St Francis Xavier Parents and Friends Association St Francis Xavier Parents and Friends Association Financial Report For the Year Endinq 3{st December 2009 Page 1 of 11. Liability limited by a scheme approved under Professional Standards Legislation report inancial Report comprising; lncome Statement Balance Sheef Statement of Recognised lncome and Expense Statement of Cash Flows Nofes to the Financial Statements Statement bv Members of the Commiftee Paqe 2 4 5 6 7 8 11
Transcript
St Francis Xavier Parents and Friends Association
St Francis Xavier Parents and FriendsAssociation
Financial Report
For the Year Endinq 3{st December 2009
Page 1 of 11.
Liability limited by a scheme approved under Professional Standards Legislation
reportinancial Report comprising;
lncome StatementBalance SheefStatement of Recognised lncome and ExpenseStatement of Cash FlowsNofes to the Financial Statements
Statement bv Members of the Commiftee
Paqe2
45678
11
PAUL D. TEEFYB. BUS (ACCL CPA
Certified Practising AccountantRegistered Tax Agent and Auditor
Suite 7A 1- 3 OlymPic CircuitSouthport Queensland 4215
Independent Audit Report To The Members OfSt Francis Xavier Parents and Friends Association
Scope
The financial report and commiftee's responsibility.
The financiat report comprises the income statement, balance sheet, statement of recognised income
and expense, statement of cash flows and accompanying notes to the financial statemenfs for Sf
Francis Xavier Parents and Friends Association (the association), for the year ended 31st December2009.
The commiftee of the association is responsible for the preparation and true and fair presentation of the
financial repoft. This inctudes respons,b ility for the maintenance of adequate accounting records and
internal controls that are designed to prevent and detect fraud and enor, and for the accounting policies
and accounting esfmafes inherent in the financial repoft.
Audit Approach
We conducted an independent audit in order fo express an opinion to the members of the association.Our audit was conducted in accordance with Australian Auditing Standards, in order to providereasonable assurance as to whether the financial report is free from misstatement. The nature of the
audit is influenced by factors such as the use of professional judgement, selective testing, the inherentlimitations of internal control, and the availability of persuasive rather than conclusive evidence.Therefore, an audit cannot guarantee that all material misstatements have been detected.
We pertormed procedures fo assess whether in all materialrespecfs the financial repoft presents fairly,
in accordance with Accounting Standards and other mandatory reporting requirements in Australia, aview which rs consrsfent with our understanding of the associafibnb financial position, and of itsperformance as represented by the results of its operations and cash flows.
We formed our opinion on the basis of these procedures, which included:
- examining, on a fesf basrs, information to provide evidence supporting the amountsand disclosures in the financial report, and
- assessrng the appropriafeness of the accounting policies and disclosures usedand the reasonableness of srEtn/?bant accounting esfrmafes made by the commiftee.
While we considered the effectiveness of management's internal controls over financial reporting whendetermining the nature and extent of our procedures, our audit was not designed to provide assuranceon internalcontrols.
Liability limited by a scheme approved under Professional Standards Legislation
lndependence
!n conducting our audit, we foltowed applicable independence requirements of Australian professional
ethical pronou nce me nts.
Qualification
Recerpfs from fundraising activities are a significant source of revenue for St Francis Xavier Parents and
Friends Association. St Francis Xavier Parents and Friends Association has determined that it is
impracticable to estabtish control over the collection of fundraising income prior to its entry in the
financiat records. Accordingty, as the evidence available to us regarding revenue from these sources
was 1imited, our audit pro""aur"t with respect to fundraising income had to be restricted to the amounts
recorded in the financial records. We therefore are unable fo express an opinion on whether fundraising
income obtained by St Francis Xavier Parents and Friends Association is complete.
Qualified Audit OPinion
ln our opinion, except for the effects on the financia! repoft of such adiustments, if any, as might have
been required had the timitation on our audit procedures referred to in the qualification paragraph not
existed, the financiat report of St Francis Xavier Parents and Friends Assocation presenfs a true and fair
view, in accordance witn appticable Accounting Standards and other mandatory professional repofting
requirements in Australia of the financiat position of ST Francis Xavier Parents and Friends Association
as af 37sf December 200g and the resutts of its operations and lfs cash flows for the year then ended'
Liabitity limited by a scheme approved under Professional Standards Legislation
St Francis Xavier Parents and Friends Association
lncome Statemenl
Revenue from Ordinary ActivitiesFete
Parent LeviesFundraising Activities
Government Grants
TOTAL REVENUE FROM ORDINARY ACTIVITIES
Expenses from ordinary activitiesAudit FeesPostage, Printing & StationerySport SupPortFundraising ExPensesGifts and PresentationsWelcome BBQFamily MassSchoolProjectsCuppa ClubP & F LeviesMinor EquiPmentConsumablesGrant ExPensesOther Expenses
TOTAL EXPENSES FROM ORDINARY ACTIVITIES
PROFIT BEFORE INCOME TAX
lncome Tax ExPense
PROFIT FOR THE YEAR 12,661 ( 23'310)
14,000
35,0414,252
10,000
31,32841,388
42
,44
44020
1004,304
670310
1,39727,784
3,6743877
11,817
63,293
50,632
12,661
73,013
55066
10026,231
1,438310600
62,856100
3,543
529
96,323
{ 23,310)
The accompanying notes form part of this financial report'
Page4of11.
FI
I
ISt Francis Xavier Parents and Friends Association
Balance SheetAs at 31st December 2009
Gurrent AssetsCash and cash equivalentsTrade and other receivables
TOTAL CURRENT ASSETS
TOTAL NON.CURRENT ASSETS
TOTAL ASSETS
Current LiabilitiesTrade and other PaYables
TOTAL CURRENT LIABILITIES
TOTAL NON.CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITYRetained Earnings
TOTAL EQUITY
The accompanying notes form part of this financial report'
2009$
23,647
23,647
23,647
4,916
4,916
18,731
18,731
6,154
6,154
84
84
6,070
6,070
4,916 84
18,732 6,070
Page5of11.
St Francis Xavier Parents and Friends Association
2008$
2009$
NET INCOME RECOGNISED DIRECTLY IN EQUITY
PROFIT FOR THE YEAR
TOTAL RECOGNISED INCOME AND EXPENSE FOR THE YEAR
Attributable to:Members of the Association
The accompanying notes form part of this financial report'
12,661 ( 1,615)
12,661 ( 1'615)
't2,661 ( 1'615)
12,661 1 1'615)
Page6of11.
Cash flow from operating activities
ReceiPts from Members and Clients
Payments to Suppliers and Donations
HCT CASX PROVIDED BY OPERATING
ACTIVITIES
NET CASH PROVIDED BY INVESTING
ACTIVITIES
NET CASH PROVIDED BY FINANCING
ACTIVITIES
Net lncrease in Gash Held
Cash at Beginning Of Year
CASH AT END OF YEAR
The accompanying notes form part of this financial report'
63,293 57,859
( 45,800) ( 59'533)
,17,493 1 1,675)
17,4936,154
23'647
( 1,675)30.995
29,320
i
i
[1
llii.i
ii
Page7of11.
St Francis Xavier Parents and Friends Association
Notes To The Financial StatementsFor the Year Ending 31st December 2009
This interim financial report is a special purpose financial report.
The financial report covers st Francis Xavier parents and Friends Association as an individual entity' st Francis
Xavier Parents and Friends Association is an association domiciled in Queensland '
The financial report of st Francis Xavier Parents and Friends Association as an individual entity'
The following is a summary of the materiar accounting policies adopted by the Association in the preparation of
the financial report. The accounting policies have been consistently applied, unless otherwise stated'
Basis of PreParation
The accounting policies set out below have been consistently applied to all years presented'
Repofting Basis and Conventions
The financial report has been prepared on an accruals basis and is based on historical costs modified by the
revaluation of selected non-current assets, and financial assets and financial liabilities for which the fair value
basis of accounting has been applied'
Accountinq Policies
Gash and cash equivalents
cash and cash equivalents include cash on hand, deposits held at-call with banks, other short-term highly liquid
investments with original maturities or 3 months or less, and bank overdrafts. Bank overdrafts are shown within
short-term borrowings in current liabilities on the balance sheet'
RevenueRevenue from the sale of goods is recognised upon the delivery of goods to customers'
Revenue from the rendering of a service is recognised upon delivery of the service to the customers'
Goods and Seryices Tax (GST)
The association is not registered for GST. ln these circumstances the GST is recognised as part of the cost of
acquisition of the asset oi as part of an item of the expense. Receivables in the Balance Sheet are shown
inclusive of GST.
Comparative Figures
when required by Accounting standards, comparative figures have been adjusted to confirm to changes in
presentation for the current year.
Page8of11.
St Francis Xavier Parents and Friends Association
Notes To The Financial StatementsFor the Year Ending 31st December 2009
Nofe
Bush Dance lncomeBush Dance ExPenses
Net Bush Dance
Easter Raffle lncomeEaster Raffle ExPenses
Net Easter Raffle
Chocclate Drive lncomeChocolate Drive ExPenses
Net Chocolate Drive
4,2524,304
( szt
3,8682,891
978
544
36,97623,340
13,636
Remuneration of the Auditor for:
- auditing or reviewing the financial report
- other services- services provided by related practice of the auditor
550 550
550 275
ProjectsFamily Mass ContributionSport SuPPort
26,9681,397
100
28,465
62,856600100
63,556
Cash at Bank
cash at the end of the period as shown in the cash flow statement is reconciled to the related items in the
23,647 6'154,2, AA7 6.154
23,647 6,154
23,647 6'154
balance sheet as follows:Cash and cash equivalents
Cash at the end of the half Year
GurrentTrade payables
TotalTrade and Other PaYables
4,916
4,916
84
84
Page9of11.
st Francis Xavier parents and Friends Association
Notes To The Financial StatementsFor The Year Ending 31st December 2009
IVote 2oot
Balance at the beginning of the yearProfit for the yearBalance at the end of the financial year
6,070 29,38012,661 ( 23,310)18,731 6,070
Surplus from Ordinary Activities
Non-cash flows in profit from ordinary activitiesDepreciation and amortisation(Profit)/loss on disposal of fixed assets
Changes ln assefs and liabilities(lncrease)/decrease in Trade and other receivables(Decrease)/increase in Trade and other payablesCash Flows from Operations
12,661
( 84)
12,577
23,310)
( 23,166)
60
84
There are no mortgages, charges or other securitiesaffecting the assets of the association.
The principal place of business of the association is:St Francis Xavier Parents and Friends AssociationPO Box 1 19Runaway Bay Qtd 4216
The principal activity of the association is:Parents and Friends Association
No events have occurred since balance sheet date which will have a material financial effect.
The financial report was issued on 29th March 2010 by the committee.
Page 10 of 11.
St Francis Xavier Parents and Friends Association
Statement By Members Of The Gommittee'
rn the opinion of the committee the financiar report comprising_ the.income statement, balance sheet' statement of
recognised income and expense, cash flow statement and notes thereto:
1 presents a true and fair view of the financial position of st Francis Xavier Parents and Friends Association as at
