens are responsible foi the preparation of the annual fmancial statements in accordance with the Parish Administration Ordinance This responsibility includes establishing and maintaining internal control relevant to the preparation of the annual financial statements that are free from material misstatement, whether due to fraud or error, selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances. Auditor's Responsibility Our responsibijity is to express all opinion on the financial report based on our audit. We have 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 fmancial report. The procedures selected depend on the auditor's judgement including the assessment of the risks of material misstatement f the fmancial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the 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 internal controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by the wardens, as well as evaluating the overall presentation of the financial report, Receipts of offertories, donations and other sundry items as shown in the financial statements have been extracted from the parish's books of account. While certain controls over the handling and banking of cash receipts are in place, the scope of our audit does not include accounting for receipts prior to their initial recording in the parish's books and records. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the fmancial statements of St Mark's Anglican Church South Hurstville have been properly drawn up so as to present fairly the profit and loss for the year ended 31 December 2014 and the balance sheet as at that date in accordance with the accounting policies described in the notes to the financial statements and comply with the provisions of the Parish Administration Ordinance Basis of Accounting Without modifying our opinion we draw attention to note 1 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. PASCOE WHITTLE Chartered tants ~ JOHNPASCOE Partner 2 March 2015 Liability limited by a scheme approved under Professional Standards Legislation.

3 ST MARK'S ANGLICAN CHURCH SOUTH HURSTVILLE WARDENS' AND TR EASURER'S REPORT For the year ended ;~1 December 20_14 In our opinion, the financial statements of the Parish of St Mark's Anglican South Hurstville for the year ended 31 December 2014 have been Church (a) properly drawn up so as to give a true and fair view of the receipts and payments durino the year and the assets and liabilities at the end of the year, and (b) comply with the provisions of the Parish Administration Ordinance ; --rj/i CI2!. /.I:.(~~..:,...~1,0~J.... Warden 7 C~ T'~ ~ Warden Warden Dated

4 .~ Balance Sheet St Mark's, South Hurstville As at 31 December Dec Dec 2013 Assets Current Assets Bank Accounts Debtors Tot~ICur;~'n'tAsset~- 58,969 6,891 65,860 52,703 5,967 -_. ~.--, 58,671 Non-current Assets Property, Plant & Equipment Total Non-current Assets 8,550,200 8, i81,000 - _ _...=--.. ~"..,,,..._ ~._.,..~....._. _ ~. _......, "-0- ".~...,_~, '-""-_." ", _ 8,550,200 8,181,000 Iota I Assets 8,616,060 8,239,671 Liabilities Current liabilities Accou nts Payable 30 Employee Liabilities 994 Other Current Liabilities 2,016 2,084 Owed to Ministers re MEA TaxesSummary Total Current liabiliti;; ~..., , " ~.L 265 1,481 4,756 (4,810) - (2,696) Non-{;u rrent Liabilities Other Non-Current Liabilities Total Non-Current liabilities'- Iota Iliabilities 31,782 25, ~ ,782 25,979 36,539 23,283 Net Assets 8,579,521 8,216,388 Equity Accumulated Funds 6,424,388 6,416,684 Asset Revaluation Reserve Current Year Earnings 2,161,200 (6,067) 1,792,000 7,704 Total Equity 8,579,521 8,216,388 Balance Sheet St Mark's, South Hurstvi lie 2 March 2015 Page 1 of 1

5 Profit & Loss St Mark's, South Hurstville For the 12 months ended 31 December 2014 Income 1 Offerings & Donations 2 Received From Others 3 Grants 4 Finance Income 6 Other Income Total Income Dec ,498 38, , ,723 Dec ,619 29,490 9,096 1,436 24, ,673 Gross Profit 162, ,673 Plus Other Income Licenced Use Fees Casual Booking Fees Total Other Income Less Operating Extraordinary Ministry Professional Staffing Expenses Expenses Services Parish Administration Administration Office Expenses Staffing =r;;t;j'parish Admini~t;-';tion Parish Property & Vehicles Cleaner Wages Cleaner Super Improvement - From Parish Funds Improvement - From Special Donations Repairs Utilities & Maintenance Total Parish Pr;;P;;ty& Resources Parish Donations Resources for Ministry Resou rces for Worsh Total Resourrn- ip Vehicles 42,988-42,988 14, ,791 5, ,767 7,292 10, , ,823 11,141 39,009 12,679 1,346 5,795 19,820 41, ,540 10,071 70,098 5,923 2,062 2,062 10, ,917 25,423 7,417 10,472 86,074 41,798 1,583 5,900 49,281 Total Operating Expenses 211, ,509 Net Profit (6,067) 7,704 Profit & Loss St Mark's, South Hurstville 2 March 2015 Page 1 of 1

6 ST MARK'S ANGLICAN CHURCH SOUTH HURSTVILLE NOTES TO THE PRESCRIBED FINANCIAL STATEMENTS for the year ended 31 December 2014 STATEMENT OF SIGNIFI ANT ACCOUNTING POLICIES The significant accounting olicies 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) 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 appl ed 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 accountir g policy, are consistent with those of the previous year. The Financial Statements have bslen 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 vah, e without any cash consideration are not recognised as revenues. Interest revenue is recognised wher 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. lnvestments 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 recoqnised as part of the cost of acquisition of the asset or as part of the expense.

STATEMENT OF RECEIPTS AND PAYMENTS for the year ended 31 December 2008

STATEMENT OF RECEIPTS AND PAYMENTS for the year ended 31 December 2008 ACTUAL ACTUAL BUDGET OPERATING RECEIPTS 2007 2008 2009 TOTAL TOTAL TOTAL L1 L2 Item No. $ $ $ (not audited) Offertories & Donations