LIONS CLUBS INTERNATIONAL DISTRICT 202E

SUMMARY OF TRADING FOR THE YEAR ENDED 30 JUNE   2016

 

 

 

INCOME

2016

2015

District Dues

$29,702.15

$30,298.71

MD Dues

$48,945.41

$58,107.92

Interest Income

$767.12

$2,854.58

Sundry Income

$0.00

$680.06

 

$79,414.68

$91,941.27

EXPENSES

 

 

Audit

 

$500.00

$500.00

Convention

$1,611.77

$5,786.93

Bulletin Printing Etc

$1,353.71

$2,917.57

VDG1 Expenses

$1,010.77

$466.33

VDG1 Expenses Prior Year

$2,663.72

$0.00

VDG2 Expenses

$278.00

$536.09

DG Vote

$8,223 .31

$7,826.08

District Supplies

$371.25

$138.42

Flag Expenses

$160.64

$0.00

General

$349.10

$1,628.78

Gifts

$250.00

$1,821.74

Xero

$531.04

$0.00

MD Training

$1,911.49

$531.19

Meeting Costs

$4,238.53

$3,050.43

Cabinet Meeting Travel

$8,749.44

$6,346 .95

Training

$938.34

$1,286.65

MD Dues

$48,961.76

$58,266 .39

Portfolio Mileage

$397.44

$581.75

Name Badges

$642.44

$677.00

New Club Set Up Costs

$3,121.74

$0.00

Photocopying  Etc

$933.41

$264 .92

Visiting International

 

$621.91

Women's Expo

 

$470.00

Insurance

$0.00

$401.70

Almoner

$10 6.09

$72.17

Youth Activities

 

$76 .00

TOTAL EXPENDITURE

$87,303.99

$94,269.00

 

 

 

NET INCOME

-$7,889.31

-$2,327.73

EARTHQUAKE  SURPLUS

$0.00

$123,012.08

NET SURPLUS

-$7,889.31

$120,684.35

 

 

 

 

The Financial Statements should be read in conjunction with the Notes to the Financial Statements and  the

 

'··

 

 

Audit Report                    INDEPENDENT

AUDITORS

 

LIONS CLUBS INTERNATIONAL

BALANCE SHEET AS AT 30 JUNE 2016

DISTRICT

202E

 

2016

2015

CURRENT ASSETS

 

 

Bank A/c - 202E Cabinet

$22,938.62

$28,922.16

Bank A/c - 202E Earthquake

$0.00

$54,117.36

Bank A/c - Call

$0.00

$30,368.48

Accounts Receivable

$163.50

$0.00

GST Refund Due

$0.00

$19,696.01

 

$23,102.12

$133,104.01

FIXED ASSETS

 

 

Building - St Albans

$0.00

$184,839.14

Equipment

$9,116.34

$9,116.34

 

$9,116.34

$193,955.48

TOTAL ASSETS

$32,218.46

$327,059.49

 

LIABILITIES

 

 

Accounts Payable

$1,256.89

$2,071.28

GST

$382.40

$0.00

TOTAL  LIABILITIES

$1,639.29

$2,071.28

 

 

 

NET ASSETS

$30,579.17

$324,988.21

 

ACCUMULATED FUNDS

 

 

Equity at 1 July

$324,988.21

$204,303.86

Current  Year Earnings

-$7,889.31

$120,684.35

Prior Period Adjustment

$3,055.25

$0.00

Transfer to Earthquake Fund

-$289,574 .98

$0.00

 

$30,579.17

$324,988.21

 

 

 

 

 

IJ - I - 17

Date

 

 

 

 

 

 

 

The Financial Statements should be read in conjunction with the Notes to  the  Financial Statements all"':'-.......::.-    ­

Audit Report

 

LIONS CLUBS INTERNATIONAL DISTRICT 202E

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2016

 

 

Reporting Entity

 

Lions Clubs International District 202E is incorporated under the Incorporated Societies Act 1908 The Financial Stetements of the District have been prepared as Special Purpose, prepared for the Members and therefore may not comply with aspects of Generally Accepted Accounting  Practice.

 

Measurement Base

 

The accounting principles recognised as appropriate for the measurement and reporting of financial performance and financial position on an historic cost basis are followed by the   District.

 

Specific Accounting Policies

 

The following specific accounting policies which materially affect the measurement of financial performance and financial position have been  applied:

 

Dues

Dues from Lions Clubs are accounted for on an accrual basis

Accounts Receivable

These are recorded at expected realisable value

GST

These Financial Statements  have been prepared on a GST exclusive   basis

Fixed Assets and Depreciation

Fixed Assets are recorded at a combination of Cost and Estimated Value. No depreciation has been claimed on these Assets

Prior Period Adjustments

Items relating to the 2015 Financial Year in respect of Taxation and GST Adjustments and an amendment to Accrued Expenses have been incorporated into the Accumulated Funds for the 2016 Year

Taxation

The District is incorporated under the Incorporated Societies Act 1908 and has an exemption  of

$1000 for non-member related income. As interest income is less than $1000 no taxation liability exists

Christchurch  Earthquake Funds

Funds relating to the Christchurch Earthquake have been transferred to the Charitable Trust during the year . This adjustment is shown in the Accumulated Funds

 

Contigent Liabilities

There are none at 30 June 2016

Commitments

There are none at 30 June 2016

 

 

 

 

The Financial Statements should be read in conjunction with the Notes to the Financial Statements and t h1S)

Audit Report                     INDEi'ENDENT

 

 
 

 


AUD ITORS

 

INDEPENDENT                                   AUDITORS LTD

AUDIT  PROFESSIONALS

 

 

 

 

 

INDEPENDENT AUDITOR'S REPORT

 

To the Members of Lions Club International District 202E   Incorporated

 

 
 

 

 

Report on the Special Purpose Financial Statements

 

We have audited the special purpose financial statements of Lions Club International District 202E Incorporated, which comprise the balance sheet as at 30 June 2016 and the summary of trading for the year then ended, and a summary of significant accounting policies and other explanatory information.

 

 

The Cabinet's Responsibility for the Financial Statements

 

The Cabinet is responsible for the preparation of these financial statements in accordance with the accounting policies detailed in the statement of accounting polcies and for such internal control as the Cabinet determine is necessary to enable the preparation of financial   statements that are free from material misstatement, whether due to fraud or error.

 

 

Auditor's  Responsibility

 

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing (New Zealand). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

 

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements 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 entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates as well as evaluating the presentation of the financial statements.

 

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

 

Other than in our capacity as auditor we have no relationship with, or interests in, Lions Club International District 202E Incorporated.

 

 

 

 

 

 

 

 

 

CHARTERED  ACCOUNTANTS

AUSTRALIA• NEW ZEALAND

 

E-mail info@auditprofessionals.co.nz Mail           PO Box 1042, Nelson 7040

 

Phone      03 928 0371

Offices     Level 2, Lucas House, 51 Halifax Street, Nelson 7010 Level 1, Hunter Building, 118 Hardy Street, Nelson 7010

 

Basis for Qualified Opinion

 

We have not been able to obtain sufficient evidence to support all the opening balances for the 2016 year, as we were not the auditors for that year. Primarily this is in respect to the valuation of fixed assets as reported on the balance sheet as 2015 closing balances.

 

In addition we not been provided with sufficient evidence to support the fixed assets closing balances reported for the 2016 year.

 

 

Qualified Opinion

 

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraphs, the financial statements, present fairly, in all material respects, the financial position of Lions Club International District 202E Incorporated as at 30 June 2016, and its financial performance for the year then ended in accordance with the accounting policies detailed in the notes to the financial statements.

 

 

Emphasis  of Matter - Basis of Accounting  and Restriction  on  Distribution

 

Without modifying our opinion, we draw attention to the Reporting Entity note, which describes the basis of accounting.  The special purpose financial statements are prepared for reporting   to members. As a result, the financial  statements  may not be suitable for another purpose. Our report is intended solely for Lions Club International District 202E Incorporated and its members and should not be distributed to other parties.

 

 

Emphasis of Matter - Misstatement of Prior Period Financial Statements

 

The 2015 corresponding figures presented in the 2016 financial statements have been amended from those reported in the audited 2015 financial statements. The amendment reduces the reported Accumulated Funds as at 30 June 2015 by $376,733, arising from the removal from fixed assets of contributions toward earthquake repairs to two Christchurch Buildings. A portion of this same amendment also resulted in additional earthquake relief  funds being treated as a 2015 year expense, with a corresponding decrease in reported 2015 net surplus of $124,356.

 

 

Other Matter

 

The financial statements of Lions Club International District 202E Incorporated for the year ended 30 June 2015 were audited by another auditor who expressed an unqualified opinion on those statements on 24 August 2015.

 

 
 

 

 

INDEPENDENT AUDITORS LTD

NELSON

 

13 January 2017

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