Shri Sanatan Dharam Society OfVictoria (Aust) Inc.ABN 44 400 281 254

Financial Statements

For the Year Ended 3l March 2015

Shri Sanatan Dharam Society Of Vic-toria (Aust) lnc.aa a4 400 2!t 254

Contents3l March 2015

Financial StatemenlsSlalemenl of Surplus and DeficitBalance Sheet

Statement of Cash FlowsNotes lo the Financial StatementsSlatement by Members of the Board

lndependent Audit ReportSchedules

,1

2

3

4

7

8'10

Shri Sanatan Dharam Society Of Victoria (Aust) lnc.ABN a4 400 211 254

Statement of Surplus and DeficitFor the Year Ended 31 March 20'15

Revenue

Admrnistrative expensesDepreciation

Food expenses

Functron expenses

lnsurance

Occupancy cosls

Surplus for the year

2011

$

2015

tNote

118,623 55,177(3,160) (2,71s)

(21,200) (22.030)

(s.5) (1,0s1)

(8,0fi1 (8,3s4)(5,261) (s,851)

(l,rEE) (2.67s1

108,558 12.E01

The accompanying notes form part ofthese financiat statements

Shri Sanatan Dharam Society Of Victoria (Aust) lnc.ABN 4,1 4O0 2El 25,1

Balance SheetAs At 3l March 2015

ASSETSCURRENT ASSETS

Cash and c€sh equivalents

Trade and other recei\ra bles

Other assets

TOTAL CURRENT ASSETS

NON-CURRENT ASSETS

Property. planl and equipment

TOTAL NON-CURRENT ASSETS

TOTAL ASSETS

LIABILITIESCURRENT LIABILITIES

Trade and other payebles

TOTAL CURRENT LIABILITIES

TOTAL LIABILITIES

NET ASSETS

EQUITYAsset Revalualion Reserves

Cunent year eamings

TOTAL EQUIry

Note

2015

t2011

5

4

5

't98,652 388,907

23,1U-5122'l,795 388,958

1,372,259 1,097.509

1,372,259 1 ,097,509

1,594,055 1,486,467

660

660 660

660 660

t,593,395 '1,485,807

4,209 5,1791,589,186 1,480,628

1,593,395 1,48s,807

The accompanying notes form part ofthese flnancial statemenls

Shri Sanatan Dharam Society Of Victoria (Aust) lnc.aBN 14 {00 2t't 25/t

Statement of Cash FlowsFor the Year Ended 3l March 2015

2015 201,1

Note $ S

CASH FLOWS FROM OPEMTINGACTIVITIES:Receipts 132,985 45,273Payments to suppliers (33,008) (24,686)lnterest received 6,688 ,11,023

Net cash provided by/(used in)operaling activities 106,665 31,610

CASH FLOWS FROM INVESTINGACTTVITIES:Payments for work in progress (296,920) (42,376)Net c€sh used by investing activilies (296,920) (/12,376)

CASH FLOWS FROM FINANCINGACTIVITIES:

Net increase/(decrease) in cash andcash equivalents held (190,2SS) (10,766)Cash and c€sh equivalents atbeginning of year 388,907 399,673Cash and cash equtvalents at end offinancial year 3 i 98,652 3BB,go7

The accompanying notes form pert of these financial statements.

Shri Sanatan Dharam Society Of Vic'toria (Aust) lnc.ABN a4 rlo0 211 2lia

Notes to the Financial StatementsFor the Year Ended 31 March 2015

Summary of Signilic6nt Accour ang Policios

(a) Basis of pr€paration

ThB financial stetements are special purpose financial statenEnts prepared in oder to satisry the financialreporting requirements of the Assocrbrrons lnc,,ryo.Ellf,n Relo'm Act 2O12 (Victoria). The committee hasdetermined thal lhe association is not a reporling entity.

The linancial statements, except tor the cash florv intormation, haw been prepared on an a@ruals besis andare basod on historical costs and do not take into account changing rnonay yalues or, e)(cept where slatedspecifically, curent valuations of non-cunent assels.

The following signilicant accounting policies, which are consislent with the previous period unless otheNisestat8d, have been adopled in the preparation of this tinanciat repon.

Proparty, planl end equiprnent

Property and wort in plogress are caried gt cost less, yvhere applicable. any accumulated depreciation. Plantand equipment are csnied at board veluation.

The depreciabls amount of all property, plant and equipment is depmcisted ov€r the useful li\,es of the assetsto the Association commencing fmm the tirne the asset is held ready for use.

lmpaiment of non-financaal assets

At the end of esch repoding Period, ihe Associstion rcvi s lhe canying values of its tangibte and intengibleassets to determine whether there is any indication that those assets hev€ been irpaired. lfsuch en indicationexists, ihe reco\rErable emunt of the asset. being the hoher of the assets fair velue less costs io se andvalue in use, is compared to the asset's c€rrying \ralue- Any excess ofthe assets canying value over itsreco\remble amount 6 expensed to the staternent ofsurplus and deficit.

Cash rnd cash equivabnts

Cash 8nd c€sh oquivalents incJude cash on hand, deposits held st c€ll yyith bsnks, other shon-term hilhly lhui,inveslmenls with orilinal rnaturities ofthree months or less-

lncom€ tar

The Associetion is exempl fmm incorne tax under Division so of the lncome Tax Assessment Act .t9g7.

Rsvenue and othea income

Rev€nue from donataons arB rscognissd upon recaipt

MembeEhip revBnue is recognised upon receipt.

Other rewnue [s recognised when lhe ri]ht to l€ceiw the revsnue has been estebtished.

(b)

(c)

(d)

(e)

(0

Shri Sanatan Dharam Society Of Victoria (Aust) lnc.ABN 4rt 1lo0 211 254

Notes to the Financial StatementsFor the Year Ended 31 March 2015

2 Revenue

Donation income- Building fu nd

- Food

Function income- Shiv Ratn income- Holi income

- Ram Naumi income- Krishn Janamasthmi ancome

- Dwali income

Aarti collection

lnlerest recerved

VMC Grant

Membership rncorne

Other revenue

Total Revenue

Cash and Cash EquivalentsCash at bank

Short-term bank deposilsGrand Rame bank account

2015

s

2014

5

26,992

2,000

6,3 3s

2,050

24,992

11 ,01 I

8,385

1 ,1701,075

4,635

3,87212,885

2,093

6,657

2,222

21,963

9,187

6,568

75,000

3,790

2,983

23,637

E,O42

11 ,O23

4.390

148,623 55.47 7

34,495

353,951

461

198,652 386,907

23,144

23,14

16,Et5

181,376,161

Trade and Other Receivables

CURRENTGST receivable

Shri Sanatan Dharam Society Of Victoria (Aust) lnc.ABN 1,{ 400 281 254

Notes to the Financial StatementsFor the Year Ended 31 March 20'15

5 Olhcr Assets

CURRENTPrepayments

6 Property, Plsnt and Equipment

Land and EuildingsAt cost

Work in progress

Accumulated depreciation

Total land and buildings

Plant and equipmentAt valuation

Total plant and equipment

Total prop€rty, plant and equipment

At 31 March 201 5 the board revatued ptant and equ ipment to $6,500.

7 Trade and O{her Pafables

CURRENTUnsecured liabilrties

Trade payables

8 . Asset Revalualion Reserves

Opening balanc€

Transfers in / (out)

9 Association DeiailsThe registered omce ol the company is:Shri Sanatan Oharam Society Of Vicloria (Aust) tnc.'126 Hallam North Road

Narre Warren North

vrc 3804

2015 2011

$3

1,060,000 1,060,000

369,359 72,439(63,6001 Q2.4O0)

1,365,759 '1,090,039

6,500 7,170

6,500 7,470

1,372,259 1,097,509

660 660

660 660

5,179 5,179(970'

_______49!-____!le

6

Shri Sanatan Dharam Society Of Victoria (Aust) lnc.ABN rl4 {10 2!'l 254

Statement by Members of the Board

The board has deiermined lhat the Association s not e reporling entity and lhat this special purpose financral report shouldbe prepared in accordance with the accounting policies outlined in Note 1 to lhe financial statements.

ln the opinion ofthe comminee the rinancial report as set out on pages 1 to 6:

1. Presents fairly the tinancial pos ionof ShriSanatan Dheram Society Of Viclona (Aust) lnc. as at31 March 2015 andits performance for the year ended on thal date

2- At the date of this staternent, there are reasonable gmunds to believe lhat Shri Senatan Dharam Society Of Vic{ona(Aust) lnc. will be able lo pay its debts as and when they fall due.

This statement is made in accordance rvith e resolulion ofthe board and is silned for and on behalf ofthe board by;

Treasurer

,,,." l6f{f za/s'

Shri Sanatan Dharam Society Of Victoria (Aust) lnc.aBN 44 a00 2E1 254

lndependent Audit Report to the members of Shri Sanatan DharamSociety Of Victoria (Aust) !nc.

Reporl on the Financaal Repon

I have audited the accompanying financral report being a specral purpose linancial report, of Shri Sanatan Dharam SocietyOf Victona (Aust) lnc-, which comprises the balance sheel as at 31 March 2015, the statement ofsurplus and delicit andstatemenl ofcash llows fortheyearthen ended, notes comprising a summary of significant accounting policies and otherexplanatory inforrnation, and lhe Staternent by the Members otthe Board.

Board's Res@nsibility for the Financial Repoft

The boerd members of Shri Sanatan Dharam Society Of Mctorie (Aust) lnc. are responstble for the prcparation oflhelinancial report and haw determined that the basis of preparation described in Note 1, 6 appropriate to meet therequirements ofthe Assoclations lncorporation Reform Acl2012 (Vidona) and needs ofthe membe6. The board'sresponsibility slso includes suci intemal conlrol as the board delermine is nec€ssary lo enable lhe preparetion and fairpresenlation of a linancial reporl lhat is lree from material misstatement. whether due to fraud or enor.

Auditof s Res Nn sibil ity

l\ry responsibility is to express an opinion on the linancial report based on my audit. I haw conducted my audit inaccordance with Australian Auditing Standeds. Those standards require thet I comply with rele\rant ethical requirementsrelating to audit engagernents and plan end perform the audit to obtain reesoneble assurance sbout whether the Unancialreport is free trDm rnaterial misslalernent.

An audit involves performing proceduGs to obtain audit evidence about the amounts end disclosures in the tinancial report.The procedures selected depend on the auditor's judgement, including the assessment oflhe risks of materialmisstalernent of the financial report, whelher due to fraud or enor. ln maktng those risk assessrnents, the auditor conside6internal control relevant to the entity's preparation and fair presenlalion ofthe Iinancial report in order to design auditprocedures that are appmpriate in the circumstances, but not for the purpose of expressing an opinion on th; effeclivenessof the entity's intemal control. An audit also includes evaluating the appropnateness of accounting policies used and lherBasonableness of accounting eslimates rnede by rnanagernent, as well as evaluating lhe o\€rall presentation of thefinanciel reporl.

I believe thal the audit evidence I have obtained is sumcienl and appropriate to provtre a basis for my quatilied auditopinion.

Basis for Qualifrect Opinion

Cash donation revenue are a signific€nt sourc€ of fundraising re\renue for the Shri Sanatan Dharam Society Ot Victoria(Aust) lnc. The ShriSanatan Dharam Society Of Vicloria (Aust) lnc. has determined thal it is impracticabteio establishcontrol over the collection ofcash donalion revenue priorto entry into its linancial records. Accodingly, asihe evilenceavailable to rne regarding fundraising revenue from this source was limited, our audit procedures wittirespea to cashdonation Gvenue had to be restric{ed to the amounls recoded in the financial records. I am therefore u;able to exprEssan opinion whelher cash donation rer,/enue of Shri Sanatan Dharam Society Of Vidoria (Aust) lnc. recoded is comptete.

Shri Sanatan Dharam Society Of Victoria (Aust) lnc.ABN 14 400 211 254

lndependent Audit Report to the members of Shri Sanatan DharamSociety Of Victoria (Aust) lnc.

Qualifiect Opinion

ln my opinion, excepl for the possible etrecis of the metter dessibed in the Basis ,or Qualified Opinion paragraph, thelinsncial report presents fairly, in all material respec{s, the financial position of Shri Sanstan Oharam Society Of Victona(Aust) lnc.8set31 March2015, and its financial performance for the yearthen ended in ac.ordance with the accountingpolicies described in Note 'l to lhe linancial steternents, and the requirements ofthe lssocratbns lncorpo,at',0,n Refoml. Ad2O12 (Victoda).

Basis of Ac@unting

Withoul modifying my opinion, I draw ettention to Note 1 to the tinancial report which describes the basis of accounting. Thefinancial report is prepared to assist Shri Sanatan Dhamm Society Of Victoria (Aust) lnc. to meet the requirernents oftheAssocialions lncorporation Reform Act 2012 Mctone)

Signed at Truganina on rr,\'r \ 2o1s

Pravinesh Chand Lal

Shri Sanatan Dharam Society Of Vic-totia (Aust) lnc.aa a4 aao 2tt 264

For the Year Ended 3't March 2015

{)isclaimer

I ha\6 compilod the accompanying Pri\rate Report on Surplus or Delicit of Shri Sanatan Dharam Socisty Of Victoria (Aus0

tnc. Tne specinc purpose for which rt hes been prepered is lo povile information relating to tie performance of the entity

that satislies the information needs of th€ directors-

The Respnsbilily of tl?€ 8oa/d

The board rnembers erc solely responsible tor the infonnslion contained in the Private Repolt on Sur,plus or Deficit end

heve detemined that the basis of accounting used is appmpriate to rneet their needs and tor the purpose thal it wasprepared.

Ou Responsibility

On the besis ot the infofirBlion pmviJed by the direclors we have compiled the sccompanying Pri\rate Repon on Surplus orDefic in accordance with the basis of accounting snd APES 3'15: Compihtion ot Financial lnlomation.

iry procedures use eccounting expenise to collect, classify and summarise the financial informslion. which the direclorsproviled, in compiling the inancial stalements. The financial infofination has been subjecl to my audil pmcedures on lhefinancial staternents. howerrEr I do not provtre any opinion on the Privete Report on Surplus or Deficit.

The Priyate Repon on Surplus or Deficit was compiled exclusi\rely for the benett of the board fiEmbers. I do not acceplresponsibility to any other person forthe contems of the reporl.

soned at rrusanina on ,t\('\ 2ols

Pravinesh Chand Lal

10

Shri Sanatan Dharam Society Of Victoria (Aust) lnc.ABN 4,1400-2Et 25a

For the Year Ended 31 March 2015

Private Report on Surplus or Deficit

lncomeAarti colleclion

Donations

Funclion income

Grants

lnterest income

MembeIship income

Other revenue

Totel lncomo

Le3s: Erpenses

Funclion expensesDiwaliexpensesHoliexpensesKrishan Janastmi expenses

Ram NaumiexpensesShiv Ratri e)@nses

AGM expensesAuditors remuneration

Bank charges

Depreciation

Electricity and gas

Food expenses

lnsufance

Other expensesPrinting and ststioneryRegistralion fees

Repairs and maintenance

Water

Total Erpenses

Op.rating Surplus

20't 5

t

9,187

26,992

21,983

75,000

6,688

3,790

2,983

148,623

2014

3

a,u26,385

23.637

11,023

- 4.390

1,57 4

2,592350

344't 51

55,4?7

6.506

1,061

785

8,0.t.1

38

600

22

21,200

1,001

5,15

5,261

- 2,500

t78il0

6,354'16,1

1,831

70

22,O30

575

1,051

5,651

500

100

50

2.100

40.065 42.676

_____!98!8 _______12,q91

11