sa.uca.org.au · thuruna uniting church camp cash trial balance - totals (january 2018 to december...

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I D & A J Hall12 Morialta DriveTUMBYBAY SA 5605

Telephone: 86882628Mobile: 0427 880031Emails

30 April 2018

Mr G PugsleyChairpersonThuruna Uniting Church Management Committee.UNGARRA SA 5607

Dear Graham

I am pleased to advise that the presented documentation to me, for Thumna UnitingChurch Camp for the period 1.1.2018 to 31.12.2018 is verified with no notations.

I would be pleased if you could acknowledge Peter Prime's commitment to theposition of Treasurer. It is not an easy position and the documentation is wellpresented.

Thank you for the opportunity to verify and report on the financial statements ofThuruna Uniting Church Camp for the above noted period.

Yours sincerely

(.-ybM(I

J

ANNETTE J HALL AM (MRS)

ah/ah

ec Mr Peter Prime - Treasurer: Thuruna Uniting Church Camp

Thuruna Uniting Church Camp

Cash Trial Balance - Totals

Period:

Banks:Basis:

01 Jan 2018 to 31 Dec 2018Society Cheque Accou

Cash Book Date

Debit Credit

INCOMECAMP FEESChurch

Schools

FamilySports

OtherHamilton Cottage

Deposits

CAMP FEES

3,279.09

2,726.37

16,010.00

218.18

3,338.18

10,845.51

4,415.90

40,833.23

OTHER INCOMEInterest

OTHER INCOME23.53

23.53

TOTAL INCOME 40,856.76

GSTINGst CollectedGst Refunded

3,930.77

908.00

TOTAL GST IN 4,838.77

GST OUTGst PaidGst Remitted

2,100.56

1,611.00

TOTAL GST OUT 3,711.56

EXPENDITUREUTILITIESRubbish CollectionSeptic PumpEmergency Services L

Water Rates

Gas

ElectricityAdministration

Advertising

UTILITIES

532.05

1,544.66

299.34

396.48

3,142.72

4,539.46

588.00

722.73

11,765.44

EXPENSESCouncil Rates

InsuranceDeposit Return

Rms Online Fee

Caretaker

Repairs / Maintenanc

Website Maintenance

EXPENSES

1,334.07

4,406.44

4,995.00

270.73

5,790.00

11,009.14

200.00

28,005.38

TOTAL EXPENDITURE 39,770.82

96G A & J M Pugsley, Post Office, Ungarra, SA, 5607 - printed by Prime Family Trust

Printed on Sunday 7 July 2019 at 04:16 pm

Page: 1/3

Agrimaster6.4.12 (arCTBTotal)


Cash Trial Balance - Totals (January 2018 to December 2018)TOTALS 43,482.38 45,695.53

GA&J M Pugsley, Post Office, Ungarra, SA, 5607-printed by Prime Family Trust Page: 2/3

Printed on Sunday 7 July 2019 at 04:16pm Agrimaster6.4.12 (arCTBTotal)


Cash Trial Balance - Totals (January 2018 to December 2018)

Cash Book Balance Summary

Opening Cash Balance

PaymentsTransfers OutTotal Debits

ReceiptsTransfers InTotal Credits

Closing Cash Balance

Closing Cash BalanceUn Cleared Payments

Un Cleared ReceiptsClosing Statement Balance

43,482.38

45,695.53

43,482.38

17,858.42

61,340.80

17,858.42

17,858.42

15,645.27

45,695.53

61,340.80

17,858.42

17.858.42

Cash Book Reconciliation

Society Cheque Accou

OpeningCashbook

15,645.27

CashbookPayments

CashbookReceipts

43,482.38 45,695.53

ClosingCashbook

17,858.42

UnclearedPayments

0.00

Uncleared ClosingReceipts Statement

0.00 17,858.42

Important Information

It is important to note that amounts proportionally allocated to codes for personal use are not reflected here.

ieG A & J M Pugsley, Post Office, Ungarra, SA, 5607 - printed by Prime Family Trust

Printed on Sunday 7 July 2019 at 04:16 pm

Page: 3/3

Agrimaster6.4.12 (arCTBTotal)

COMMUNITY OUTREACH MISSION NETWORK

Income Statement

FOR THE YEAR ENDED 31 DECEMBER 2018 Note 2018 2017$

Income:Grants & ContributionsOther Income

Expenses:AdministrationEmployment CostsTravelSundry Expenses

Current Year Surplus/(Deficit)

48,969 46,221

48,969

(1,127)(20,892)

(1,086)(7,430)

(30,535)

18,434

46,221

(555)(30,923)

(999)(6,595)

(39,074)

7,147

1 of 5 The accompanying notes form part of the financial statements 22/03/2019


Balance Sheet

FOR THE YEAR ENDED 31 DECEMBER 2018 Note 2018$

2017$

ASSETS

CURRENT ASSETSCash and Cash EquivalentsTrade and Other Receivables

TOTAL CURRENT ASSETS

TOTAL ASSETS

107,521

107,521

107,521

97,028

97,028

97,028

LIABILITIES

CURRENT LIABILITIESTrade and Other Payables

TOTAL CURRENT LIABILITIES

TOTAL LIABILITIES

NET ASSETS

100100

100

107,421

8,041

8,041

8,041

88,987

EQUITYAccumulated FundsCurrent Year Surplus/(Deficit)TOTAL EQUITY

88,98718,434

107,421

81,8407,147

88,987

2 of 5 The accompanying notes form part of the financial statements 22/03/2019


Notes to the Financial Statements

FOR THE YEAR ENDED 31 DECEMBER 2017

Operations and Principal Activities

The Community Outreach Mission Network is a group of congregations which have joined together for the purposes

of resourcing one another in mission, providing pastoral care to one another and other related purposes, and is

recognised as such by the Presbytery and Synod of South Australia.

Note 1 : STATEMENT OF SIGNIFICANT POLICIES

This financial report is a special purpose report prepared for use by the Community Outreach Mission Network.

The Network has determined that it is not a reporting entity.

The financial report has been prepared in accordance with the following Australian Accounting Standards

and other mandatory professional reporting requirements:

AASB1031:MaterialityAASB 108: Events After the Balance Sheet Date

No other Australian Accounting Standards, Australian Accounting Interpretations or other authoritative

pronouncements of the Australian Accounting Standards Board have been applied. However, the recognition and

measurement criteria of all Australian Accounting Standards have been applied.

Basis of Preparation

The financial report is prepared on an accruals basis. Unless a market valuation has been specifically

stated all values are based on historic cost.

The following material accounting policies which are consistent with the previous period unless otherwise stated

have been adopted in the preparation of this financial report.

(a) Cash and Cash Equivalents

Cash and Cash Equivalents in the balance sheet comprise cash at bank and in hand and short-term depositswith an original maturity of three months or less that are readily convertible to known amounts of cash and whichare subject to an insignificant risk of changes in value.

(b) Income Tax

The Network is exempt from income tax due to its status as a charitable organisation.

(c) Revenue Recognition

Revenue is recognised and measured at the fair value of the consideration received or receivable to the extent

it is probable that the economic benefits will flow to the Network and the revenue can be reliably measured. The

following specific recognition criteria must also be met before revenue is recognised:

3 of 5 22/03/2019




(c) Revenue Recognition - continued

(i) Contributions - Congregations

Revenue for congregational contributions is recognised when it is received by the Community Outreach Mission

Network. Each year Congregations are required to submit to the Network a contribution to the wider mission of the

church which is a percentage of their previous year's income. If a congregation is unable to contribute the designated

amount then the Church Council is required to write to the Network applying for an exemption or variation for that year.

(d) Trade and Other Payables

Trade and Other Payables and accruals are carried at amortised cost. Due to their short term nature they are

not discounted. They represent liabilities for goods and services provided to the Network prior to the end of the

financial year that are unpaid and arise when the Network becomes obliged to make future payments in respect

of the purchase of these goods and services. The amounts are unsecured and are usually paid within 30 days of

recognition.

(e) Goods and Services Tax

Revenues, expenses and assets are recognised net of the amount of GST except when the GST

incurred on a purchase of goods and services is not recoverable from the taxation authority,

in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense

item as applicable.

The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables

or payables in the balance sheet.

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the

taxation authority.

2018 2017Note 2 : Administration Expenses $ $

Audit/Professional Services 618AdministrationPostagePrinting and StationeryTelephone

Note 3 : Sundry Expenses

GrantsSundryMission Outreach

65129315

1,127

5,920650860

7,430

11976

360

555

6,000

595

6,595

4 of 5 22/03/2019




Note 4 : Cash and Cash Equivalents

Cash at Bank

Note 5 : Trade and Other Receivables

Accrued Income

Note 6 : Trade and Other Payables

Accrued Expenses

Provision for Annual LeaveProvision for Long Service Leave

2018

107,521

107,521

100

100

2017

97,028

97,028

16

8

53,395,593

,041

Note 7 : Events Subsequent to Balance DateThe Network is not aware of any event or circumstance which has arisen since the end of the financialyear, which has significantly affected, or may significantly affect, the entity's operation, the results of thoseoperations, or the entity's state of affairs in subsequent financial period.

5 of 5 22/03/2019




Declaration by the Community Outreach Mission Network

The Mission Network has determined that the Network is not a reporting entity. The Mission Networkhas determined that this special purpose financial report should be prepared in accordance with theaccounting policies outlined in Note 1 to the financial statements.

The Mission Network declares that:

1. the financial statements and notes as set out on pages 1 to 5, presentfairly the Mission Network's financial position as at 31st December 2018and its performance for the year ended on that date in accordance

with the accounting policies in Note 1 to the financial report.

2. in the opinion of the Mission Network, there are reasonable groundsto believe that the Mission Network will be able to pay its debts as and whenthey become due and payable.

This declaration is made in accordance with a resolution ,of the Mission Network by:

Mission Liaison Officer, Community Outreach Mission Network

Dated this ^.J{ day of • fU^ 2019

Representative, Community Outreach Mission Network

Q.e:^j5..^^^r-\.

t-1

Dated this ./—I day of fl^f 2019

»̂< 1of1 22/03/2019

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE COMMUNITY OUTREACH MISSIONNETWORK

Scope:

I have audited the accompanying financial report, being a Special Purpose Financial Report of the CommunityOutreach Mission Network ('the Network'), comprising the Balance Sheet, Income Statement, Notescomprising a summary of significant accounting policies and other explanatory information, and the Network'sdeclaration for the year ended December 31, 2018.

The financial report has been prepared for distribution to the members of the Network. I disclaim anyassumption of responsibility for any reliance on this report, or on the financial report to which it relates, to anypersons other than the members of the Network, or for any purpose other than that for which it is prepared.

The audit has been conducted in accordance with Australian Auditing Standards. The audit proceduresincluded examination, on a test basis, of evidence supporting the amounts and other disclosures in the financialreport and significant accounting estimates. These procedures have been undertaken to form an opinion asto whether, in all material respects, the financial report is presented fairly so as to present a view which isconsistent with my understanding of the Network's financial position.

Audit Opinion:

In my opinion, the financial report presents fairly, in all material aspects, the financial position of the Networkas at December 31, 2018, and the results of its operations for the year then ended.

PETER A WHITING CPA

^

Port Willunga, South Australia

Date

AUDITED FINANCIAL REPORTS

For the 31 2018

Congregation ContributionsInterest ReceivedConference FeesDonations ReceivedMinister's RetreatPreaching Donation - lanOther Income

AdvertisingCatering & WorkshopsDonationsFacility HireHonorariumsMinister's Retreat

Office ExpensesSalary Package - Rev. lan ClarksonTelephoneTravel CostsWebsite Development Costs

Net / for

2018

52,737.291,364.86

10.004,079.00

570.001,179.00

59,940.15

1,910.05300.00

5,200.007,518.30

245.0039,440.53

548.254,398.12

310.0059,870.25

69.90

2017$

53,117.081,313.514,310.002,000.002,430.001,400.001,315.00

65,885.59

595.004,310.00

2,355.004,050.005,182.00

535.4538,615.02

865.142,629.46

120.0059,257.07

6,628.52

T/?ese financial statements should be read in conjunction with the attached Auditor's Report.

2018

1.1.18

ANZ Bank A/c 4957-55594 12,954.86UC Invest A/c 189913 10,000.00UC Invest A/c 182037 30,000.00UC Invest A/c 171762 10,356.90

63,311.76Net Profit / (Loss) for the year 69.90

$63,381.66

ANZ Bank A/c 4957-55594 1 1,659.90UC Invest A/c 189913 10,000.00UC Invest A/c 182037 30,000.00UC Invest A/c 171762 11,721.76

$63,381:66

T/iese financial statements should be read in conjunction with the attached Auditor's Report.

I have audited the accompanying financial reports, being a specialpurpose financial report, of Hope Mission Network, which comprisesthe profit and loss statement and bank accounts for the year ended31st December, 2018.

Member's Responsibility for the Financial ReportThe members of Hope Mission Network are responsible for thepreparation of the financial report, and have determined that thereport meets the needs of the members. The member'sresponsibility also includes such internal control as the membersdetermine are necessary to enable the preparation of a financialreport that is free from material misstatement, whether due to fraudor error.

Auditor's ResponsibilityMy responsibility is to express an opinion on the financial reportbased on the audit. I have conducted the audit in accordance withAustralian Auditing Standards. Those standards require that Icomply with relevant ethical requirements relating to auditengagements and plan and perform the audit to obtain reasonableassurance whether the financial report is free from materialmisstatement.

OpinionIn my opinion, the financial reports present fairly, in all materialrespects, the financial performance of Hope Mission Network as at31 December, 2018.

' ^-^IjiM

Suzanne M Elflett CPA

1 Cork StreetATHELSTONESA5076

./.-t. day of .....^4.0:7Dated this . ../.:<.. day of ...../.V.^..:.J............... 2019

Financial Report1/01/2018 - 31/12/2018

IncomeCongrgation ContributionInterestRetreat Payments

Total

ExpensesGiftWagesSuperannuationWorkcoverUC Payroll FeesPh ReimbursementAshlee ReimbursementPastors RetreatGrantsTravelFood and DrinksLoad and Go FeesMiscellenous

WebpageParking

Total

Surplus / Defidet current Year

Funds Bought Forward 1/01/2018UC InvestCUSALoad and Go

TOTAL

ReconciliationBank Statement at 31/12/2018UC InvestCUSALoad and Go

Plus Net GST Owed

$$$

$

$$$$$$$$$$$$$$$

$

$

$$

70,236.15"1,308.50 ^2,289.26 .-

73,833.91

252.00 -41,030.84^4,059.26^

317.30 z

^

^.''""

)

385.45.<270.(

2,821.40,12,922.252,000.001,238.65

898.769.92

164.6583.1710.00

66,463.65

7,370.26

57,476.6873,259.85

/

$ 130,736.53

$ 138,106.79

••T}

fyîMfg -7 H^ .* 58'437-59" ^ ^ l>l''ll?' '^^KJ-

$ 76/409.66^ .%FÛX<fc 1 ^c; 7Q^ A7 \J ",*

îfl$ 2,813.32 $ 138,106.79

$ 446.22^$ 135,293.47

Stephen BrayABN: 78 836152 499

59 Morea Street Osborne SA 5017Telephone: 0477 ooo 879

Email: sbacctna(5).internode.on. net

2Q May 2019

Audit Report sDnet Mission Network

I have audited the Financial Report of the 3Dnet Mission Network (3D Network)for the year ended 3ist December 2018.

In examining this Report, I was provided with:

> statements for the Credit Union SA and UC Invest accounts;

> documentation verifying the expenses paid including tax invoices, CreditUnion SA transfer receipts and emails.

The audit included an examination, on a test basis, of this documentation.

Income

During the year ended 31 December 2018, the 3D Network received incomefrom:

> contributions made by member congregations by cheque or EFT; and

> interest.

In testing, the amounts shown in the Financial Report reconciled with theamounts deposited into the Credit Union and UC Invest accounts.

While J have not tested the banking processes adopted in relation to the deposits

to confirm that all receipts were deposited, I have no reason to doubt the

amounts shown in the Financial report.

Expenses

Expenses were paid by electronic transfer.

In testing, the amounts shown in the Financial Report reconciled with theamounts shown in the Credit Union/ UC Invest accounts and the documentationprovided in relation to the payments.

However, there were 2 payments for which the appropriate documentation wasnot provided.

1. On 2 January, a payment of $280 was paid to Scott Button asreimbursement for accommodation expenses. To verify the payment,Scott provided a copy of what appears to be the computer screen viewconfirming payment was successful. While this documentation is sufficientfor the purposes of this audit, it is not sufficient for the purposes ofclaiming the GST input tax credits.

The accounts show a $28 input tax credit was claimed for this transaction.To claim this input tax credit requires a complying Tax Invoice. I also notethat as the gross payment was $280, the GST on the transaction wouldhave been $25.45, rather than $28.

2. On 15 March, the bank statement shows a payment of $114.25 was paidto Ashlee Littleford. No documentation was provided in relation to thispayment which has been recorded as a reimbursement.

Opinion

Subject to the qualifications set out above, I have formed the opinion that thefinancial statements audited fairly represent the financial position of the 30Network and its cash flows.

I provide this certification in accordance with Paragraph 3.8.7(0) of theRegulations of the Uniting Church in Australia and the certification should not berelied upon for any other purpose.

,%.Stephen Bray B.Bus B.A. (Ace) FCPA FTIA

Page 02

THE PARKIN TRUST INCORPORATED

FINANCIAL REPORT


The Parkin Trust Incorporated

Statement of Comprehensive Income

FOR THE YEAR ENDED 31 DECEMBER 2018 Note 2018 2017

IncomeDividends Received 302,198 278,784Interest 7,252 5,477Imputation Credits 129,068 111,103

438,518 395,364

ExpensesFees and Charges (2,922) (4,653)

OPERATING INCOME/(LOSS) FOR THE YEAR

Non-Operating lncome/(Expenses)Realised Gains/(Losses) on Sale of Financial Assets

INCOME/(LOSS) FOR THE YEAR

Other Comprehensive lncome/(Losses)Gains/(Losses) on Revaluing Financial Assets 3 (624,963) 42,599Less: Revaluation of financial assets sold in current year 4 (105,456) (125,792)

(2,922)

435,596

43,921

479,517

(4,653)

390,711

147,926

538,637

TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR (250,902) 455,444

2 of 14 The accompanying notes form part of the financial statements.


Balance Sheet

AS AT 31 DECEMBER 2018 Note 2018 2017

ASSETS



NON-CURRENT ASSETSFinancial Assets

TOTAL NON-CURRENT ASSETS

TOTAL ASSETS

243,876105,846

349,722

4,452,591

4,452,591

4,802,313

180,81885,580

266,398

5,091,097

5,091,097

5,357,495

LIABILITIESCURRENT LIABILITIESTrade and Other Payables


NON-CURRENT LIABILITIESTOTAL NON-CURRENT LIABILITIES

TOTAL LIABILITIES

NET ASSETS

EQUITfUniting College for Leadership & Theology Distribution AccountCapital and Reserves

TOTAL EQUIPS

1,080 1,360

4,

4,

4,

1,080

1,080

801,233

684,982116,251

801,233

5,

4,

5,

1,

1,

356,

613,742,

356,

360

360

135

386749

135



Statement of Changes in Equity


2017Uniting College for Leadership & Theology Distribution Account

Balance 1 January 2017Less grant to Uniting College for Leadership & TheologyBalance carried forward

Operating Income(Loss) for the yearTransfer to Capital AccountOne off grant to Uniting College for Leadership & TheologyBalance 31 December 2017

Capital and Reserves

Capital - General

Balance 1 January 2017Transfer from Uniting College for Leadership & Theology Distribution AccountBalance 31 December 2017

Capital - Asset Fluctuation Reserve

Balance 1 January 2017Capital Gains(Losses)Balance 31 December 2017

Investment Revaluation Reserve

Balance 1 January 2017Revaluation Gains(Losses)Release Unrealised (Gains)/LossesBalance 31 December 2017

Total Capital and Reserves

Total Equity 31 December 2017

2018Uniting College for Leadership & Theology Distribution Account

Balance 1 January 2018Less grant to Uniting College for Leadership & TheologyBalance carried forward

Operating Income(Loss) for the yearTransfer to Capital AccountOne off grant to Uniting College for Leadership & TheologyBalance 31 December 2018

Capital and Reserves

Capital - General

Balance 1 January 2018Transfer from Uniting College for Leadership & Theology Distribution AccountBalance 31 December 2018

Capital - Asset Fluctuation Reserve

Balance 1 January 2018Capital Gains(Losses)Balance 31 December 2018


Balance 1 January 2018Revaluation Gains(Losses)Release Unrealised (Gains)/LossesBalance 31 December 2018



Note

610,675(298,000)312,675

390,711(40,000)(50,0001

1,580,00040,000

2

34

2,371,105147,926

686,91142,599

(125,792)

613,386(304,000)309,386

435,596(60,000)

1,620,000

60,000

2

34

2,519,03143,921

603,718(624,963)(105,456)

613,386

1,620,000

2,519,031

603,718

4,742,749

5,356,135

684,982

1,680,000

2,562,952

(126,701)

4,116,251

4,801,233



Statement of Cash Flows

AS AT 31 DECEMBER 2018 Note 2018 2017

Cash flows from Operating Activities:Investment Income ReceivedInterest IncomePayments to suppliersGrant to Uniting College for Leadership & Theology

Net Cash Flows Provided by Operating Activities 11(2)

410,847 393,2277,252 5,477(3,049) (4,637)

(304,000) (298,000)

111,050 96,067

Cash Flows from Investing ActivitiesPayments for Financial AssetsProceeds from disposal of Financial Assets

Net Cash Flows (Used in)/Provided by Investing Activities

(685,825) (1,502,386)637,833 1,430,733

(47,992) (71,653)

Cash Flows from Financing ActivitiesGrant to Synod from Accumulated Income

Net Cash Flows (Used in)/Provided by Financing Activities

Net (Decrease)/lncrease in Cash HeldCash at the Beginning of the Year

Cash at the End of the Year

(50,000)

11 (1)

63,

180,

243,

058818

876

(50,000)

(25,586)206,404

180,818





The financial report of Parkin Trust Incorporated for the year ended 31st of December 2018 was adopted bythe Board on the 12th June 2019.

Operations and Principal ActivitiesThe Trust was established by the Hon William Parkin in 1872 and incorporated in 1876. The main purposeof the Trust and the functions of its Governors are:

1. The payment of grants to Uniting College for Leadership and Theology (formerly Parkin Wesley College)for the education and maintenance of students for the ministry.

2. The management of its funds.

NOTE 1 : STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

This financial report is a special purpose report prepared for use by the Parkin Trust Incorporated Boardin order to satisfy the financial reporting requirements of section 60.40 of the Australian Charities andNot-for-profit Commission Regulations 2013. The Board has determined that the incorporated body is nota reporting entity.

The financial report has been prepared on an accmals basis and are based on historical costs, modified,where applicable by the measurement at fair value of financial assets. The amounts in the financial statementshave been rounded to the nearest dollar.

The following material accounting policies which are consistent with the previous period unless otherwisestated have been adopted in the preparation of this financial report.

(a) Cash and Cash EquivalentsCash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term depositswith an original maturity of three months or less that are readily convertible to known amounts of cash andwhich are subject to an insignificant risk of changes in value.

(b) Income TaxThe Trust is exempt from income tax due to its status as a charitable organisation.

(c) Trade and Other ReceivablesTrade and Other Receivables, which generally have 30-60 day terms, are recognised initially at fair value andsubsequently measured at amortised cost using the effective interest method, less an allowance forimpairment. Collectability of trade receivables is reviewed on an ongoing basis. Individual debts that areknown to be uncollectible are written off when identified. An impairment provision is recognised when there isobjective evidence that the Association will not be able to collect the receivable. Financial difficulties of thedebtor, default payments or debts more than 60 days overdue are considered objective evidence of impairment.The amount of the impairment loss is the receivable carrying amount compared with the present value ofestimated future cash flows, discounted at the original effective interest rate.

6 of 14




(d) Revenue RecognitionRevenue is recognised and measured at the fair value of the consideration received or receivable to the extentit is probable that the economic benefits will flow to the Trust and the revenue can be reliably measured. Thefollowing specific recognition criteria must also be met before revenue is recognised:

(i) Interest revenueRevenue is recognised as interest accrues using the effective interest method. This is a method of calculatingthe amortised cost of a financial asset and allocating the interest income over the relevant period using theeffective interest rate, which is the rate that exactly discounts estimated future cash receipts through theexpected life of the financial asset to the net carrying amount of the financial asset.

(ii) Investment revenueInvestment income is received in the form of interest and dividends. Revenue is recognised when the entity'sright to receive the payment is established.

(e) Trade and Other PayablesTrade and Other Payables and accruals are carried at amortised cost. Due to their short term nature they arenot discounted. They represent liabilities for goods and services provided to the Trust prior to the end ofthe year that are unpaid and arise when the Trust becomes obliged to make future paymentsin respect of the purchase of these goods and services. The amounts are unsecured and are usually paidwithin 30 days of recognition.

(f) Goods and Services Tax (GST)Revenues, expenses and assets are recognised net of the amount of GST except:

When the GST incurred on a purchase of goods and services is not recoverable from the taxation authority,in which case the GST is recognised as part of the cost of acquisition of the asset or as part of theexpense item as applicable.

The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivablesor payables in the balance sheet.

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, thetaxation authority.

(g) Financial Instruments

Recognition and Initial Measurement

Financial Instruments, incorporating financial assets and financial liabilities, are recognised when the Fund becomes

a party to the contractual provisions of the instrument. Trade date accounting is adopted for financial assets that are

delivered within timeframes established by marketplace convention.

Financial Instruments are initially measured at fair value plus transactions costs where the instrument is not classified

at fair value through profit or loss. Transaction costs related to instruments classified at fair value through profit or loss

are expensed to profit or loss immediately.

Derecognition

Financial assets are derecognised where the contractual rights to receipt of cash flows expires or the asset is

transferred to another party whereby the Fund no longer has any significant continuing involvement in the risks and

benefits associated with the asset. Financial liabilities are derecognised where the related obligations are either

discharged, cancelled or expire. The difference between the carrying value of the financial liability extinguished or

transferred to another party and the fair value of consideration paid, including the transfer of non-cash assets or

liabilities assumed is recognised in profit or loss.

7 of 14




(g) Financial Instruments (continued)

Classification and Subsequent Measurement

Financial assets are subsequently measured at either:

• Amortised cost; or

• Fair value through other comprehensive income

This is done on the basis of two primary criteria being the contractual cash flow characteristics of the financial asset

and the business model for managing the financial assets.

A financial asset is subsequently measured at amortised cost if it meets the following conditions:

• The financial asset is managed solely to collect contractual cash flows; and

• The contractual terms within the financial asset give rise to cash flows that are solely payments of principal

and interest on the capital amounts outstanding on specified dates.

By default, all other financial assets that do not meet the measurement conditions of amortised cost are

subsequently measured at fair value through other comprehensive income.

(h) ReservesUniting College for Leadership & Theology Distribution AccountThe Uniting College for Leadership & Theology Distribution Reserve (previously Parkin Wesley DistributionReserve) holds funds designated for the coming years distribution to the Uniting College for Leadership& Theology. This reserve value is the profit for the year, less transfers to Capital - General and Capital - AssetFluctuation Reserve, plus profits carried forward from previous years.

Capital - GeneralThe Capital General Reserve is the corpus of the entity. An amount of the profit for the year is nominated bythe board to be added to Capital - General Account each year.

Investment Revaluation ReserveThe Financial Assets Reserve records the revaluation of financial assets to market value. This also includesas a seperate item the reclassification of reserves upon the sale of assets.

Capital - Asset Fluctuation Resen/eThe Capital - Asset Fluctuation Reserve is the accumulation of profits on the sale of assets. The valuetransferred in this reserve is not available for distribution.

8 of 14




NOTE 2 : CAPITAL GAIN/(LOSS) ON SALE OF FINANCIAL ASSETS

Australia and New Zealand Banking Group LimitedCommonwealth Bank of AustraliaCochlear LimitiedCSL LimitedCaltex Australia LimitedMacquarie Group LimitedNational Australia Bank LimitedOil Search LimitedRio Tinto LimitedSirtex Medical LimitedTelstra Corporation LimitedWestpac Banking Corporation

NOTE 3 : GAINS/(LOSSES) ON REVALUING FINANCIAL ASSETS

Adelaide Brighton LimitedAustralia and New Zealand Banking Group LimitedCommonwealth Bank of AustraliaCochlear LimitiedCSL LimitedCaltex Australia LimitedDulux Group LimitedFuture Generation Investment Company LtdFortescue Metals Group LtdIOOF Holdings LimitedMacquarie Group LimitedNational Australia Bank LimitedOil Search LimitedPendal Group LimitedPerpetual LimitedRio Tinto LimitedSirtex Medical LimitedSuncorp Group LimitedTelstra Corporation LimitedTransurban GroupWAM Capital LimitedWAM Leaders LimitedWestpac Banking CorporationWoodside Petroleum Limited

2018 2017

43,388

45,397(19,754)

(48,921)34,615

9,75948,457

8,4622,821

75,07515,453

(22,305)

(2,560)12,764

43,921

(53,460)(91,930)(50,165)12,23952,632

(18,638)(213)

(5,486)(205,452)

51,615(102,928)

(7,360)(83,159)

(1,013)61,099

(28,278)

9,929(17,942)(10,900)

(125,873)(9,680)

(624,963)

147,926

28,469(38,959)(36,858)49,65449,068

2,300

(8,030)49,42274,407

(52,520)(2,730)

38(4,166)

6,9057,150

(56,070)

465494

(37,000)10,560

42,599

9 of 14




2018

NOTE 4 : REVALUATION OF FINANCIAL ASSETS SOLD IN CURRENT YEAR


NOTE 5 : CASH AND CASH EQUIVALENTS

UC InvestMacquarie Vision

NOTE 6 : TRADE AND OTHER RECEIVABLES

Accrued Franking CreditsGST Credits

2017

(43,138)

(39,973)8,344

1,379(34,220)

2,152

(105,456)

242,3831,493

243,876

105,846

105,846

(9,027)(33,915)

(7,488)(2,300)

(74,732)(12,456)20,148

5,056(11,078)

(125,792)

180,818

180,818

85,426154

85,580

10 of 14




NOTE 7 : FINANCIAL ASSETS

Company

Adelaide Brighton LimitedAustralia and New Zealand Banking Group LtdCommonwealth Bank of AustraliaCochlear LimitiedCSL LimitedDulux Group LimitedFuture Generation Investment Company LtdFortescue Metals Group LtdIOOF Holdings LimitedMacquarie Group LimitedNational Australia Bank LimitedPendal Group LimitedPerpetual LimitedRio Tinto LimitedSuncorp Group LimitedTransurban GroupWAM Capital LimitedWAM Leaders LimitedWestpac Banking CorporationWoodside Petroleum Limited

Source for Market Share Price: asx.com.au

No. Shares

23,76021,479

6,310620

1,20020,48142,550

7,95037,7304,500

17,0002,2175,2402,864

22,99013,98574,760

109,00016,5005,500

BookValue

124,981560,957477,030

56,020102,520152,99350,20949,938

329,324274,648499,248

24,992253,426224,372291,427152,996174,950125,946466,426186,788

4,579,191

31/12/2018Market

Share Price

4.27

24.4672.39

173.57185.1611.65

1.18

4.19

5.17

108.6524.07

7.97

32.4878.4712.6311.652.16

1.06

25.0431.32

31/12/2018MarketValue

101,455525,376456,781107,613222,192134,35549,99633,311

195,064488,925409,190

17,669170,195224,738290,364162,925161,482115,540413,160172,260

4,452,591

Part of the financial assets disclosed as non-current will be realised in the next 12 months, however tomeasure and disclose this is not practicable.

NOTE 8 : TRADE AND OTHER PAYABLES

AccrualsAudit FeesProfessional Fees

2018

1,080

2017

1,060300

1,080 1,360

NOTE 9 : CAPITAL COMMITMENTS

There were no capital commitments at 31 December 2018 relating to any future transactions.

NOTE 10 : EVENTS AFTER BALANCE DATE

The Parkin Trust Incorporated Board is not aware of any event or circumstance which has arisen since theend of the financial year, which has significantly affected, or may significantly affect, the entity's operation,the results of those operations, or the entity's state of affairs in subsequent financial period.

11 of 14




2018 2017

NOTE 11: STATEMENT OF CASH FLOWS

1. Reconciliation of Cash:

UC InvestMacquarie Vision

2. Reconciliation of Income for year to Net Cash Flows from Operating Activities:

lncome/(Expense) for YearGrant to UCLTChanges in assets and liabilities- Net (lncrease)/Decrease In Trade Receivables- Net lncrease/(Decrease) in Trade Payables .

Net Cash Flows provided by Operating Activities

242,3831,493

243,876

3S:

435,596(304,000)

(20,266)(280)

111,050

180,818

180,818

390,711(298,000)

3,33720

96,068

12 of 14


COMMITTEE REPORT IN COMPLIANCE WITH SECTION35 (5) OF THE ASSOCIATIONS INCORPORATION ACT, 1985.

In accordance with Section 35 (5) of the Associations Incorporation Act, 1985, the Committee of The ParkinTrust Incorporated hereby states that during the financial year ended 31st December 2018:

1) no officer of the Association;2) no firm of which an officer is a member; and3) no body corporate in which an officer has a substantial financial interest,

has received or become entitled to receive a benefit as a result of a contract between the officer, firm, orcorporate body and the Association.

This report is made in accordance with a resolution of the Committee and is signed by Mr Paul Frisby andMr Tom Adams.

Dated this 12th day of June 2019

Signed

Position held on Committee

Signed


•^

^fOU^ ^ ^/<7,

13 of 14


DECLARATION BY THE BOARD

The Board has determined that the fund is not a reporting entity and that this special purpose financial reportshould be prepared in accordance Division 60 of the Australian Charities and Not-for-profits Commision Act2012, the Associations Incorporation Act 1985, and with the accounting policies outlined in Note 1 to thefinancial statements.

In the opinion of the Board the financial report, as set out on pages 1 to 11:

(a) gives a true and fair view of the financial position of The Parkin Trust Inc. as at 31 December2018 and its performance for the 12 month period ended on that date in accordance with the AustralianCharities and Not-for-profits Commision Act 2012, the Associations Incorporation Act 1985, and theaccounting policies outlined in Note 1 to the financial statements.

(b) at the date of this statement, there are reasonable grounds to believe that The Parkin Trust Inc. isable to pay its debts as and when they fall due.

This statement is made in accordance with a resolution of The Parkin Trust Inc. Board and subsection60.15(2) of the Australian Charities and Not-for profits Commission Regulation 2013 and is signed for andon behalf of the Board by:

Presideht

Governor

DATED this 12th day of June 2019

14 of 14

NexiaEdwards Marshall

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PARKIN TRUST INCORPORATED

Opinion

We have audited the accompanying financial report, being a special purpose financial report, of The ParkinTrust Incorporated ('the Association'), which comprises the balance sheet as at 31 December 2018,

statement of comprehensive income and statement of changes in equity for the year then ended/ notes

comprising a summary of significant accounting policies/ other explanatory information, and the declarationby the Board.

In our opinion, the accompanying financial report of the Association is in accordance with the Australian

Charities and Not-for-profits Commission Act 2012; including:

(i) giving a true and fair view of the Association's financial position as at 31 December 2018 and of its

financial performance for the year then ended; and

(ii) complying with Australian Accounting Standards to the extent described in Note 1 and Division 60 of

the Australian Charities and Not-for-profits Commission Regulations 2013.

Basis for opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those

standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section

of our report. We are independent of the Entity in accordance with the auditor independence requirements

and the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of

Ethics for Professional Accountants (the Code) and section 60-40 of the Australian Charities and Not-for-

profits Commission Act 2012 (the Act) that are relevant to our audit of the financial report in Australia. We

have also fulfilled our other ethical responsibilities in accordance with the Code and the Act.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our

opinion.

Emphasis of Matter - Basis of Accounting

Without modifying our opinion, we draw attention to Note 1 to the financial report/ which describes the

basis of accounting. The financial report has been prepared for the purpose of fulfilling the Entity's financial

reporting responsibilities under the Australian Charities and Not-for-profits Commission Act 2012. As a result/the financial report may not be suitable for another purpose. Our opinion is not modified in respect of this

matter.

Other information

The management are responsible for the other information. The other information comprises theinformation in the entity's annual report for the year ended 31 December 2018, but does not include the

financial report and the auditor's report thereon.

Our opinion on the financial report does not cover the other information and we do not express any form ofassurance conclusion thereon.

L3 Liability limited by a scheme approved under Professional Standards Legislation.153 Hinders Street Nexia Edwards Marshall is an independent firm of Chartered Accountants. It is affiliated with, but independent from, NexiaAdelaide SA 5000 Australia Pty Ltd, which is a member of Nexia International, a worldwide network of independent accounting and consultingGPO Box 2163 firms' Neither Nexia International nor Nexia Australia Pty Ltd deliver services in its own name or otherwise. Nexia International

Limited and the member firms of the Nexia International network (including those members which trade under a name whichincludes the word NEXIA) are not part of a worldwide partnership.

p +01 ooijy 1 11 i ^.^ trademarks NEXIA INTERNATIONAL, NEXIA and the NEXIA logo are owned by Nexia International Limited and usedwnexiaem.com.au under licence.


INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PARKIN TRUST INCORPORATED (CONT)

Other information (Cont)

In connection with our audit of the financial report/ our responsibility is to read the other information and/ in

doing so/ consider whether the other information is materially inconsistent with the financial report or our

knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed/ we conclude that there is a material misstatement of the other

information we are required to report that fact. We have nothing to report in this regard.

Responsibilities of management and those charged with governance for the financial report

Management is responsible for the preparation and true and fair view and have determined that the basis of

preparation described in Note 1 to the financial statements is appropriate to meet the requirements of the

Australian Charities and Not-for-profits Commission Act 2012 and is appropriate to meet the needs of the

Committee. The Committee is also responsible for such internal control as they determine is necessary toenable the preparation of the financial report that gives a true and fair view and is free from material

misstatement/ whether due to fraud or error.

In preparing the financial report/ management is responsible for assessing the Entity's ability to continue as a

going concern, disclosing, as applicable/ matters related to going concern and using the going concern basis

of accounting unless management either intends to liquidate the Entity or to cease operations, or has norealistic alternative but to do so.

Those charged with governance are responsible for overseeing the Entity's financial reporting process.

Auditor's responsibility for the audit of the financial report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free frommaterial misstatement, whether due to fraud or error/ and to issue an auditor's report that includes our

opinion. Reasonable assurance is a high level of assurance/ but is not a guarantee that an audit conducted in

accordance with the Australian Auditing Standards will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate/

they could reasonably be expected to influence the economic decisions of users taken on the basis of thisfinancial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement

and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial report/ whether due to fraud or

error, design and perform audit procedures responsive to those risks, and obtain audit evidence that issufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material

misstatement resulting from fraud is higher than for one resulting from error/ as fraud may involve

collusion, forgery, intentional omissions/ misrepresentations/ or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures

that are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Entity's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates and related disclosures made by those charged with governance.

L3 Liability limited by a scheme approved under Professional Standards Legislation.153 Flinders Street Nexia Edwards Marshall is an independent firm of Chartered Accountants. It is affiliated with, but independent from, NexiaAdelaide SA 5000 Australia Pty Ltd, which is a member of Nexia International, a worldwide network of independent accounting and consultingGPO Box 2163 firms. Neither Nexia International nor Nexia Australia Pty Ltd deliver services in its own name or otherwise. Nexia InternationalAdelaide SA 5001 Limited and the member firms of the Nexia International network (including those members which trade under a name which

includes the word NEXIA) are not part of a worldwide partnership.p +DI y 8-1 jy •I i i i ^ trademarks NEXIA INTERNATIONAL, NEXIA and the NEXIA logo are owned by Nexia International Limited and usedwnexiaem.com.au under licence.


INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PARKIN TRUST INCORPORATED (CONT)

Auditor's responsibility for the audit of the financial report (cont)

• Conclude on the appropriateness of the Committee's use of the going concern basis of accounting and,

based on the audit evidence obtained, whether a material uncertainty exists related to events or

conditions that may cast significant doubt on the Entity's ability to continue as a going concern. If we

conclude that a material uncertainty exists/ we are required to draw attention in our auditor's report to

the related disclosures in the financial report or, if such disclosures are inadequate, to modify our

opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However, future events or conditions may cause the Entity to cease to continue as a going

concern.

• Evaluate the overall presentation/ structure and content of the financial report/ including the

disclosures/ and whether the financial report represents the underlying transactions and events in amanner that achieves true and fair view.

We communicate with those charged with governance regarding, among other matters, the planned scopeand timing of the audit and significant audit findings, including any significant deficiencies in internal control

that we identify during our audit.

We also provide the management with a statement that we have complied with relevant ethical

requirements regarding independence, and to communicate with them all relationships and other matters

that may reasonably be thought to bear on our independence/ and where applicable/ related safeguards.

/%<C<;A- f--C^^jc,,HS^S ^P'/f^-t^'^.e^..-

Nexia Edwards Marshall

Chartered Accountants

^,^S.y~hQ,,C't

Brett MorkunasPartner

AdelaideSouth Australia

12 June 2019

L3153 Hinders StreetAdelaide SA 5000GPO Box 2163Adelaide SA 5001p +61 881391111w nexiaem.com.au

Liability limited by a scheme approved under Professional Standards Legislation.Nexia Edwards Marshall is an independent firm of Chartered Accountants. It is affiliated with, but independent from, NexiaAustralia Pty Ltd, which is a member of Nexia International, a worldwide network of independent accounting and consultingfirms. Neither Nexia International nor Nexia Australia Pty Ltd deliver services in its own name or otherwise. Nexia InternationalLimited and the member firms of the Nexia International network (including those members which trade under a name whichincludes the word NEXIA) are not part of a worldwide partnership.The trademarks NEXIA INTERNATIONAL, NEXIA and the NEXIA logo are owned by Nexia International Limited and used

under licence.


AUDITOR'S INDEPENDENCE DECLARATIONUNDER SUBDIVISION 60-40 OF THE AUSTRALIAN CHARITIES AND NOT-FOR-PROFITS COMMISSION ACT

2012 TO THE MEMBERS OF THE PARKIN TRUST INCORPORATED

I declare that, to the best of my knowledge and belief/ during the year ended 31 December 2018 there

have been no contraventions of the auditor independence requirements as set out in any applicable

code of professional conduct in relation to the audit.

T&Ct^ &^-.^0 ^^^^A-



Brett Morkunas

Partner


12 June 2019

L3 Liability limited by a scheme approved under Professional Standards Legislation.153 Hinders Street Nexia Edwards Marshall is an independent firm of Chartered Accountants. It is affiliated with, but independent from, NexiaAdelaide SA 5000 Australia Pty Ltd, which is a member of Nexia International, a worldwide network of independent accounting and consultingGPO Box 2163 fnms. Neither Nexia International nor Nexia Australia Pty Ltd deliver services in its own name or otherwise. Nexia International


p +0-1 o ti-i dy •I -i -i -i -p^g trademarks NEXIA INTERNATIONAL, NEXIA and the NEXIA logo are owned by Nexia International Limited and usedwnexiaem.com.au underlicence.

The Parkin Mission of South Australia Incorporated

FINANCIAL REPORT



Statement of Comprehensive Income


Income

Dividends ReceivedInterestImputation Credits

ExpensesProfessional FeesOther Expenses

Revenue before Grants and Benefactions

Grants and BenefactionsGrant to SynodWidows Benefactions

1,180,784 1,086,74420,038 15,902

476,018 435,932

1,676,840 1,538,578

(8,563) (15,460)(476) (612)

(9,039) (16,072)

1,667,801 1,522,506

(1,236,000) (1,212,000)(24,000) (24,000)

(1,260,000) (1,236,000)

OPERATING INCOME/(LOSS) FOR THE YEAR

Non-Operating Income(Expenses)Realised Gains(Losses) on Sale of Financial Assets

INCOME/(LOSS) FOR THE YEAR

Other Comprehensive IncomeGains/(Losses) on Revaluing Financial AssetsLess: Revaluation of financial assets sold in current year

TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR

407,801 286,506

77,142 520,105

484,943 806,611

(2,378,664) 155,332(318,404) (427,275)

(2,212,125) 534,668



Balance Sheet

AS AT 31 DECEMBER 2018 Note 2018 2017$

ASSETS



NON-CURRENT ASSETSFinancial Assets

TOTAL NON-CURRENT ASSETS

TOTAL ASSETS

56

7

585,198384,607

969,805

17,625,461

17,625,461

18,595,266

2020,

20

442,279335,403777,682

,006,889

,006,889

,784,571

LIABILITIESCURRENT LIABILITIESTrade and Other Payables


NON-CURRENT LIABILITIESTOTAL NON-CURRENT LIABILITIES

TOTAL LIABILITIES

NET ASSETS 18

25,

25,

25,

,570,

080080

080

186 20

2,

2,

2,

,782,

260260

260

311

EQUH-YAccumulated IncomeCapital & Reserves

TOTAL EQUITY

1,371,410 1,193,60917,198,776 19,588,702

18,570,186 20,782,311



Statement of Changes in Equity


2017Accumulated Income

Balance 1 January 2017Operating Income (Loss) for the yearOne off Grant to Mission and ServicesTransfer to Capital AccountBalance 31 December 2017

Capital and ReservesCapital - GeneralBalance 1 January 2017Transfer from Accumulated IncomeBalance 31 December 2017

Capital - Asset Fluctuation ReserveBalance 1 January 2017Capital Gains/(Losses)Balance 31 December 2017

Investment Revaluation ReserveBalance 1 January 2017Revaluation Gains/(Losses)Release Unrealised (Gains)/Losses on SaleBalance 31 December 2017



2018Accumulated Income

Balance 1 January 2018Operating Income (Loss) for the yearOne off Grant to Mission and ServicesTransfer to Capital AccountBalance 31 December 2018

Capital and ReservesCapital - GeneralBalance 1 January 2018Transfer from Accumulated IncomeBalance 31 December 2018

Capital - Asset Fluctuation ReserveBalance 1 January 2018Capital Gains/(Losses)Balance 31 December 2018

Investment Revaluation ReserveBalance 1 January 2018Revaluation Gains/(Losses)Release Unrealised (Gains)/Losses on SaleBalance 31 December 2018



Note

1,137,103286,506

(100,000)(130,000)

1,193,609

2

34

2,830,000130,000

14,200,420520,105

2,180,120155,332

(427,275)

1,193,609407,801

(230,000)

2,960,000

14,720,525

1,908,177

19,588,702

20,782,311

1,371,410

2

34

2,960,000230,000

14,720,52577,142

1,908,177(2,378,664)

(318,404)

3,190,000

14,797,667

(788,891)

17,198,776

18,570,186



Statement of Cash Flows


Cash flows from Operating Activities:Investment Income ReceivedInterest IncomePayments to suppliersGrant to SynodWidows Benefactions

Net Cash Flows Provided by Operating Activities 11(2)

1

(1

,607,58820,038

(10,209),236,000)

381,417

1

(1

,530,08915,461

(16,062),212,000)(24,000)

293,488

Cash Flows from Investing ActivitiesPayments for Financial AssetsProceeds from disposal of Financial Assets

Net Cash Flows (Used in)/Provided by Investing Activities

(2,572,482) (5,998,040)2,333,984 5,637,105

(238,498) (360,935)

Cash Flows from Financing ActivitiesGrant to Synod from Accumulated Income

Net Cash Flows (Used in)/Provided by Financing Activities

Net (Decrease)/! ncrease in Cash HeldCash at the Beginning of the Year

Cash at the End of the Year

(100,000)

11 (1)

142,919442,279

585,198

(100,000)

(167,447)609,726

442,279





The financial report of Parkin Mission of South Australia Incorporated for the year ended 31st of December2018 was adopted by the Board on the 12th June 2019.

Operations and Principal ActivitiesThe Mission was established by the Hon William Parkin in 1882 and incorporated in 1888. The mainpurpose of the Mission and the functions of its Governors are:

1. The payment of annuities to twenty widows.

2. The payment of grants to Synod for congregations, rural ministry and other ministries includingchaplaincies.

3. The management of its funds.

NOTE 1 : STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

This financial report is a special purpose report prepared for use by the Parkin Mission South AustraliaIncorporated Board in order to satisfy the financial reporting requirements of section 60.40 of the AustralianCharities and Not-for-profit Commission Regulations 2013. The Board has determined that the incorporatedbody is not a reporting entity.

The financial report has been prepared on an accruals basis and are based on historical costs, modified,where applicable by the measurement at fair value of financial assets. The amounts in the financial statementshave been rounded to the nearest dollar.

The following material accounting policies which are consistent with the previous period unless otherwisestated have been adopted in the preparation of this financial report.

(a) Cash and Cash EquivalentsCash and Cash Equivalents in the balance sheet comprise cash at bank and in hand and short-term depositswith an original maturity of three months or less that are readily convertible to known amounts of cash andwhich are subject to an insignificant risk of changes in value.

(b) Income TaxThe Mission is exempt from income tax due to its status as a charitable organisation.

(c) Trade and Other ReceivablesTrade and Other Receivables, which generally have 30-60 day terms, are recognised initially at fair value andsubsequently measured at amortised cost using the effective interest method, less an allowance for impairment.Collectability of trade receivables is reviewed on an ongoing basis. Individual debts that are known to beuncollectible are written off when identified. An impairment provision is recognised when there is objectiveevidence that the Mission will not be able to collect the receivable. Financial difficulties of the debtor, defaultpayments or debts more than 60 days overdue are considered objective evidence of impairment. The amount ofthe impairment loss is the receivable carrying amount compared with the present value of estimated future cashflows, discounted at the original effective interest rate.

6 of 14




(d) Revenue RecognitionRevenue is recognised and measured at the fair value of the consideration received or receivable to the extentit is probable that the economic benefits will flow to the Mission and the revenue can be reliably measured. Thefollowing specific recognition criteria must also be met before revenue is recognised:

(i) Interest revenueRevenue is recognised as interest accrues using the effective interest method. This is a method of calculatingthe amortised cost of a financial asset and allocating the interest income over the relevant period using theeffective interest rate, which is the rate that exactly discounts estimated future cash receipts through theexpected life of the financial asset to the net carrying amount of the financial asset.

(ii) Investment revenueInvestment income is received in the form of interest and dividends.Revenue is recognized when the entity's right to receive the payment is established.

(e) Trade and Other PayablesTrade and Other Payables and accruals are carried at amortised cost. Due to their short term nature they arenot discounted. They represent liabilities for goods and sen/ices provided to the Mission prior to the end of theyear that are unpaid and arise when the Mission becomes obliged to make future payments in respectof the purchase of these goods and services. The amounts are unsecured and are usually paid within 30 days ofrecognition.

(f) Goods and Services Tax (GST)Revenues,expenses and assets are recognised net of the amount of GST except:

When the GST incurred on a purchase of goods and services is not recoverable from the taxation authority,in which case the GST is recognised as part of the cost of acquisition of the asset or as part of theexpense item as applicable.

The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivablesor payables in the balance sheet.

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, thetaxation authority.

(g) Financial Instruments

Recognition and Initial Measurement

Financial Instruments, incorporating financial assets and financial liabilities, are recognised when the Fund

becomes a party to the contractual provisions of the instrument. Trade date accounting is adopted for financial

assets that are delivered within timeframes established by marketplace convention.

Financial Instruments are initially measured at fair value plus transactions costs where the instrument is not

classified at fair value through profit or loss. Transaction costs related to instruments classified at fair value

through profit or loss are expensed to profit or loss immediately.

Derecognition

Financial assets are derecognised where the contractual rights to receipt of cash flows expires or the asset is

transferred to another party whereby the Fund no longer has any significant continuing involvement in the risks

and benefits associated with the asset. Financial liabilities are derecognised where the related obligations are

either discharged, cancelled or expire. The difference between the carrying value of the financial liability

extinguished or transferred to another party and the fair value of consideration paid, including the transfer ofnon-cash assets or liabilities assumed is recognised in profit or loss.

7 of 14




(g) Financial Instruments (continued)

Classification and Subsequent Measurement

Financial assets are subsequently measured at either:• Amortised cost; or

• Fair value through other comprehensive income

This is done on the basis of two primary criteria being the contractual cash flow characteristics of the financial

asset and the business model for managing the financial assets.

A financial asset is subsequently measured at amortised cost if it meets the following conditions:

• The financial asset is managed solely to collect contractual cash flows; and

• The contractual terms within the financial asset give rise to cash flows that are solely payments of

principal and interest on the capital amounts outstanding on specified dates.

By default, all other financial assets that do not meet the measurement conditions of amortised cost are

subsequently measured at fair value through other comprehensive income.

(h) ReservesCapital - GeneralThe Capital - General Reserve is the corpus of the entity. An amount of the profit for the year is nominated bythe board to be added to the Capital General account each year.

Capital - Asset Fluctuation ReserveThe Capital - Asset Fluctuation Reserve comprises the accumulated profits on sale of investments. Theseprofits are not available for distribution.


The Financial Assets Reserve records the revaluation of financial assets to market value. This also includesas a seperate item the reclassification of reserves upon the sale of assets.

8 of 14




NOTE 2 : CAPITAL GAIN/(LOSS) ON SALE OF FINANCIAL ASSETS

Australia and New Zealand Banking Group LimitedCommonwealth Bank of AustraliaCochlear LimitedCSL LimitedCaltex Australia LimitedMacquarie Group LimitedNational Australia Bank LimitedOil Search LimitedRio Tinto LimitedSirtex Medical LimitedTelstra Corporation LimitedWestpac Banking Corporation

NOTE 3 : GAINS/(LOSSES) ON REVALUING FINANCIAL ASSETS

Adelaide Brighton LimitedAustralia and New Zealand Banking Group LimitedCommonwealth Bank of AustraliaCochlear LimitiedCSL LimitedCaltex Australia LimitedDulux Group LimitedFuture Generation Investment Company LtdFortescue Metals Group LtdIOOF Holdings LimitedMacquarie Group LimitedNational Australia Bank LimitedOil Search LimitedPendal Group LimitedPerpetual LimitedRio Tinto LimitedSirtex Medical LimitedSuncorp Group LimitedTransurban Group

Telstra Corporation LimitedWAM Capital LimitedWAM Leaders LimitedWestpac Banking CorporationWoodside Petroleum Limited

2018 2017

174,162

100,907(73,277)

(187,810)138,062

(74,902)

77,142

(213,413)(362,987)(217,194)

48,769263,160

(71,101)(808)

(21,942)(699,801)162,996

(415,342)

(29,448)(320,447)

(3,929)243,739

(104,612)38,910

(71,904)(43,000)

(516,310)(44,000)

(2,378,664)

26,390186,324

38,33211,411

271,91437,472

(89,426)

(4,995)42,683

520,105

112,439(153,988)(151,269)194,720245,340

9,393

(32,118)164,590247,590

(206,968)(11,025)

304(16,417)

27,38526,241

(200,753)2,0131,078

(151,223)48,000

155,332

9 of 14




2018$

NOTE 4 : REVALUATION OF FINANCIAL ASSETS SOLD IN CURRENT YEAR


NOTE 5 : CASH AND CASH EQUIVALENTS

UC InvestMacquarie Vision Cash

NOTE 6 : TRADE AND OTHER RECEIVABLES

GST CreditsAccrued Income

2017

(172,916)

(88,728)36,680

5,277(136,372)

37,655

(318,404)

579,7365,462

585,198

384,607

384,607

(23,133)(126,848)

(34,083)(9,393)

(269,260)(25,063)80,875

14,995(35,365)

(427,275)

442,279

442,279

10335,393

335,403

10 of 14




NOTE 7 : FINANCIAL ASSETS

Company

Adelaide Brighton LimitedAustralia and New Zealand Banking Group LimitedCommonwealth Bank of AustraliaCochlear LimitiedCSL LimitedDulux Group LimitedFuture Generation Investment Company LtdFortescue Metals Group LtdIOOF Holdings LimitedMacquarie Group LimitedNational Australia Bank LimitedPendal Group LimitedPerpetual LimitedRio Tinto LimitedSuncorp Group LimitedTransurban Group

WAM Capital LimitedWestpac Banking CorporationWAM Leaders LimitedWoodside Petroleum Limited

Source for Market Share Price: asx.com.au

No. Shares

94,85084,81027,3202,4006,000

78,418170,00031,800

129,00015,30070,000

8,87020,19210,06485,05053,660

299,60067,000

430,00025,000

BookValue

499,5652,321,6932,069,801

216,306500,210585,523200,558199,751

1,125,035950,700

2,095,63499,839

974,705788,372

1,078,099586,229699,790

1,963,551497,722961,219

18,414,302

31/12/2018Market

Share Price

4.27

24.46

72.39

173.57185.16

6.56

1.18

4.19

5.17

108.6524.07

7.97

32.4878.4712.63

11.652.16

25.041.06

31.32

31/12/2018

Market Value

405,0102,074,4521,977,694

416,5681,110,960

514,422199,750133,242666,930

1,662,3441,684,900

70,694655,836789,722

1,074,182625,139647,136

1,677,680455,800783,000

17,625,461

Part of the financial assets disclosed as non-current will be realised in the next 12 months, however tomeasure and disclose this is not practicable.

NOTE 8 : TRADE AND OTHER PAYABLES

Accruals

Audit FeesProfessional Fees

Widows Benefactions

2018

1,080

24,000

25,080

2017

1,0601,200

2,260

NOTE 9 : CAPITAL COMMITMENTS

There were no capital commitments at 31 December 2018 relating to any future transactions.

NOTE 10 : EVENTS AFTER BALANCE DATE

The Parkin Mission of South Australia Board is not aware of any event or circumstance which has arisensince the end of the year, which has significantly affected, or may significantly affect, the entity'soperation, the results of those operations, or the entity's state of affairs in subsequent financial period.

11 of 14




2018 2017

NOTE 11:STATEMENT OF CASH FLOWS

1. Reconciliation of Cash:

UC Invest 579,736 442,279

Macquarie Vision _5,462 _-_585,198 442,279

2. Reconciliation of Income for year to Net Cash Flows from Operating Activities:

lncome/(Expense) for Year 407,801 286,506Changes in assets and liabilities- Net (lncrease)/Decrease In Trade Receivables (49,204) 6,962- Net lncrease/(Decrease) in Trade Payables 22,820 20

Net Cash Flows provided by Operating Activities 381,417 293,488

12 of 14


COMMITTEE REPORT IN COMPLIANCE WITH SECTION35 (5) OF THE ASSOCIATIONS INCORPORATION ACT, 1985.

In accordance with Section 35 (5) of the Associations Incorporation Act, 1985, the Committee of The ParkinMission of South Australia Incorporated hereby states that during the year ended 31st December 2018:

1) no officer of the Association;2) no firm of which an officer is a member; and3) no body corporate in which an officer has a substantial financial interest,

has received or become entitled to receive a benefit as a result of a contract between the officer, firm, orcorporate body and the Association.

This report is made in accordance with a resolution of the Committee and is signed by Mr Paul Frisby andMr Tom Adams.

Dated this 12th day of June 2019

Signed


Signed


-.- •""^^'v^

0^^^ft/Qfi,_

13 of 14


DECLARATION BY THE BOARD

The Board has determined that the fund is not a reporting entity and that this special purpose financial reportshould be prepared in accordance Division 60 of the Australian Charities and Not-for-profits Commision Act2012, the Associations Incorporation Act 1985, and with the accounting policies outlined in Note 1 to thefinancial statements.

In the opinion of the Board the financial report, as set out on pages 1 to 12:

(a) gives a true and fair view of the financial position of The Parkin Mlission of South Australia Inc. asat 31 December 2018 and its performance for the 12 month period ended on that date in accordance withthe Australian Charities and Not-for-profits Commision Act 2012, the Associations Incorporation Act 1985,and the accounting policies outlined in Note 1 to the financial statements.

(b) at the date of this statement, there are reasonable grounds to believe that The Parkin Mission ofSouth Australia Incorporated is able to pay its debts as and when they fall due.

This statement is made in accordance with a resolution of The Parkin Mission of South Australia Inc. Boardand subsection 60.15(2) of the Australian Charities and Not-for profits Commission Regulation 2013 and issigned for, and on behalf of the Board by:

President <,

Governor

DATED this 12th day of June 2019

14 of 14


INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PARKIN MISSION SOUTH AUSTRALIAINCORPORATED

Opinion

We have audited the accompanying financial report/ being a special purpose financial report/ of The Parkin

Mission South Australia Incorporated (/the Association'), which comprises the balance sheet as at 31

December 2018, statement of comprehensive income and statement of changes in equity for the year thenended/ notes comprising a summary of significant accounting policies, other explanatory information, and

the declaration by the Board.

In our opinion, the accompanying financial report of the Association is in accordance with the Australian

Charities and Not-for-profits Commission Act 2012; including:

(I) giving a true and fair view of the Association's financial position as at 31 December 2018 and of its

financial performance for the year then ended; and

(ii) complying with Australian Accounting Standards to the extent described in Note 1 and Division 60 ofthe Australian Charities and Not-for-prof its Commission Regulations 2013.

Basis for opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under thosestandards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section

of our report. We are independent of the Entity in accordance with the auditor independence requirementsand the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of

Ethics for Professional Accountants (the Code) and section 60-40 of the Australian Charities and Not-for-

profits Commission Act 2012 (the Act) that are relevant to our audit of the financial report in Australia. We

have also fulfilled our other ethical responsibilities in accordance with the Code and the Act.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our

opinion.

Emphasis of Matter - Basis of Accounting

Without modifying our opinion, we draw attention to Note 1 to the financial report, which describes the

basis of accounting. The financial report has been prepared for the purpose of fulfilling the Entity's financial

reporting responsibilities under the Australian Charities and Not-for-profits Commission Act 2012. As a result,

the financial report may not be suitable for another purpose. Our opinion is not modified in respect of this

matter.

Other information

The board is responsible for the other information. The other information comprises the information in the

entity's annual report for the year ended 31 December 2018, but does not include the financial report andthe auditor's report thereon.

Our opinion on the financial report does not cover the other information and we do not express any form ofassurance conclusion thereon.

L3 Liability limited by a scheme approved under Professional Standards Legislation.153 Hinders Street Nexia Edwards Marshall is an independent firm of Chartered Accountants. It is affiliated with, but independent from, NexiaAdelaide SA 5000 Australia Pty Ltd, which is a member of Nexia International, a worldwide network of independent accounting and consultingGPO Box 2163 firms' Neither Nexia International nor Nexia Australia Pty Ltd deliver services in its own name or otherwise. Nexia International


p +0-1 B 0-1 ^y 1111 ^^ trademarks NEXIA INTERNATIONAL, NEXIA and the NEXIA logo are owned by Nexia International Limited and usedwnexiaem.com.au ,nder licence.


INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PARKIN MISSION SOUTH AUSTRALIAINCORPORATED (CONT)

Other information (Cont)

In connection with our audit of the financial report, our responsibility is to read the other information and, in

doing so, consider whether the other information is materially inconsistent with the financial report or our

knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of the other

information we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the board and those charged with governance for the financial report

Board is responsible for the preparation and true and fair view and have determined that the basis of

preparation described in Note 1 to the financial statements is appropriate to meet the requirements of the

Australian Charities and Not-for-profits Commission Act 2012 and is appropriate to meet the needs of the

Committee. The Committee is also responsible for such internal control as they determine is necessary to

enable the preparation of the financial report that gives a true and fair view and is free from materialmisstatement, whether due to fraud or error.

In preparing the financial report, board is responsible for assessing the Entity's ability to continue as a going

concern/ disclosing/ as applicable, matters related to going concern and using the going concern basis ofaccounting unless board either intends to liquidate the Entity or to cease operations, or has no realisticalternative but to do so.

Those charged with governance are responsible for overseeing the Entity's financial reporting process.

Auditor's responsibility for the audit of the financial report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free frommaterial misstatement, whether due to fraud or error, and to issue an auditor's report that includes our

opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in

accordance with the Australian Auditing Standards will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,they could reasonably be expected to influence the economic decisions of users taken on the basis of this

financial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement

and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial report, whether due to fraud or

error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is

sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material

misstatement resulting from fraud is higher than for one resulting from error, as fraud may involvecollusion, forgery/ intentional omissions/ misrepresentations/ or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures

that are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Entity's internal control.

1-3 Liability limited by a scheme approved under Professional Standards Legislation.153 Hinders Street Nexia Edwards Marshall is an independent firm of Chartered Accountants. It is affiliated with, but independent from, NexiaAdelaide SA 5000 Australia Pty Ltd, which is a member of Nexia International, a worldwide network of independent accounting and consultingGPO Box 2163 firms. Neither Nexia International nor Nexia Australia Pty Ltd deliver services in its own name or otherwise. Nexia InternationalAdelaide SA 5001 Limited and the member firms of the Nexia International network (including those members which trade under a name which

includes the word NEXIA) are not part of a worldwide partnership.p +0-1 y »-i >}y -i -i -i -i ^ trademarks NEXIA INTERNATIONAL, NEXIA and the NEXIA logo are owned by Nexia International Limited and usedwnexiaem.com.au under licence.


INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PARKIN MISSION SOUTH AUSTRALIAINCORPORATED (CONT)

Auditor's responsibility for the audit of the financial report (cont)

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates and related disclosures made by those charged with governance.

• Conclude on the appropriateness of the Committee's use of the going concern basis of accounting and,

based on the audit evidence obtained, whether a material uncertainty exists related to events or

conditions that may cast significant doubt on the Entity's ability to continue as a going concern. If we

conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to

the related disclosures in the financial report or, if such disclosures are inadequate, to modify our

opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's

report. However, future events or conditions may cause the Entity to cease to continue as a going

concern. Evaluate the overall presentation, structure and content of the financial report/ including the

disclosures, and whether the financial report represents the underlying transactions and events in amanner that achieves true and fair view.

• Evaluate the overall presentation/ structure and content of the financial report/ including the

disclosures, and whether the financial report represents the underlying transactions and events in amanner that achieves fair presentation.

We communicate with the board regarding/ among other matters, the planned scope and timing of the audit

and significant audit findings, including any significant deficiencies in internal control that we identify duringour audit.

We also provide the board with a statement that we have complied with relevant ethical requirements

regarding independence/ and to communicate with them all relationships and other matters that may

reasonably be thought to bear on our independence, and where applicable, related safeguards.

//%<c>/A.. ^f^wc,^o^f y'}''/<-^<y4e\.£./-.-i



Su.^-O

Brett MorkunasPartner


12 June 2019

L3 Liability limited by a scheme approved under Professional Standards Legislation.153 Hinders Street Nexia Edwards Marshall is an independent firm of Chartered Accountants. It is affiliated with, but independent from, NexiaAdelaide SA 5000 Australia Pty Ltd, which is a member of Nexia International, a worldwide network of independent accounting and consultingGPO Box 2163 firms' Neither Nexia International nor Nexia Australia Pty Ltd deliver services in its own name or otherwise, Nexia InternationalAdelaide SA 5001 Limited and the member firms of the Nexia International network (including those members which trade under a name which

includes the word NEXIA) are not part of a worldwide partnership.p , . _ The trademarks NEXIA INTERNATIONAL, NEXIA and the NEXIA logo are owned by Nexia International Limited and usedwnexiaem.com.au un^r licence,


AUDITOR'S INDEPENDENCE DECLARATIONUNDER SUBDIVISION 60-40 OF THE AUSTRALIAN CHARITIES AND NOT-FOR-PROFITS COMMISSION ACT

2012 TO THE MEMBERS OF THE PARKIN MISSION SOUTH AUSTRALIA INCORPORATED

I declare that, to the best of my knowledge and belief/ during the year ended 31 December 2018 there

have been no contraventions of the auditor independence requirements as set out in any applicable

code of professional conduct in relation to the audit.

/r&<v^n.- £t^(u---H^> ^yff^cy^A..£^--



Brett Morkunas

Partner


12 June 2019

1-3 Liability limited by a scheme approved under Professional Standards Legislation.153 Flinders Street Nexia Edwards Marshall is an independent firm of Chartered Accountants. It is affiliated with, but independent from, NexiaAdelaide SA 5000 Australia Pty Ltd, which is a member of Nexia International, a worldwide network of independent accounting and consultingGPO Box 2163 firms' Neither Nexia International nor Nexia Australia Pty Ltd deliver services in its own name or otherwise, Nexia InternationalAdelaide SA 5001 Limited and the member firms of the Nexia International network (including those members which trade under a name which

includes the word NEXIA) are not part of a worldwide partnership., _ . The trademarks NEXIA INTERNATIONAL, NEXIA and the NEXIA logo are owned by Nexia International Limited and used

wnexiaem.com.au underiicence.

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