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The Graduate Union of the University of Melbourne Inc.
ABN: 55 610 664 963
Statement by Council Members for the year ended 31 December 2022
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IARN: A0023234B
In the opinion of the Council Members:
1. the Financial Report, as set out on pages 3 to 15, presents a true and fair view of the financial position of The Graduate Union of the University of Melbourne Inc. as at 31 December 2022 and its performance for the year ended on that date in accordance with Australian Accounting Standards (including Australian Accounting Interpretations) of the Australian Accounting Standards Board.
2. At the date of this Statement, there are reasonable grounds to believe that The Graduate Union of the University of Melbourne Inc. will be able to pay its debts as and when they fall due.
This Statement is made in accordance with a resolution of the Council Members and is signed for and on behalf of the Council Members by:
Mr V J Mirabelli – Chairperson
Ms N R Gray – Vice-Chairperson
Dated this 22nd day of the month of March in the year 20 23
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE GRADUATE UNION OF THE UNIVERSITY OF MELBOURNE INC.
ABN 55 610 664 963
Report on the Audit of the Financial Report Opinion
We have audited the financial report of The Graduate Union of the University of Melbourne Inc. (the Association), which comprises the statement of financial position as at 31 December 2022, the statement of comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the certification by members of the Council on the annual statements giving a true and fair view of the financial position and performance of the Association
In our opinion, the accompanying financial report gives a true and fair view of the financial position of the Association as at 31 December 2022 and of its financial performance for the year then ended in accordance with the accounting policies described in Note 1 to the financial statements and the requirements of the Associations Incorporation Reform Act 2012 (Vic) and Division 60 of the Australian Charities and Not-for-profits Commission Act 2012
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 Association in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110: Code of Ethics for Professional Accountants (the Code) 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.
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
We draw attention to Note 1 to the financial report, which describes the basis of accounting. The financial report has been prepared to assist the Association to meet the requirements of the Associations Incorporation Reform Act 2012 (Vic) and Division 60 of 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.
Responsibilities of the Council for the Financial Report
The Council is responsible for the preparation and fair presentation of the financial report in accordance with the financial reporting requirements of the Associations Incorporation Reform Act 2012 (Vic) and Division 60 of the Australian Charities and Not-for-profits Commission Act 2012 and for such internal control as the Council determines is necessary to enable the preparation and fair presentation of a financial report that is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the Council is responsible for assessing the Association’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the Council either intends to liquidate the Association or to cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material 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, indi vidually 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 ju dgement and maintain professional scepticism throughout the audit. Further information about our responsibilities can be found at http://www.auasb.gov.au/Home.aspx This description forms part of our auditor’s report.
We communicate with the Council 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 iden tify during our audit.
JTP Assurance
Wayne Tarrant Chartered Accountants Partner
Signed at Melbourne this 24th day of March 2023
