Fitzroy Learning Network Inc .
Annual Financial Report For the year ended 30 June 2016
Notes to the Financial Statements
Note 1 Reporting entity Fitzroy Learning Network Inc . ( the " Association ") is a community based not for profit organisation domiciled in Australia . The address of the Association ' s registered office is 198 Napier Street , Fitzroy , Victoria 3065 . The Association is governed by the Associations Incorporation Reform Act 2012 and the Australian Charities and Notfor-profit Commission Act 2012 , and is primarily involved in providing educational programs to communities in Fitzroy .
The financial report has been prepared in accordance with the requirements of the Associations Incorporation Reform Act 2012 and the Australian Charities and Not-for-profit Commission Act 2012 , which requires compliance with certain Australian Accounting Standards .
Note 2 Basis of preparation ( a ) Statement of compliance In the opinion of the Board , the Association is not a reporting entity . The financial report of the Association has been drawn up as a special purpose financial report for distribution to the Board and for the purpose of fulfilling the reporting requirements of the Australian Charities and Not-for-profits Commission Act 2012 and the Constitution
The special purpose financial report has been prepared in accordance with the requirements of the recognition and measurement aspects of all applicable Australian Accounting Standards (" AASBs ") adopted by the Australian Accounting Standards Board (" AASB "), and other authoritative pronouncements of the AASB that have a material effect .
( b ) Going concern The financial statements have been prepared on the basis that the entity is a going concern , which contemplates the continuity of normal business activity , realisation of assets and the settlement of liabilities in the normal course of business . Notwithstanding the deficiency in working capital and continued losses , the Board believe this basis is appropriate based on the Association ' s continuing agreements for donations and Government funding . Donations and Government funding account for 94.9 % of revenue in 2016 ( 2015 : 93.6 %).
( c ) Basis of measurement The financial statements have been prepared on the historical cost basis .
( d ) Functional and presentation currency The financial statements are presented in Australian dollars , which is the Association ' s functional currency .
( e ) Use of estimates and judgements The preparation of a financial report in conformity with the AASBs require management to make judgements , estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities , income and expenses . Actual amounts may differ from these estimates .
The estimated and underlying assumptions are reviewed on an ongoing basis . Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected .
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