vietnamese community in australia wa chapter inc. … of promoting independence; freedom democracy...

Vietnamese Community in Australia WA Chapter Inc. ABN 78 936 522 494

Vietnamese Community in Australia WA Chapter Inc.

ABN 78 936 522 494

FINANCIAL STATEMENTS

For the year ended 30 June 2014

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Contents

Committee's Report

Auditor Independent Declaration

Income and Expenditure Statements

Detailed Balance Sheet

Notes to the Financial Statements

Statement by Members of the Committee

Independent Auditor's Report to the Members

Certificate by Member of the Committee

Depreciation Schedule

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Your committee members submit the financial accounts of the Vietnamese Community in Australia WA Chapter Inc. for the financial year ended 30 June 2014.

Committee Members

The names of committee members at the date of this report are:

Anh Nguyen

Yung Nguyen

Anna Nguyen

Chanh Minh Thai

Dai Nguyen

Hiep Pham

Madison Tran

Thom Nguyen

Principal Activities

The principal activities and objectives of the Vietnamese Community in Australia I WA Chapter Incorporated during the year were:

• To develop and maintain the mutual help between Vietnamese who are living in Western Australia as well as across the nation;

• To develop and maintain good relations with other Vietnamese Communities over the world with the aim of promoting independence; freedom democracy and prosperity for Vietnam and whose citizens can enjoy full human rights as defined by The International Declaration of Human Rights;

• To preserve and develop the traditional culture of the Vietnamese; • To encourage virtuous, intellectual and sporting activities of the Vietnamese youth living in Western

Australia; • To develop friendship with other ethnic communities within the freedom, democratic and multicultural

society of Australia; • To cooperate with the Australian Government in order to build a healthy and happy community; and • To receive, hold and manage funds and property of the Association received through Vietnamese

Community, Government funding , Lottery West and other fund raising sources for promoting and benefiting the general welfare (including but not limited to health, education, cultural development, aged care and community services) of the Vietnamese people primarily in the State of Western Australia.

Significant Changes

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

Operating Result

The Surplus of Revenue of the Vietnamese Community in Australia I WA Chapter Inc. for the financial year after providing for income tax amounted to:

Year ended Year ended

30 June 2014 30 June 2013

$ $

27,132 111,946

Distributions Paid or Recommended A total of $166,996 (2013 $1000) has been paid or distributed to members or associates of members in accordance with the Associations objectives and constitution.

Future distributions are determined and recommended as and when required.

After Balance Date Events No matters or circumstances have arisen since the end of the financial year to the date of this report which significantly affected or may significantly affect the operations of the Associations, the results of those operations, or the state of the affairs of the Association in subsequent financial years.

Future Developments The association expects to maintain the present status and level of operations and hence there are no likely developments in the operations in future financial years.

Environmental Issues The Association's operations are not regulated by any significant environmental regulation under a law of the Commonwealth or of a State or Territory.

Management Committee Benefits

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No member in the Management Committee or the Vietnamese community generally has received or has become entitled to receive, during or since the financial year, a benefit because of a contract made with or by the Association.

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Indemnifying Officer or Auditor

No indemnities have been given or agreed to be given or insurance premiums paid or agreed to be paid, during or since the end of the financial year, to any person who is or has been a Management Committee member, or auditor of the Association.

Proceedings on Behalf of the Vietnam Community in Australia No person has applied for leave of Court to bring proceedings on behalf of the Vietnam Community in Australia I WA chapter Inc.

Auditor's Independence Declaration The auditor's independent declaration for the year ended 30 June 2012 has been received and can be found on Page 5. This statement is made in accordance with a resolution of all the Members of the Management Committee of the Vietnamese Community in Australia I WA Chapter Incorporated. Signed in accordance with a resolution of the Members of the Committee:

Anh Nguyen

Anna Nguyen

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Income

Donation 95,622 122,367

Government Subsidies 16,737 23,632

Event Sale 51,700 74,110

Interest received 1,561 3,418

Total income 165,620 223,528

Expenses

Advertising and promotion 2,953 1,182

Audit fees 770

Bank Fees And Charges 43 8

Cleaning/rubbish removal 3,140

Depreciation plant 8,721 8,964

Electricity 184 191

Fees & charges 76 750

Festival Expenses 34,039 10,619

Flower, Decoration , Gift and Prize 273 836

Hire/rent of Plant & Equipment 13,155 19,897

Hire Venue 2,622 4,625

Insurance 4,479 4,412

Interest Australia (3)

M/V commercial Fuel & oil 89

Printing & stationery 7,416 714

Rates & land taxes 10,483 10,070

Repairs & maintenance 23

School Expenses 21,527 30,710

Security 5,914 5,498

Tool Replacement 691

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Service fees 500 5,166

Subscriptions 600

Sundry expenses 11,114 2,717

Telephone 739 795

Travel, accomm. & conference 10,230 1,473

Waste Disposal 1,665

Total expenses 138,489 111,582

Surplus Income Over Expenses before income tax

27,132 111,946

Income tax revenue relating to ordinary activities

Surplus Income attributable to the association 27,132 111,946

Total changes in accumulated fund of the association 27,132 111,946

Accumulated Funds at beginning of the year 598,368 487,222

Distributions made in accordance with the Constitution

(166,996) (1,000)

Accumulated Funds at end the year 458,503 598,368

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Current Assets

Cash Assets

Cash At Bank 4047 32,186 5,289

Cash at Bank School 5116 427 4,254

Cash At Bank 4034 835


Cash on hand

32,614 10,978

Other

Short term deposits 51,051 123,049

51,051 123,049

Total Current Assets 83,665 134,027

NonCurrent Assets

Property, Plant and Equipment

Buildings at cost 370,394 370,394

Monument, Vietnamese Boat People 72,939

Office equipment 41,325 36,002

Less: Accumulated amortisation (23,715) (14,994)

388,004 464,341

Total NonCurrent Assets 388,004 464,341

Total Assets 471,669 598,368

Current Liabilities

Financial Liabilities

Unsecured:

Loans to directors 11,988

11,988

Current Tax Liabilities

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GST payable control account 1,178

1,178

Total Current Liabilities 13,165

Total Liabilities 13,165

Net Assets 458,503 598,368

Members' Funds

Accumulated surplus (deficit) 458,503 598,368

Total Members' Funds 458,503 598,368

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This Financial Report covers the Vietnamese Community in Australia I WA Chapter Inc. as an individual entity. The Vietnamese Community in Australia I WA Chapter Inc. is an Incorporated Association under the Associations Incorporation Act 1987 i n the State of Western Australia.

Note 1: Summary of Significant Accounting Policies

This Financial Report is a special purpose Financial Report prepared in order to satisfy the financial reporting requirements of the Associations Incorporation Act 1987 in the state of Western Australia.

The members of the Management Committee have determined that the association is not a reporting entity because there are no users dependent on general purpose financial statements. The Financial Statements are therefore special purpose financial statements that have been prepared in order meet the requirements of the Associations Constitution, the information needs of Government, Local Councils and other stakeholders, the Management Committee and for the basis of preparation of any Income Tax reporting requirements if and when needed.

The Financial Statements have been prepared in accordance with the significant accounting policies disclosed below which the Management Committee Members have determined appropriate to meet the purpose of preparation. Such accounting policies are consistent with the previous year unless stated otherwise. The Financial Statements have not been prepared in accordance with Australian Accounting Standards, Australian Accounting Interpretations or other authoritative pronouncements of the Australian Accounting Standards Board (AASB).

The Financial Statements have been prepared on an accruals basis and are based on historic costs and do not take into account changing money values or except when specifically stated current valuations of noncurrent assets.

(a) Income Tax

The Association is a Not for Profit entity and currently hold appropriate income taxation exemption status with the Australian Taxation Office. There are reasonable grounds and expectation that the taxation exemption status will continue.

It is therefore the opinion of the Management Committee Members that the Association is not liable to income tax. No income tax expense has therefore been charged to revenue and expenses and no provision for tax payable has been allowed for in the Balance Sheet.

(b) Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, deposits held atcall with banks, other shortterm highly liquid investments with original maturities of twelve months or less, and bank overdrafts and security bond deposits. Bank overdrafts (if applicable) are shown within borrowings in current liabilities on the balance sheet.

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(c) Trade Creditors and Other Payables

Trade creditors and other payables, including bank borrowings and distributions payable, are recognised at the nominal transaction value without taking into account the time value of money.

(d) Inventories

Inventories are measured at the lower of cost and net realisable value. Costs are assigned on a firstin, firstout basis and include direct materials, direct labour and an appropriate proportion of variable and fixed overhead expenses where applicable.

(e) Property, Plant and Equipment

Property, plant and equipment are included at the lower of cost or valuation. All assets, excluding freehold land and buildings held for investment, are depreciated over their useful lives to the trust

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

An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.

(f) Goods and Services Tax (GST)

The association is registered for Goods and Services Tax (GST) from 1 May 2014. Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the 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 assets and liabilities statement are shown inclusive of GST.

(g) Comparative Figures

Where required the comparative figures have been adjusted to conform to changes in presentation for the current financial year.

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The Association has not had prior year Financial Reports subject to and audit review or any audit report issued thereon.

(h) Critical accounting estimates and judgments

The Management Committee Members evaluate estimates and judgments incorporated into the Financial Report based on historical knowledge and best available current information.

Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the Association.

(i) Revenue and Other Income

Revenue is measured at the fair value of the consideration received or receivable after taking into account any discounts and volume rebates allowed. Any consideration deferred is treated as the provision of finance and is discounted at a rate of interest that is generally accepted in the market for similar arrangements unless the deferred consideration cannot be determined or calculated. The difference between the amount initially recognized and the amount ultimately received is interest revenue.

Revenue from the sale of goods is recognized at the point of delivery as this corresponds to the transfer of significant risks and rewards of ownership of the goods and the cessation of all involvement in those goods.

Interest revenue is recognized when recorded and credited by the financial institution. Dividend revenue is recognized when the right to receive the dividend has been established.

Revenue from the provision of membership subscriptions is recognized when received.

All revenue is stated net of the amount of goods and services tax (GST) where applicable.

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Note 2: Cash assets

Bank accounts:

Cash At Bank 4047 32,186 5,289

Cash at Bank School 5116 427 4,254



32,614 10,978

Note 3: Property, Plant and Equipment

Buildings:

At cost 370,394 443,333

370,394 443,333

Leased plant and equipment:

At cost 41,325 36,002

Less: Accumulated amortisation (23,715) (14,994)

17,610 21,008

388,004 464,341

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Plant and Equipment 2 x Executive Chair 200.00 200 0.00 66 0 0 66 P 33.33 66 0

0 0 0 0 0

1 x Pamphlet Display shelf80.00 80 0.00 40 0 0 40 P 25.00 20 020 0 0 0 0

1 X Carrier Split Aircons700.00 700 0.00 525 0 0 525 P 0.00 0 0525 0 0 0 0

1 x Computer Desk 80.00 80 0.00 26 0 0 26 P 33.33 26 00 0 0 0 0

2 Drawer Desk 1500 x 750120.00 120 0.00 40 0 0 40 P 33.33 40 00 0 0 0 0

L Shape 1650 x 750 and 1000x450 receptio400.00 400 0.00 200 0 0 200 P 25.00 1000 100 0 0 0 0

2 x 4 Drawer Filing Cabinet200.00 200 0.00 100 0 0 100 P 25.00 50 050 0 0 0 0

1 x Upright Electric Fan30.00 30 0.00 0 0 0 0 P 66.67 0 00 0 0 0 0

1 x HP Laserjet 4350 DTN Printer 500.00 500 0.00 222 0 0 222 D 33.33 740 148 0 0 0 0

1 x Hp Compaq dx2200mt300.00 300 0.00 0 0 0 0 P 66.67 0 00 0 0 0 0

1 X Benq Monitor 50.00 50 0.00 0 0 0 0 P 66.67 0 00 0 0 0 0

1 x Certificate Frame 610 x 500 30.00 30 0.00 0 0 0 0 P 50.00 00 0 0 0 0 0

1 x PCU80 Cumputer50.00 50 0.00 0 0 0 0 P 66.67 0 00 0 0 0 0

1 X GZ M2 Computer50.00 50 0.00 0 0 0 0 P 66.67 0 00 0 0 0 0

1 x Round Quartz Wall Clock 20.00 20 0.00 0 0 0 0 P 66.67 00 0 0 0 0 0

1 x Picture Frame 20.00 20 0.00 0 0 0 0 P 66.67 0 00 0 0 0 0

1 Saure Wall Clock 20.00 20 0.00 0 0 0 0 P 66.67 0 00 0 0 0 0

1 xBonaire Electric Fan30.00 30 0.00 0 0 0 0 P 66.67 0 00 0 0 0 0

1 x meeting Table 3800*1600 500.00 500 0.00 250 0 0 250 P 25.00 1250 125 0 0 0 0

2 x Seater Lounge Chair100.00 100 0.00 34 0 0 34 P 33.33 33 01 0 0 0 0

1 x Dyna Breeze 900mm Drum Fan 300.00 300 0.00 100 0 0 100 P 33.33 1000 0 0 0 0 0

1 x neverfail Water Cooler100.00 100 0.00 34 0 0 34 P 33.33 33 01 0 0 0 0

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1 x Upright Electric Fan30.00 30 0.00 0 0 0 0 P 66.67 0 0

0 0 0 0 0

1 x Upright Movable 1600mm white board 200.00 200 0.00 66 0 0 66 P 33.33 660 0 0 0 0 0

1 x Carrier Split System700.00 700 0.00 350 0 0 350 P 25.00 175 0175 0 0 0 0

1 x table 1500*600 150.00 150 0.00 50 0 0 50 P 33.33 50 00 0 0 0 0

1 x Picture Frame 50.00 50 0.00 0 0 0 0 P 33.33 0 00 0 0 0 0

1 x Picture Frame 800*60050.00 50 0.00 0 0 0 0 P 66.67 0 00 0 0 0 0

1 x Picture Frame 50.00 50 0.00 0 0 0 0 P 66.67 0 00 0 0 0 0

1 x Dual Dragon Frame300.00 300 0.00 0 0 0 0 P 50.00 0 00 0 0 0 0

1 x Large Vietnam Flag50.00 50 0.00 16 0 0 16 P 33.33 16 00 0 0 0 0

2 x Lacquered Art Frame200.00 200 0.00 0 0 0 0 P 66.67 0 00 0 0 0 0

1 x Equity Round Wall Clock 20.00 20 0.00 0 0 0 0 P 66.67 00 0 0 0 0 0

1 x 3 Drawer Desk 1700x830 100.00 100 0.00 34 0 0 34 P 33.33 330 1 0 0 0 0

1 x White Board 2420*1200 100.00 100 0.00 34 0 0 34 P 33.33 330 1 0 0 0 0

2 x Meeting table 1500*1200 300.00 300 0.00 100 0 0 100 P 33.33 1000 0 0 0 0 0

2 x 4 Drawer Filing Cabinet200.00 200 0.00 100 0 0 100 P 25.00 50 050 0 0 0 0

2 x 3 Drawer Filling Cabinet 100.00 100 0.00 50 0 0 50 P 25.00 250 25 0 0 0 0

3 x Partion panel 150.00 150 0.00 50 0 0 50 P 33.33 50 00 0 0 0 0

1 X Book Shelf 900 *179050.00 50 0.00 16 0 0 16 P 33.33 16 00 0 0 0 0

3 x Vietnamese ladies painting 50.00 50 0.00 0 0 0 0 P 66.67 00 0 0 0 0 0

1 x Carrier Split System700.00 700 0.00 350 0 0 350 P 25.00 175 0175 0 0 0 0

1 X Upright Electric Fans30.00 30 0.00 0 0 0 0 P 66.67 0 00 0 0 0 0

20 X Chrome Metal Cream Chair 400.00 400 0.00 0 0 0 0 P 66.67 00 0 0 0 0 0

25 x Metal Frame Plastic Chair 250.00 250 0.00 0 0 0 0 P 66.67 00 0 0 0 0 0

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1 x Table 1100*585 30.00 30 0.00 10 0 0 10 P 33.33 10 0

0 0 0 0 0

1 X Cupboard 1790 * 80050.00 50 0.00 16 0 0 16 P 33.33 16 00 0 0 0 0

2 X Stationary Cabinet 1840 *900 150.00 150 0.00 50 0 0 50 P 33.33 500 0 0 0 0 0

5 x wating Room Guest brown Chair 125.00 125 0.00 0 0 0 0 P 50.00 00 0 0 0 0 0

22 x Outdoor white plastic Chair 220.00 220 0.00 0 0 0 0 P 66.67 00 0 0 0 0 0

3 x Partition Panel 150.00 150 0.00 50 0 0 50 P 33.33 50 00 0 0 0 0

3 x Notice Board 2410 * 1220 60.00 60 0.00 0 0 0 0 P 50.00 00 0 0 0 0 0

2 x Fender Loud Speaker150.00 150 0.00 0 0 0 0 P 50.00 0 00 0 0 0 0

Cooking Utensil, Cutlery, Dinnerware 100.00 100 0.00 0 0 0 0 P 100.00 00 0 0 0 0 0

3 x banner 375.00 11/10/11 375 0.00 190 0 0 190 D 33.33 63 0127 0 0 0 0

Flags 1,181.00 22/11/11 1,181 0.00 549 0 0 549 P 33.33 394 0155 0 0 0 0

9 x Portable Electricial Power 8,683.75 25/01/12 8,684 0.00 5,579 0 0 5,579 P 25.002,171 0 3,408 0 0 0 0

25 x neon Lights 3,661.45 08/02/12 3,661 0.00 2,388 0 0 2,388 P 25.00 915 01,473 0 0 0 0

1 x Sound System4,400.00 13/02/12 4,400 0.00 2,884 0 0 2,884 P 25.00 1,100 01,784 0 0 0 0

1 x Organ 400.00 17/03/12 400 0.00 271 0 0 271 P 25.00 100 0171 0 0 0 0

1 x Kyocera FSC8500DN4,339.50 12/06/12 4,339 0.00 3,201 0 0 3,201 P 25.00 1,0850 2,116 0 0 0 0

1 x Optus 80.00 80 0.00 26 0 0 26 P 33.33 26 00 0 0 0 0

1 x Seater Lounge Chair50.00 50 0.00 16 0 0 16 P 33.33 16 00 0 0 0 0

1 X Kelvinator Opal Freidge 100.00 100 0.00 0 0 0 0 P 50.00 00 0 0 0 0 0

Quick Book Accounting License 372.9515/01/13 373 0.00 316 0 0 316 P 33.33124 0 192 0 0 0 0

Bunning Machine 914.00 22/02/13 914 0.00 753 0 0 753 P 50.00 457 0296 0 0 0 0

VAV 3 Pharse 1,800.00 07/03/13 1,800 0.00 1,609 0 0 1,609 P 33.33 600 01,009 0 0 0 0

Shelf 269.00 23/04/14 269 0.00 0 0 23/04/14 269 269 P 20.00 10 0259 0 0 0 0

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Chairs 1,490.00 27/03/14 1,490 0.00 0 0 27/03/14 1,490 1,490 P 20.00 78 0

1,412 0 0 0 0

37,261 20,761 0 1,759 22,520 8,721 013,799

Deduct Private Portion 0

Net Depreciation 8,721

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The Committee has determined that the association is not a reporting entity and that this special purpose financial report should be prepared in accordance with the accounting policies outlined in Note 1 to the financial statements.

In the opinion of the Committee the Income and Expenditure Statement, Statement of Financial Position, and Notes to the Financial Statements:

1. Presents fairly the financial position of Vietnamese Community in Australia WA Chapter Inc. as at 30 June 2014 and its performance for the year ended on that date.

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 Committee and is signed for and on behalf of the Committee by:

Anh Nguyen

President

Anna Nguyen

Treasurer

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We have audited the accompanying financial report, being a special purpose financial report, of Vietnamese Community in Australia WA Chapter Inc. (the association), which comprises the Statement by Members of the Committee, Income and Expenditure Statement, Balance Sheet, notes comprising a summary of significant accounting policies and other explanatory notes for the financial year ended 30 June 2014.

Committee's Responsibility for the Financial Report

The committee of Vietnamese Community in Australia WA Chapter Inc. is responsible for the preparation and fair presentation of the financial report, and have determined that the basis of preparation described in Note 1 is appropriate to meet the requirements of the Associations Incorporation Act of Western Australia 1987 and is appropriate to meet the needs of the members. The committee’s responsibilities also includes such internal control as the committee determine is necessary to enable the preparation and fair presentation of a financial report that is free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We have conducted our audit in accordance with Australian Auditing Standards. Those Standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the association's preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the association's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the committee, as well as evaluating the overall presentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial report presents fairly, in all material respects, the financial position of Vietnamese Community in Australia WA Chapter Inc. as at 30 June 2014 and its financial performance for the year then ended in accordance with the accounting policies described in Note 1 to the financial statements, and the requirements of the Associations Incorporation Act of Western Australia 1987.

Basis of Accounting and Restriction on Distribution

Without modifying our opinion, we draw attention to Note 1 to the financial statements, which describes the basis of accounting. The financial report has been prepared to assist Vietnamese Community in Australia WA Chapter Inc. to meet the requirements of the Associations Incorporation Act of Western Australia 1987. As a result, the financial report may not be suitable for another purpose.

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I, Anh Nguyen , and I, Anna Nguyen certify that:

a. We attended the annual general meeting of the association.

b. The financial statements for the year ended 30 June 2014 were submitted to the members of the association at its annual general meeting.

Anh Nguyen

President

Anna Nguyen

Treasurer

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