Financial Statements (Transitional Period 1 January 2016 to 30 June 2017)
Contents Page Financial Statements Statement of Comprehensive Income 1 Statement of Financial Position 2 Statement of Changes in Equity 3 Statement of Cashflow 4 Notes to the Financial Statements 5 Board of Management s Statement to the Members 9 Independent Audit Report 10 Internal Accounts (unaudited) 12 Page
Statement of Comprehensive Income Revenue from ordinary activities 2 31,616 17,830 Expenses from ordinary activities 3 27,972 (11,183) Divestment of Quaver Fund 0 Surplus/(Deficit) before income tax 3,644 6,647 Income tax expense 1(a) 0 0 Surplus/(Deficit) for the period 3,644 6,647 Other comprehensive income after income tax 5 (1,873) (446) Total comprehensive income for the period 1,771 6,201 Total comprehensive income attributable to members of the entity 1,771 6,201 Note 2017 2015 The accompanying notes form part of these financial statements. - 1 -
Statement of Financial Position Note 2017 2015 ASSETS CURRENT ASSETS Cash and cash equivalents 4 53,801 52,590 TOTAL CURRENT ASSETS 53,801 52,590 NON-CURRENT ASSETS Investments 0 0 Property, Plant and Equipment 5 43,474 42,914 TOTAL NON-CURRENT ASSETS 43,474 42,914 TOTAL ASSETS 97,275 95,504 LIABILITIES CURRENT LIABILITIES 0 0 TOTAL LIABILITIES 0 0 NET ASSETS 97,275 95,504 EQUITY Accumulated Surplus 6 97,275 95,504 TOTAL EQUITY 97,275 95,504 The accompanying notes form part of these financial statements. - 2 -
Notes to the Financial Statements Statement of Changes in Equity 2015 Accumulated Surplus Balance at 1 January 2015 89,303 Surplus (Deficit) attributable to the Association 6,647 Other comprehensive income (446) Sub-total 6,201 Balance at 31 December 2015 95,504 2017 Accumulated Surplus Balance at 1 January 2016 95,504 Surplus (Deficit) attributable to the Association 3,644 Other comprehensive income (1,873) Sub-total 1,771 Balance at 30 June 2017 97,275 The accompany notes form part of these financial statements - 3 -
Notes to the Financial Statements Statement of Cashflow CASHFLOW FROM OPERATING ACTIVITIES Receipts 31,066 17,177 Payments to suppliers (27,972) (11,183) Divestment of Quaver Fund 0 0 Interest received 550 653 Purchase of Musical Equipment (2,433) (1,010) Net cash provided by (used in) operating activities 1,211 5,637 Note 2017 2015 CASHFLOW FROM INVESTING ACTIVITIES Interest Received 0 0 Quaver Fund 0 0 Performance Videos 0 0 Net cashflow provided (used in) investing activites 0 0 CASHFLOW FROM FINANCING ACTIVITIES Net cashflow provided (used in) financing activities 0 0 Net increase (decrease) in cash held 1,211 5,637 Cash held at beginning of the period 52,590 46,953 Cash held at end of the period 4 53,801 52,590 The accompany notes form part of these financial statements - 4 -
Notes to the Financial Statements 1. Statement of Significant Accounting Policies The Board of Management have adopted the pronouncements AASB 1053: Application of Tiers of Australian Accounting Standards and AASB 2011-2: Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements to the annual reporting period beginning 1 January 2014. The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards - Reduced Disclosure Requirements of the Australian Accounting Standards Board. Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial statements containing relevant and reliable information about transactions, events and conditions. Material accounting policies adopted in the preparation of the financial statements are presented below and have been consistently applied unless otherwise stated. The principal accounting policies adopted in the preparation of the financial report are set out below. These policies have been consistently applied to all years presented, unless otherwise stated. Basis of preparation Reporting basis and conventions The financial report has been prepared on a cash basis and is based on historical costs. It does not take into account changing money values or, except where stated, current valuations of non-current assets. Cost is based on the fair values of the consideration given in exchange for assets. Critical accounting estimates and judgements The Board of Management evaluate estimates and judgements incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the group. Key estimates impairment The Board of Management company assess impairment at each reporting date by evaluating conditions specific to the entity that may lead to impairment trigger exists, the recoverable amount of the asset is determined. Fair value less costs to sell or current replacement cost calculations performed in assessing recoverable amounts incorporate a number of key estimates. (a) Income Tax No provision for income tax has been raised as the association is exempt from income tax under Division 50 of the Income Tax Assessment Act 1997. (b) Cash Cash includes cash on hand and at banks including at call deposits with banks. (c) Revenue Revenue is recognised when received. The accompany notes form part of these financial statements - 5 -
Notes to the Financial Statements (d) Property, Pant and Equipment Property, plant and equipment consists of instruments, equipment, sheet music and videos which have an indefinite useful life. Repairs and maintenance is undertaken on a regular basis to maintain the assets in good working order. Property, plant and equipment is stated at its insurance value. Subsequent costs are included in the asset s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that the future economic benefits associated with the item will flow to the incorporation and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which it occurred. The assets residual values and useful lives are reviewed, and adjusted if appropriate at each balance sheet date. An assets carrying amount is written down immediately to its recoverable amount if the asset s carrying amount is greater than its estimated recoverable amount (note 1 (e)). Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These are included in the income statement. (e) Impairment of Assets Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units).. The accompany notes form part of these financial statements - 6 -
Notes to the Financial Statements 2017 2015 Note 2. Revenue Donations - General 2,258 1,802 Donations Quaver 4,805 1,290 Grants 0 Interest 2(a) 550 653 Membership 5,173 2,775 Other Fundraising 156 918 Quaver Foundation Appeal 0 Sponsorship 0 1,000 Ticket Sales 18,674 9,392 Reimbursements 0 31,616 17,830 (a) Interest from: Bank interest 92 66 Short Term Deposit 458 587 550 653 3. Expenses Fundraising 0 88 General operating expenses 8,593 3,798 Music and Rehearsals 2,025 0 Performances 12,099 5,797 Scholarships 5,255 1,500 27,972 11,183 4. Cash Assets Cash on hand 0 0 Cash at Bank 53,801 52,590 53,801 52,590 The Quaver Fund is now separately administered and has been removed from this financial report The accompany notes form part of these financial statements - 7 -
Notes to the Financial Statements 5. Property, Plant and Equipment Instruments, equipment and sheet music 43,124 42,564 Performance videos 350 350 Insured Value 43,474 42,914 Instruments, equipment and sheet music revalued by (1,873) in 2017 and by (446) in 2015 to the current Insured values Note 2017 2015 6. Accumulated Surplus Accumulated surplus at the beginning of the financial year 95,504 89,303 Net operating surplus/(deficit) attributable to the foundation 1,771 6,201 Accumulated surplus at the end of the financial Period 97,275 95,504 7. Related Party Transactions There were no material transactions with related parties during the financial Period. 8. Details The principal place of business is: Sinfonia Mid North Coast Inc. C/- Public Officer 40 Short Street Forster NSW 2428 The accompany notes form part of these financial statements - 8 -
Board of Management s Statement to the Members The Board of Management declare that: 1. the financial statements and notes, as set out on pages 1 to 8 present fairly the financial position as at 30 June 2017 and of the performance for the financial Period ended on that date in accordance with the accounting policies outlined in Note 1 to the financial statements; 2. in the Board of Management s opinion there are reasonable grounds to believe that the trust will be able to pay its debts as and when they become due and payable. This declaration is made in accordance with a resolution of the Board of Management.... Dated: - 9 -
Independent Audit Report to the Members of Sinfonia Mid North Coast Inc. Report on the financial report We have audited the accompanying financial report for the Sinfonia Mid North Coast Inc., which comprises the statement of financial position as at 30 June 2017, and the comprehensive income statement, statement of changes in equity for the year then ended, statement of cashflows and a summary of significant accounting policies, other explanatory notes and the Board of Management s declaration. Board of Management s responsibility for the financial report The Board of Management are responsible for the preparation and fair presentation of the financial report and have determined that the accounting policies used and described in Note 1 to the financial statements which form part of the financial report are appropriate to meet the foundations reporting requirements. The Board of Management s responsibility also included establishing and maintaining internal control relevant to the preparation and fair presentation of the financial report that is 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 responsibility is to express an opinion on the financial report based on our audit. No opinion is expressed as to whether the accounting policies used, as described in Note 1, are appropriate to meet the needs of members. We conducted our audit in accordance with Australian Auditing Standards. These Auditing 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 judgment, 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 and fair presentation of the financial report 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 district executive, as well as evaluating the overall presentation of the financial report. The financial report has been prepared for the purpose of fulfilling the trustee's financial reporting requirements. We disclaim any assumptions of responsibility for any reliance on this report or on the financial report to which it relates to any person other than the members, or for any purpose other than that for which it was prepared. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Independence In conducting our audit, we followed applicable independence requirements of Australian professional ethical pronouncements. "Liability limited by a scheme approved under Professional Standards Legislation" - 10 -
Independent Audit Report to the Members of Sinfonia Mid North Coast Inc. Audit Opinion In our opinion, the financial report presents fairly, in all material respects the financial position of the Sinfonia Mid North Coast Inc. as at 30 June 2017 and the results of its operations for the financial period then ended in accordance with the accounting policies described in Note 1 to the financial statements and complies with the Australian Accounting Standards Reduced Disclosure Requirements (including the Australian Accounting Interpretations). Nash Solutions Pty Ltd Chartered Accountants Grahame Nash Director CA 85076 Dated: 26 Bent Street Wingham NSW 2429 Liability limited by a scheme approved under Professional Standards Legislation -11-
COMPILATION REPORT APPLIES TO ATTACHED DETAILED STATEMENT OF RECEIPTS AND PAYMENTS On the basis of the information provided by the Board of Management of SINFONIA MID NORTH COAST INC, we have compiled, in accordance with APS 9: Statement of Compilation of Financial Reports the special purpose financial report consisting of the Statement of Receipts and Payments for the period ended 30 June 2017. The specific purpose for which the special purpose financial report has been prepared is to provide private information to the Board of Management. The Accounting Standards and other mandatory professional reporting requirements have not been adopted in the preparation of the special purpose financial report. The association s Board of Management are solely responsible for the information contained in the special purpose financial report and have determined that the accounting policies used are consistent and are appropriate to meet the needs of the board. Our procedures use accounting expertise to collect, classify and summarise the financial information which the board provided into a financial report. Our procedures do not include verification or validation procedures. No audit or review has been performed and accordingly no assurance is expressed. To the extent permitted by law, we do not accept liability for any loss or damage which any person other than the entity may suffer arising from any negligence on our part. No person should rely on the special purpose financial report without having an audit or review conducted. The special purpose financial report was prepared exclusively for the benefit of the association. We do not accept responsibility to any other person for the contents of the special purpose financial report. Grahame Nash CA 85076 Nash Solutions Pty Ltd 26 Bent Street Wingham NSW 2429 Dated: Liability limited by a scheme approved under Professional Standards Legislation -12-
The following detailed Statement of Receipts and Payments do not form part of the audited financial report and should be read in conjunction with the preceding compilation report. Liability limited by a scheme approved under Professional Standards Legislation -13-
Opening Balances as at 1 January 2016 Westpac Cheque Account 257863 9,350.11 Less Unpresented Cheques - 9,350.11 Sinfonia Support A/c 336211 4,898.26 Westpac Short Term Saver 38,316.58 Quaver Foundation Appeal A/c 370014 25.64 Receipts Payments Sinfonia Mid North Coast Inc Statement of Receipts and Payments For the period of 18 months ended 30 June 2017 52,590.59 Afternoon Teas 155.60 Box Office 18,673.71 Donations 2,258.00 Fundraising Grants - Special Purpose Interest a/c 257863 10.27 Interest a/c 366920 457.71 Interest a/c 336211 81.20 Interest a/c 370014 0.77 Quaver Scholarship Donations 4,805.00 Membership 5,173.26 Reimbursement Raffles Sponsorship Sundry Income Total Receipts 31,615.52 Administration, Mail Box, Board Meetings 2,250.48 Advertsing/Promotions 5,191.28 Afternoon Teas Bank Fees Donations & Scholarships - Quaver 5,255.00 Instrument Repairs 80.00 Insurance 2,633.55 Interest Library 1,589.73 Membership/Licensing 254.15 Music Purchase 621.00 Music Hire Performances, gifts, raffles 450.00 Postage Printing 664.80 Rehearsal Room 1,404.00 Scholarships - Eisteddfod 500.00 Stationery Stringfonia Support Sundry Travel & Allowances 5,320.00 Venue Hire 1,137.80 Workshops & Tutors 620.00 Total Payments 27,971.79 Surplus/(Deficit) 3,643.73 Closing Balance as at 30 June 2017 56,234.32 Asset Purchases Musical Equipment 2,079.00 Non Musical Equipment 354.00 Assets as at 30 June 2017 Westpac Cheque Account 257863 9,971.16 Less Unpresented Cheques 9,971.16 Short Term Saver A/c 366920 8,774.29 Term Deposit #2 30,000.00 Sinfonia Support A/c 336211 4,979.46 Quaver Foundation Appeal A/c 370014 76.41 Closing Balance as at 30 June 2017 56,234.32 0.00 Reference Number: 39721_1