The Intnal Ass. Lc. Dist. 308 A2 09 Financial Statement
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The Intnal Ass. Lc. Dist. 308 A2 09 Financial Statement

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The Intnal Ass. Lc. Dist. 308 A2 09 Financial Statement Document Transcript

  • 1. THE INTERNATIONAL ASSOCIATION OF LIONS CLUBS DISTRICT 308-A2 FINANCIAL STATEMENTS – 30 JUNE 2009
  • 2. THE INTERNATIONAL ASSOCIATION OF LIONS CLUBS DISTRICT 308-A2 STATEMENT BY PRINCIPAL OFFICERS We, the undersigned, being the District Governor and Cabinet Treasurer of The International Association of Lions Clubs District 308-A2 for the fiscal year 2008/2009 do hereby state that in our opinion, the financial statements set out on pages 3 to 8 are properly drawn up so as to give a true and fair view of the state of affairs of the Association at 30 June 2009 and of the results and cash flows of the Association for the year ended on that date in accordance with the applicable Malaysian Accounting Standards Board approved accounting standards in Malaysia for Private Entities. -------------------------------------------- -------------------------------------------- SIM BOON CHUAN MICHAEL KHO MIANG HAW District Governor 2008/2009 Cabinet Treasurer 2008/2009 Date: 29 August 2009 Kuching, Sarawak. Page 1
  • 3. G. H. EE DAN RAKAN RAKAN Chartered Accountants (AF 1493) A Member Firm of Malaysian Institute of Accountants Tel : +60(82) 423 933 Fax : +60(82) 421 933 No. 2-3, 1st Floor, Block A, Wisma Nation Horizon, Jalan Petanak, 93100 Kuching, Sarawak, Malaysia. P. O. Box 1246, 93724 Kuching, Sarawak, Malaysia. E-mail: bcsgroup@streamyx.com THE INTERNATIONAL ASSOCIATION OF LIONS CLUBS DISTRICT 308-A2 REPORT OF THE AUDITORS TO THE MEMBERS OF THE INTERNATIONAL ASSOCIATION OF LIONS CLUBS DISTRICT 308-A2 We have audited the financial statements set out on pages 3 to 8 of The International Association of Lions Clubs District 308-A2 (The Association) for the year ended 30 June 2009. The financial statements are the responsibility of the Cabinet Officers. Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with approved Standards on Auditing issued by the Malaysian Institute of Accountants. These standards require that we plan and perform the audit to obtain all the information and explanations, which we considered necessary to provide us with sufficient evidence to give reasonable assurance that the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence relevant to the amounts and disclosures in the financial statements. An audit also includes an assessment of the accounting principles used and significant estimates made by the Cabinet Officers as well as evaluating the overall adequacy of the presentation of information in the financial statements. We believe our audit provides a reasonable basis for our opinion. In our opinion:- a) the financial statements are properly drawn up in accordance with the rules and regulations of the Association and applicable MASB approved accounting standards in Malaysia for Private Entities so as to give a true and fair view of the state of affairs of the Association at 30 June 2009 and of the results and cash flow for the year ended on that date; and b) proper accounting and other records have been kept. G.H. EE DAN RAKAN RAKAN EE GUAN HENG Firm No: AF 1493 Approval No: 2048/07/10(J) Chartered Accountants Principal of Firm Date: 29 August 2009 Kuching, Sarawak. Page 2
  • 4. THE INTERNATIONAL ASSOCIATION OF LIONS CLUBS DISTRICT 308-A2 BALANCE SHEET AS AT 30 JUNE 2009 2009 2008 Note RM RM PROPERTY, PLANT AND EQUIPMENT 2 2,950 3,550 CURRENT ASSETS Sundry receivables 3 1,100 7,700 Cash and bank balances 4 153,636 118,905 154,736 126,605 CURRENT LIABILITIES Sundry payables 5 148,967 121,944 NET CURRENT ASSETS 5,769 4,661 RM 8,719 8,211 PRESENTED BY: RESERVE FUND 6 - - LIONS LEADERSHIP INSTITUTE FUND 7 8,719 8,211 RM 8,719 8,211 The notes on page 6 to 8 form an integral part of these financial statements. Page 3
  • 5. THE INTERNATIONAL ASSOCIATION OF LIONS CLUBS DISTRICT 308-A2 INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2009 2009 2008 Note RM RM INCOME District dues and members entrance fees 1.3 130,581 128,989 Advertisements 8,000 - Sale of membership and peace poster kits 3,600 630 Net current liabilities in previous year made good by IPDG - 209 142,181 129,828 GENERAL AND ADMINISTRATIVE EXPENSES Awards and club supplies 22,507 25,383 Audit fees & charges 1,200 1,100 Bank charges 93 132 Bulletins 15,309 9,530 Cabinet meeting and travelling expenses 44,297 32,859 Contribution to LCIF for DG 3,753 3,200 Depreciation 2 600 600 District secretariat expenses - 2,400 District and MERL conference 4,000 3,000 District constitution publication - 560 District directory 12,012 11,500 District website expenses 210 940 International relations, youth exchange & Leo program 7,600 5,677 International convention parade expenses - 1,250 Leadership development * - * 2,118 Peace poster and membership kits 2,780 4,187 Postage, telephone & fax 7,236 216 Printing & stationery 3,826 1,707 Sundry expenses 300 361 125,723 106,720 Surplus for the year RM 16,458 23,108 *Reflected in account of District 308-A2, LLI The notes on page 6 to 8 form an integral part of these financial statements. Page 4
  • 6. THE INTERNATIONAL ASSOCIATION OF LIONS CLUBS DISTRICT 308-A2 CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2009 2009 2008 Note RM RM CASH FLOWS FROM OPERATING ACTIVITIES Surplus for the year 6 16,458 23,108 Adjustment for depreciation of equipment 1.6; 2 600 600 17,058 23,708 Changes in working capital Decrease/(Increase) in sundry receivables 3 6,600 (7,700) Increase in sundry payables 5 27,023 9,543 Reserve Fund transferred to District Foundation 6 (16,458) (23,108) Increase in Lions Leadership Fund 7 508 4,270 Net cash generated from operating activities 34,731 6,713 NET INCREASE IN CASH & CASH EQUIVALENTS 34,731 6,713 CASH & CASH EQUIVALENTS AT 1 JULY 118,905 112,192 CASH & CASH EQUIVALENTS AT 30 JUNE RM 153,636 118,905 The notes on page 6 to 8 form an integral part of these financial statements. Page 5
  • 7. THE INTERNATIONAL ASSOCIATION OF LIONS CLUBS DISTRICT 308-A2 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009 1. Summary of significant accounting policies 1.1 Basis of accounting The financial statements are prepared under the historical cost convention and comply with applicable Malaysian Accounting Standards Board (MASB) approved accounting standards in Malaysia for Private Entities. 1.2 Sundry receivables Sundry receivables are carried at anticipated realisable value. A provision is made for doubtful debts based on specific review of outstanding balances at balance sheet date. Bad debts are written off during the financial period in which they are identified. 1.3 Income recognition Income from district dues and new members entrance fees are recognised on the accrual basis. 1.4 Cash and cash equivalent Cash and cash equivalent consists of cash and bank balances. 1.5 Financial risk management The Association seeks to manage effectively the various risks namely, credit, interest rate and liquidity risk to which the Association is exposed to in its daily activities. i) Credit risk As at balance sheet date, there was no significant concentration of credit risk in the association. The maximum exposure to credit risks for the Association is represented by the carrying amount of each financial instrument. ii) Liquidity risk As part of its overall prudent liquidity management, the Association maintains sufficient levels of cash and cash equivalents to meet its working funds requirements. iii) Interest rate risk The Association has no exposure to interest rate risk. 1.6 Property, plant & equipment and depreciation Property, plant & equipment are stated at historical cost less accumulated depreciation and less any impairment losses. Depreciation is provided on the straight line method at rates estimated to write off the assets over their estimated useful lives. The principal rate used is 10% per annum. Page 6
  • 8. THE INTERNATIONAL ASSOCIATION OF LIONS CLUBS DISTRICT 308-A2 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009 2. Property, plant and equipment RM Office equipment Cost At 1 July 2008 6,000 Addition - Disposals - At 30 June 2009 6,000 Accumulated depreciation At 1 July 2008 2,450 Charges for the year 600 Disposals - At 30 June 2009 3,050 Net Book Value at 30 June 2009 2,950 Net Book Value at 30 June 2008 3,550 Depreciation charge for the year ended 30 June 2009 600 3. Sundry receivables 2009 2008 RM RM Advance to District Governor - 7,700 Ho Toh Chee 1,100 - 1,100 7,700 4. Cash and bank balances 2009 2008 RM RM Malayan Banking Berhad 121,060 86,329 Alliance Bank Malaysia Berhad 32,576 32,576 153,636 118,905 Page 7
  • 9. THE INTERNATIONAL ASSOCIATION OF LIONS CLUBS DISTRICT 308-A2 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009 5. Sundry payables and accruals 2009 2008 RM RM Amount due to District 308-A2 Foundation 144,267 113,022 Accrued expenses 4,700 8,922 148,967 121,944 6. Reserve Fund 2009 2008 RM RM Surplus for the year 16,458 23,108 Transfer to District 308-A2 Foundation (16,458) (20,958) Transfer to LLI Fund - (2,150) - - 7. Lions Leadership Institute Fund 2009 2008 RM RM Balance brought forward 8,211 3,941 Contributions received 5,581 7,500 Transfer from reserve fund - 2,150 Lions Leadership Institute expenses (5,073) (5,380) 8,719 8,211 Page 8