Meander Valley Community Radio Inc
Audited Financial Statements For the year ended 30 June 2019
Contents
Meander Valley Community Radio Inc
- Auditors Report - Committee Members - Special Purpose Financial Report
Auditors Report
Youd & Co accounting + tax + advisory
Independent Audit Report To The Members of Meander Valley Community Radio Inc
Scope
I have audited the financial statements, being the Profit and Loss Account, Balance Sheet and notes to and forming part of the financial statements of Meander Valley Community Radio Inc for the year ended 30 June 2019.
My Audit has been conducted in accordance with Australian Auditing Standards to provide reasonable assurance whether the financial statements are free of material misstatement. Our procedures included examination, on a test basis, of evidence supporting the amounts and other disclosures in the financial statements and the evaluation of accounting policies and significant accounting estimates. These procedures have been undertaken to form an opinion whether, in all material respects, the financial statements are presented fairly in accordance with Accounting Standards and other mandatory professional reporting requirements (Urgent Issues Group Consensus Views) and statutory requirements so as to present a view which is consistent with our understanding of the company’s and economic entity’s financial position, the results of their operations and their cash flows.
In common with other organisations of this nature, part of the Incorporations income is derived from cash sources, over which there was no system of internal control upon which we could rely for the purposes of our audit and there are no alternative practical procedures which could be adopted to verify the amount of income from those sources.
I also note that no financial statements were prepared or audited for the financial year ended 30 June 2014, but that an audit exemption was approved by the Department of Justice and as such has no bearing on my findings.
The audit opinion expressed in this report has been formed on the above basis.
Audit Opinion
In my opinion, except for the effects of such adjustments, if any, as might have been determined to be necessary had the scope of the audit not been restricted as mentioned in the preceding paragraph, the financial statements present fairly in accordance with the accounting policies, the financial position of the Meander Valley Community Radio Inc as at 30 June 2019.
Aaron Youd Principal Dated:
3 August 2019
Level 1, 62-64 Emu Bay Road PO Box 368 Deloraine TAS 7304 [email protected] 0408 50 81 70 ABN: 80 087 889 579
Committee Members
Youd & Co accounting + tax + advisory
Meander Valley Community Radio Inc
List of Committee Members 2019
President: John Phelps, Deloraine, 7304
Vice President: John Kenzey , Deloraine, 7304
Treasurer: Tim Biggs , Deloraine, 7304
Secretary: Rijke McGough , Deloraine, 7304
Committee: Nick Weare , Deloraine, 7304
Linda Irwin t, Deloraine, 7304
Noeline Hansen 5, Deloraine, 7304
Public Officer: David Lewis , Parkham, 7304
Aaron Youd Principal Dated:
3 August 2019
Level 1, 62-64 Emu Bay Road PO Box 368 Deloraine TAS 7304 [email protected] 0408 50 81 70 ABN: 80 087 889 579
Special Purpose Financial Report
Meander Valley Community Radio Inc
COMPILATION REPORT
I have compiled the accompanying Special Purpose Financial Report of Meander Valley Community Radio Inc, which comprise the balance sheet as at 30 June 2019, the profit and loss statement for the financial year then ended and notes to the financial statements containing a summary of significant accounting policies. The specific purpose for which the special purpose financial statements have been prepared is set out in Note 1.
The Responsibility of the Members
The members of Meander Valley Community Radio Inc are solely responsible for the information contained in the Special Purpose Financial Report and have determined that the significant accounting policies adopted as set out in Note 1 to the financial statements are appropriate to meet their needs and for the purpose that the financial statements were prepared.
Our Responsibility
On the basis of information provided by the members of Meander Valley Community Radio Inc, we have compiled the accompanying Special Purpose Financial Report in accordance with the significant accounting policies adopted as set out in Note 1 to the financial statements and APES 315 Compilation of Financial Information.
Our procedures use accounting expertise to collect, classify and summarise the financial information, which the members provided, in compiling the financial statements. Our procedures do not include verification or validation procedures.
The Special Purpose Financial Report was compiled exclusively for the benefit of the members of Meander Valley Community Radio Inc. We do not accept responsibility to any other person for the contents of the Special Purpose Financial Report.
Aaron Youd PO Box 368 Deloraine TAS 7304
Date:
3 August 2019
Meander Valley Community Radio Inc BALANCE SHEET as at 30 June 2019
2019 2018
$ $
CURRENT ASSETS Cash Cash at Bank 5,517 9,496
5,517 9,496
TOTAL ASSETS 5,517 9,496
CURRENT LIABILITIES Creditors & Borrowings
- -
- -
TOTAL LIABILITIES - -
NET ASSETS 5,517 9,496
MEMBERS' EQUITY Current Year Earnings (3,980) 9,356 Retained Earnings 9,497 141
TOTAL MEMBERS' EQUITY 5,517 9,497
The accompanying notes form part of the financial statements - refer to compilation report
Meander Valley Community Radio Inc OPERATING STATEMENT for the year ended 30 June 2019
2019 2018
$ $
INCOME Donations Received 328 270
Fundraising Promotions 20 2,057
Grants & Subsidies 6,399 9,613
Insurance Recoveries - 4,750
Memberships 1,600 2,190
Sponsorship 10,035 10,835
TOTAL INCOME 18,382 29,715
EXPENSES Advertising 362 2,757
Audit Costs 220 220
Bank Charges 1 11
Computer/Equipment Expenses 4,703 6,699
Electricity & Gas 3,002 1,525
Filing Fees 63 62
Insurance 1,163 931
Licences,
Registrations,
Permits 1,748 1,863
Petty Cash 200 480
Printing & Stationery 2,233 700
Rent 7,784 4,298
Telephone 883 813
TOTAL EXPENSES 22,362 20,359
OPERATING PROFIT (3,980) 9,356
The accompanying notes form part of the financial statements - refer to compilation report
Meander Valley Community Radio Inc
NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2019
Note 1: Statement of Significant Accounting Policies
The members have prepared the financial statements on the basis that the association is a non-reporting entity because there are no users dependent on general purpose financial statements. The financial statements are therefore special purpose financial statements that have been prepared in order to meet the needs of the members.
The financial statements have been prepared in accordance with significant accounting policies, which the members have determined appropriate to meet the needs of the members. Such accounting policies are consistent with the previous period unless stated otherwise.
The financial statements have been prepared on an accruals basis and are based on historical cost unless otherwise stated in the notes.