Alliance Francaise de Brisbane. Financial Statements

Transcription

1 Alliance Francaise de Brisbane Financial Statements For Year Ended 31 December 2015

2 Alliance Francaise de Brisbane For Year Ended 31 December 2015 CONTENTS Financial Statements Trading Account Profit and Loss... 3 Balance Sheet... 5 Notes to the Financial Statements... 7 Statement by Members of the Committee Independent Audit Report... 11

3 ALLIANCE FRANCAISE DE BRISBANE INC TRADING ACCOUNT FOR THE YEAR ENDED 31 DECEMBER NOTE $ TRADING ACCOUNT French Film Festival Income 120, Poetry Competition 1, Membership 28, Cultural & Social Other Income 16, Food & Beverage Income 10, Tuition Income 972, Translation Income 4, Books for Sale 25, Grants & Donations 11, Admistration Income 6, Room Rental 7, Merchandise Sales 4, Advertisement Income 2, ,213, LESS COST OF SALES Synergy 8 Discount Account (95.00) Opening Stock 3, Purchases Books for Sale 4, Purchases Methods Adults 29, Purchases Methods Children 9, Purchases Library 6, Purchases Merchandise 2, DAEFLE Final Exams 1, Freight Discount Given 30, , Closing Stock 5, , TOTAL TRADING PROFIT 1,130, This statement is to be read in conjunction with the attached compilation report...2..

4 ALLIANCE FRANCAISE DE BRISBANE INC PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER NOTE $ INCOME Gross Profit Trading 1,130, Interest Received 7, TOTAL INCOME 1,137, EXPENSES Accountancy 39, Advertising & Marketing 2, Alarm Audit Prior Year Adjustments (2,018.00) Audit Fees 5, Bank Charges 9, Cleaning 21, Committee Expenses Computer Repairs 3, Depreciation 10, Asset Immediate Write Off 3, Written Off Assets 5, , Electricity 7, Employee Entitlements (8,378.95) Exam Fees 4, Food & Beverages Purchases 8, French Film Festival Expenses 36, General Expenses HR Fees 3, IMMI Sponsorship Application Insurance 8, Legal Costs MYOB Other Cultural Events 6, Parking & Public Transport Pedagogcial Books for Teachers Postage 1, Printing & Stationery 18, Public Relations Rent Montague Road 172, Repairs & Maintenance 1, Staff Amenities 1, Staff Training & Welfare 2, Subscriptions 1, This statement is to be read in conjunction with the attached compilation report...3..

5 ALLIANCE FRANCAISE DE BRISBANE INC PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER NOTE $ Superannuation Admin, Pedagogical & Culture 26, Teachers 34, , Synergy 8 - Relay Pay 5, Telephone & Internet 3, Trainee Allowance Cultural 4, FLE 3, , Translation Fees 5, Travel Allowance Private Tuition 8, Travel Expenses 3, Tuition Expenses 16, Wages Admin 62, Cultural 49, Pedagogical 134, Teachers Adults Tuition 252, Teachers Children Tuition 40, Teachers Private Tuition 94, , Water Fountain 1, Workcover 4, TOTAL EXPENSES 1,117, OPERATING PROFIT AND EXTRAORDINARY ITEMS 20, Retained Profits at January 1 118, PROFIT AVAILABLE FOR APPROPRIATION 139, RETAINED PROFITS 139, This statement is to be read in conjunction with the attached compilation report...4..

6 PAID-UP CAPITAL AND RESERVES ALLIANCE FRANCAISE DE BRISBANE INC BALANCE SHEET AS AT 31 DECEMBER NOTE $ $ Reserves Accumulated Profit 139, , REPRESENTED BY PROPERTY PLANT AND EQUIPMENT Furniture & Equipment at Cost - 109, Less Prov'n for Depreciation - 69, , General Pool 26, , , CURRENT ASSETS Westpac Everyday Account 26, , Westpac Maxi Direct Account 4, Bank Security Deposit Account 51, , Short Term Bank Deposits 130, , Paypal Account 5, Petty Cash Petty Cash Spare Fund Trade Debtors 7, , Interest Receivable 1, , Upfront Creditor Payment - 3, Stock on Hand - at Cost 5, , Prepaid Expenses 3, , , , TOTAL ASSETS 262, , CURRENT LIABILITIES Trade Creditors 1, , Gift Vouchers Sold ATO Integrated Client Account Accrued Expenses 2, , Accrued Wages 15, , Income Received in Advance 31, , PAYG Payable 7, , Superannuation Payable 5, , This statement is to be read in conjunction with the attached compilation report...5..

7 ALLIANCE FRANCAISE DE BRISBANE INC BALANCE SHEET AS AT 31 DECEMBER NOTE $ $ GST Adjustments Payable 1, BAS Payable 9, , Accrued Employees Entitlements 47, , , , NET ASSETS 139, , This statement is to be read in conjunction with the attached compilation report...6..

8 Alliance Francaise de Brisbane Notes to the Financial Statements For Year Ended 31 December Summary of Significant Accounting Policies The financial report is a special purpose financial report prepared to satisfy the financial report preparation requirements of the Associations Incorporation Act of Queensland. The committee has determined that the association is not a reporting entity. Basis of Preparation The report has been prepared in accordance with the requirements of the Associations Incorporation Act (Queensland), and the following applicable Australian Accounting Standards and Australian Accounting Interpretations: AASB 110: AASB 1031: Events after the Balance Sheet Date Materiality No other Accounting Standard, Accounting Interpretations or other authoritative pronouncements of the Australian Accounting Standards Board have been applied. Reporting Basis and Conventions The financial report has been prepared on an accruals basis and is based on historical costs and does not take into account changing money values or, except where specifically stated, current valuations of non-current assets. The following is a summary of the material accounting policies adopted by the association in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated. (a) Comparatives When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year. (b) Property, Plant and Equipment Each class of property, plant and equipment is carried at cost or fair value as indicated less, where applicable, any accumulated depreciation and impairment losses. Plant and equipment Plant and equipment are measured on the cost basis less depreciation and impairment losses. The carrying amount of plant and equipment is reviewed annually by committee members to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the assets employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts...7..

9 Alliance Francaise de Brisbane Notes to the Financial Statements For Year Ended 31 December Summary of Significant Accounting Policies continued (b) Property, Plant and Equipment continued Depreciation The depreciable amount of all fixed assets including buildings and capitalized leased assets, is depreciated on a straight-line basis over the asset's useful life commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements. (c) Cash 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 of three months or less, and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the balance sheet. (d) Employee Benefits Provision is made for the association's liability for employee benefits arising from services rendered by employees to balance date. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled. (e) Provisions Provisions are recognised when the association has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. (f) Revenue and other Income Revenue from the sale of goods is recognised upon the delivery of goods to customers. Revenue from the rendering of services is recognised upon the delivery of the service to the customers. All revenue is stated net of the amount of goods and services tax (GST). (g) Tuition Fees in advance Revenue received for tuition income that relates to the next financial year has been recorded as income in advance and appears as a liability on the Balance sheet. (h) Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense...8..

10 Alliance Francaise de Brisbane Notes to the Financial Statements For Year Ended 31 December Summary of Significant Accounting Policies continued (h) Goods and Services Tax (GST) continued Receivables and payables in the balance sheet are shown inclusive of GST. (i) Inventories Inventories are measured at the lower of cost and net realisable value. (j) Leases Lease payments for operating leases, where substantially all of the risks and benefits remain with the leaser, are charged as expenses in the periods in which they are incurred. (k) Income Taxes Alliance Francaise de Brisbane is exempt from tax under the Income Tax Assessment Act...9..

11 Alliance Francaise de Brisbane Statement by Members of the Committee In the opinion of the committee: The committee has determined that the association is not a reporting entity. 1. the financial report as set out on pages 1 to 6 presents a true and fair view of the financial position of Alliance Francaise de Brisbane as at 31 December 2015 and its performance for the year ended on that date in accordance with the accounting policies outlined in Note 1. The committee has determined that this special purpose financial report should be prepared in accordance with the accounting policies outlined in Note 1 to the financial statements. 2. At the date of this statement, there are reasonable grounds to believe that Alliance Francaise de Brisbane will be able to pay its debts as and when they fall due. This statement is made in accordance with a resolution of the Committee and is signed for and on behalf of the Committee by: President: Treasurer: Date:..10..

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