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

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

  1. 1. THE INTERNATIONAL ASSOCIATION OF LIONS CLUBS DISTRICT 308-A2 FOUNDATION FINANCIAL STATEMENTS – 30 JUNE 2009
  2. 2. THE INTERNATIONAL ASSOCIATION OF LIONS CLUBS DISTRICT 308-A2 FOUNDATION STATEMENT BY THE BOARD OF TRUSTEES We, the undersigned, being two of the Trustees of The International Association of Lions Clubs District 308-A2 Foundation 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 Foundation 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 MARY LAW Trustee Trustee Date: 29 August 2009 Kuching, Sarawak. Page 1
  3. 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 FOUNDATION REPORT OF THE AUDITORS TO THE MEMBERS OF THE INTERNATIONAL ASSOCIATION OF LIONS CLUBS DISTRICT 308-A2 FOUNDATION We have audited the financial statements set out on pages 3 to 8 of The International Association of Lions Clubs District 308-A2 Foundation (The Foundation) for the year ended 30 June 2009. The financial statements are the responsibility of the Board of Trustees. 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 Trustees 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 Foundation and applicable MASB approved accounting standards in Malaysia for Private Entities so as to give a true and fair view of the state 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. EE GUAN HENG G.H. EE DAN RAKAN RAKAN Firm No: AF 1493 Approval No: 2048/07/10(J) Chartered Accountants Principal of Firm Date: 29 August 2009 Kuching, Sarawak. Page 2
  4. 4. THE INTERNATIONAL ASSOCIATION OF LIONS CLUBS DISTRICT 308-A2 FOUNDATION BALANCE SHEET AS AT 30 JUNE 2009 2009 2008 Note RM RM SCHOLARSHIP LOANS RECEIVABLE 2 39,021 44,542 CURRENT ASSETS Sundry receivables and deposits 3 144,267 113,022 Fixed deposits 4 854,156 824,425 Cash and bank balances 5 82,375 67,871 1,080,798 1,005,318 RM 1,119,819 1,049,860 PRESENTED BY: District 308-A2 Foundation Fund 6 965,923 904,647 Sight First Fund 7 32,500 32,500 District 308-A2 Scholarship Fund 121,396 112,713 RM 1,119,819 1,049,860 The notes on page 6 to 8 form an integral part of these financial statements. Page 3
  5. 5. THE INTERNATIONAL ASSOCIATION OF LIONS CLUBS DISTRICT 308-A2 FOUNDATION INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2009 2009 2008 Note RM RM INCOME Sundry donations 2,952 - District Foundation levy 1.3 17,910 18,930 District Fellows contributions 1.3 15,100 15,100 Fixed deposit interest income 29,731 26,834 65,693 60,864 GENERAL AND ADMINISTRATIVE EXPENSES Awards, recognition and appreciation 1,875 1,778 Disaster relief funds disbursed 19,000 24,000 Meeting expenses and travelling expenses - 520 20,875 26,298 Surplus for the year RM 44,818 34,566 The notes on page 6 to 8 form an integral part of these financial statements. Page 4
  6. 6. THE INTERNATIONAL ASSOCIATION OF LIONS CLUBS DISTRICT 308-A2 FOUNDATION CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2009 2009 2008 Note RM RM CASH FLOWS FROM OPERATING ACTIVITIES Surplus for the year 44,818 34,566 Changes in working capital Decrease in Scholarship Loans receivable 5,521 1,900 Increase in inventories - 1,778 (Increase) in sundry receivables (31,245) (30,768) Increase in District 308-A2 Scholarship Fund 8,683 10,350 Reserve Fund transferred from District 308-A2 6 16,458 20,958 Net cash generated from operating activities 44,235 38,784 NET INCREASE IN CASH & CASH EQUIVALENTS 44,235 38,784 CASH & CASH EQUIVALENTS AT 1 JULY 892,296 853,512 CASH & CASH EQUIVALENTS AT 30 JUNE 8 RM 936,531 892,296 The notes on page 6 to 8 form an integral part of these financial statements. Page 5
  7. 7. THE INTERNATIONAL ASSOCIATION OF LIONS CLUBS DISTRICT 308-A2 FOUNDATION 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 Standard 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 foundation levy and district fellow contributions are recognised on the accrual basis. Interest income is recognised on a time proportion basis that reflects the effective yield on the asset. 1.4 Cash and cash equivalent Cash and cash equivalent consists of deposits, cash and bank balances. 1.5 Financial risk management The Foundation seeks to manage effectively the various risks namely, credit, interest rate and liquidity risk to which the Foundation 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 Foundation. The maximum exposure to credit risk for the Foundation is represented by the carrying amount of each financial instrument. ii) Liquidity risk As part of its overall prudent liquidity management, the Foundation maintains sufficient levels of cash and cash equivalents to meet its activities working funds requirements. iii) Interest rate risk The Foundation’s exposure to interest rate risk relates to interest bearing financial assets and liabilities. Interest bearing financial assets include fixed deposits with licensed banks. Page 6
  8. 8. THE INTERNATIONAL ASSOCIATION OF LIONS CLUBS DISTRICT 308-A2 FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009 2. Scholarship Loans Receivable 2009 2008 RM RM Chua Si Lip 10,461 14,441 Esther Chong Yii Ken 15,761 19,701 Penny Lau 8,799 5,200 Mary Bong Mee Choon 4,000 4,000 Voon Yian Sing - 1,200 39,021 44,542 The scholarship loans are repayable by instalments over 5 years upon completion of the study courses and when the graduates are gainfully employed. 3. Sundry receivables & deposits 2009 2008 RM RM Amount due from District 308-A2 148,967 113,022 4. Fixed deposits 2009 2008 RM RM Malayan Banking Berhad 678,608 655,718 Alliance Bank Malaysia Berhad 175,548 168,707 854,156 824,425 Fixed deposits with licensed commercial banks bear interest ranging from 2.50% to 3.70% per annum (2008: ranging from 3.05% to 3.90% per annum). Page 7
  9. 9. THE INTERNATIONAL ASSOCIATION OF LIONS CLUBS DISTRICT 308-A2 FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009 5. Cash and bank balances 2009 2008 RM RM Malayan Banking Berhad 82,375 67,871 6. District Foundation Fund 2009 2008 RM RM Balance brought forward 904,647 849,123 Surplus for the year 44,818 34,566 949,465 883,689 Amount transferred from District’s Reserve Fund 16,458 20,958 Donation reserve - - Balance carried forward 965,923 904,647 7. Sight First Fund 2009 2008 RM RM Balance brought forward 32,500 32,500 Contributions received - - 32,500 32,500 Sight First donation given - - Balance carried forward 32,500 32,500 8. Cash & cash equivalents Cash and cash equivalents included in the cash flow statement comprise the following balance sheet amounts:- 2009 2008 RM RM Cash & bank balances 82,375 67,871 Fixed deposits 854,156 824,425 936,531 892,296 Page 8

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