Basic Income New Zealand Incorporated
Statement of Financial Performance
For the Year Ended 31 December 2019
Income 2019 2018
$ $
Subscriptions 80.00 166.00
Koha & Donations 1,190.00 1,493.90
Te Muka Rau Grant - 1,000.00
Auckland Supper - 110.00
Total Income 1,270.00 2,769.90
Expenditure 2019 2018
$ $
AGM Expenses 242.00 112.50
Printing - 120.91
Meeting Expenses 80.00 475.52
Scoop Publishing 201.25 -
Website Expenses 369.93 32.36
Travel Expenses 1,041.00 -
Travel/Accom./Food - 1,000.00
Total Expenditure 1,934.18 1,741.29
Surplus/(Deficit) (664.18) 1,028.61
Basic Income New Zealand Incorporated
Statement of Financial Position As at 31 December 2019
2019 2018
$ $
Accumulated Funds 2,045.23 1,016.62
Surplus (Deficit) (664.18) 1,028.61
Total Accum. Funds 1,381.05 2,045.23
Assets
Acts Receivable (Loan) 1,000.00 -
Cheque/Bank Deposits 381.05 2,045.23
Total Assets 1,381.05 2,045.23
Liabilities
Current Liabilities 0.00 0.00
Total Liabilities 0.00 0.00
Net Assets 1,381.05 2,045.23
NOTES TO ACCOUNTS: General Accounting Policies The measurement base adopted is historic cost. Reliance is placed on the fact that the Society is an ongoing concern. Accrual is used to match expenses and revenue. These financial statements are prepared exclusive of Goods and Services Tax. Changes in Accounting Policies There have been no changes in Accounting Policies. All policies have been applied on basis consistent with those used in previous years.
AUDIT REPORT: I have reviewed the financial statements of Basic Income New Zealand Incorporated. The financial statements provide information about the past financial performance and its position as at 31 December 2019.
THE COMMITTEE'S RESPONSIBILITIES:The Committee is responsible for the preparation of a financial report which fairly reflects the financial performance of Basic Income New Zealand Incorporated as at 31 December 2019.
BASIS of OPINION: I have conducted my Audit in accordance with general accepted auditing standards. I planned and performed my audit as to obtain all the information and explanations which I considered necessary in order to provide me with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. In forming my opinion I also evaluate the overall adequacy of the presentation of the information in the financial statements.I have no relationship with or financial interests in Basic Income New Zealand Incorporated other than in the capacity as Auditor.
QUALIFIED OPINION: I have obtained all the information and explanations I have required. My examination has not disclosed any unrecorded receipts or payments, but in common with similar organizations, complete internal control over certain activities is not practical and for this reason I am unable to confirm that all receipts and payments have been recorded. Subject to the foregoing, in my opinion the financial statements of the society present fairly, in accordance with generally accepted accounting practice, the financial position of the organization as at 31 December 2019 and its Income and Expenditure Statement for the year ended on that date. My Audit was completed on 16 September 2020 and my qualified opinion is expressed as at that date. Ruben Magallanes, CA Khandallah, Wellington.