1. Your Directors submit the Financial Accounts for the year ended 31st March 1997.
2. The names of the Directors in office at the date of this report are:
R J Altamore
J M Ashmore
J H A Bastiaans
L A Davis
P R Johnson
K L Knight
K J Ledermann
J A Simpson
M J Simpson
G E Wibberley
F P A Woods
3. The principal activities of the Company in the course of the
financial year were:
Consumer advocacy for blind people in Australia.
No significant change in the nature of these activities occurred
during the year.
4. The net operating surplus was $7,815.
5. The Directors report that no money has been declared or paid as any dividend.
6. One Director has received a benefit because of contracts made by the Company with him or an entity in which he has a substantial financial interest. Payments made: John Simpson, $6,250 for consultancy fees; and Information Alternatives, $3,185 for services rendered in audio production.
Signed in accordance with a resolution of the Directors:
Director ...... Michael Simpson
Director ...... June Ashmore
Dated this 22nd day of May 1997.
In the opinion of the Directors of the Company:
1. (a) The Income and Expenditure Statement is drawn up so as to give a true and fair view of the surplus or deficit of the Company for the financial year ended 31st March 1997.
(b) The Balance Sheet is drawn up so as to give a true and fair view of the state of affairs of the Company as at the end of that financial year.
2. At the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due.
3. (a) The Company has kept such accounting records as to correctly record and explain the transactions and financial position of the Company.
(b) The Company has kept its accounting records in such a manner as would enable true and fair accounts of the Company to be prepared from time to time.
(c) The Company has kept its accounts in such a manner as would enable the accounts to be conveniently and properly audited in accordance with the Corporations Law.
(d) The accounts have been properly prepared by a competent person.
This statement is made in accordance with the Resolution of Council and is signed for and on behalf of the Directors by:
Director ...... Michael Simpson
Director ...... June Ashmore
Dated this 22nd day of May 1997.
1996 INCOME 1997
166111 Advocacy Funding 174032
52250 Agency Grants 57000
660 Asset Sale Proceeds ---
---- Bequests 25000
3667 Capital Grants 40746
8375 Charged Services (net) 33515
12755 Contribs - Spec Purpose 13531
18903 Contributions - Members 27641
28238 Convention & Sponsorship 35283
2853 Flower Project (net) 2600
4570 General Donations 2815
6821 Interest Received 9325
3950 Misc. Fundraising 4675
51720 Projects 48244
63501 Victorian Service 50379
424374 TOTAL INCOME 524786
LESS EXPENDITURE
10812 Affiliations 22397
466 Bank Charges 1086
1014 Capital Grant ---
26831 Convention 35499
2985 Corporate/legal/a 6094
13471 Council 15985
8878 Depreciation 13477
1049 Donation Programs 922
38022 Funded Projects 58010
---- Grant - TJB Foundation 41600
289 Internet Services 1698
2955 Maintenance and small equipment 3710
6896 Membership & Development 9215
40 Miscellaneous ---
5869 NFBCA News 7672
2604 Occupancy 3848
8077 Policy Implementation 7931
3840 Postage 3260
7853 Printing & Stationery 9693
1078 Radio Programs 1556
15000 Rent & Services 15000
162146 Salaries & wages 183717
3127 Software Upgrades 6298
1381 Staff Medical -612
5905 Staff Recruitment & Training 1173
1128 Subscriptions 297
22241 Superannuation 32550
23701 Telephone 17643
15972 Travel 10540
1111 Victoria 3536
3192 WorkCover 3176
397933 TOTAL EXPENSES 516971
26441 NET SURPLUS/DEFICIT 7815
1996 ITEM 1997
ACCUMULATED FUNDS
108291 Opening Balance 134732
26441 Surplus/Deficit 7815
134732 Total Funds 142547
REPRESENTED By:
CURRENT ASSETS
110 Cash on Hand 110
1501 Cash at Bank - Cheque Account 505
---- Cash at Bank - DDA Account 2048
7947 Sundry Debtors 31068
9558 Total Current Assets 33731
INVESTMENTS
129832 National Australia Bank 98584
20000 Trust Co of Australia 50000
149832 Total Investments 148584
FIXED ASSETS
12798 Furniture & Fittings 12798
-2987 Accumulated Depreciation -3625
63369 Plant and Equipment 97833
-19534 Accumulated Depreciation -26330
21484 Computer Equipment 29768
-16197 Accumulated Depreciation -12016
58933 Total Fixed Assets 98428
218323 TOTAL ASSETS 280743
LESS LIABILITIES
6409 Creditors & Accruals 26951
66333 Prepaid Income 51037
---- Unspent Project Grants 44011
10849 Provision for Annual Leave 16197
83591 Total Liabilities 138196
134732 NET ASSETS 142547
The accompanying notes form part of these financial accounts.
These accounts should be read in conjunction with the attached
disclaimer.
1. STATEMENT OF ACCOUNTING POLICIES
(a) This is not a general purpose financial report. It is a special purpose report prepared for the members of the company to enable compliance with the requirements of the Corporations Law and the Income Tax Assessment Act 1936. The accounts have been prepared in accordance with the requirements of the Corporations Law and the Income Tax Assessment Act 1936. The accounts have been prepared in accordance with the requirements of the Corporations Law including the disclosure requirements of Schedule 5. The accounts have been prepared from historical cost records, except where stated otherwise. The accrual and ongoing concern basis of accounting have been adopted.
(b) Property, Plant and Equipment
Property, Plant and Equipment are included at cost, independent of Directors' valuation. All assets, excluding freehold land and buildings, are depreciated over their useful lives or depreciation rates set by the Commissioner of Taxation.
(c) Inventories
Inventories are measured at the lower of cost and net realisable value. Costs are assigned on a first-in first-out basis and include direct materials, direct labour and an appropriate proportion of variable and fixed overhead expenses.
(d) Unearned revenue
The unearned revenue shown in the accounts will be brought to account over the life of the contract based on the interest rate implicit in the contract.
(e) Income Tax
The income of the Company is exempt from income tax by virtue of Section 23(e) of the Income Tax Assessment Act.
(f) Employee Benefits
Provision is made in respect of the Company's liability for annual leave at balance date.
2. LIMITED LIABILITY OF MEMBERS
In accordance with its Memorandum and Articles of Association the Company has no less than nine members and each member undertakes to contribute a maximum of $2 in the event of winding up.
3(a) OPERATING PROFIT
Operating surplus has been determined after:
1996 Charge as Expense
1997 Auditor's Remuneration:
800 Auditing Accounts
800 ---- Other Services
800
3(b) EXTRAORDINARY ITEMS
-- Capital profit on sale of investments
-
4. RECEIVABLES
Included in Current Receivables are:
---- Term Debtors
------- Less unearned revenue
---
5. PROPERTY, PLANT AND EQUIPMENT
Freehold land and buildings
---- Directors' valuation 19''
---97651 Plant and equipment at cost
140399 38718 Less accumulated depreciation
41971 58933 Leaves
98428
6. CAPITAL AND LEASING COMMITMENTS
NFBCA has no Capital and Leasing Commitments.
7. CONTINGENT LIABILITIES
----
---
8 EVENTS SUBSEQUENT TO BALANCE DATE
----
---
We have prepared the accompanying Profit and Loss Statement for the year ended 31st March, 1997 and the Balance Sheet as at 31st March, 1997 together with the Notes to and forming part of such Financial Statements, from the books and records of National Federation of Blind Citizens of Australia (NFBCA) and from information provided by the Officers of NFBCA and at the request and use and benefit of NFBCA and its Members.
Under the terms of our engagement we have not audited the accounting and other records of NFBCA.
Accordingly, we express no opinion on whether the Financial Statements present a true and fair view of the financial position or of the period of trading from 1st April, 1996 to 31st March, 1997 and no warranty of accuracy or reliability is given.
We do not undertake responsibility in any way whatsoever to any person in respect of the financial statements including any errors or omissions therein however caused.
(Signed) ...... Mary Noy
Noy & Associates Pty Ltd
Certified Practicing Accountants
Date: 12th May, 1997
In our opinion, the accounts of National Federation of Blind Citizens of Australia are properly drawn up:
(a) so as to give a true and fair view of:
(i) the Company's state of affairs as at 31st March 1997 and
of its profit for the year ended on that date; and
(ii) the other matters required by Division 4 of Part 3.6 of
the Corporations Law to be dealt with in the accounts;
(b) in accordance with the provisions of the Corporations Law; and
(c) in accordance with Statements of Accounting Concepts and applicable Accounting Standards.
McDONELL CUNNEEN & ASSOCIATES
(Signed)
Brent Murphy
Registered Company Auditor
Date: 15th May, 1997