st barnabas church broadway abn 61 474 495 345 · 2018. 3. 14. · abn 61 474 495 345 financial...

ST BARNABAS CHURCH BROADWAY

ABN 61 474 495 345

FINANCIAL STATEMENTS

for the year ended 31 December 2017

IAN W BROWNChartered Accountant

ABN 49 095929236

INDEPENDENT AUDIT REPORTTo THE PARISHIONERS OF ST BARNABAS CHURCH BROADWAY

OpinionI have audited the financial statements, being a special purpose financial repo oChurch Broadway for the year ended 31 December 2017.

In my opinion, the accompanying financial report of St Barnabas Church Broadway gives a ruefair view of the financial position of St Barnabas Church Broadway as at 31 December an o i sfinancial performance for the year then ended in accordance with the accounting po icies escrj ethe notes to the financial statements and the requirements of the Parish Adminis re ion r in2008.

Basis of Opinion .I have conducted my audit in accordance with Australian Auditing Standards. My responsi i i iesunder those standards are further described in the Auditors Responsibilities for the Audit o eFinancial Report section of my report. I am independent of the parish in accordance wit t e e icarequirements of the Accounting Professional and Ethical Standards Board's APES I 10: 0 e o ICfor Profossional Accountants (the Code) that are relevant to my audit of the financial report inAustralia. I have also fulfilled my other ethical responsibilities in accordance with the Code.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a asis or myopinion.

Emphasis of Matter - Basis of AccountingWithout modifying my opinion I draw attention to note I to the financial report w ic escri e ,basis of accounting. The financial report has been prepared for the purpose of fu I ing e war e 'financial reporting responsibilities under the provisions of the Parish Administration r inariceAs a result the financial report may not be suitable for another purpose.

Responsibilities of the Wardens for the Annual Financial ReportThe wardens are responsible for the preparation of the financial report that gives a true an air view,and have determined that the basis of preparation described in Note I to the financial repo isappropriate to meet the requirements of the Parish Administration Ordinance 2008 an is appropriato meet the needs of the members. The wardens' responsibility also includes such interna con rothey determine is necessary to enable the preparation of a financial report that gives a rue anview and is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the wardens are responsible for assessing t e paris 's a ' ' ycontinue as a going concern, disclosing, as applicable, matters relating to going concern an usinggoing concern basis of accounting unless the wardens either intend to liquidate the paris or o ceoperations, or has no realistic alternative but to do so.

266 Dora Street

Dora Creek NSW 2264Mob : 0417518405

Liability limited by a scheme approved under Professional Standards Legislation

Auditor's Responsibilities for the Audit of the Financial ReportMy objectives are to obtain reasonable assurance about whether the financia repo as afrom material misstatement, whether due to fraud or error, and to issue an au i or's repoincludes my opinion. Reasonable assurance is a high level of assurance, but is no a guaan audit conducted in accordance with the Australian Auditing Standards will always e ec a in a e .'misstatement when it exists. Misstatements can arise from fraud or error and are consi e eif, individually or in the aggregate, they could reasonably be expected to in uence e ecodecisions of users taken on the basis of this financial report.

As part of an audit in accordance with the Australian Auditing Standards, I exercise pro essionajudgement and maintain professional scepticism throughout the audit. I also:

. Identify and assess the risks of material misstatement of the financial report, w e er ^efraud or error, design and perform audit procedures responsive to those risks, an o ainevidence that is sufficient and appropriate to provide a basis for my opinion. e ri^ odetecting a material misstatement resulting from fraud is higher than for one resu ing romerror, as fraud may involve collusion, forgery, intentional omissions, misrepresen a ions, oroverride of internal control.

Obtain an understanding of internal control relevant to the audit in order to design au iprocedures that are appropriate in the circumstances, but not for the purpose o expressing anopinion on the effectiveness of the parish's internal control.Evaluate the appropriateness of accounting policies used and the reasonab eness oaccounting estimates and related disclosures made by the wardens.Conclude on the appropriateness of the warden's use of the going concern basis o accoun i gand, based on the audit evidence obtained, whether a material uncertainty exists relate toevents or conditions that may cast significant doubt on the parish's ability to continue as agoing concern. If I conclude that a material uncertainty exists, I am required to draw a en ion Imy auditor's report to the related disclosures in the financial report or, if such disc OSures areinadequate, to modify my opinion. My conclusions are based on the audit evidence obtain^d upto the date of my auditor's report. However, future events or conditions may cause e paris ocease to continue as a going concern.Evaluate the overall presentation, structure and content of the financial report, including edisclosures, and whether the financial report represents the underlying transactions an even sin a manner that achieves fair presentation.Receipts of offertories, donations and other sundry items as shown in the financial state men shave been extracted from the parish's books of account. While certain contro s over ehandling and banking of cash receipts are in place, the scope of my audit does no inc u eaccounting for receipts prior to their initial recording in the parish's books and records.

I communicate with the wardens regarding, among other matters, the planned scope an jining oaudit and significant audit findings, including any significant deficiencies in interna con roidentify during my audit.

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^;,^9 March 2018


St Barnabas Broadway

Balance Sheet As at December 31, 2017

31 Dec 2017 31 Dec 2016

ASSETS

Current Assets

ACPT Deposits

Office ACPT 0328 0.05 0.05

Rebuilding ACPT 425 2,272,667.28 1.00

Total ACPT Deposits 2,272,667.33 1.05

Bank

Capital Improvements High Interest 21,650.63 21,524.69

Community SolutionsBonus 351,270.38 0.00

High Interest SBF 59,032.55 55,855.63

Westpac Cheque Account 151,580.63 288,533.52

Total Bank 583,534.19 365,913.84

Cash Held 411.95 557.85

Accounts Receivable 24,520.74 5,852.82

Prepayments 1,500.00 2,500.00

Amounts owing by Terraces 11,877.61 5,917.31

Total Current Assets 2,894,511.82 380,742.87

Fixed Assets

Buildings

37 Arundel St Laundry 16,480.00 16,000.00

Church and Lift 24,730,300.00 24,010,000.00

Curate 37 Arundel St 637,605.00 619,034.00

Garage 37A Arundel St 0.00 450,000.00

Garage Catherine St 22,660.00 22,000.00

Rectory and Carport Garage 1,225,516.00 1,189,821.00

Total Buildings 26,632,561.00 26,306,855.00

Furniture & Fittings (Contents) 1,166,965.00 1,134,058.00

Land - V.G. 1/7/2016

22-24 Catherine St 0.00 1,220,000.00

Carpark-33A Arundel St 1,540,000.00 1,540,000.00

Curate - 37 Arundel St 1,450,000.00 1,450,000.00

Garage - 37A Arundel St 0.00 1,280,000.00

Mountain St Broadway 1,430,000.00 1,430,000.00

Rectory - 35 Arundel St 1,913,900.00 2,180,000.00

Total Land - V.G. 1/7/2016 6,333,900.00 9,100,000.00

Total Property 34,133,426.00 36,540,913.00

Total Fixed Assets 34,133,426.00 36,540,913.00

TOTAL ASSETS 37,027,937.82$ 36,921,655.87$

Page 1 of 2



31 Dec 2017 31 Dec 2016

LIABILITIES

Current Liabilities

Accounts Payable 780.85 0.00

Credit Cards 4,620.47 493.00

Congregational Gifts 10,741.88 12,304.93

For Tfr to School Building Fund 16,322.29 1,450.00

Key Deposit 250.00 250.00

Loan - Westpac 803600 0.00 1,004,411.02

Other Payables 27,000.00 0.00

PAYG Tax 4,634.00 5,894.00

Payroll Liabilities 49,565.19 59,629.51

Prepayments - Events/WEA 0.00 4,542.02

Prov for Arundel St Development 100,000.00 0.00

Prov for Min Allowance 26,242.42 16,461.43

Tax Payable GST -2,078.21 -7,251.13

Total Current Liabilities 238,078.89 1,098,184.78

TOTAL LIABILITIES 238,078.89 1,098,184.78

NET ASSETS 36,789,858.93$ 35,823,471.09$

EQUITY

Provision for Asset Revaluation 37,255,684.19 36,445,957.19

Retained Earnings -622,486.10 -1,086,906.37

Net Income 156,660.84 464,420.27

TOTAL EQUITY 36,789,858.93$ 35,823,471.09$

Page 2 of 2


Profit & Loss January to December 2017

Jan - Dec 17 Jan - Dec 16

Ordinary Income/Expense

Income

Gifts 0.00 100,000.00

Giving

Offertories & Donations

Congregation Offertories

10.00 AM 549,315.92 592,675.54

6.30 PM 390,919.16 445,532.55

BOCC Offertory 67,489.50 82,216.90

Unallocated 36,003.90 39,694.65

Total Congregation Offertories 1,043,728.48 1,160,119.64

Bequest for Building related items 50,000.00 0.00

Total Offertories & Donations 1,093,728.48 1,160,119.64

Grants 6,000.00 62,125.00

Interest

Bank Interest 2,025.84 4,780.89

Property Trust Interest 7,979.79 0.00

Total Interest 10,005.63 4,780.89

Net Trading Activities 46,393.66 41,161.67

Other Income 1,000.00 0.00

Rents 205,853.69 200,568.18

Total Income 1,362,981.46$ 1,568,755.38$

Expense

Administration Costs

Audit 3,300.00 3,300.00

Bank Charges 4,361.83 1,752.86

Computer Expenses 3,973.74 3,648.15

General 1,153.26 0.00

Internet Costs 6,545.40 5,177.82

Photocopier Expenses 16,431.63 15,656.22

Photocopier Income -12,597.96 -13,947.50

Playgroup 358.59 1,204.71

Postage 143.91 260.78

Printing 125.81 1,491.81

Professional Fees 0.00 3,000.00

Staff Training (admin&Min) 141.82 77.56

Stationery & Supplies 1,430.74 1,568.73

Telephone 2,244.78 3,586.18

Travel Expenses 139.84 208.78

Web Site 471.14 416.98

Writeoffs 0.00 0.00

Total Administration Costs 28,224.53 27,403.08

Page 1 of 4




Extra Parochial

International Project 15,040.00 15,000.00

Mission support 82,732.53 89,255.11

Welfare 121.42 284.90

Total Extra Parochial 97,893.95 104,540.01

Interest Expenses and Fees

Fees & Interest - Westpac Loan 39,577.49 70,688.17

Total Interest Expenses and Fees 39,577.49 70,688.17

Ministries

All Congregations

Congregations

Six Thirty Service 9,467.28 10,045.19

Ten O'Clock Service 9,285.94 11,206.46

Congregations - Other -100.00 0.00

Total Congregations 18,653.22 21,251.65

All Congregations - Other 0.00 0.00

Total All Congregations 18,653.22 21,251.65

Evangelism 1,767.45 1,600.15

Family Ministries

Childrens Ministries 1,370.03 1,520.83

Scripture 611.19 358.44

Youth Ministries 691.12 734.01

Total Family Ministries 2,672.34 2,613.28

Staff Ministry Allowances 0.00 24,689.15

BOCC -1,553.82 1,178.23

Member Empowerment

Growth Groups 1,183.27 1,311.80

Leadership Development 190.55 0.00

Total Member Empowerment 1,373.82 1,311.80

Other Ministry

Christmas BBQ 0.00 -96.30

Christmas Income -84.00 -628.15

Christmas Services 8,036.42 9,663.43

Love Your Neighbour 292.80 197.00

Ministry Discretionary Fund 2,241.35 3,914.56

Music 1,650.71 2,552.73

Signboards 702.00 749.41

Womens Ministry -438.85 0.00

Total Other Ministry 12,400.43 16,352.68

Tertiary Students

General 199.55 301.68

Training 0.00 925.00

Total Tertiary Students 199.55 1,226.68

Total Ministries 35,512.99 70,223.62

Page 2 of 4




Property & Equipment

Cleaning Contractors 17,459.38 19,822.00

Consumables 5,312.91 4,678.81

Maintenance 53,561.43 52,400.21

New Furniture/Equipment 8,551.36 4,690.13

Rates - Council 5,526.72 7,291.75

Repairs 25,998.74 32,224.80

Verger Costs 29,821.43 22,759.79

Property & Equipment - Other 0.00 0.00

Total Property & Equipment 146,231.97 143,867.49

Property Overheads

Electricity & Gas 51,848.14 44,874.65

Garbage & Recycling 9,791.54 9,624.76

Water 1,705.66 5,158.96

Total Property Overheads 63,345.34 59,658.37

Staff & Synod

Annual Leave expense 6,600.00 36,000.00

FMG Helpers 2,037.60 2,576.70

Insurances - Workers Comp 7,460.94 5,368.35

Long Service Leave Expense 9,237.70 7,350.00

Ministry Remuneration

Housing Expense 78,926.41 69,809.74

Ministry Salaries

Ministry Allowances 169,846.05 145,758.97

Ministry Salaries - Other 194,360.82 228,192.77

Total Ministry Salaries 364,206.87 373,951.74

Moving & Travel Allowance 695.45 0.00

Total Ministry Remuneration 443,828.73 443,761.48

Office Staffing 138,627.97 123,724.90

Parish Cost Recoveries 74,963.82 94,768.83

Superannuation (Employer) 45,563.59 44,620.58

Trainee Fundraising Support 0.00 20,000.00

Total Staff & Synod 728,320.35 778,170.84

Total Expense 1,139,106.62$ 1,254,551.58$

Net Ordinary Income 223,874.84$ 314,203.80$

Page 3 of 4




Other Income/Expense

Other Income

Rebuilding Income

Debt Forgiveness - SBF 0.00 150,000.00

Donations and Fundraising - CBF 0.00 39.67

Total Rebuilding Income 0.00 150,039.67

Sale of land and buildings 32,786.00 0.00

Total Other Income 32,786.00 150,039.67

Other Expense

Arundel Street Development 100,000.00 0.00

Rebuilding Barneys

Professional & Legal 0.00 -176.80

Total Rebuilding Barneys 0.00 -176.80

Total Other Expense 100,000.00 -176.80

Net Other Income 67,214.00-$ 150,216.47$

Net Income 156,660.84$ 464,420.27$

Page 4 of 4

ST BARNABAS CHURCH BROADWAY

NOTES TO THE PRESCRIBED FINANCIAL STATEMENTS for the year ended 31 December 2017

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies which have been adopted in the preparation of the Prescribed Financial Statements (the Financial Statements) which comprise the Balance Sheet and the Profit and Loss are:

(a) Basis of PreparationThe Financial Statements have been drawn up as a special purpose financial report for distribution to theparishioners of the Parish. The wardens of the parish have applied the following accounting policies in thepreparation of the Financial Statements –

(i) The Financial Statements have been prepared on a modified cash basis of accounting using thehistorical cost convention and going concern assumption, except as affected by policies below.

(ii) Other Accounting Standards and mandatory professional reporting requirements in Australia havenot been applied except as stated below. Except where stated the Financial Statements do not takeinto account changing money values or fair values of assets.

(iii) These accounting policies have been consistently applied and, except where there is a change inaccounting policy, are consistent with those of the previous year. The Financial Statements havebeen prepared based on the underlying accounting records of the Parish.

(b) Revenue RecognitionCash amounts received are recognised at fair value of the consideration received net of the amount of goods and services tax (GST) payable to the Australian Tax Office. Exchanges of goods or services of the same nature and value without any cash consideration are not recognised as revenues. Interest revenue is recognised when it is received.

(c) Asset ValuationLand is shown at Valuer General’s valuation. Buildings and contents are stated at replacement value for insurance purposes. Investments are shown at market value. Other assets are shown at historic cost unless otherwise stated.

(d) Employee BenefitsLiabilities for employee benefits in relation to wages, salaries, annual leave and long service leave and ministry expense accounts represent present obligations resulting from employees’ services to year end.

(e) Income taxIn accordance with Division 50 of the Income Tax Assessment Act 1997, the Parish is exempt from income tax.

(f) Goods and services taxRevenues, expenses and assets are recognised net of the amount of goods and services tax (GST) except where the amount of GST incurred is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of the expense.

(g) Agreement with ArchbishopIn September 2017 the parish entered into an agreement with the Endowment of the See to transfer properties on Arundel and Catherine Streets for the purposes of providing accommodation and hospitality space for the new Archbishop’s residence. The properties were transferred for a consideration of $3.25 million. Under the terms of the agreement entered into, the parish will contribute up to $100,000 for architectural and engineering works related to the development of a shared space on Arundel Street. This amount has been expensed in the 2017 accounts. If building works proceed, the parish has also agreed to contribute up to $250,000 towards the cost of construction.

ST BARNABAS SCHOOL BUILDING FUND

FINANCIAL STATEMENTS

for the year ended 31 December 2017


ABN 49 095929236

INDEPENDENT AUDIT REPORTFOR THE ST BARNABAS SCHOOL BUILDING FUND

OpinionI have audited the financial statements, being a special purpose financial report of St Barnabas SchoolBuilding Fund for the year ended 31 December 2017.

In my opinion, the accompanying financial report of St Barnabas School Building Fund gives a trueand fair view of the financial position of St Barnabas School Building Fund as at 31 December 2017and of Its financial performance for the year then ended in accordance with the accounting policiesdescribed in the notes to the financial statements and the requirements of the Parish AdministrationOrdinance 2008.

Basis of Opinion . . .I have conducted my audit in accordance with Australian Auditing Standards My responsibilitiesunder those standards are further described in the Auditors Responsibilities for the Audit of theFinancial Report section of my report. I am independent of the fund in accordance with the ethicalrequirements of the Accounting Professional and Ethical Standards Board's APES I 10: Code of Ethicsfor Professional Accountants (the Code) that are relevant to my audit of the financial report inAustralia. I have also fulfilled my other ethical responsibilities in accordance with the Code.

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

266 Dora Street

Dora Creek NSW 2264Mob : 0417518405

Emphasis of Matter - Basis of AccountingWithout modifying my opinion I draw attention to note I to the financial report which describes thebasis of accounting. The financial report has been prepared for the purpose of fulfilling the wardens'financial reporting responsibilities under the provisions of the Parish Administration Ordinance 2008.As a result the financial report may not be suitable for another purpose.

Responsibilities of the Wardens for the Annual Financial ReportThe wardens are responsible for the preparation of the financial report that gives a true and fair view,and have determined that the basis of preparation described in Note I to the financial report isappropriate to meet the requirements of the Parish Administration Ordinance 2008 and is appropriateto meet the needs of the members. The wardens' responsibility also includes such internal control asthey determine is necessary to enable the preparation of a financial report that gives a true and fairview and is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the wardens are responsible for assessing the parish's ability tocontinue as a going concern, disclosing, as applicable, matters relating to going concern and using t egoing concern basis of accounting unless the wardens either intend to liquidate the fund or to ceaseoperations, or has no realistic alternative but to do so.

Liability limited by a scheme approved under Professional Standards Legislation.

Auditor's Responsibilities for the Audit of the Financial ReportMy objectives are to obtain reasonable assurance about whether the financial report as a whole is reefrom material misstatement, whether due to fraud or error, and to issue an auditor's report thatincludes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee t atan audit conducted in accordance with the Australian Auditing Standards will always detect a materialmisstatement when it exists. Misstatements can arise from fraud or error and are considered materiaif, individually or in the aggregate, they could reasonably be expected to influence the economicdecisions of users taken on the basis of this financial report.

As part of an audit in accordance with the Australian Auditing Standards, I exercise professionaljudgement and maintain professional scepticism throughout the audit. I also:

. Identify and assess the risks of material misstatement of the financial report, whether due tofraud or error, design and perform audit procedures responsive to those risks, and obtain auditevidence that is sufficient and appropriate to provide a basis for my opinion. The risk of notdetecting a material misstatement resulting from fraud is higher than for one resulting fromerror, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or t eoverride of internal control.Obtain an understanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the fund's internal control.Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by the wardens.Conclude on the appropriateness of the warden's use of the going concern basis ofaccounting and, based on the audit evidence obtained, whether a material uncertainty existsrelated to events or conditions that may cast significant doubt on the fund's ability to continueas a going concern. If I conclude that a material uncertainty exists, I am required to drawattention in my auditor's report to the related disclosures in the financial report or, if suchdisclosures are inadequate, to modify my opinion. My conclusions are based on the auditevidence obtained up to the date of my auditor's report. However, future events or conditionsmay cause the fund to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial report, including thedisclosures, and whether the financial report represents the underlying transactions and eventsin a manner that achieves fair presentation.Receipts of donations and other sundry items as shown in the financial statements have beenextracted from the fund's books of account. While certain controls over the handling andbanking of cash receipts are in place, the scope of my audit does not include accounting orreceipts prior to their initial recording in the fund's books and records.

I communicate with the wardens regarding, among other matters, the planned scope and timing o eaudit and significant audit findings, including any significant deficiencies in internal control t atidentify during my audit.

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:^! ^,*,.,,^~,


9 March 2018

St Barnabas Broadway School Building Fund


31 Dec 2017 31 Dec 2016

ASSETS

Current Assets

Chequing/Savings

Bank

NAB Cheque Account 49,493.91 20,843.91

Westpac School Building Fund 41,675.57 8,702.51

Total Bank 91,169.48 29,546.42

Total Chequing/Savings 91,169.48 29,546.42

Other Current Assets

Undeposited Funds 16,322.29 1,450.00

Total Other Current Assets 16,322.29 1,450.00

Total Current Assets 107,491.77 30,996.42

TOTAL ASSETS 107,491.77$ 30,996.42$

LIABILITIES 0.00 0.00

NET ASSETS 107,491.77$ 30,996.42$

EQUITY

Retained Earnings 30,996.42 78,361.61

Net Income 76,495.35 -47,365.19

TOTAL EQUITY 107,491.77$ 30,996.42$

Page 1 of 1

St Barnabas Broadway School Building Fund



Ordinary Income/Expense

Income

Gifts and Donations Income

Unrestricted 76,222.48 102,103.56

Total Gifts and Donations Income 76,222.48 102,103.56

Interest

Bank Interest 272.87 531.25

Total Interest 272.87 531.25

Total Income 76,495.35 102,634.81

Net Ordinary Income 76,495.35$ 102,634.81

Other Income/Expense

Other Expense

Debt Forgiveness - StBarnabas 0.00 150,000.00

Total Other Expense 0.00 150,000.00

Net Other Income -$ 150,000.00-$

Net Income 76,495.35$ 47,365.19-$

Page 1 of 1

ST BARNABAS SCHOOL BUILDING FUND NOTES TO THE PRESCRIBED FINANCIAL STATEMENTS for the year ended 31 December 2017 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies which have been adopted in the preparation of the Prescribed Financial Statements (the Financial Statements) which comprise the Balance Sheet and the Profit and Loss are: (a) Basis of Preparation The Financial Statements have been drawn up as a special purpose financial report for distribution to the parishioners of St Barnabas Church, Broadway. The wardens of the parish have applied the following accounting policies in the preparation of the Financial Statements – (i) The Financial Statements have been prepared on a modified cash basis of accounting using

the historical cost convention and going concern assumption, except as affected by policies below.

(ii) Other Accounting Standards and mandatory professional reporting requirements in Australia

have not been applied except as stated below. Except where stated the Financial Statements do not take into account changing money values or fair values of assets.

(iii) These accounting policies have been consistently applied and, except where there is a

change in accounting policy, are consistent with those of the previous year. The Financial Statements have been prepared based on the underlying accounting records of the Parish.

(b) Revenue Recognition Cash amounts received are recognised at fair value of the consideration received net of the amount of goods and services tax (GST) payable to the Australian Tax Office. Exchanges of goods or services of the same nature and value without any cash consideration are not recognised as revenues. Interest revenue is recognised when it is received. (c) Asset Valuation Land is shown at Valuer General’s valuation. Buildings and contents are stated at replacement value for insurance purposes. Investments are shown at market value. Other assets are shown at historic cost unless otherwise stated. (d) Income tax In accordance with Division 50 of the Income Tax Assessment Act 1997, the Parish is exempt from income tax. (e) Goods and services tax Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST) except where the amount of GST incurred is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of the expense.

st barnabas church broadway abn 61 474 495 345 · 2018. 3. 14. · abn 61 474 495 345 financial...

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