INDEPENDENT AUDIT REPORT TO THE MEMBERS OF MELBOURNE OVERSEAS MISSIONS FUND INC.
Registered Number A0010312L
Scope
We have audited the summarised financial report of Melbourne Overseas Missions Fund Inc. for the financial year ended 30 November 2004 in accordance with Australian Auditing Standards.
The summarised financial report is derived from the Association’s annual statutory financial report.
Audit Opinion
In our opinion, the information contained in the summarised financial is consistent with the annual statutory report from which it is derived and upon which we expressed an unqualifed audit opinion in our report to the members dated 18 May 2005. For a better understanding of the scope of our audit, this report should be read in conjunction with our audit report on the annual staturory financial report.
BDO
Chartered Accountants
J F KNOTT
Partner
STATEMENT OF FINANCIAL PERFORMANCE
FOR YEAR ENDED 30 NOVEMBER 2004
|
2004 |
2003 |
| REVENUE |
$ |
$ |
| Donations and Gifts - |
|
|
| Monetary and non-monetary (1) |
702,782 |
758,541 |
| Legacies and Bequests |
547,917 |
15,000 |
| Investment Income |
22,013 |
5,306 |
| Other Income |
|
|
| TOTAL REVENUE |
1,272,712 |
778,847 |
|
| EXPENSES |
|
|
| Overseas Projects |
|
|
| – Funds to Overseas Projects (1) |
584,259 |
710,309 |
| – Other Project Costs |
|
10,242 |
| Domestic Projects |
|
|
| Community Education |
6,411 |
6,823 |
| Fundraising Costs |
|
|
| – Public |
6,412 |
7,084 |
| – Government and Multilaterals |
|
|
| Depreciation |
559 |
831 |
| Adminsitration |
12,930 |
13,572 |
| TOTAL EXPENSES |
610,012 |
748,825 |
|
| Excess of Revenue over Expenses (shortfall) |
662,700 |
30,022 |
| Funds available for future use at beginning of financial year |
32,186 |
2,164 |
| Amounts transferred to reserves |
694,886 |
32,186 |
STATEMENT OF FINANCIAL POSITION AS AT 30 NOVEMBER 2004
| ASSETS |
|
|
| Cash at bank |
103,220 |
27,172 |
| Cash on deposit |
612,038 |
|
| Receivables |
32,299 |
154 |
| Prepayments |
6,518 |
3,462 |
| Property, plant and equipment |
839 |
1,398 |
| TOTAL ASSETS |
754,914 |
32,186 |
|
| LIABILITIES |
|
|
| Payables |
60,028 |
|
| TOTAL LIABILITIES |
60,028 |
|
|
| Net Assets |
694,886 |
32,186 |
|
| EQUITY |
|
| Funds available for future use |
694,886 |
32,186 |
|
| TOTAL EQUITY |
694,886 |
32,186 |
|
Cash Movements for Designated Purposes for the year ended 30 November 2004
Cash Available At
Beginning of Year
$27,172
|
Cash Raised
During Year
$825,871
|
Cash Disbursed
During Year
$137,785
|
Cash Available
At End of Year
$715,258
|
PURPOSE: To encourage self help and self reliance through education programs of literacy, gender-equality, human rights, health, hygiene, agriculture, cottage industry and small business cooperatives.
|
Note 1: During the financial year 2003-2004, the St. Paul Overseas Aid Fund (OAF) Committee packed and forwarded to 92 Mission Stations a total of 563 boxes (600 in 02/03) and each weighing an average of 16 Kg and valued overall at $405,360 ($518,400 in 02/03). Melbourne Overseas Missions Fund Inc. assisted St Paul’s Overseas Aid Fund in meeting the large freight cost on these boxes by contributing $48,000 ($59,000 in 02/03). Any extra freight costs were borne by St Paul’s OAF from their own resources. Items contained in the boxes consisted of urgently required medical supplies such as wound dressings and bandages, soap, sheets, blankets and clothing. In addition MOM forwarded 32 boxes (454kg) valued at $10,000 to PNG. These items consisted of books, computer equipment and clothing.
It is stated that no single appeal for a designated purpose
generated 10% or more of total income for the period under review.
|
An audited full financial statement is available on request to the secretary, Melbourne Overseas Missions.
Additional information and reports are available on the web site or by Email to secretary@mom.org.au
Melbourne Overseas Missions Fund Inc.
Cardinal Knox Centre
PO Box 146, East Melbourne, Victoria 3002
