2001 $
2000 $
(54,432) 161,951
(210,606) 193,087
(23,798)
(28,131)
11. RETAINED FUNDS Retained funds at 1 January Add Net Surplus for year Less Interest to Graduate House Extension Reserve Less Donations transferred to other Reserves
(555)
___________
(8,782)
INDEPENDENT AUDIT REPORT TO MEMBERS
___________
Scope
Retained Funds at 31 December
83,166
___________
(54,432)
___________
12. The Graduate House Extension Reserve includes an amount of $86,094 constituting donations made in 1993 to 1995 to the Graduate Union Building Appeal and an amount refunded by the University of Melbourne in 1995 for general building or maintenance purposes. An appeal was made in 1980 for funds to redevelop a building (which was subsequently demolished) to provide additional low-cost student accommodation. Present Council is of the view that Council will seek appropriate legal advice and court approval before applying the funds from the appeal in 1980/81 and accumulated interest, towards any re-development project incorporating the provision of residential accommodation for Graduates. 13. The Graduate Union of the University of Melbourne Inc was not a trustee of any trust as at 31 December 2001.
STATEMENT BY COUNCIL The Council of The Graduate Union of the University of Melbourne Incorporated is of the opinion that: (a) the accompanying statement of financial performance is drawn up so as to give a true and fair view of the operations of the Association for the year ended 31 December 2001; (b) the accompanying statement of financial position is drawn up so as to give a true and fair view of the state of affairs of the Association for the year ended 31 December 2001 and; (c) there are reasonable grounds to believe that the Association will be able to pay its debts as and when they fall due. By resolution of the Council. D.T. Bellair E.A. Spanti
The Graduate Union of the University of Melbourne Incorporated
Chairman Secretary-Warden
Carlton 11 April 2002
I have audited the financial report, being a special purpose financial report, of The Graduate Union of the University of Melbourne Incorporated for the year ended 31 December 2001 as set out in the Annual Report on pages 3 to 7. The Council is responsible for the financial report and has determined that the accounting policies used and described in Note 1 to the financial statements which form part of the financial report are appropriate to meet the requirements of the Associations Incorporation Act (Victoria) and are appropriate to meet the needs of the members. I have conducted an independent audit of this financial report in order to express an opinion on it to the members. No opinion is expressed as to whether the accounting policies used are appropriate to the needs of the members. The financial report has been prepared for the purpose of fulfilling the requirements of the Associations Incorporation Act (Victoria). I 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 members, or for any purpose other than that for which it was prepared. My audit has been conducted in accordance with Australian Auditing Standards. My procedures included examination, on a test basis, of evidence supporting the amounts and other disclosures in the financial report and the evaluation of significant accounting estimates. These procedures have been undertaken to form an opinion whether, in all material respects, the financial report is presented fairly in accordance with the accounting policies described in Note 1 so as to present a view which is consistent with my understanding of The Graduate Union’s financial position, and performance as represented by the results of its operations and its cash flows. These policies do not require the application of all Accounting Standards and other mandatory professional reporting requirements in Australia. The audit opinion expressed in this report has been formed on the above basis.
Audit Opinion In my opinion, the financial report presents fairly in accordance with the accounting policies described in Note 1 to the financial statements, the financial position of The Graduate Union of the University of Melbourne Incorporated as at 31 December 2001 and the results of its operations for the year then ended. A.L. Law FCA Registered Company Auditor Carlton, 11 April 2002
The Melbourne Graduate,April 2002
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