2008-2009 - IPAA WA - Institute of Public Administration Australia

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Independent Auditor Reportto the members of Institute Of Public Administration Australia Western Australia Division IncorporatedcontinuedWe formed our audit opinion on the basis of these procedures, which included:– examining, on a test basis, information to provide evidence supporting the amounts and disclosures in thefinancial report, and– assessing the appropriateness of the accounting policies and disclosures used and the reasonableness of thesignificant accounting estimates made by the Committee.While we considered the effectiveness of the management’s internal controls over financial reporting when determiningthe nature and extent of our procedures, our audit was not designed to provide assurance on internal controls.IndependenceIn conducting our audit, we followed applicable independence requirements of Australian professional ethicalpronouncements.Audit OpinionIn our opinion, the financial report of Institute Of Public Administration Australia Western Australia DivisionIncorporated presents a true and fair view in accordance with the accounting policies described in Note 1 to thefinancial statements, of the financial position of Institute Of Public Administration Australia Western Australia DivisionIncorporated as at 30 June 2009 and the results of its operations for the year then ended.Income StatementFor the Year Ended 30 June 2009Income 6/30/2008Members Subscriptions 84,629.09 94,118Young Professionals Network 5,292.64 7,273Interest Received 22,351.94 42,998Professional Development Program 705,414.09 718,786National Conference 0.00 69,110Sponsorship 24,278.73 15,949Other Income 13,113.31 9,553Total Income 855,079.80 957,787ExpenditureProfessional Development Program 330,905.35 308,621Salaries & Wages 475,352.31 418,408Depreciation 13,219.90 21,208National Conference Expenses 9,222.59 48,544Young Professionals Network Expenses 2,693.54 716AJPA & Capitation Fees (National) 13,045.09 13,163Public Admin Today (ACT Division) 11,927.53 2,646Superannuation 40,458.47 26,417IEMS Project Expenses 15,410.00 8,704Office Expenses 97,30 6.16 134,316Institute of Public Administration Australia WA / ANNUAL REPORT 2008/0916Ray Woolley Pty LtdRay WoolleyRegistered Auditor No 1639622 August 200919 Bayport CircuitMindarie WA 6030Institute of Public Administration Australia / ANNUAL REPORT 08/09Marketing, Promotion & Advertising Expenses 5,532.97 16,591Insurance Costs 5,817.10 5,099Bank Charges 10,229.77 13,105Staff Recruitment Costs 15,470.00 8,665Accounting & Consultancy Fees 28,341.15 26,631Other Expenses 21,124.77 16,678Total Expenditure 1,096,056.70 1,069,512Loss from Ordinary Activities for the year –240,976.90 –111,725Retained Earnings Brought Forward 548,732.60 660,457Accumulated Surplus Carried Forward $307,755.70 $548,732The accompanying notes form part of these Financial StatementsInstitute of Public Administration Australia / ANNUAL REPORT 08/09
Balance SheetAs At 30 June 2009Current Assets 6/30/2008Cash at Bank 81,167.24 46,957Cash in Hand 85.15 300Fixed Term Investments 383,369.08 593,638Trade Debtors 7,789.92 26,225Prepaid Deposits 3,750.00 0Sundry Debtors 2,588.92 0Total Current Assets 478,750.31 667,120Non-Current AssetsPlant & Equipment 100,719.94 88,657Accumulated Depreciation –68,958.90 – 57,40431,761.04 31,253Furniture & Fittings 11,103.00 11,103Accumulated Depreciation –5,843.00 – 4,1785,260.00 6,925Total Non-Current Assets 515,771.35 705,29837,021.04 38,178Total Assets Current LiabilitiesTrade Creditors and Accrued Expenses 65,678.31 15,122GST Payable 14,152.14 11,340PAYG Withheld Liability 17,892.85 15,109Superannuation Payable 11,956.30 11,197Income In Advance 84,958.57 85,29013,377.48 18,508Employee Entitlements 208,015.65 156,566Total Current Liabilities $307,755.70 $548,732Total Net Assets EquityAccumulated Surplus Carried Forward 307,755.70 548,732Total Equity $307,755.70 $548,732The accompanying notes form part of these Financial StatementsInstitute of Public Administration Australia / ANNUAL REPORT 08/09Notes to and forming part of the AccountsFor the year ended 30 June 2009Note 1: Statement of Accounting PoliciesThis financial report is a special purpose financial report in order to satisfy the reporting requirements of theAssociations Incorporations Act (WA). The Committee have determined that the Institute is not a reporting entity.The financial report has been prepared in accordance with the requirements of the Associations Incorporations Act(WA) and the following Australian Accounting Standards:AASB 1031 MaterialityAASB 110 Events after the Balance Sheet DateAASB 117 LeasesNo other applicable Accounting Standards, Australian Accounting Interpretations or other authoritativepronouncements of the Australian Accounting Standards Board have been applied.The financial reports have also been prepared on an accruals basis and based on historical costs and do nottake into account changing money values or, except where stated, current valuations of non-current assets. Costis based on the fair values of the consideration given in exchange for assets. The accounting policies have beenconsistently applied, unless otherwise stated.The following is a summary of the material accounting policies adopted by the Institute in the preparation of thefinancial statements.(a) Income TaxThe Institute is exempted from Income Tax.(b) Fixed AssetsThe depreciable amount of all fixed assets are depreciated over their useful lives.The carrying amount of fixed assets is reviewed annually by the Committee to ensure it is not in excess of therecoverable amount of those assets.The recoverable amount is assessed on the basis of expected net cash flows which will be received from theassets’ employment and subsequent disposal. The expected net cash flows have not been discounted to thepresent values in determining the recoverable amounts.(c) Employee BenefitsProvision is made for the institute’s liability for employee benefits arising from services rendered by employeesto balance date. Employee benefits have been measured at the amounts expected to be paid when the liabilityis settled.Contributions are made by the Institute to an employee superannuation fund and are charged as expenseswhen incurred.Note 2: Related Party TransactionsNone of the committee receive any remuneration for their services to the Institute.Institute of Public Administration Australia / ANNUAL REPORT 08/09Institute of Public Administration Australia WA / ANNUAL REPORT 2008/0917
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2008-2009 - IPAA WA - Institute of Public Administration Australia

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