Learning Center
Plans & pricing Sign in
Sign Out



									                                    [Community Housing Organisation Name]

                                                  INCOME STATEMENT
                                          FOR THE YEAR ENDED 30 JUNE 2009

                                                                       Note   6/30/2009        6/30/2008
   Rent                                                                 2
   Interest Received
   Membership Fees & Levies
   Rebates, Refunds and Credits                                         3
   Capital Contribution (Deficit Funding) Receivable from Housing SA
   Other Receipts                                                       3
   Total Income:

   Administration Expenses                                              4
   Capital Contribution Payable to Housing SA                           15
   Depreciation (optional)                                              13
   Maintenance Expenses
     - Maintenance                                                      5
     - Maintenance in Excess of Maintenance Provision
     - Comhouse Levy Payment                                           5A
   Rates & Taxes                                                        6
   Write-offs (Rent Adjustments)                                        7
   Other Expenses                                                       8
   Total Expenses:

   Net Operating Surplus/(Deficit):

   Maintenance Provision
   [Provision Name #2]
   Total Transfers to/from Provisions:


AUDIT STATEMENTS                                                                          FIN STAT Page 1 of 10
                                     [Community Housing Organisation Name]

                                                        BALANCE SHEET
                                                         AS AT 30 JUNE 2009
                                                                             Note   6/30/2009        6/30/2008
   Cash on Hand
   Cash at Bank                                                               9
   Trade and Other Debtors
     - Rent Arrears                                                           10
     - Other                                                                  11
     - GST Receivable
   Deficit Funding Receivable from Housing SA                                 15
   Overpayment of Capital Contribution to Housing SA                          15
   Other Current Assets                                                       12
   Total Current Assets:

   Fixed Assets                                                               13
   Intangible Contractual Right                                               14
   Total Non-Current Assets:


   Trade and Other Payables (Creditors)                                       15
   Capital Contribution Payable to Housing SA                                 15
   Provisions/Other                                                           17
   Total Current Liabilities:

   Contributed Debentured Property                                            16
   Maintenance Provision                                                      5
   Other Non-Current Liabilities                                              18
   Total Non-Current Liabilities:



   Assets Revaluation Reserve (for groups with properties before 30/04/93)
   Accumulated Surpluses Balance B/F
   Surplus/(Deficit) this year

AUDIT STATEMENTS                                                                                FIN STAT Page 2 of 10
                                          [Community Housing Organisation Name]
                          NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009

            Financial Reporting Framework
            The ________________________________________________________________________
            is not a reporting entity because in the opinion of the Committee of Management there are unlikely to exist users of the
            financial report who are unable to command the preparation of reports tailored so as to satisfy specifically all of their
            information needs. Accordingly, this “special purpose financial report” has been prepared to satisfy the reporting
            requirements of the South Australian Co-operative and Community Housing Act 1991 (SACCH Act). The accounting
            policies used in the preparation of this report, as described below, are consistent with the financial reporting
            requirements of the Act, and except where stated, with previous years.
            The financial report has been prepared in accordance with the approved Accounting Standards and Interpretations as
            determined under the Act. The following approved Accounting Standards and Interpretations apply:

            AASB 108: Accounting Policies, Changes in Accounting Estimates and Errors
            AASB 116: Property, Plant and Equipment
            AASB 118: Revenue
            AASB 119: Employee Benefits
            AASB 132 & 139: Financial Instruments
            AASB 137: Provisions, Contingent Liabilities and Contingent Assets
            AASB 1004: Contributions
            AASB 1031: Materiality
            AASB Interpretation 12: Service Concession Arrangements
            UIG Interpretation 1031: Accounting for the Goods and Services Tax (GST)

            The financial report has been prepared on an accruals basis and is based on historical costs modified by the revaluation
            of selected non-current assets and liabilities for which the fair value basis of accounting has been applied.

            Significant Accounting Policies
            Accounting policies are selected and applied in a manner which ensures that the resulting financial information
            satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions or
            other events is reported.
            The following significant accounting policies have been adopted in the preparation and presentation of the financial
            The Income Statement has been prepared on an accrual basis of accounting in order to match the income receivable
            with expense commitments for the period. Accordingly, the statement is not a statement of receipts and payments
            during the year.

            Financial Instruments
            A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
            instrument of another entity. In accordance with the approved Accounting Standards a financial asset is cash, advances
            or prepayments, rent receivable, or trade and other receivables (debtors). A financial liability is an overdraft, loans,
            capital contribution, or trade and other payables (creditors).

            AASB 139 requires financial assets to be subjected to a review for impairment at each reporting date. A financial asset
            is impaired if a loss event occurs, such as when a rent arrear becomes doubtful because of tenant personal insolvency

AUDIT STATEMENT                                                                                      NOTES TO ACCOUNTS Page 3
                                         [Community Housing Organisation Name]
                         NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009

           Service Concession Arrangements
           AASB Interpretation 12 Service Concession Arrangements apply to arrangements where government transfers public
           infrastructure to non-government organisations subject to the following conditions:
           a) the government controls and regulates what services the non-government organisation must provide with the
           infrastructure, to whom it must provide them, and at what price; and
           b) the government retains residual ownership of the infrastructure.

           The above conditions are deemed to have been satisfied through the requirements of the SACCH Act and Funding
           Agreement which prescribe how the community houses are to be used, the eligible tenants that are entitled to tenant
           them, and what rents can be charged. The arrangements also require Community Housing Organisations to return long
           term vacant property to government under the Funding Agreement.
           Infrastructure within the scope of the Interpretation should not be recognised as property, plant and equipment of the
           operator, irrespective of the extent to which the operator bears the risks and rewards incidental to ownership and
           regardless of which party has legal title to it during the term of the arrangement, since the asset is "controlled" by the
           government. Instead, the non-government organisation recognises a financial asset to the extent that it has an
           unconditional right to receive consideration from government, or an intangible asset to the extent it has a right to
           charge users (tenants) of the public service.

           Intangible assets
           An Intangible asset is an identifiable non-monetary asset without physical substance. An Intangible asset is identifiable
           a) Is separable, that is, capable of being separable or dividend from the entity and sold, transferred, licensed, rented or
           exchanged, either individually or together with a related contract, asset or liability; or
           b) Arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the
           entity or from other rights and obligations.

           The contractual rights connected with the transfer of housing under the Funding Agreement and debenture arrangement
           satisfy the above conditions of an Intangible asset.

           Contributed property
           This involves a non-reciprocal transfer. A not-for profit organisation receives property without giving approximately
           equal value in exchange to the other party to the transfer. Based on the accounting standards the debenture agreement
           is not deemed to be consideration for the transfer of property.

           Contributed property with stipulations that entitle the donor entity to reclaim assets where there is a breach of a
           contractual conditions are recognised in the Balance Sheet as a liability in accordance with AASB 1004 Contributions .

           Income Tax
           The Community Housing Organisation (CHO) is endorsed as an Income Tax Exempt Charity (ITEC) under Section
           50B of the Income Tax Assessment Act 1997 in accordance with Item 1.1 Charitable Institutions.

           The CHO is also registered for GST purposes, with a GST registration number ___ ____ ____ ____, the cash / accrual
           accounting method and annual / quarterly / monthly GST periods. (delete as appropriate)

           Employee Benefits
           Provision is made for the Association’s liability for employee benefits arising from services rendered by employees to
           balance date. Employee benefits that are expected to be settled within one year have been measured at the amounts
           expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later than one year
           have been measured at the present value of the estimated future cash outflows to be made for those benefits.

AUDIT STATEMENT                                                                                   NOTES TO ACCOUNTS Page 4
                                         [Community Housing Organisation Name]
                         NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009
           Depreciation of Fixed Assets
           Fixed Assets are depreciated on a straight-line basis over their useful lives, with the following depreciation rates
           Office Equipment [insert percentage]%
           Other            [insert percentage]%

           The assets’ useful lives are reviewed and adjusted, if appropriate, at each balance date.

           Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses
           are included in the income statement.

           Goods and Services Tax (GST)
           Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is
           not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost of
           acquisition of the asset or as part of an item of the expense. Receivables and payables in the balance sheet are shown
           inclusive of GST.

AUDIT STATEMENT                                                                                    NOTES TO ACCOUNTS Page 5
                                         [Community Housing Organisation Name]
                         NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009
        2   RECONCILIATION OF RENT RECEIVABLE and RENT RECEIVED                                        6/30/2009         6/30/2008
            Funding Agreement (2006) requires Community Housing Organisation to account for rent on an accrual basis, taking
            into account arrears, rent paid in advance and rent adjustment. Capital Contributions payable to Housing SA are based
            on Rent Receivable (Rent Income) for the number of days tenanted, not on Rent Received. The relationship between
            Rent Receivable and Rent Received is shown in the following reconciliation:

            Actual Rent Received

      add: Rent Arrears (end of year)
           Rent in Advance (beginning of year)
           Rent Arrears Written Off
           Rent Adjustments (if applicable)

      less: Rent Arrears (beginning of year)
            Rent in Advance (end of year)
            Rent Adjustments (if applicable)

            Total Rent Receivable (Rent Income):

        3   OTHER RECEIPTS
            Insurance Claims
            Rates & Taxes (Council, SA Water)
            Total Rebates, Refunds & Credits:

            Administration Expenses
            Accounting and Audit Fees
            Bank and Government Fees
            Service Provider Fees
            Management Fee
            Strata Management Fee
            Non-recoverable GST
            Office Expenses
            - Office Equipment Maintenance
            - Office Rent
            - Office Telephone
            - Photocopying
            - Postage
            - Printing
            - Stationery
            - Other Office Expenses
            - Telephone
            - Travel
            - Other Cash Reimbursements
            Other Administration Expenses
            Sub-total Administration Expenses:

            Salaries/Wages Expenses
            Sub-total Salaries/Wages Expenses:

            Total Administration Expenses:

AUDIT STATEMENT                                                                                 NOTES TO ACCOUNTS Page 6
                                        [Community Housing Organisation Name]
                         NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009
        5   MAINTENANCE PROVISION                                                   6/30/2009    6/30/2008

           Opening Balance
      add: Maintenance Allowance
           Interest on Maintenance Account
           Other (as appropriate)
            Maintenance Funds Available:

      less: Actual Maintenance Expenses for Financial Year

            Maintenance Provision:

            Represented By:
            Maintenace Bank Account
            Maintenance Investment Accout
            Funds Held in Separate Accounts
            Excess / (Shortfall) of Funds to Provision:


            Amount Owing (beginning of year)
       add: Maintenance Allowance - Major Maintenance Contribution
             Total Major Maintenance Contributions Payable to Comhouse:
       less: Current Year Monthly Remittances to Comhouse
             Major Maintenance Contributions Outstanding (end of year):
       less: Major Maintenance Contribution paid (post-June)

            Total Underpaid/-Overpaid Comhouse Contributions:

        6   RATES and TAXES
            Council Rates
            SA Water
            Emergency Services Levy
            Total Rates & Taxes:

            Unrecoverable Rent Arrears
            Other Bad Debts
            Total Write Offs:

        8   OTHER EXPENSES (if required)
            Total Other Expenses:

        9   CASH AT BANK
            Operating/Cheque Account
            Operating/Cheque Investment Account
            Maintenance Account
            Maintenance Investment Account
            Total Cash At Bank:

AUDIT STATEMENT                                                                 NOTES TO ACCOUNTS Page 7
                                         [Community Housing Organisation Name]
                          NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009
        10 RENT ARREARS                                                              6/30/2009    6/30/2008
           Opening Balance
           Past Arrears Recovered
           Net Arrears Incurred for Current Year
           Balance of Rent Arrears:

        11 OTHER DEBTORS
           [Give Details]
           [Give Details]
           Total Other Debtors:

        12 OTHER CURRENT ASSETS (if required)
           [Give Details]
           Total Other Current Assets:

            Opening Value
       add: Additions
            Net Revaluation increment/ (decrement)

       less: Disposals (sales to tenants)
             Transfers (handbacks)
             Total Intangible Contractual Right (at valuation):
             Refer to attached Property Register


             Amount Owing (beginning of year)
       add: Capital Contributions Payable to Housing SA
       less: Deficit Funding Receivable from Housing SA (if applicable)
             Total Capital Contributions/-Deficit Funding:
       less: Current Year Monthly Remittances to Housing SA
       add: Current Year Monthly Receipts from Housing SA (if applicable)
             Capital Contributions Payable/-Receivable (end of year):
       less: Capital Contributions paid post-June
       add: Deficit Funding received post-June (if applicable)

            Total Underpaid/-Overpaid Capital Contributions:

           Comhouse Major Maintenance Levy
           GST Payable
           Rates & Taxes
           Rent in Advance
           Housing SA Sundry Debtor Account
           Other Payables
           Total Other Payables:

AUDIT STATEMENT                                                                  NOTES TO ACCOUNTS Page 8
                                       [Community Housing Organisation Name]
                         NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009
        16 CONTRIBUTED DEBENTURED PROPERTY                                         6/30/2009    6/30/2008
            Opening Value
       add: Additions
            Net Revaluation increment/ (decrement)

       less: Disposals (sales to tenants)
             Transfers (handbacks)
             Total Contributed Debentured Property (at valuation):
             Refer to attached Property Register

        17 PROVISIONS/OTHER (if required)
           [Give Details]
           Total Provisions/Other:

        18 OTHER NON-CURRENT LIABILITIES (if required)
           Total Other Non-Current Liabilities:

AUDIT STATEMENT                                                                NOTES TO ACCOUNTS Page 9
                                                                       [CHO Name]
                                                  NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009

13 FIXED ASSETS                                                            Opening Value   Additions   (sales, write-offs)      Depreciation   Closing Value
   (if not expensed in year of purchase, depreciation is applicable)
   Carrying amount at the beginning of the financial year
   Office Equipment
   Computer Hardware
   Computer Software
   Carrying amount at the end of the financial year

 AUDIT STATEMENTS                                                                                                            NOTES TO ACCOUNTS Page 10

To top