Annual Report 2008

2008 Special Purpose Financial Report

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Information shown on this page is a summary of the Special Purpose Financial Report.


INDEPENDENT AUDIT REPORT TO THE MEMBERS OF MELBOURNE OVERSEAS MISSIONS FUND INC. Registered Number A0010312L

STATEMENT OF FINANCIAL PERFORMANCE
FOR YEAR ENDED 30 NOVEMBER 2008

REVENUE

2008

$

2007

$

Donations and Gifts 812,457 585,239
Legacies and Bequests 15,000 75,000
Grants
AusAID 0 0
Other Australian 0 0
Other Overseas 0 0
Investment Income 68,391 55,788
Other Income 0 0
Total Revenue 895,848 716,027

DISBURSEMENTS

Overseas Projects
Funds to Overseas Projects 846,384 611,905
Other Project Costs 0 0
Domestic Projects 0 0
Community Educatioin 6,220 8,519
Fundraising Costs
Public 6,221 8,519
Government and Multilaterals 0 0
Administration 9,686 12,410
Total Disbursements 868,511 641,352
Excess of revenue over disbursements(shortfall) from continuing operations
27,337 74,675

BALANCE SHEET FOR THE YEAR

ENDED 30 NOVEMBER 2008

ASSETS

2008

$

2007

$

Current Assets
Cash 843,845 814,349
Financial Assets 0 0
Non-Current Assets
Property, Plant & Equipment 17,431 17,431
Other 4,975 7,062
Total Assets 866,251 838,842

LIABILITIES

Current Liabilities
Trade and other payables 0 0
Provisions 17,322 17,250
Non-Current Liabilities
Payables 0 0
Other 0 0
Total Liabilities 17,322 17,250

Net Assets

848,929

821,592

EQUITY
Reserves 0 0
Funds available for future use 848,929 821,592
Total Equity 848,929 821,592

SCOPE

We have audited the special purpose financial report of Melbourne Overseas Missions Fund Inc. for the year ended 30 November 2008, as set out on pages 3 to 12 of the full report. The Committee is responsible for the financial report and has determined that the accounting policies used and described in Note 1 to the financial statements are appropriate to meet the needs of the members and the Associations Incorportation Act (Vic) 1981. We have conducted an independent audit of the financial report in order to express an opinion on it to the members. No opinion is expressed as to whether the accounting policies used, and described in Note 1, are appropriate to their needs.

The financial report has been prepared for the purpose of fulfilling the requirements of the associations Incorporation Act (Vic) 1981. We disclaim any assumption of responsibility for any reliance on this report or on 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.

Our audit has been conducted in accordance with Australian Auditing Standards to provide reasonable assurance whether the financial report is free from material misstatement. Our procedures included examination, on a test basis, of evidence supporting the amounts and other disclosures in the financial report and the evaluation of significant accounting estimates. These procedures have been undertaken to form an opinion whether, in all material respects, the financial report is presented fairly in accordance with the accounting policies described in Note 1 to the financial statements so as to present a view which is consistent with our understanding of the Association’s financial position, and performance as represented by the results of its operations and cash flows. These policies do not require the application of all Australian Accounting Standards and other mandatory professional reporting requirements.

The audit opinion expressed in this report has been formed on the above basis.

AUDIT OPINION

In our opinion, the financial report gives a true and fair view, in accordance with the accounting policies described in Note 1 to the financial statements and the Associations Incorporation Act (Vic) 1981, the financial position of Melbourne Overseas Missions Fund Inc. as at 30 November 2008 and the results of its operations and its cash flows for the year then ended.

CHAUNDY AND HENRY

Chartered Accountants

P. W. SELKRIG

Partner

Melbourne

Dated 20th March 2009


Note 2: During the financial year, St Paul’s Overseas Aid Fund (OAF) Committee packed and forwarded to Mission Stations a total of 464 boxes (2007: 420 boxes) each weighing an average of 16kgs and valued at $371,200 (2007: $336,000). The boxes contained various items of medical supplies such as wound dressings and bandages, soap, sheets, blankets and clothing. Apart from the above, medical goods and used TVs and PC’s valued at $50,000 were shipped to Nigeria. In addition, Melbourne Overseas Missions Fund Inc. (MOM) sent 51 boxes of used goods such as computer equipment, blankets and books valued at $30,000 to the Missions in Papua New Guinea.


It is stated that there was a single appeal or other form of fund raising for a designated purpose, generating 10% or more of total income for the period under review. A table designating the East Timor Project is disclosed.

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.

Cash Movements for Designated Purposes for the year ended 30 November 2008
Cash available

at beginning of Year

Cash Received

During Year

Cash Disbursed

During Year

Cash Available

at End of Year

Annual Appeal

Special Donations

814,349 444,648 415,152 843,845
Total 814,349 444,648 415,152 843,845
List of Special Donations in excess of 10% of income

for the year ended 30 November 2008

Projects Total Income % of Total Income Amount Received Amount Disbursed Balance
East Timor Projects

$387,911 35.37 $137,230 $137,849 Nil

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 8002