SHERWOOD NEIGHBOURHOOD CENTRE INC ABN 88 376 557 826 Financial Statements For the year ended 3 June 215 QUASSCOM PO Box 199 ANNERLEY QLD 413
SHERWOOD NEIGHBOURHOOD CENTRE INC INC ABN 88 376 557 826 Contents Profit and Loss St at ement Balance Sheet Notes t o t he Financial St at ement s St atement by M emb ers of th e Committ ee Independent Audit Report to th e M embers
Sherwood Neighbourhood Centre Inc Profit and Loss July 214 - Jun e 215 INCOME Bus Hire CAP Tenancy Management Fees Donations Fees and Charges Grants Hall Hire Interest Key Deposit Members' Fees Raffles Rent Sale of Goods TOTAL INCOME Note 214-15 4,955 11,187 2,682 5,496 281,43 43,386 1,77 1 43 79 61,215 5,134 $ 418,45 213-14 6,93 19,178 3,353 17,273 268,467 35,624 2,324 123 399 52,528 5,541 $ 411,711 EXPENSES Advertising Audit Fees Bank Fees BCC Recreation Programs Bookkeep ing Services Cleaning and Pest Control Client Support Consumables Client Support Services Computer Expenses Conference Expenses Consultants fees Depreciation Motor Vehicle Depreciation Plant & Equipment Directory Electricity Cap Houses Emergency Relief Fees & Permits Insurance Insurance - Rental Properties Insurance Workcover Interest Paid Meeting & Function Expenses Meeting & Function Grant Funds Minor Equipment Purchases Motor Vehicle Expenses New Furniture (under $1) Office Expenses Payroll Costs 6,3 69 4,866 1,226 8,79 1,624 1,113 2,193 2, 4,631 68 1,4 26,698 1,692 5,232 1,515 7,276 4 1,776 739 7,169 835 31 37,695 1 3, 25 7,734 1,7 2,429 311 4,146 541 2,12 4,57 1,234 31,362 1,432 5,232 1,515 8,82 2,628 25 672 7,21 654 754 45,531
Postage & Delivery 174 118 Printing & Stationery 1,58 2,225 Property Management Fee 11,187 19,178 Rates 2,487 2,383 Rent 14,337 8,246 Repairs & Maintenance 2,821 8,991 Salaries & Wages 224,59 232,193 Staff Amenities 49 51 Sundry Expenses 474 87 Telephone 3,162 2,83 Directory 649 TenancyCentrepay fees for rent 127 119 Training & Development Staff 235 2,969 Travelling expense 122 51 Utilities - Electricity & Gas 8,993 9,778 Water Rates 4,62 3,841 TOTAL EXPENSES $ 48,5 $ 435,615 TOTAL PROFIT/LOSS $ 1,445 -$ 23,94 The accompanying notes form part of these financial statements
Sherwood Neighbourhood Centre Inc Balance Sheet As of June 3, 215 Note 214-15 213-14 ASSETS Current Assets Accounts receivable 13.545 6,547 ANZ Online Saver Acct 54,445 5,67 ANZ CAP Account 39 7,414 ANZ ER Account 682 ANZ General Acct 11,728 31,445 GA Term Deposit 4, 4, Petty Cash Imprest 2 2 Undeposited Funds -42 Lottery 6, Total Current Assets $ 126,64 $ 9,631 Non-Cur rent Assets Plant and Equipment 2 169,177 169,177 Less Accumulate d Depreciation 2-158,177-153,568 Tot al Non-Current Assets $ 11, $ 15,69 TOTAL ASSETS $ 137,64 $ 16,24 LIABILITIES Current liabiliti es Accounts payable 7,557 ANZ VISA 79 591 Accrued Expenses 5,55 BAS Liabilities Payable 11,24 5,253 Client Savings 34 6 Key Deposit 14 11 PA YG Withholding Payable 453 4,2 7 Provision for Holiday Leave 14,113 16,936 Super Payable 4,569 Total cur rent liabilities $ 43,82 5 $ 27,221 Non -cu rrent liabilities Provision long service leave 1,834 6,482 Total non-current liabilities $ 1,834 $ 6,482 TOTAL LIABILITIES $ 54,658 $ 33,73 TOTAL NET ASSETS $ 82,982 $ 72,537 ACCUMULATED FUNDS Net Income 1,445-23,94 Accumulated Funds - Opening Balance 72,537 96,441 Total Equity $ 82,982 $ 72,537 The accompanying note s form part of the se financial statement s
SHERWOOD NEIGHBOURHOOD CENTRE INC ABN 88 376 557 826 Notes to the Financial Statements For the year ended 3 June 215 Note 1: Summary of Significant Accounting Policies This financial report is a special purpo se financial report prepared in order to satisfy the financial reporting requirements of the Associations Incorporations Act. The committee has det erm ined that the association is not a reporting entity. The financial report has been prepared on an accruals basis and is based on histori cal costs and does not take into account changing money values or, except where specifically state d, current valuations of non-current prepared on a cash basis. assets. This differ s to previou s financial years where the finan cial repo rt was The following signifi cant accounting policie s, which are consistent with the previous period unless otherwise stated, have been adopted in the preparation of thi s financial report. (a) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposit s held at call with banks, and other short -term highly liquid investment s with original maturitie s of thre e month s or less. (b) Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where th e amount of GST incurred is not recoverable from the Tax Office. In these circum st ances, the GST is recogni sed as part of the cost of acquisition of the asset or as part of an item of th e expense. Receivables and payable s in the assets and liabiliti es statement are shown inclusive of GST. Note 2 - Adjustment to Non-Current Asset Comparison Figures for 213-14 Notwith standing, that the net figure for non-current assets remains unchanged for the 213-14 financial year, it was necessary to restate the historic al cost and accumulated figures in the balance sheet to correctly reflect the figures appearing in the asset register. The restatement is as follow s: 213-14 Audited Financial Statements 213-14 Comparative Figures in 214-15 Financial Statement s Non- Current Assets Plant and Equipment Less Accumulated Depreciation Total Non-Current Assets 211,429.8 195,82.32 $15,68.76 169,177. 153,568.24 $15,68.76
Sherwood Neighbourhood Centre Inc -ABN 88 376 557 826 Statement by Members of the Committee For the year ended 3 June 215 The committee has determined that the association is not a reporting entity and that this special purpose financial report should be prepared in accordance with the accounting policies outlined in Note 1 to financial statements. In the opinion of the Committee the Income and Expenditure Statement, Statement of Financial Position, and Notes to the Financial Statement: 1. Presents fairly the finan cial position of Sherwood Neighbourhood Centre Inc as at 3 June 215 and its performance for the year ended on that date. 2. At the date of this statement, there are reasonable grounds to believe that the association will be able to pay its debts as and when they fall due. The Committee is responsible for the reliability, accuracy and completeness of the accounting records and disclosure of all material and relevant informati on. This statement is made in accordance with a resolution of the Committee and is signed for and on behalf of the Committee by: President Treasure ;. The accompanyin g not es form part of these finan cial statement s
UASSCOM QUALITY ASSURANCE COMPLIANCE Certified Practising Accountant M: 438 55 1 437 P: 7 3848 219 info @ quasscom. com.au PO Box 199 An ner ley OLD 4 13 ABN: 88 154 43 586 WWW. QUASSCOM.COM.AU INDEPENDENT AUDIT REPORT To the members of the Sherwood Neighbourhood Centre Inc. I have audited the accompanying financial report of the Sherwood Neighbourhood Centr e Inc., which comprises the Balance Sheet for the year ended 3 June 215, the Statement of Receipts and Expenditure for the year ended 3 June 215, the notes comprising the summary of significant accounting policies and other explanatory information and th e Management Committee assertion statement. The Management Committee responsibility for the financial report The Management Committee of the Sherwood Neighbourhood Centre Inc. are respo nsible for the preparation and fair presentation of the financial report in accord ance with Australian Accounting Standards and the Associations Incorporatio ns Act 1981, and for such internal controls as the Management Committee determine is necessary to enabl e t he preparation and fair presentation of a financial reports that are free from materi al misstatement, whether due to fraud or error. Auditor's responsibility My responsibility is to express an opinion on the financial report based on my audit. conducted my audit in accordance with Australian Auditing Standard s. Those st andard s require that I comply with relevant ethical requirements relat ion to aud it engagement s and plan and perform the audit to obtain reasonable assurance about whether the fin ancial report is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amount s and disclosures in the financial report. The procedures selected depend on th e auditor 's judgement, including the assessment of the risks of material misstatement of t he fin ancial report whether due to fraud or error. In making that assessment, the audito r con side rs internal controls relevant to the Association's preparation and fair circum sta nces, but not for the purpose of expressing an opinion of the effectiveness of the entit y's intern al co nt ro l. An audit also includes evaluation the appropriateness of the accou nting policies used and the reasonableness of accounting estimates made by the Management Committe e, as well as evaluating the overall presentation of the financial report. I believe that the audit evidence I have obtained is sufficient and appropriate to pro vide a basis for my audit opinion. Quasscom Pty Ltd is a CPA Practice Liabili ty limited by a scheme approved under Professiona l Standards Legisla tion
Independence In conducting my audit, I have complied with the independence requirements of the Australian professional accounting bodies. Electronic publication of the audited financial report If the Sherwood Neighbourhood Centre Inc. intends to electronically present the audit ed financial report and auditor's report on its internet website, respons ibilit y for the electroni c presentation of the financial report of the Sherwood Neighbourhood Centre lnc.'s websit e is that of the Management Committee of the Sherwood Neighbourhood Centre Inc. The security and controls over information on the website should be addre ssed by th e Sherwood Neighbourhood Centre Inc. to maintain the integrity of the data pre sented. The examination of the controls over the electronic presentation of audited financial report (s) on the Sherwood Neighbourhood Centre Inc. website is beyond the scope of the audit of th e financial report. Basis for Qualified Opinion As this was the first year that I have undertaken the audit, I was unable to ve rify t he open ing balances and have accepted those balances provided to me as part of the audit. It is not practical for the Association to maintain an effective system of internal cont rol over donations and fundraising activities until their initial entry in the accounti ng record s. Accordingly, our audit in relation to donations and fundraisi ng was limited to amount s recorded. Qualified Audit Opinion In my opinion, except for the possible effects of the matters described in the Basis for Qualified Opinion paragraph, the financial report of the Sherwood Neighbourhood Centr e Inc. presents fairly, in all material respects, the financial position of the Sherwood Neighbourhood Centre Inc. as at 3 June 215 and it financial performance for the year t hen ended in accordance with the accounting policies described in Note 1 to the fi nancial statements, Australian Accounting Standards and the Association s Incorporation s Act 1981
Basis of Accounting Without modifying my opinion, I draw attention to Note 1 to the financi al report, which describe s the basis of account ing. The financial report has been prepared to assist t he Sherwood Neighbourhood Centre Inc. to meet the requirements of the Associations Incorporations Act 1981. As a result, the financial report may not be suitable for another purpose. Audrey Dawson CPA Director Quasscom Date: 21 January 216