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DIRECTOR’S REPORT
The director of the trustee company presents the report on the trust for the financial year
ended 30th June 2009.
The name of the director of the trustee company in office at any time during or since the end
of the year is:
GUILLERMO MONTALVO
The net profit/(loss) of the trust for the financial year after providing for income tax was;
$(12,144), [2008 $(4,773)].
No significant changes in the trusts state of affairs occurred during the financial year.
The principal activities of the trust during the financial year was the operation of a travel
agency service.
No significant change in the nature of these activities occurred during the year.
No matters or circumstances have arisen since the end of the financial year which
significantly affected or may significantly affect the operations of the trust, the results of
those operations, or the state of affairs of the trust in future financial years.
Likely developments in the operations of the trust and the expected results of those
operations in future financial years have not been included in this report as the inclusion of
such information is likely to result in unreasonable prejudice to the trust.
The trust’s operations are not regulated by any significant environmental regulation under a
law of the Commonwealth or of a State or Territory.
TRUSTEE’S REPORT
Continued:
No indemnities have been given or insurance premiums paid, during or since the end of the
financial year, for any person who is or has been an officer or auditor of the trust.
No person has applied for leave of Court to bring proceedings on behalf of the trust or
intervene in any proceedings to which the trust is a party for the purpose of taking
responsibility on behalf of the trust for all or any part of those proceedings.
The trust was not a party to any such proceedings during the year.
Director
GUILLERMO MONTALVO
We have audited the accompanying financial report of Montalvo Family Trust, being a
special purpose financial report which comprises the balance sheet as at 30th June 2009,
and the statement of financial performance for the year then ended, a summary of
significant accounting policies, other explanatory notes and the trustees’ declaration as
set out on pages 6 to 22.
The trustees of the trust is responsible for the preparation and fair presentation of the
financial report and have determined that the accounting policies described in Note 1 to
the financial statements, which form part of the financial report, are appropriate to meet
the requirements of the Corporations Act 2001 and are appropriate to meet the needs of
the trustees, the Trustees of the Travel Compensation Fund and the International Air
Transport Association (I.A.T.A.). The trustees responsibility also includes establishing
and maintaining internal control relevant to the preparation and fair presentation of the
financial report that is free from material misstatement, whether due to fraud or error;
selecting and applying appropriate accounting policies; and making accounting
estimates that are reasonable in the circumstances.
Auditor’s Responsibility
Our responsibility is to express an opinion on the financial report based on our audit.
No opinion is expressed as to whether the accounting policies used, as described in Note
1, are appropriate to meet the needs of the trustees, the Trustees of the Travel
Compensation Fund and the International Air Transport Association (I.A.T.A.),. We
conducted our audit in accordance with Australian Auditing Standards. These Auditing
Standards require that we comply with relevant ethical requirements relating to audit
engagements and plan and perform the audit to obtain reasonable assurance whether the
financial report is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts
and disclosures in the financial report. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material misstatement of the financial
report, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity’s preparation and fair presentation of the
financial report in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the entity’s internal control.
CONTINUED:
An audit also includes evaluating the appropriateness of accounting policies used and
the reasonableness of accounting estimates made by the trustees, as well as evaluating
the overall presentation of the financial report.
The financial report has been prepared for distribution to trustees of the entity, the
Trustees of the Travel Compensation Fund and the International Air Transport
Association (I.A.T.A.), for the purpose of fulfilling the trustees financial reporting under
the Corporations Act 2001. We disclaim any assumption of responsibility for any
reliance on this report or on the financial report to which it relates to any person other
than the trustees, the Trustees of the Travel Compensation Fund and the International
Air Transport Association (I.A.T.A.), or for any purpose other than that for which it was
prepared.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Independence
In conducting our audit, we have complied with the independence requirements of the
Corporations Act 2001.
Auditor’s Opinion
In our opinion, the financial report of Montalvo Family Trust is in accordance with the
Corporations Act 2001, including:
i. giving a true and fair view of the trust’s financial position as at 30th June
2009 and of its performance for the year ended on that date in accordance
with Note 1; and
ii. present a view which is consistent with our understanding of the entity’s
financial position and the results of its operations; and
iii. complying with Australian Accounting Standards to the extent described in
Note 1 and complying with the Corporation Regulations 2001.
CONTINUED:
Qualifications
i. The Trusts 2008 financial report was not audited. This has an impact on our
audit for 2009 by way of restricting our ability to form an unqualified
opinion for 2009 due to not having sufficient audit evidence as to whether
the 2008 comparatives are free from material misstatement,
ii. The liability amount for monies held in Trust as at 30 June 2009 was $7,702
whereas the asset amount in the form of Cash at Bank was only $6,208. It
was not practicable for us to identify the reason for this difference during
our audit review,
iii. The trust has to date been relying on the financial support of the beneficiary.
In our opinion unless there is a significant increase in business operations in
the near future, this support will continue to be required in order for the
Trust’s agency business to be considered a “Going Concern”.
Signature: .
Distribution to Beneficiaries - -
NON-CURRENT ASSETS
Property, plant and equipment 7 45,008 50,371
Intangible assets 8 5,357 11,450
TOTAL NON-CURRENT ASSETS 50,365 61,821
CURRENT LIABILITIES
Accounts Payable 9 13,289 60,246
Other Liabilities 10 - 64,449
Unpaid Beneficiary Entitlement 11 - 2,650
TOTAL CURRENT LIABILITIES 13,289 127,345
TRUST FUNDS
Settlement Funds 25 25
Retained profits(Loss) 12 (16,917) (4,773)
TOTAL TRUST FUNDS (16,892) (4,748)
The financial report is a special purpose financial report that has been prepared in
accordance with Australian Accounting Standards except for AASB 1026 and AAS28
Statement of Cash Flows and AASB 112 income taxes (Tax Effect Accounting); in
accordance with Urgent Issues Group Consensus Views and other authoritative
pronouncements of the Australian Accounting Standards Board and the Corporations
Act 2001 as it applies to large proprietary companies.
The financial report is for Montalvo Family Trust as an individual entity. Montalvo
Family Trust is a discretionary trust, with a domiciled in Australia.
These Financial Statements have been prepared in order to satisfy the accounting
requirements, the trustees of the Travel Compensation, the International Air Transport
Association (I.A.T.A.), and for the use by the trustees of the trust.
The financial report has been prepared on an accruals basis and is based on historical
costs and does not take into account changing money values or, except where stated,
current valuations of non-current assets. Cost is based on the fair values of the
consideration given in exchange for assets.
The following is a summary of the material accounting policies adopted by the trust in
the preparation of the financial report. The accounting policies have been consistently
applied, unless otherwise stated.
The depreciation rates used for each class of depreciable asset are:
Class of Fixed Asset Depreciation Rate
Office Equipment 7.5% to 10% DVM
Furniture & Fittings 7.5% DVM
Motor Vehicle 22.5% DVM
b. Leases
Leases of fixed assets, where substantially all the risks and benefits incidental to
the ownership of the asset, but not legal ownership, are transferred to the trust are
classified as finance leases. Finance leases are capitalized recording an asset and
a liability equal to the present value of the minimum lease payments, including
any guaranteed residual value. Leased assets are depreciated on a straight line
basis over their estimated useful lives where it is likely that the trust will obtain
ownership of the asset or over the term of the lease. Lease payments are allocated
between the reduction of the lease liability and the lease interest expense for the
period.
Lease payments under operating leases, where substantially all the risks and
benefits remain with the lessor, are charged as expenses in the periods in which
they are incurred.
c. Intangibles
Intangibles assets, including initial application fees and licenses are recorded at
costs. Intangible are amortised on a straight line basis over the period of 20 years.
The balance is reviewed annually and any balance representing future benefits for
which realisation is considered to be no longer probable is written off.
d. Revenue
Commissions are recognized once the conditions of travel have been completed
and the principle, on whose behalf money has been collected, and has been paid.
Volume incentives are recognized when target levels have been achieved or are
anticipated to be achieved.
Dividend revenue is recognised when the right to receive a dividend has been
established.
Accounts Receivable
Accounts receivable are carried at nominal amounts due less any provision for
doubtful debts. A provision for doubtful debts is recognised when collection of
the full nominal amount is no longer considered probable. Accounts receivable
are non-interest bearing.
Client Deposits
Liabilities are recognised to clients upon receipt of funds on behalf of principles.
These funds are held in a separate client bank account, and are not available to
meet other obligations of the trust. Interest does not accrue to clients on deposits
held by the trust.
Non-Operating revenue
- Interest 427 570
- Other Revenue 860 2,198
11,454 8,492
Remuneration of auditor
—Audit or review 3,000 -
—Other services - -
The name of the director of the trustee company who has held
office during the financial year:
GUILLERMO MONTALVO
b. Retirement Benefits
Amounts paid to a superannuation plan for the provision of
retirement benefits by:
— the trustee or any related party for directors of the trustee - -
company ________ _______
NOTE 6: RECEIVABLES
b. Credit Risk
The maximum exposure to credit risk, excluding the value of any collateral or
other security, at balance date to recognised financial assets is the carrying amount
of those assets, net of any provisions for doubtful debts, as disclosed in the
statement of financial position and notes to the financial report.
The trust does not have any material credit risk exposure to any single debtor or
group of debtors under financial instruments entered into by the trust.
The aggregate net fair values and carrying amounts of financial assets and
financial liabilities are disclosed in the statement of financial position and in the
notes to the financial statements.
DIRECTORS’ DECLARATION
The director of the trustee company has determined that the trust is not a reporting
entity. The director of the trustee has determined that this Special Purpose Financial
Report should be prepared in accordance with the accounting policies outlined in Note 1
to the Financial Statements. The Director of the trustee company declares that:
1. The financial statements and notes, as set out on pages 6 to 21 are in accordance
with the Corporations Act 2001:
a. comply with Accounting Standards as detailed in Note 1 to the Financial
Statements and the Corporations Regulations 2001; and
b. give a true and fair view of the financial position as at 30th June 2009 and
of the performance for the year ended on that date in accordance with the
accounting policies described in Note 1 to the Financial Statements.
2. In the directors opinion there are reasonable grounds to believe that the trust will
be able to pay its debts as and when they become due and payable.
Director
GUILLERMO MONTALVO
The Additional Financial Data presented in the following pages is in accordance with
the books and records of Montalvo Family Trust (our client) which have been
subjected to the auditing procedures applied in our Audit of the Trust the period ended
30th June 2009.
It will be appreciated that our Statutory Audit did not cover all details of the Additional
Financial Data.
Neither the firm, nor any member or employee of the firm, undertakes responsibility in
any way whatsoever to any person (other than our client) in respect of such data,
including any errors or omissions therein however caused.
Signature: .
Less Expenses
Accounting & Audit Fees 3,567 3,645
Advertising 12,918 18,602
Amortisation 6,091 2,958
Bank Charges 2,325 944
Bookkeeping 3,760 3,563
Borrowing Costs 736 -
Credit Card Fees 2,888 1,587
Conferences 600 1,201
Computer Reservation 4,654 5,382
Computer Supplies 142 -
Depreciation 5,363 5,534
Donations 160 110
Electricity 1,312 2,356
Filing Fees 212 212
Franchise Fees 5,500 6,000
General Expense 111 586
Hire of Equipment 240 -
Insurance 359 3,192
Interest Paid 13,896 51
Internet 808 1,440
Leasing Charges 4,320 -
Motor vehicle costs 1,144 1,787