Annual Report 2004

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