Author: Treasurer Denise Shearer

Annual Financial Statements

The annual financial reporting requirements are determined by our new Constitution and the Associations Incorporation Reform Act 2012 and associated regulations and are different to past requirements. The Treasurer has commenced the coordination of the preparation of the Annual Financial Statements which must contain an Income Statement (Income and Expenditure) and a Balance Sheet (assets and liabilities).

EQI is a Tier One organisation which under the Act is not required to be audited however the procedural requirements are that the Committee confirms by resolution that the Financial Statements are a ‘true and fair’ view of the accounts and agree to present the statements to the Annual General Meeting. In addition the Committee authorises the completion of two forms in accordance with the regulations. These forms are not required to be submitted to the Department of Consumer Affairs.

In accordance with previous practice the accounts have been reviewed by Mr Hamish Bell as this is a reasonable method of providing committee members with independent advice that the accounts are ‘true and fair’.

If you require further information please speak to the Treasurer directly or via email treasurer@essendonquilters.org.au.