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Service of Notice of Estimated Tax on Australian Company

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									Australian Compliance Institute
         Incorporated



         Financial Statements
    For the year ended 30 June, 2004
                            Australian Compliance Institute Incorporated

                                                   Council's Report
                                        For the year ended 30 June, 2004


Your council members submit the financial accounts of the Australian Compliance Institute Incorporated for the
financial year ended 30 June, 2004.


Finance Committee
The names of the Finance Committee at the date of this report are:
Grant Snowden
Sandra Birkensleigh

Principal Activities
The principal activities of the association during the financial year were: .
Membership services
Training & education
Conferences
Professional Accreditation

Significant Changes
No significant change in the nature of these activities occurred during the year.

Operating Result
The profit from ordinary activities after providing for income tax amounted to

                                                                                Year ended         Year ended
                                                                           30 June, 2004         PrevYearEnd
                                                                                        $                    $
                                                                                  351,209             110,126



Signed in accordance with a resolution of the Members of the Council on :




_________________________________________________
Grant Snowden
President




_________________________________________________
Sandra Birkensleigh
Treasurer
                          Australian Compliance Institute Incorporated

                                   Statement by Members of the Council
                                      For the year ended 30 June, 2004


In the opinion of the Council the Statement of Financial Position, Income and Expenditure Statement, Statement
of Cash Flows and Notes to the Financial Statements:
1.   Presents fairly the financial position of Australian Compliance Institute Incorporated as at 30 June, 2004
     and its performance for the year ended on that date in accordance with Australian Accounting Standards,
     mandatory professional reporting requirements and other authoritative pronouncements of the Australian
     Accounting Standards Board.
2.   At the date of this statement, there are reasonable grounds to believe that the association will be able to
     pay its debts as and when they fall due.

This statement is made in accordance with a resolution of the Council and is signed for and on behalf of the
Council by:




_________________________________________________
Grant Snowden
President




_________________________________________________
Sandra Birkensleigh
Treasurer
                            Australian Compliance Institute Incorporated

                                    Income and Expenditure Statement
                                     For the year ended 30 June, 2004

                                                                 2004                      2003
                                                                  $                         $


Income
Membership Fees                                                      282,234                   160,227
Merchandise Sales                                                        2,184                     2,602
Networking events income                                                59,869                     4,565
Conference Income                                                    476,156                   331,939
Advertising & Email Promotion                                           22,582                    14,568
Accreditation & Mentor Program                                       185,709
Sponsorship Income                                                      31,045                      500
Interest received                                                       21,051                     8,638
Other income                                                             1,328
Loss on Plant & Equipment                                               (2,116)
Total income                                                        1,080,042                  523,040


Expenses
Accountancy                                                              5,000                     5,000
Advertising and promotion                                                2,787
Accreditation & Mentor Program                                          87,308
Bank Fees And Charges                                                   22,862                    10,625
Casual labour                                                             880                      4,614
Catering Expenses                                                       18,783                     1,298
Conference/seminar costs                                             156,335                   107,339
Consultants fees                                                       5,201                    14,161
Computer Expenses                                                        1,660                     3,089
Delivery                                                                                            126
Depreciation - plant                                                     6,997                     4,179
Depreciation - other                                                     8,619                      397
Filing Fees                                                                 40                      150
Holiday pay                                                             10,394
Insurance                                                               15,508                     4,868
Journals & periodicals                                                 1,602                       439
Management & Administration                                          316,366                   203,148
Postage                                                                  2,810                     1,899
Printing & stationery & office expenses                                 13,374                    13,164
Publication - Compliance News                                             655
Removal expenses                                                                                    900
Replacements (tools, etc)                                                 789                       398



      The accompanying notes form part of these financial statements. These statements should be read in
                             conjunction with the attached compilation report.
                            Australian Compliance Institute Incorporated

                                      Income and Expenditure Statement
                                       For the year ended 30 June, 2004

                                                                 2004                      2003
                                                                  $                         $
Staff amenities                                                           531                      1,199
Staff training                                                           4,560                      350
Superannuation                                                          17,407                    13,592
Telephone                                                                6,540                     9,900
Travel and Accomodation                                                 14,472                    11,040
Web site expenses                                                        7,353                     1,038
Total expenses                                                       728,833                   412,914
Profit from ordinary activities before income tax                   351,209                   110,126
Income tax revenue relating to ordinary activities
Net profit attributable to the association                          351,209                   110,126
Total changes in equity of the association                          351,209                   110,126



Opening retained profits                                             250,875                   140,749
Net profit attributable to the association                           351,209                   110,126
Closing retained profits                                            602,084                   250,875




      The accompanying notes form part of these financial statements. These statements should be read in
                             conjunction with the attached compilation report.
                           Australian Compliance Institute Incorporated

                                     Statement of Financial Performance
                                      For the year ended 30 June, 2004

                                                           Note          2004               2003


Revenues from ordinary activities                              2          1,082,159            523,040

Depreciation and amortisation expenses                                      (15,616)             (4,576)
Other expenses from ordinary activities                                    (715,334)          (408,338)
Profit from ordinary activities before income tax              2           351,209            110,126


Income tax revenue relating to ordinary activities
Net profit attributable to members of the association                      351,209            110,126
Total changes in equity of the association                                 351,209            110,126



Opening retained profits                                                    250,875            140,749
Net profit attributable to members of the company                           351,209            110,126
Closing retained profits                                                   602,084            250,875




      The accompanying notes form part of these financial statements. These statements should be read in
                             conjunction with the attached compilation report.
                          Australian Compliance Institute Incorporated

                          Statement of Financial Position As At 30 June, 2004

                                                          Note          2004               2003



Current Assets
 Cash assets                                                  3            702,885            338,633
 Receivables                                                  4             97,252             30,914
 Other                                                        5             39,309             16,407
Total Current Assets                                                      839,445            385,954


Non-Current Assets
 Property, plant and equipment                                6             84,354             30,848
Total Non-Current Assets                                                   84,354             30,848

 Total Assets                                                             923,799            416,802


Current Liabilities
 Payables                                                     7            130,464             51,963
Current tax liabilities                                       8             45,172             22,949
 Provisions                                                   9             15,190
 Other                                                       10            130,888             91,015
Total Current Liabilities                                                 321,715            165,927

Total Liabilities                                                         321,715            165,927


 Net Assets                                                               602,084            250,875




Equity
 Retained profits                                                          602,084            250,875
Total Members' Funds                                                      602,084            250,875




     The accompanying notes form part of these financial statements. These statements should be read in
                            conjunction with the attached compilation report.
                           Australian Compliance Institute Incorporated

                                           Statement of Cash Flows
                                       For the year ended 30 June, 2004

                                                                 2004                      2003


Cash Flow From Operating Activities
Receipts from customers                                              994,769                   483,488
Payments to Suppliers and employees                                  (580,417)                (317,585)
Interest received                                                       21,051                    8,638
Income tax paid                                                             86                     564
Net cash provided by (used in) operating activities
(note 2)                                                             435,489                   175,105
Cash Flow From Investing Activities
Payments for new Plant & Equipment                                      (71,238)               (27,346)
Net cash provided by (used in) Investing activities                     (71,238)               (27,346)


Net increase (decrease) in cash held                                 364,251                   147,759

Cash at the beginning of the year                                    338,633                   190,874
Cash at the end of the year (note 1)                                 702,885                   338,633




      The accompanying notes form part of these financial statements. These statements should be read in
                             conjunction with the attached compilation report.
                             Australian Compliance Institute Incorporated

                                             Statement of Cash Flows
                                         For the year ended 30 June, 2004

                                                                 2004                      2003


Note 1. Reconciliation Of Cash
For the purposes of the statement of cash flows, cash
includes cash on hand and in banks and investments
in money market instruments, net of outstanding bank
overdrafts.
Cash at the end of the year as shown in the statement
of cash flows is reconciled to the related items in the
balance sheet as follows:

Cheque Account                                                         269,307                 114,402
Macquarie CMT account                                                  433,577                 223,791
Petty Cash - City                                                                                   440
                                                                       702,885                 338,633




Note 2. Reconciliation Of Net Cash
Provided By/Used In Operating
Activities To Net Profit
Operating profit (loss) after tax                                      351,209                 110,126

Depreciation                                                            15,616                     4,576
Increase/(decrease) in provision for income tax                             86                      564
(Profit) / Loss on sale of property, plant and equipment                 2,116

Changes in assets and liabilities net of effects of
purchases and disposals of controlled entities:

(Increase) decrease in trade and term debtors                           (66,338)               (30,914)
(Increase) decrease in prepayments                                      (22,902)               (16,407)
Increase (decrease) in trade creditors and accruals                      8,880
Increase (decrease) in other creditors                                 109,494                    84,124
Increase (decrease) in employee entitlements                            15,190
Increase (decrease) in sundry provisions                                22,138                    23,036
Net cash provided by operating activities                           435,489                   175,105




      The accompanying notes form part of these financial statements. These statements should be read in
                             conjunction with the attached compilation report.
                           Australian Compliance Institute Incorporated

                                      Notes to the Financial Statements
                                      For the year ended 30 June, 2004


Note 1: Statement of Accounting Policies

The financial report is a general purpose financial report that has been prepared in accordance with Australian
Accounting Standards, Urgent Issues Group Consensus Views and other authoritative pronouncements of the
Australian Accounting Standards Board and the requirements of the Associations Incorporations Act NSW.
The financial report covers Australian Compliance Institute Incorporated as an individual entity. Australian
Compliance Institute Incorporated is an association incorporated in NSW under the Association Incorporations
Act 1984.
The financial report has been prepared on an accruals basis and is based on historical costs and does not take
into account changing money values or, except where stated, current valuations of non-current assets. Cost is
based on the fair values of the consideration given in exchange for assets.
The following is a summary of the material accounting policies adopted in the preparation of the financial report.
The accounting policies have been consistently applied, unless otherwise stated.

Income tax
The association adopts the liability method of tax-effect accounting whereby the income tax expense shown in
the Statement of Financial Performance is based on the profit from ordinary activities before income tax adjusted
for any permanent differences.
Non-member income of the association is only assessable for tax, as member income is excluded under the
principle of mutuality.

Property, Plant and Equipment
Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any
accumulated depreciation.


a) Plant and equipment
   The carrying amount of plant and equipment is reviewed annually to ensure it is not in excess of the
   recoverable amount from those assets. The recoverable amount is assessed on the basis of the expected net
   cash flows that will be received from the assets employment and subsequent disposal. The expected net
   cash flows have not been discounted to present values in determining the recoverable amounts.
b) Depreciation
   The depreciable amount of all fixed assets including buildings and capitalised leased assets, but excluding
   freehold land, is depreciated on a straight line basis over their useful lives to Australian Compliance
   Institute Incorporated commencing from the time the asset is held ready for use. Properties held for
   investment purposes are not subject to a depreciation charge. Leasehold improvements are depreciated
   over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements.


Employee entitlements
Provision is made for the liability for employee entitlements arising from services rendered by employees to
balance date. Employee entitlements expected to be settled within one year together with entitlements arising
from wages and salaries, annual leave and sick leave which will be settled after one year, have been measured at
their nominal amount. Other employee entitlements payable later than one year have been measured at the
present value of the estimated future cash out flows to be made for those entitlements.
Contributions are made by Australian Compliance Institute Incorporated to an employee superannuation fund
and are charged as expenses when incurred.


                  These notes should be read in conjunction with the attached compilation report.
                          Australian Compliance Institute Incorporated

                                     Notes to the Financial Statements
                                     For the year ended 30 June, 2004


Cash
For the purpose of the statement of cash flows, cash includes cash on hand and in all call deposits with banks or
financial institutions, investments in money market instruments maturing within less than two months, net of
bank overdrafts.

Comparative Figures
Where required by Accounting Standards comparative figures have been adjusted to conform with changes in
presentation for the current financial year.

Revenue

Interest revenue is recognised on a proportional basis taking in to account the interest rates applicable to the
financial assets.

Revenue from the rendering of a service is recognised upon the delivery of the service to the customers.
All revenue is stated net of the amount of goods and services tax (GST).




                 These notes should be read in conjunction with the attached compilation report.
                            Australian Compliance Institute Incorporated

                                      Notes to the Financial Statements
                                      For the year ended 30 June, 2004

                                                                      2004                      2003




Note 2: Revenue

Operating Activities:

Membership income - 2002                                                                                1,722
Membership income - 2003                                                        218                   158,506
Membership income - 2003                                                     (24,109)
Membership income - 2004                                                  306,125
Merchandise sales                                                             2,184                     2,602
Networking events income                                                   59,869                       4,565
Conference income                                                         476,156                     331,939
Sundry Income                                                                 1,328
Sponsorship income                                                           31,045                       500
Advertising & Email Promotions                                               22,582                    14,568
Accreditation & Mentor Program                                            185,709
Interest revenue                                                           21,051                       8,638
                                                                        1,082,159                     523,040




Note 3: Cash assets
Bank accounts:
- Cheque Account                                                          269,307                     114,402
- Macquarie CMT account                                                   433,577                     223,791
Other cash items:
- Petty Cash - City                                                                                       440
                                                                         702,885                      338,633




Note 4: Receivables

Current
Trade debtors                                                                97,252                    30,914
                                                                           97,252                      30,914




                    These notes should be read in conjunction with the attached compilation report.
                            Australian Compliance Institute Incorporated

                                      Notes to the Financial Statements
                                      For the year ended 30 June, 2004

                                                                      2004                      2003




Note 5: Other Assets

Current

Prepayments - 2005 Conference expenses                                       39,309                    16,407
                                                                           39,309                     16,407




Note 6: Property, Plant and Equipment
Plant and equipment:
- At cost                                                                     35,524                   29,228
- Less: Accumulated depreciation                                             (14,770)                  (8,483)
                                                                             20,754                    20,745
Computer Software/Website:
- At cost                                                                    72,616                    10,500
- Less: Accumulated depreciation                                             (9,016)                     (397)
                                                                             63,600                    10,103


                                                                           84,354                     30,848




Note 7: Payables
Unsecured:
- Trade creditors                                                             8,880
- Performance Payments                                                    117,976                      46,574
- Credit Card - Admin Manager                                                 2,508                     2,107
- Credit Card - CEO's                                                         1,208                       943
- Officeworks account                                                           386                      619
- Australian Post account                                                      (493)                      47
                                                                          130,404                      51,963


                                                                         130,464                      51,963




                    These notes should be read in conjunction with the attached compilation report.
                           Australian Compliance Institute Incorporated

                                     Notes to the Financial Statements
                                     For the year ended 30 June, 2004

                                                                   2004                      2003




Note 8: Tax Liabilities

Current

GST payable control account                                               26,779                     4,872
Taxation                                                                      (1)                      (87)
PAYG witholding payable                                                   18,394                    18,164
                                                                        45,172                     22,949




Note 9: Provisions

Current

Superannuation payable                                                     4,797
Provisional for annual leave                                              10,393
                                                                        15,190


* Aggregate employee entitlements liability                               15,190

 There were 5 employees at the end of the year




Note 10: Other Liabilities

Current

Prepaid membership fees - 2005                                         130,888                      91,015
                                                                      130,888                      91,015




                 These notes should be read in conjunction with the attached compilation report.

								
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