Co-operation Act 1923 Regulation relating to annual returns for co-operative housing societies (1995-69) [GG No 18 of 24.2.1995] (NSW)
1995—No. 69
CO-OPERATION ACT 1923—REGULATION
(Relating to annual returns for co-operative housing societies)
NEW SOUTH WALES
[Published in Gazette No. 18 of 24 February 1995]
HIS Excellency the Governor, with the advice of the Executive Council, and in pursuance of the Co-operation Act 1923, has been pleased to make
the Regulation set forth hereunder.
TED PICKERING
Minister for Local Government and Co-operatives.
Commencement
1. This Regulation commences on 1 March 1995.
Amendments
2. (1) The Co-operation (Starr-Bowkett and Co-operative Housing Societies) Regulation 1994 is amended by omitting from clause 32 (1) the matter “section 76 (2) (c), (d) and (e)” and by inserting instead the matter “section 76 (2) (b), (d) and (f)”.
(2) The Co-operation (Starr-Bowkett and Co-operative Housing Societies) Regulation 1994 is further amended by omitting Form 7 and by inserting instead the following form:
Form 7
(Cl. 32)
CO-OPERATION ACT 1923
Co-operation (Starr-Bowkett and Co-operative Housing Societies) Regulation
1995—No. 69
Annual Return for Co-operative Housing Societies
NAME OF SOCIETY
……………………………………………………
FINANCIAL STATEMENTS
FOR THE YEAR ENDED ……………....…[final day of financial year]
The following Management Account, Interest Account, Balance Sheet and Notes are in
agreement with the accounting records of the Society.
Secretary’s Signature ....................................................... Date ............................ Representative who should be contacted if any queries arise regarding this return: Name ......................................................
(Block letters)
Telephone (STD .............) ........................................
NAME OF SOCIETY
……………………………………………………
MANAGEMENT ACCOUNT
FOR THE YEAR ENDED ………………… [final day of financial year]
Note This Year Last Year $ $
INCOME
Management Fees 2 Insurance Commission Other Income 3
TOTAL INCOME
EXPENSES
Secretarial Fees 4 Contingency Fund Levy 5 HomeFund Commissioner’s 6 Determinations
1995—No. 69
Provisions for Doubtful Loans and 7 Other Matters
Salaries
Computer Service Fees
Directors’ Fees 8 Audit Fees Other Expenses 9 TOTAL EXPENSES
SURPLUS/(DEFICIT) before Income
Tax
Less/(Plus): Income Tax Expense
SURPLUS/(DEFICIT) transferred to MANAGEMENT RESERVE
The Management Account is to be read in conjunction with
the Balance Sheet and the Notes to and forming part of
the financial statements
NAME OF SOCIETY
..............................................................................
INTEREST ACCOUNT
FOR THE YEAR ENDED ............................. [final day of financial year]
Note This Year Last Year
$ $
INCOME
Interest on Loans to Members
Other Interest ReceivedOther
TOTAL INCOME
EXPENSES
Interest on Loans from
— Banks— Other
TOTAL EXPENSES
SURPLUS/(DEFICIT) transferred to
INTEREST RESERVE 10 1995—No. 69
The Interest Account is to be read in conjunction with the Balance Sheet and the Notes to and forming part of
the financial statements
NAME OF SOCIETY
..............................................................................
BALANCE SHEET AS AT ................................ [final day of financial year]
Note This Year Last Year
$ $
CURRENT ASSETS
Cash
Receivables—Loans to Members 11 Investments 12 Other 13
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Receivables—bans to Members 11
Investments 12 Property, Plant and Equipment 14 Other 13
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Creditors and Borrowings 15 Provisions 7
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Creditors and Borrowings 15 Provisions 7
TOTAL NON-CURRENT LIABILITIES
TOTAL LLABILITIES
NET ASSETS
1995—No. 69
MEMBERS' FUNDS
Shares 16 Interest Reserve 10 Management Reserve TOTAL MEMBERS' FUNDS
The Balance Sheet is to be read in conjunction with the Notes to
and forming part of the financial statements
NAME OF SOCIETY
...................................................................…...........
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ……………....… [final day of financial year]
1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
[Describe all material accounting policies which have been applied in the
preparation and presentation of the financial Statements.Policies should include at least the following: (a) Basis of Accounting
(b) Investment Policy
(c) Property, Plant and Equipment:. Depreciation and Leasing Policy
(d) Taxation Status
(e) Employee Entitlements (if any)
(f) Secretarial Arrangement(g) Loan Security Policy, i.e.
— Indemnity or Government Guarantee
— Mortgage Insurance— Other
(h) Provisioning Policy]
This Year Last Year $ $
2. MANAGEMENT FEES
Direct Lending
Agency LendingTotal Management Fees 1995—No. 69
3. OTHER INCOME
Service Fees
Interest from Investments
Other IncomeTotal Other Income
4. SECRETARIAL FEES
[Provide general details of any management contract the Society has entered into under which a third party is to provide secretarial services, and include any significant terms and conditions.]
5. CONTINGENCY FUND LEVY
[If applicable, include comment that the Society has entered into an agreement with the Home Purchase Assistance Authority under which, for a percentage of the Society's income from HomeFund loans, all losses assessed as the Society's liability will be met from the Contingency Fund.]
6. HOMEFUND COMMISSIONER'S DETERMINATIONS
[If applicable, include comment that the HomeFund Commissioner has determined in accordance with the relevant legislation that the Society has been assessed as liable to pay compensation to some of its members. The Society should also detail the total amount paid to meet those determinations.]
Number of Determinations
Assessed Liability $ Determinations Paid $
This Year Last Year
$ $
7. PROVISIONS FOR DOUBTFUL LOANS
AND OTHER MATTERSCurrent
[Details of Provisions]Non-Current
[Details of Provisions]Total Provisions
1995—No. 69
[Specify details of Provisions, such as Doubtful Debts (Loans), Long Service Leave, Taxation etc.]
8. DIRECTORS’ FEES
Total fees received, or due and receivable, by all Directors of the Society
[Note: Directors’ Fees should be determined in accordance with the Home Purchase Assistance Authority Guidelines and Society Rules]
9. OTHER EXPENSES
Depreciation
Rent
Other ExpensesTotal Other Expenses
[Detail other operating expenses such as Rent, Depreciation, etc., if the Society is not covered by a management agreement]
10. INTEREST RESERVE
Undistributed Surplus/(Deficit) as at ............
[start of year]
Less—Distribution of Opening Surplus
Plus—Allocation of Opening DeficitSurplus/(Deficit) for year ended ................
[current year]Balance of Interest Reserve as at .............
[year end]
[If the Board has resolved not to distribute orallocate the balance of the Interest Reserve, A
comment should be included]
11. RECEIVABLES—LOANS TO MEMBERS
Current
Loans to Members
Less: provision for doubtful loans1995—No. 69
Non-Current
Loans to Members
Less: provision for doubtful loans
Total Loans to Members
12. INVESTMENTS
Current
[Details of Investments]Non-Current
[Details of Investments]Total Investments
13. OTHER ASSETS
Current
[Details of Other Current Assets]Non-Current
[Details of Other Non-Current Assets]Total Other Assets
[Specify break-up of Sundry Debtors,
Prepayments and Other Current and Non-
Current Assets ] 14. PROPERTY, PLANT AND EQUIPMENT
Land and Buildings—at [Specify basis of valuation: i.e. Market or Cost Value]
Accumulated Depreciation
Plant and Equipment—at cost
Accumulated Depreciation1995—No. 69
Total Property, Plant and Equipment
15. CREDITORS AND BORROWINGS
CurrentLoans—[Details of lending institutions and
amounts]
Bank Overdraft
Sundry Creditors and AccrualsNon-Current
Loans—[Details of lending institutions and
amounts]Total Creditors and Borrowings [Describe the security over borrowings from
the lending institution:
• Guarantee provided by the Treasurer of New South Wales under three party agreement • Equitable mortgage over the assets of the Society • Other Security] 16. SHARES
Balance as at ........................ [start of year]
Plus: Allotment
Less: Discharge
Balance as at ....................... [end of year]
[Give particulars of the kinds of shares—e.g.
Ordinary Shares of $1 each]17. RELATED PARTIES
[Give particulars of the relationship between the Society and related parties (within the meaning of Australian Accounting Standard AAS 22 issued in May 1993 by the Australian Accounting Research Foundation) where transactions
are with related parties, including:
1995—No. 69
• the names and shareholdings of directors and other officers of the Society who are involved
• transactions between the Society and director or director-related entities • transactions between the Society and secretary or secretary-related entities
Refer to Australian Accounting Standard AAS 22 for required disclosure]
| 18. AGENCY LENDING | Number of | This Year Last Year |
Loans $ $
[Agency]
[Detail the Agency, the balance of funds managed on behalf of each financier and the number of loans managed at the end of the financial period]
CONTINGENT LIABILITIES
[Provide general details of any contingent liabilities for which the Society may be assessed as liable]
STATEMENT BY DIRECTORS
A directors’ statement made under clause 8 of the Co-operation (Accounts and Audit)
Regulation 1988 should be included and form part of the Annual Return.
DIRECTORS' REPORT
A directors’ report made under clause 9 of the Co-operation (Accounts and Audit)
Regulation 1988 should be included and form part of the Annual Return.
AUDITOR’S REPORT
An auditor’s report made under clause 22 of the Co-operation (Accounts and Audit)
Regulation 1988 should be included and form part of the Annual Return.
1995—No. 69
EXPLANATORY NOTE
The object of this Regulation is to replace the form that co-operative housing societies must use to make their annual returns. The new form requires the societies to provide more detailed financial information in those returns.
The Regulation is made under the Co-operation Act 1923 and, in particular, section 124 (the general regulation-making power) and section 76 (2) (b), (d) and (f).
0
0
0