ding management accounts of nova citynovacity.newunion.net/htm/audit_report2008.pdfsa}(ii). this...

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DING MANAGEMENT ACCOUNTS OF NOVA CITY

1

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31 DECEMBER 2008

Watt Hung Chow JtH ~ tll4 f~ it tiP

Registered Auditor Macau

Certified Public Accountant Hong Kong

Chartered Accountant (Aust)

I 1 III I

i

1

iIiII

IIjI

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~------- -- -- - - ~- -

INDEPENDENT AUDITORS REPORT

1--=== shyOWNERS OF NOVA CITY

~~-

I ffiii-V-Jt -aUaj ted tbe-annexed fj nand aJ statements of the Bullti l-gtdJmiddot n~I------~====~il

anagement -Office of Nova Ci t y Vhich comprise the balance sheet as-at 31 December 2008 and the income statement statement of changes in

Yf und s and cash flow statement for the year then ended and a summary of ampi gni f i c a n t accounting policies and other explanatory notes

responsibility for the financial statements

The Manager is responsible for the preparation and the true and fair presentation of these financial statements in accordance with Financial Reporting standards of Special Administrative Region of Macau (Macau SA(II) This responsibility includes designing implementing and maintaining internal control relevant to the preparation and the true and fair presentation of financial statements that are free from material misstatement whether due to fraud or error selecting and applying appropriate accounting policies making accounting estimates that are reasonable in the circumstances and maintaining adequate and accurate accounting records

Auditors responsibility

My responsibility is to express an opinion on these financial statements based on my audit This report is made solely to you as a b ody and for no other purpose I do not assume responsibility towards or accept liability to any other person for the contents of this report

I conducted my audit in accordance with Auditing Standards approved by the Chief Executive of Macau BAR and the Technical AUditing Standards approved by the Secretary for Economy and Finance Those standards require that I comply with ethical requirements and plan and perform the

11 audit to obtain reasonable assurance as to whether the financial I~

statements are free from material misstatement I An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements The procedures selected depend on the auditors 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 entityS preparation and true 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 entitys internal control An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Manager as well as evaluating the overall presentation of the financial statements

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion

_ 1 shy

opinion

-- Xu-my~Qpi~ion~Elie-=un~ciarsectXa t e lDen cs-g iy_e_~e-ltlIJd-f Ci view i n --shy ~l l mate~ial respects~ of the f inanciaY posit-ion o f t he BuTlQ Lng

Management Office o f Nova City as a t 3i De c e mbe r 2 0 0 B andof fts financial transactions and cash flows for the year then ended in

a CcoTdanGe=Ni--th-=-i=j-naucial-R-6p9XWnF~aada~s=~~Ma~LlI~~=======~=-===i====

WATT HUNG CHOW

m ~ ~ IHff Registered Auditor Macau

-7 SfP 2010

Alameda Dr Carlos dfABsump~ao No 180 Edif Tong Nam Ah Central Comercio

6 andar R-T Macau

- 2 shy

- ------ - ----------

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-_ __- - - -- - - - - -_ shy

BUILDING MANAGEMENT ACCOUNTS OF NOVA CITY (Manager - Nova City Property Management Limited)

FOR~HE-YEAR-ENDED 31 DECEMBER 20~8- - - _ - I

(Expressed in Macau Patacas )

Management fee income Interest income Sundry income Club House income Gain on exchange

Less Auditors remuneration Bank charges Building facilities Cleaning services and supplies Club House expenses Electricity and water Festival decoration Insurance Legal and professional fee Loss on exchange Management office expenses Managers remuneration Postage printing and stationeries Promotion Repairs and maintenance Salaries and allowances Security charges Staff training staff quarters expenses Staff recruitment Staff uniform Staff welfare Sundry expenses Telephone and telecommunication Traffic and transportation

Surplus for the year

- 3 shy

2351979600 12834 16 1747030

59521028 124768

24146558 42

24696 00 535330

13862010 269073500

32405471 468914534

61207 pound0 16300924 25900779

509609 84 214579433

13547027 2243962

206541118 706250668 2554 797 30

844089 12567433

5899989 2706614

15113264 11158320 13610070 13412909

2360498518 ~----------------------

54157324

I

1808282400 97421 20 2073523

1820098043

2469600 269494

5762532 l473~04913

374050587 1260 1 4 0

108760 16

18991 6410022

113355037 4942049

211890 42158039

396833025 87903260

7757248 51 SOL 32 9679730 3425410 1077116

13275065 12714809

1246905405

573192638

I I I

i BUILDING MANAGEMENT ACCOUNTS OF NOVA CITY

(Manager - Nova City Property Management Limited)

(Expressed in Macau Patacas)

CURRENT ASSETS Accounts receivable Temporary payments Dep o s i t s Prepayments Cash at banks Cash in hand

CURRENT LIABILITIES Accrued expenses Amount owing to Manager Management fee and utility

deposits Sundry deposits Temporary receipts Ac counts payable

NET ASSETS

ACCUMULATED FUNDS Communa l reserve f und Accumulated surpluses

For NOVA CITY PROPERTY MANAGEMENT

~~~ Dlrect

- 4 shy

7 872800 84 11781916

1 9 38280 874 2263

11 264 842 65 2 5 0 0 0 0 0

1938726808

1170 97938 21660470

718190136 110899 00

258396169 170661159

1297095772

641631036

3 91 1 2 2 9 83 250508053

641631036

113508078 0 94 68678 2 2 9 81 90 9049 3 36

7824 971 58 500000

19388 941 4 2

103566086 1390714 67

649381300 105074 00

2197018 75 2291923 02

13514 2 0 4 3 0

5874737 1 2

587473712

587473712

LIMITED (Manager of Nova City)

1~~7 Director


- -STATEMENT OF CHANGES I N FUNDS

FOR THE YEAR ENDED 31 DECEMBER 2008


Communal Accumulated reserve fund surpluses Total

At 3112 2006 14281074 14281074

Surplus for the year 573192638 573192638

At 31122007 587473712 5874737 12


Transfer to communal reserve fund 391122983 ( 391122983)

At 31122008 391122983 250508053 641631036

- 5 shy

I




Cash flows from operating activities Surplus for the year Adjustment for

Interest income

Operating surplus before working capital changes

Decrease (increase) in accounts receivable

(Increase) decrease in temporary payments

Decrease (increase) in deposit s Decrease (increase) prepayments Increase in accrued expenses (Decrease) increase in amount owing

to Manager Increase in management fee

and utility deposits Increase in sundry deposits Increase in temporary receipts (Decrease) increase in accounts payable

Net cash from operating activities

Cash flows from investing activities Interest received

Net cash from investing activities

Net increase in cash and cash equivalents

Cash and cash equivalents at beginning of the year

Cash and cash equivalents at end of the year

Analysis of the balances of cash and cash equivalents

Cash at banks Cash in hand

54157324

1283416)

52873908

347800696

2313238) 359910 307073

13531852

117410997)

68808836 5825DO

38694294 58531143)

344703691

2283416

1283416

345987107

782997158

1128984265

1126484265 2500000

1128984265

573192638

9742120)

563450518

901156580)

50052035 14206 0 0 ) 3185096 )

420545 57

139071467

3503 5 0 1 00 66826 0 0

60992675 36730792

343620468

9742120

97421 20

353362588

4296345 70

782997158

782497258 500000

782997158

- 6 shy

------- ---

I

NOTES TO FINANCIAL STATEMENTS 1

(Expressed in Macau Patacas) I --j---shy

- i I

IThe Bui~~ng-Management Office is at Management Office Nova City

Rua de Coimbra Taipa Macau

2_ STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standards of Macau SAR

3 BASIS OF PREPARATION

These financial statements have been prepared under the historical cost convention

4 PRINCIPAL ACCOUNTING POLICIES

(a) Revenue recognition

Management fee income is recognised when services are rendered

Interest income is recognised on a time proportion basis on t h e princlpal outstanding and at the effective interest rate applicable

(b) Cash and cash equivalents

Cash and cash equivalents consist of cash at banks and in band net of outstanding bank overdrafts and short-term highly liquid investments which are readily convertible into known amounts of cash and which were within three months of maturity when acquired

(c) Foreign currencies

The Building Management Offices functional and presentation

I

I

currency are Macau Patacas Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement

5 APPROVAL OF FINANCIAL STATEMENTS tI

The financial statements were approved by the Manager on - 7 SEP 2010

- 7 shy

~------- -- -- - - ~- -

INDEPENDENT AUDITORS REPORT

1--=== shyOWNERS OF NOVA CITY

~~-

I ffiii-V-Jt -aUaj ted tbe-annexed fj nand aJ statements of the Bullti l-gtdJmiddot n~I------~====~il

anagement -Office of Nova Ci t y Vhich comprise the balance sheet as-at 31 December 2008 and the income statement statement of changes in

Yf und s and cash flow statement for the year then ended and a summary of ampi gni f i c a n t accounting policies and other explanatory notes

responsibility for the financial statements

The Manager is responsible for the preparation and the true and fair presentation of these financial statements in accordance with Financial Reporting standards of Special Administrative Region of Macau (Macau SA(II) This responsibility includes designing implementing and maintaining internal control relevant to the preparation and the true and fair presentation of financial statements that are free from material misstatement whether due to fraud or error selecting and applying appropriate accounting policies making accounting estimates that are reasonable in the circumstances and maintaining adequate and accurate accounting records

Auditors responsibility

My responsibility is to express an opinion on these financial statements based on my audit This report is made solely to you as a b ody and for no other purpose I do not assume responsibility towards or accept liability to any other person for the contents of this report

I conducted my audit in accordance with Auditing Standards approved by the Chief Executive of Macau BAR and the Technical AUditing Standards approved by the Secretary for Economy and Finance Those standards require that I comply with ethical requirements and plan and perform the

11 audit to obtain reasonable assurance as to whether the financial I~

statements are free from material misstatement I An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements The procedures selected depend on the auditors 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 entityS preparation and true 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 entitys internal control An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Manager as well as evaluating the overall presentation of the financial statements

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion

_ 1 shy

opinion




WATT HUNG CHOW


-7 SfP 2010


6 andar R-T Macau

- 2 shy

- ------ - ----------

------- ----------------------------

I

-_ __- - - -- - - - - -_ shy







- 3 shy

2351979600 12834 16 1747030

59521028 124768

24146558 42

24696 00 535330

13862010 269073500

32405471 468914534

61207 pound0 16300924 25900779

509609 84 214579433

13547027 2243962

206541118 706250668 2554 797 30

844089 12567433

5899989 2706614

15113264 11158320 13610070 13412909

2360498518 ~----------------------

54157324

I

1808282400 97421 20 2073523

1820098043

2469600 269494

5762532 l473~04913

374050587 1260 1 4 0

108760 16

18991 6410022

113355037 4942049

211890 42158039

396833025 87903260

7757248 51 SOL 32 9679730 3425410 1077116

13275065 12714809

1246905405

573192638

I I I







NET ASSETS



~~~ Dlrect

- 4 shy

7 872800 84 11781916

1 9 38280 874 2263

11 264 842 65 2 5 0 0 0 0 0

1938726808

1170 97938 21660470

718190136 110899 00

258396169 170661159

1297095772

641631036

3 91 1 2 2 9 83 250508053

641631036

113508078 0 94 68678 2 2 9 81 90 9049 3 36

7824 971 58 500000

19388 941 4 2

103566086 1390714 67

649381300 105074 00

2197018 75 2291923 02

13514 2 0 4 3 0

5874737 1 2

587473712

587473712


1~~7 Director






At 3112 2006 14281074 14281074


At 31122007 587473712 5874737 12



At 31122008 391122983 250508053 641631036

- 5 shy

I





Interest income















54157324

1283416)

52873908

347800696

2313238) 359910 307073

13531852

117410997)

68808836 5825DO

38694294 58531143)

344703691

2283416

1283416

345987107

782997158

1128984265

1126484265 2500000

1128984265

573192638

9742120)

563450518

901156580)

50052035 14206 0 0 ) 3185096 )

420545 57

139071467

3503 5 0 1 00 66826 0 0

60992675 36730792

343620468

9742120

97421 20

353362588

4296345 70

782997158

782497258 500000

782997158

- 6 shy

------- ---

I



- i I















I

I




- 7 shy

opinion




WATT HUNG CHOW


-7 SfP 2010


6 andar R-T Macau

- 2 shy

- ------ - ----------

------- ----------------------------

I

-_ __- - - -- - - - - -_ shy







- 3 shy

2351979600 12834 16 1747030

59521028 124768

24146558 42

24696 00 535330

13862010 269073500

32405471 468914534

61207 pound0 16300924 25900779

509609 84 214579433

13547027 2243962

206541118 706250668 2554 797 30

844089 12567433

5899989 2706614

15113264 11158320 13610070 13412909

2360498518 ~----------------------

54157324

I

1808282400 97421 20 2073523

1820098043

2469600 269494

5762532 l473~04913

374050587 1260 1 4 0

108760 16

18991 6410022

113355037 4942049

211890 42158039

396833025 87903260

7757248 51 SOL 32 9679730 3425410 1077116

13275065 12714809

1246905405

573192638

I I I







NET ASSETS



~~~ Dlrect

- 4 shy

7 872800 84 11781916

1 9 38280 874 2263

11 264 842 65 2 5 0 0 0 0 0

1938726808

1170 97938 21660470

718190136 110899 00

258396169 170661159

1297095772

641631036

3 91 1 2 2 9 83 250508053

641631036

113508078 0 94 68678 2 2 9 81 90 9049 3 36

7824 971 58 500000

19388 941 4 2

103566086 1390714 67

649381300 105074 00

2197018 75 2291923 02

13514 2 0 4 3 0

5874737 1 2

587473712

587473712


1~~7 Director






At 3112 2006 14281074 14281074


At 31122007 587473712 5874737 12



At 31122008 391122983 250508053 641631036

- 5 shy

I





Interest income















54157324

1283416)

52873908

347800696

2313238) 359910 307073

13531852

117410997)

68808836 5825DO

38694294 58531143)

344703691

2283416

1283416

345987107

782997158

1128984265

1126484265 2500000

1128984265

573192638

9742120)

563450518

901156580)

50052035 14206 0 0 ) 3185096 )

420545 57

139071467

3503 5 0 1 00 66826 0 0

60992675 36730792

343620468

9742120

97421 20

353362588

4296345 70

782997158

782497258 500000

782997158

- 6 shy

------- ---

I



- i I















I

I




- 7 shy

- ------ - ----------

------- ----------------------------

I

-_ __- - - -- - - - - -_ shy







- 3 shy

2351979600 12834 16 1747030

59521028 124768

24146558 42

24696 00 535330

13862010 269073500

32405471 468914534

61207 pound0 16300924 25900779

509609 84 214579433

13547027 2243962

206541118 706250668 2554 797 30

844089 12567433

5899989 2706614

15113264 11158320 13610070 13412909

2360498518 ~----------------------

54157324

I

1808282400 97421 20 2073523

1820098043

2469600 269494

5762532 l473~04913

374050587 1260 1 4 0

108760 16

18991 6410022

113355037 4942049

211890 42158039

396833025 87903260

7757248 51 SOL 32 9679730 3425410 1077116

13275065 12714809

1246905405

573192638

I I I







NET ASSETS



~~~ Dlrect

- 4 shy

7 872800 84 11781916

1 9 38280 874 2263

11 264 842 65 2 5 0 0 0 0 0

1938726808

1170 97938 21660470

718190136 110899 00

258396169 170661159

1297095772

641631036

3 91 1 2 2 9 83 250508053

641631036

113508078 0 94 68678 2 2 9 81 90 9049 3 36

7824 971 58 500000

19388 941 4 2

103566086 1390714 67

649381300 105074 00

2197018 75 2291923 02

13514 2 0 4 3 0

5874737 1 2

587473712

587473712


1~~7 Director






At 3112 2006 14281074 14281074


At 31122007 587473712 5874737 12



At 31122008 391122983 250508053 641631036

- 5 shy

I





Interest income















54157324

1283416)

52873908

347800696

2313238) 359910 307073

13531852

117410997)

68808836 5825DO

38694294 58531143)

344703691

2283416

1283416

345987107

782997158

1128984265

1126484265 2500000

1128984265

573192638

9742120)

563450518

901156580)

50052035 14206 0 0 ) 3185096 )

420545 57

139071467

3503 5 0 1 00 66826 0 0

60992675 36730792

343620468

9742120

97421 20

353362588

4296345 70

782997158

782497258 500000

782997158

- 6 shy

------- ---

I



- i I















I

I




- 7 shy







NET ASSETS



~~~ Dlrect

- 4 shy

7 872800 84 11781916

1 9 38280 874 2263

11 264 842 65 2 5 0 0 0 0 0

1938726808

1170 97938 21660470

718190136 110899 00

258396169 170661159

1297095772

641631036

3 91 1 2 2 9 83 250508053

641631036

113508078 0 94 68678 2 2 9 81 90 9049 3 36

7824 971 58 500000

19388 941 4 2

103566086 1390714 67

649381300 105074 00

2197018 75 2291923 02

13514 2 0 4 3 0

5874737 1 2

587473712

587473712


1~~7 Director






At 3112 2006 14281074 14281074


At 31122007 587473712 5874737 12



At 31122008 391122983 250508053 641631036

- 5 shy

I





Interest income















54157324

1283416)

52873908

347800696

2313238) 359910 307073

13531852

117410997)

68808836 5825DO

38694294 58531143)

344703691

2283416

1283416

345987107

782997158

1128984265

1126484265 2500000

1128984265

573192638

9742120)

563450518

901156580)

50052035 14206 0 0 ) 3185096 )

420545 57

139071467

3503 5 0 1 00 66826 0 0

60992675 36730792

343620468

9742120

97421 20

353362588

4296345 70

782997158

782497258 500000

782997158

- 6 shy

------- ---

I



- i I















I

I




- 7 shy






At 3112 2006 14281074 14281074


At 31122007 587473712 5874737 12



At 31122008 391122983 250508053 641631036

- 5 shy

I





Interest income















54157324

1283416)

52873908

347800696

2313238) 359910 307073

13531852

117410997)

68808836 5825DO

38694294 58531143)

344703691

2283416

1283416

345987107

782997158

1128984265

1126484265 2500000

1128984265

573192638

9742120)

563450518

901156580)

50052035 14206 0 0 ) 3185096 )

420545 57

139071467

3503 5 0 1 00 66826 0 0

60992675 36730792

343620468

9742120

97421 20

353362588

4296345 70

782997158

782497258 500000

782997158

- 6 shy

------- ---

I



- i I















I

I




- 7 shy

I





Interest income















54157324

1283416)

52873908

347800696

2313238) 359910 307073

13531852

117410997)

68808836 5825DO

38694294 58531143)

344703691

2283416

1283416

345987107

782997158

1128984265

1126484265 2500000

1128984265

573192638

9742120)

563450518

901156580)

50052035 14206 0 0 ) 3185096 )

420545 57

139071467

3503 5 0 1 00 66826 0 0

60992675 36730792

343620468

9742120

97421 20

353362588

4296345 70

782997158

782497258 500000

782997158

- 6 shy

------- ---

I



- i I















I

I




- 7 shy

------- ---

I



- i I















I

I




- 7 shy

ding management accounts of nova citynovacity.newunion.net/htm/audit_report2008.pdfsa}(ii). this...

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