ARAFURA BRIDGE CLUB INCORPORATED SPECIAL PURPOSE FINANCIAL REPORT for the year ended 31 December 2010
INDEX | Contents | Page | | Independent Audit Report | 2 | | Statement by the Club Management Committee | 4 | | Profit and Loss Statement | 5 | | Balance Sheet | 6 | | Notes to the Financial Statements | 7 |
INDEPENDENT AUDIT REPORT To the members of the Arafura Bridge Club Incorporated SCOPE OF AUDIT I have audited the attached special purpose financial report of the Arafura Bridge Club Incorporated for the year ended 31 December 2010 as set out on the following pages. 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 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 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. The audit opinion expressed in this report has been formed on the above basis. AUDIT OPINION Audit Opinion (qualified) 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 opinion, except for the above, the financial report presents fairly the financial position of the Arafura Bridge Club Incorporated and the results of its operations at 31 December 2010 in accordance with Australian Accounting Standards. Signed Dated John C Morton 1/15 Omeo Street Brinkin NT 0810
ARAFURA BRIDGE CLUB INCORPORATED STATEMENT BY THE MANAGEMENT COMMITTEE for the year 31 December 2010 In our opinion – (a) the accompanying financial report as set out on the following pages, being a special purpose financial statement, is drawn up so as to present fairly the state of affairs of the Club as at 31 December 2010 and the results of the Club for the year ended on that date; (b) the accounts of the Club have been properly prepared and are in accordance with the books of account of the Club; and (c) there are reasonable grounds to believe that the Club will be able to pay its debts as and when they fall due. Signed at Darwin on / / ……………………….. ………………………….. President Treasurer | | | | ARAFURA Bridge Club Inc | | | | | | | | | | | | | | | | INCOME AND EXPENDITURE STATEMENT | | | | | | | | | | | | | | | YEAR ENDED 31 DECEMBER 2010 | | | | | | | | | | | RECEIPTS: | | | 2009 | | 2010 | | | | | | $ | | $ | | Table Fees Monday | | | 5,495.10 | | 5,880.00 | | Table fees Thursday | | | 5,225.00 | | 5,647.00 | | Membership | | | 772.00 | | 818.00 | | Bank Interest | | | 271.44 | | 152.77 | | Champagne Breakfast | | 299.00 | | 0.00 | | Miscellaneous | | | 0.00 | | 48.00 | | Donation | | | | 10.00 | | 0.00 | | Total | | | | 12,072.54 | | 12,545.77 | | | | | | | | | | EXPENDITURE: | | | | | | | | | | | | | | | Hall Hire | | | | 4,160.00 | | 4,465.00 | | Director's Fees | | | 364.00 | | 318.00 | | Supper | | | | 1,817.95 | | 2,807.52 | | NTBA | | | | 290.00 | | 0.00 | | ABF Capitation Fees | | | 411.37 | | 818.65 | | Masterpoints | | | 300.61 | | 0.00 | | Statioery/Cards | | | 269.15 | | 147.01 | | Bank Fees | | | 5.00 | | 5.00 | | Champaigne Breakfast | | 0.00 | | 602.63 | | Christmas Function | | | 0.00 | | 1,468.90 | | Lunch - TBC | | | 0.00 | | 410.00 | | Picnic | | | | 0.00 | | 248.70 | | Functions | | | | 886.05 | | 0.00 | | Business Affairs | | | 50.00 | | 30.00 | | GNOT S'ship | | | 312.00 | | 0.00 | | Sundry | | | | 0.00 | | 188.00 | | Trophies | | | | 40.00 | | 320.27 | | Bridge Purchases | | | 0.00 | | 486.30 | | Donations | | | | 567.00 | | 50.00 | | Scoebridge Software Update | | 27.00 | | 27.00 | | Advertisement | | | 21.85 | | 121.60 | | | | | | | | | | Total | | | | 9,521.98 | | 12,514.58 | | | | | | | | | | Surplus for the period | | 2,550.56 | | 31.19 | (The Statement of Financial Position is to be read in conjunction with the attached audit report.) | | | ARAFURA BRIDGE CLUB INCORPORATED | | | | | | | | | | FINANCIAL STATEMENTS | | | | | | | | | | as at 31 December 2010 | | | | | | | | | | | | | | | | | | BALANCE SHEET | | | | | | | | | | | | | | | | | | | ASSETS: | | | | 2009 | | 2010 | | | | | | | | | | | | | | Cash at Bank 31 December | | 4080.91 | | 3,777.02 | | | | Term deposit | | | 5400.32 | | 7,000.00 | | | | Add, Deposit | | | | 70.75 | | 275.05 | | | | Less, Unpresented | Cheques | 0.00 | | -1,468.90 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | | | 9551.98 | | 9,583.17 | | | | | | | | | | | | | | LIABILITIES: | | | Nil | | Nil | | | | | | | | | | | | | | MEMBERS EQUITY | | | 9551.98 | | 9,583.17 | | | | | | | | | | | | | | ACCUMULATED FUNDS: | | | | | | | | | | | | | | | | | | Carried Forward | | | 7001.42 | | 9,551.98 | | | | Profit(Loss) | | | 2550.56 | | 31.19 | | | | | | | | | | | | | | | | | | | | | | | | TOTAL | | | | 9551.98 | | 9,583.17 | | | (The Statement of Financial Position is to be read in conjunction with the attached audit report.) ARAFURA BRIDGE CLUB INCORPORATED NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2010 SUMMARY OF ACCOUNTING POLICIES The accounting policies adopted by the Club 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 Club 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 Club and the results of the Club for the year, Australian Accounting Standards have been adopted to the extent disclosed in this note. Income tax The Club is of the opinion that it 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.]
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