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SPECIAL PURPOSE FINANCIAL REPORT

By Dan Rodriguez,2014-05-18 06:05
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SPECIAL PURPOSE FINANCIAL REPORT

    SPECIAL PURPOSE FINANCIAL REPORT

    for

    for the year ended

    [insert date note not all associations' financial years finish on 30 June]

    ------ // ------

    INDEX

    Contents Page

     Independent Audit Report

     Statement by the Association Management Committee

     Profit and Loss Statement

     Balance Sheet

     Notes to the Financial Statements

    INDEPENDENT AUDIT REPORT

    To the members of

    [insert name of association]

    SCOPE OF AUDIT I/We [insert name of auditor(s)] have audited the attached special purpose financial report of the [insert name of association] for the year ended [insert

    date] as set out on pages … to… . The Management Committee is responsible for the preparation and

    presentation of the financial report and the information it contains and has

    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 requirements of the Associations Act and are appropriate to meet the

    needs of the members.

    I/We have also conducted an independent audit of the financial report in order

    to express an opinion to the members of the association on their preparation

    and presentation. No opinion is expressed as to whether the accounting

    policies used, and described in note 1, is appropriate to the needs of the

    members.

    The financial report has been prepared for distribution to members and to

    satisfy the reporting requirements of the Associations Act. I/We disclaim any

    assumption of responsibility for reliance on this audit report or 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.

    [Tier 2 incorporated associations and Tier 3 incorporated associations only:]

    The audit has been conducted in accordance with Australian Auditing

    Standards. The procedures included examination on a test basis, of evidence

    supporting the amounts and other disclosures in the financial report and the

    evaluation of significant accounting estimates. These procedures have been

    undertaken to form an opinion as to whether, in all material respects, the

    financial report is presented fairly in accordance with the accounting policies

    described in note 1 so as to present a view consistent with my/our

    understanding of the financial position and performance of [insert name of

    association] as represented by the results of its operations and its cash flows.

    The audit opinion expressed in this report has been formed on the above basis.

    INDEPENDENT AUDIT REPORT (CONT'D)

    AUDIT OPINION

    [Include either A or B as appropriate:]

    A. Audit Opinion (unqualified)

    In my/our opinion the financial report presents fairly the financial position of the

    [insert name of association] and the results of its operations at [insert date] in

    accordance with Australian Accounting Standards.

Signed Dated

OR

B. Audit Opinion (qualified)

    [List any qualifications here, for example: "We are unable to verify that all

    income of the Association has been brought to account, only that monies as

    banked to the Association's accounts have been recorded".]

    In my/our opinion, except for the above, the financial report presents fairly the

    financial position of the [insert name of association] and the results of its

    operations at [insert date] in accordance with Australian Accounting Standards.

Signed Dated

    [insert name of association]

    STATEMENT BY THE MANAGEMENT COMMITTEE

    for the year [insert date] In our opinion

    (a) the accompanying financial report as set out on pages [insert page

    numbers], being a special purpose financial statement, is drawn up so as to

    present fairly the state of affairs of the Association as at [insert date] and

    the results of the Association for the year ended on that date;

    (b) the accounts of the Association have been properly prepared and are in

    accordance with the books of account of the Association; and

    (c) there are reasonable grounds to believe that the Association will be able to

    pay its debts as and when they fall due.

We confirm as follows:

    (a) The name of each committee member of the association during the

    relevant financial year were:

    (b) The principal activities of the association during the relevant financial

    were:

    (c) The net

    [profit / loss] of the association for the relevant financial year was:

    Signed at [insert address where signed] on / /

    ……………………….. …………………………..

    President Treasurer

    [The accompanying notes form part of the financial report.

    This report is to be read in conjunction with the attached audit report.]

    [insert name of association]

    PROFIT AND LOSS STATEMENT

    for the year [insert date]

    Notes [insert year] [insert year

    before]

     INCOME

     Membership fees

     Fundraising

     Sale of assets

     Other sales

     Interest received

     [add other items as necessary]

     TOTAL INCOME

     EXPENDITURE

     Advertising and promotion

     Audit fees

     Bank charges

     Depreciation

     Electricity

     Equipment

     Insurance

     Permits, licences and lodgement fees

     Postage, printing and stationery

     Telephone

     [add other items as necessary]

     TOTAL EXPENSES

     SURPLUS/(LOSS) FOR THE YEAR

    [The accompanying notes form part of the financial report.

    This report is to be read in conjunction with the attached audit report.]

    [insert name of association]

    BALANCE SHEET

    for the year ended [insert date]

    Notes [insert year] [insert year

    before]

     CURRENT ASSETS

     Cash on hand

     Cash at bank

     Term deposits

     Accounts receivable

     [add other items as necessary]

     NON CURRENT ASSETS

     Land (if prescribed property show at

    nil value)

    Plant and equipment

    Less accumulated depreciation

    [add other items as necessary]

     TOTAL ASSETS

     CURRENT LIABILITIES

     Creditors

    [add other items as necessary]

     NON CURRENT LIABILITIES

     Loans

    [add other items as necessary]

     NET ASSETS

     MEMBERS FUNDS

     Balance at the beginning of the year

    Surplus/(Loss) for the year

    [add other items as necessary]

     ACCUMULATED FUNDS

    [The accompanying notes form part of the financial report.

    This report is to be read in conjunction with the attached audit report.]

    [insert name of association]

    NOTES TO THE FINANCIAL STATEMENTS

    for the year ended [insert date]

    1. SUMMARY OF ACCOUNTING POLICIES

    The accounting policies adopted by the Association are stated in order to assist in

    a general understanding of the financial statements. These policies have been

    consistently applied except as otherwise indicated.

    Reporting entity

    The association is not a reporting entity because in the committee's opinion there

    are unlikely to exist users who are unable to command the preparation of reports

    tailored so as to satisfy all of their information needs, and these accounts are

    therefore "special purpose accounts" that have been prepared solely to meet the

    requirements of the Constitution and the Associations Act.

    Accounting policies

    The financial report has been prepared under the historical cost conventions and

    does not take into account changing money values except to the extent that they

    are reflected in the revaluation of certain assets.

    In order for the financial report to present fairly the state of affairs of the

    Association and the results of the Association for the year, Australian Accounting

    Standards have been adopted to the extent disclosed in this note.

    Depreciation of property, plant and equipment

    Items of property, plant and equipment are depreciated over their estimated useful

    lives using the straight line method.

    Income tax

    The Association is of the opinion that it is/is not subject to income tax.

    [The accompanying notes form part of the financial report.

    This report is to be read in conjunction with the attached audit report.]

    NOTES TO THE FINANCIAL STATEMENTS (CONT'D)

    2. LAND

    The Association owns land at ………… This land is not prescribed property.

    OR

    This land is prescribed property and

     (a) was obtained as a grant for [insert value of grant];

    OR

     (b) was purchased for [insert purchase price]

    3. OTHER NOTES

     [insert other notes as required]

    [The accompanying notes form part of the financial report.

    This report is to be read in conjunction with the attached audit report.]

    ____________________________

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