BANGERANG CuLTURAL CENTRE CO-OPERATi`v'E LTD

ABN :87 344 587 041

ANNUAL FINANCIAL REPORT

12 MONTHS ENDING

30TH juNE 2020

BANGERANG CuLTURAL CENTRE CO-OPERATIVE LTDABN : 87 344 587 041

Dlrectors Report

The Directors of the Bangercing Cultural Centre Co-opercitive Ltd

presenl lheir report for the year ended 30 June 2020.

Dlrectols

The Directors in omce at the date of this report ore:

Ar`nette ATKINSON

Kev.in ATKINSON

MaTlene ATKINSON

N.icole ATKINSON

Mira ndo EDWA RDS

Prlnclple Actlvllles

The principle activity c>f the Co-operative for this year was the opercitionof the Shepparton Aboriginal Keeping Place.There have been no significant changes to this activity ditring the year.

Resu»s Of Operallons

The Co+pei.alive I.I.icide ui i opeialing loss oi Si 34.687 for the year

Bod Debts

The Directors took reasonable steps to ascerta'in what action had been taken in relQtion to bad anddoubtful debts and to cause all known bad debts to be written olf, and adequate provision made fordoubtful debts.Directors are not aware of any circumstances which would renc!er such amounts inadequcite lo anysubstantial extent.

CurTenl Assets

The Directors took reasor\able steps to determine that the Current Assets as shown in the accountswould be likely to realise their stated values, and that they are unaware of any circumstanceswiiicl-i woulcj I.enciei. lhctse vuiues H ii.ieuding.

Charges and Contingent Lidbllllies

There does not exist at the date of this report any charge on assets of the Co-operative. nor are theDirectors c]ware of any c.ontingenl liabilities not elsewhere disclosed that have ansen since the endof the Financial yecir, c!nc! no contingent or other liabj!ity hc!s becc>me enforceable, or is !i`ke!y lo

become enforceable wi!ni`n t`he twelve mont,hs cifter the close of the financial year, which, in theopinion of lhe Direclors will or may substantially affect the ab.ility oi the Co-operative to meet itsobligations when they fall due.

BANGERANG Cu[TURAI CENTRE CO-OPERATIVE I.TDADN : 07 344 687 041

Dlroclois Roporf (Conllnued)

Olt`ei Clicumslances

Al lhc dcll® of lhi§ Roporl the Dlreclors a/e nol aware ol arty olh®/ clrcum}loi`cei nol oll`ewise deallwit`n in lhis Raporf or lh® acco`Jnls whlch /ends/ any amc>unl slatfid ln lhe accci`)nls mlslead)no.

Lead Auditor.s lnd8pendenco declaiallon

A copy ol llia lead atidlloi`S inder)etidence docfofqllon puis`){]nl lo lllti Co opoitiwes Nqllt]i`c]) I.owl

(V`(:l`)ilu| ls lrlcltl(/ocl on p{]o® 4 ol Il`ls leport

Slgndd ln «.tmrdnrtre Wllll (I r4gc`liillon pl the Blieclors.

ff `` a-i:MlrandQ edwards Ametl® AIwnson

Dlrecto'

Di]I®d ol Sl`epparton lm

Dlreclor

14lh day o{ OocembBl 2020

Pfl00 2

BANGERANG CULTURAL CENTRE CO-OPERATIVE LTDABN : 87 344 587 041

P!re€lor§' De€lorqllon

1l`e dty¢clors t`ii`/f} dctlolmliied tl`cil tnt? Co oDcrollvc ls r`ol a /{.tr)chli`q ei`llly cji`dll`c]l ll`oSo Spoclol pu.i3o5c] «I`onckil 5l{]l®ti`onls sli<)uld bo.pi{i[}tilc]CJ ln c]{:{:(wrlclnl:H

wilh llio ti.;ct>`inliing pc>llclos do!cilbetl li` Nolo I ol lho linuit{:lcil `lol®monl§,

111® dlroclofi of lho C:o.operalive decloro ll`ol:

The 'inoi`clcil s!alemoi`ls and i`o\e}. cire ln occordonce w!ll` the

Co.oporollvos Nolioi`ol Lciw (Viclorlci)

(ci) comply wllll ^uslroqon ^cco\)nllrto slnnclcirc(s: clncl

(u) give a I/ue and ialr vlew ol Ills llnonclal po§llloTl os cil30 Juno 2020 oncj ol lne pe/lormonce tor llie year ei`dodon lhol dole of lhe Co-opefollve !n occofclonc© wllh lh®occoiinling pollcy de5cilbecl ln Nolo ' Io llie (iiionclQ`Iulq'''e,'',.

In lhe dlrecloJs'opli`1on lho Co.tiijtilulivt) lb al piosonl uiioblo lo pay

its debls cis and wlien lhey beconie due cincl pciyoblo cis no o|?er¢illi`g

grcint fillicllng to/ 2020 yo(ti has yel b6on approved by lhe nofiT`cilgo.y.6i-I-wT16rlic!epcir!iTi6rli.

Tliis {lec.Iurciliui I ii iiiudg in acL.oidor`ce wlln a ie50lullon o( lho tlocircl ol Lnr®clors,

j!,,i-fjJ.,,-`Mlraiida Edwards

Dlrecto'

_AS;&#il#jiri---

Dlrec}or

Dolad a! Shopporton lhl] 14lh day ol OocembDJ 2020

Pane 3

BANGERANG CuLTURAL CENTRE CO-OPERATIVE LTDABN : 97 344 587 0£1

LEAD AUDITOR'S INDEPENDENCE DECLARATION PERSUANT TO THE

COOPERATIVES NATIONAL LAW (VICTORIA)

To jh.e Direct`?rc o! bar,gcrar,g CL.l}ura! Can:,.a Co-opera?i`v.e Lilt

I declare lhal. to the best of my knowledge and belief, in relation to the audit ol thefinancial year ended 30 June 20`9 there have been:

nr] contioventi.ons of the auclitor independence requ'trements as setout ln the Cooperatives Nalional Law (Victoria) in relation lo theaudit: and

no contraventions of any applicable code of prolessionol conductin rcla!jon !o thG} al/di!.

Name of AINdiMor trt7%:: 73u: pLif efty al

Name ot flm

Addiess

E Townsend a Co

15 Toylor SlfeetPO Box 625ASIJBURTON Vlc 3147

14lh Decembei 2020.

BANCERANC CULTURAL CENTRE CO-OPERATIVE LTDABN : 87 344 587 041Statement of Comprehensive Income (Prollt a loss Sloteiment)For the year ended 30 June 2020

IncomeGrc:n?3 DPMC

Income - Cultural Act.ivities

Income - School Visits

Income - Fairley Foundation

Sponsor€h,ip -Ri;mba!arcInterest

Other Income

Total Income

ExpenditureAccounting FeesAdvertisir`g

Auditors RemunerationBank ChargesCleaningConsultcJnts Fees

Cultural Activilies

Depreciation Expense

Donations

Energy - Gas c]nd Electricity

Insurance - GeneralInternet - Website

Meetings/SeminarsMotor Vehicle Running CostsMural Project

Of I ice ExpensesProgram Costs - Mens SheclRepairs and Maintenance - GeneralSQlon.es and WagesSecur`ty

SponsorshipStaff Amenities

SubscrtptionsSuperannuationTelephoneTravel`ing Cosls

Waste DisposalWorkcover Insurance

Total Expendlture

l'roflt/(Loss) for Periodlncorne taxOther Comprehensive IncomeCapitol Gain on Sale of Land

Total Comprehenslve Income/(Loss) for Year

-£rlJ -I i a

8,004 8.921

3,153 1,900

2,273 00 20,001)

9,797 18.386

I.7SO 500

47,704 4P,707

8,050 7.451

003,500 7,400

469 545

944 473

22,727 010,023 6,350

4.206 5.069

004.119 3,660

6, 538 6.0392,848 0

'93 940

5J tr5 3Jyf?00

10' 5,728

007 I iJ3 call

grf i 2:£] 2:2Avfi5 60 986

I.330 0

0334

0109

7,541 3,220

4,614 0

0002'8

I,886 115

182,391 75,307

(134,687) (25,600)00

00

(134,687) (25,600)

Consolidaled

BANGERANG CULTURAL CENTRE CO-OPERATIVE LTDABN : 87 344 587 041Starement of Comprehenslve Income (Profit & Loss Statement)For the year ended 30 June 2020Ongoing Operations

incomeGrants DPMCSponsorship - RumbalaroInterest

Total Income

ExpendltureAccounting FeesAc]veitising

Auditors RemunerationBa.nk ChargesCleaningCc)nsultants

Depreciation ExpenseEnergy -Gas and ElectricityInsurance - GenercilInternet - Website

Meetings/SeminarsMotor Vehicle Running Costs

Office ExpensesRepa.irs and Mclinlenance - GeneralScllon.es and WagesSecurity

Staff Amenities

Subscriptions

Superanni)at.IonTravell!.ng Costs

Waste DisposalWorkcover Insurance

Total Expenditure

Profit / (Loss) for period

2020 2019S$

2:2-I TJ 00 20. 000

9,797 18,386

32,524 38,386

8.050 7.451

001 5nr, 7.4oQ

469 533

944 473

22,727 0

4.206 5 069

4.119 3,660

6,538 6.0392,848 0

193 940

5.J 45 3.'yfi4.715 5,728

7,760 622

87,137 21,309

560 986

0 .`334

0'097,S41 3,220

000218

1,886 '\5

168,938 67,945

(136,414) (29,559)

BANGERANG Clll,TURAL CENTRE CO-OPERATIVE LTDABN : er `344 `587 041Stolement of Comprehensive Income (Profit A Loss Slolement)For the year ended 30 June 2020General Fund

IncomeIncome - Cultural ^ctivmesIncome - Sc:hool Visits

Income - FQirley Foundation

Other Income

Total Income

ExpendlfureAccounting Fees ,Bank ChargesCorisuiiclnis

Cultural Activities

DonationsOffice ExpensesPloj6CI Cosl5 -Murdi

Project Costs -Mens Slied

Salon.es and WclgesSponsorshipSuperannuationWorkcover Insurance

Total Expenditure

Profit / (Loss) for Period

8.004 8.921

3,153 1.900

2.273 0

: ,750 500

15,180

000

10.023

0000

2, I 00

1 ,330

00

13,453 7,362

1,727 3,?5?

BANGERANG CULTURAL CENTRE CO-OPERATIVE LTDABN : 87 344 587 041Statement of Financiol Performance (Balance Sheet)As at 30 June 2020

Copltal and R-e§`ervesReservesUnc]pproprioted Prbtits / (Losses)

Total Cclpltal and Reserves

Represented By:

AssetsCun.ent Assets-\,®' I 1,' ' I 'u' lu |J' 'u 1,' 01,I lh

lnvestmer`ts

Receivables

Tofc!! Ciirrent A,sse!s

Non - Current AssetsProperty. Equipmeht and Vehlcles

Total Non - Curienl Assets

Total Assets

less

LlabllitiesCurrent LiabllltlesCreditors and Acc.rualsGrants I.n AdvanceProvision for Employee Er`titlemer`ts

Totcll Current Licibllitles

Totc]l Llobllitles

Net Assets

007 4:R.2:9 6 a;] 6perR

742,296 876,983

i 8i,24i y8,68b

591,182 841.182

13,798 4.S36

796,22 i 948,403

r2:5 ,4] 7 T3.t%£

25,477 29,6ce

811,698 974,086

8 ` 5,754 29.936

? 42, 303 65 ,03010 H.345 2,137

69.402 P7,103

69,402 97,103

742,2P6 876, P83

Page 8

BANGERANG CULTURAL CENTRE CO-OPERATIVE LTDABN : 87 344 587 041Statement of Clicinges ln EquftyFor the year ended 30 June 2020

2013

Balance at end ot year

2014Profit (Loss) attribulcible to Member's equfty

Balclnce at end df year 2014

0n'F

Profit {Loss) oitributoble to MemberLs equfty

Balcince at end clf year 2015

2016

Profit [Loss) ottrlbutable to Member's equily

Balance ot end of year 2016

2017Proflt(Loss) atlrlbutcible to Member's equity

Balance at end ofyeai 2017

2018Profit(loss) cl»rlbiJlable to Member's equity

Bolance at end ol yecir 2018

201,

Prom(Loss) attributable to Member.s equity

Balance at end of year 201P

2C20Proflt{Loss) a#rlbutQble to Member.s equity

Balance at end of year 2020

Capltal Retcilned Totol

Reserve Surplus/

(.Deliclt)

SS$

0 161,2?2 161,2?2

0 (14,321) (14,321)

0 146,971 146,971

0 P25, 250 ? 25 ,250

0 1,072,221 1,072,22T

0 (14,855) ( 14,855)

0 1,057,366 T,057,366

0 (P4,238) (94,238)

0 963,128 963,128

0 (60,545) (60,545)

0 P02,583 P02 ,583

0 (25,600) (25,600)

0 876,983 876,983

0 (134,687) (134,687)

0 742,296 742,296

BANGERANG CULTURAL CENTRE CO-OPERATIVE LTDABN : 87 344 587 041Stcltement for Cosh FlowsFor the year ended 30 June 2020

Cosh Flows from Operating AclMtles

GrantsDonations ancl other Incomeiriierest rec,el.ved

Pcryments lo Suppliers and Employees

Net Cash used in {provided by) Operatlng ActMties

Cc]sh Flows from Investing AclMtles

Pa`,'mcr`,is fo,' rion -Cu.rrerlt Assets

Net Cash used ln (provided by) Investing Activlties

Net Increase / (Decrease) In Cash Held

Cash at beginning of Financicil Year

Cash al end of Financial Year

2020 201,

SS

r2]T] so I :i i:I j15,180 30,421

9.797 18,386

34.852 (5.A H )

82,556 ?3,I?6

00

00

82,556 93,196

98,685 5,489

181,241 98,685

Paoe 10

BANGERANC CuLTURAI CENTRE CO-OPERATIVE LTDABN : 87 344 587 041

Notes to and Forming Part Of the AccountsFor the year ended 30 June 2020

Note I.

Note 2.

Note 3.

Note 4.

Slatement ol Accounting Pollcles{1) !he f;fit±!!€itdl s!a!emen!s are c! spec!c!! pu.rpose

firiancial report preporecl iri orc]er lo provide

accounts to sat.isfy requirements of theCooperatives Notional Law (Viclorio)

c!nc! tor d!st.ribijtion 1o members of th,e

Co-or>ercitive.

(1!) The directors have prepared the financialstatements on the bos.is lhal the Co-operativeis a non-reporting entily because there are noI i¢6r5 .Who ,irf> ftp!|?ntletlt cin .3er.e/€!€l Ew.i!Pfjse

financicil reports.

(lil) The rinancial statements have been preparedon an accrual accounting bc]si` from theco-operative's records.They are based on historiccil costs and do nottake into account the changing values ofmoney, c>r , excep! where specificcilly

slated, the current values of non-current assets.

Cost A.ccoijntir`g using nor.mat ,9`ccrua! Accc]`unting

Capllal Grants Reserve

Opeiilng Balcince 1 July

TrQnsfer to Profff and Loss

Closing Balance 30 June

UnclppropTiclted Profits/(Lasses)Opening Balarice I JulyCapitcii gaiil ol-I sci(e Cjf iciilci.

Operating surplus (loss) for period

Closing Balance 30 June

Cosh on hcind cind at Bank^`WZ Bai-Ik DE[`v`i`i i

ANZ Bank General

2020 2019SS

00

00

00

876,983 902.5830

U 34,687) (25,600)

742,296 876,?83

25.094 55,076

156,147 43,609

181,241 98,685

BANGERANG CULTURAL CENTRE CO-OPERATIVE LTDABN : 87 344 587 041

Notes to and Forming Part Of the AccountsFor the year ended 30 June 2020

(Contlnued)

Note 5.

+¢Ofe i.

Note 8.

Note 9.

Note 10.

Note 11.

InvestmentsANZ Bank Term Deposit

^tecie;vobies

Deblo'sAccrued InterestPrepayments

rllt:a AssetsFreehold Land - c!t Cosl

Eciulpment - at CostLc:ss Ac.uHiuiuie{j Depreciation

Arlffclcts DlsplQy & Llbrory - al Cost

Plons & Model ytllqge -at cost

Less Accu.iTiuiciieci Depreciciiioi`I

Motor Vehicles -ot Costless Accitrl.Iuicl led Dt3ul eciuii{)/ I

Tofa! Fixed Assets

Creditors and AccrualsC,rec!i{ors a,rid ,^`ccr..c:!c

Grants in AdvanceOffice of the ArtsPrimary Care (Men.s Sr`ed)

Dept PMCMural

Provlslon tor employee entfflementsAnnual LeaveLong Service Leave

2020 201 'S$

59L182 841,182

59T,182 841,182

9,685 236I ls 444

3.998 3,856

13,7?8 4,536

00

i 35.809 135,809

I.2u.;6.2 I ry.584

I 5,047 16,225

\29 &J \2,t;I16,849 16,849

2?,816 29,816

29,81 o 29,8.16

00

39,114 39,114•28.684 '25,656

10,430 13,458

25,477 29,683

: 5.754 29,936

15,754 2P,936

r)a

5 92;i? 5 9grR

27.273 50,OcO

9,09 ' 9.091

42,303 65,030

I).345 2.137

00

11,345 2,137

Events after the Balance Sheet Dote

There have been no moteridl non-adi'ust.ing events after the repomng dale.nor hasany informalfon been received aboul conditions at reporting date llial have nolbeen inci.uc!ec! ir. t!`.i: rcpcr?.

BANGERANGCLILTURALCENTRECO-OPERATl.V_E_I.TE)ABN : 87 344 587 041Notes to and Forming Port of the AccountsFor the year ended 30 June 2020(Contlnued)

Note '2.

Note 13.

Note 14.

Note 15.

Economic DependenceThe entity is economlcally dependenl on the receipt ot grants trom Government

departments whieh establ.ish certain lunding acquillal guidelines. If grants are not

sper`l in ciccordonc.e with funding giiidelir`es unexpended grants balances cind

grants con be requested to be repciid.

Related Potty TronscictlonsTran5aclions between related porti.es are on llom`al ci>rrwnercial lerms and conditions

no more favourable lhan those avoiloble lo the other parties unless otherwise slc]ted.,

£L).ur:.ig cr Sir,c6 tr,a e.-,d c.i ti-Ie rjrev;ous iii iulicicii ycui , u Diit3cjor/`Executive oi the

corporation has not received er become entitled to receive a benefil (other llicin abenefit included jr` the aggregate amount of emo!uments received or due andreceivable by the Directors/Execulive5 Shown in the occounls. or the fixed salc]ry ol

a full time employee of tlie C`o-nr)erc7tive). by rec!sori o! c! con!rrjc! mc!c!e b`,. the

corporation with the Director/Executive or with a firm ot which he/slie i` . memljeror with a entity ln which he/she has a substc]ntial linQncial interest.

Co.operati`/e Detcills

Tlie registered office ol the Co-operative is located al

t Evergreen Way. Shepparton, Vicloria 3630

Inclbillfy to Continue as a going concern untiloperaling erqnt F.tjnc!!ng !s c!p,pro.yea

As of lo -date Bangerang Cullurcll Centre Co.operative Lid has not received approvallor the normal c)perating grant l`jnding for the 2019 year. The Co`operalive hcls

received Government departmenl approval to uti'ize Fur`ds held by I.I !rom the sale ot

CapilQI Assels lor the purpose of c)perotif`g expenclilure lor the 2019 year anc! tulure years

llierefore ur`til c>peroti.ng Granl Funding is opprovecl the C:o-or>erarive licis cin inobil.ily !o

continue as a going concern.

BANGERANG CULTURAL CENTRE CO.OPERATIVE LTD

ABN : 87 344 587 041

Notes to ally Forming Part of the AccountsFor the year ended 30 June 2020

(Contlnued)

Note i 6. €c:sh iicw s?ciiemeni

Cash flows li.om Operating Acllvffles

Grants receivedDonations and other incomeInterest received

Payments to supo!iers arld emDlo`'€ds

Net Cash provided by opefating activities

Cash flows from Investing ActlvltlesPayment for property and equipmen!Nel ccish used from lnvesling actlvilies

Net increase (decrease) in cc!sh he!c!Ccish al beginning of financial yearCosh cit end Of tinoncidl year

Reconcilotion of CashFor the purpose of the statement of cash flows

ccish incluc]es cash on hand ancl at bcmksCash at BQnk DEEWH

Cash at Bank General

Reconclliotion Of Net Cash Providedby operoling AcllvltiesOperating Proh't/(Loss)Proceeds from Sale of Land

Change in unopproprfated profits (losses)Add Won Fund ffemsDeprecic]tion Provision Chc]nge

Add Change in A5sels and liabilll!esIncrease/ (decrease.) in creditorsIncrease/ (decrease) in employee benefilsIncrease/ (decrease) in Graiits in advanceDecrease/(increase) in InvestmentsDecrease / (increc]se) in receivablesNet cash provtdod by Operallng and Investing Actlvwies

(Increase) / decrease in Fixed AssetsNet Increase / (decrease) ln Cash held

2020 2019SS

r)...I r./I C.:.r\u I mu

15,180 31,321

9,797 I 8,386

ov.]o4 99.]rn

(14,852) S,657

(34,852) 5,657

82 , 556 94.a.5P

08540854

82.5`C,/, 9`119A

98.685 5,489

181,241 98,685

25,094 55,076\ 56,147 43,609

18!,241 98,685

( 134.687) (25,600)

0

( 134,687) (25,600)

4,206 5,069

(14.182) (71,239)

9,208 ( 12,588)

(22.727) 30,000250,000 171,547

(9,262) (3.139)

82,5S6 94,050

(I,708)

82,556 92,342

BANGERANG CllLTURAL CENTRE CO-OPERATIVE LTD

Statement by Person Preparing the AccountsFor the year ended 30 June 2020

I. Dovjci Ftelc]en 8ulmon, being the person appointed to prepare the 2019/2020 Financial

Accclunts for the Bbngt5raricj `r:ii!ti Jrtll r`F.rltre Cci-ctpel..3ilive I_!fj. t]ereb`,J stc!!e !hc!i, ic the

best of my knowledge and belief and subject to the qualification hereurider, theseAccounts give a true and fair v.lew of :

t!) the slate of the affairs of the co-opertitive as cll 30 Jiine 2020. and of theprofit or lc)ss of the Co-operative for the year then ended ;

and

(11) the other matters required by section `30 of the Act to be decllt withI.n the Accounts.

Qualilicatlon

As I did not supervise lhe clay to day accounting f unctions of the Co-ctperative duringthe 2019/2020 financial year, in prepoiring the attached occou)its I liave liad lo iely on

c]ocumentat.Ion ancl jnformotion ?`:Jpplieq tct me by staff cincl c]!rectors c`t the Cc!-operati`.Je

Subject to the foregoing. in my opinlc>n the attachec] Accounts cicci/rately record theinformation that I wcis provided with to prepare the Accounts

David F Bulman FCPA

Dated at Sheppahon this 14lh day ol December 2020

RATgr_TFp,I,T¥GCTjLT!jp`ALCEr`'TRECO-OPELIATlt'v7ELIfvIETEi5

ABN 87 344 587 041

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS 0F BANGERANG Cul.TURAL CENTRE CO-OPERATIVE LIIVIITED

Opinion

I have audited the financial report of the Bangerang Cultural Centre Co-operative Limited (the

Entity) which comprises the Statement of Financial Position as at 30th June 2020, the Statement of

Pi-cifit ci[- Lcjss driii Olher CorTiprehensive income, Statement of Changes in Equity, and the

Statement of Cash Flows for the year then ended, notes to the financial statements including a

summary of significant accounting policies and the declaration by those charged with governance.

Material Uncertainty Related to Going Concern

Note 15 of the Financial Statements explains that the Directors' have not received approval for the

normal operating Grant Funds for the year ended 30th June 2020 and until Operating Fund Grant

Approval is received there is a material uncertainty that the Co-operative can continue as a going

concern. This matter is also disclosed in paragraph 2 of the Directors' declaration .The Co-operative

has applied for operating.grant funding for the year ended 30th June 2020 but so far has not received

formal approval for any ongoing operating grant funding therefore significant doubt exists on the

entity's ability to continue as a going concern. The Co-operative has however received Government

Funding approval to utilize funds from their investment account balance of $841,182 as at the 30th

June 2019 to pay 2020 operating ey`penditure and fLiture years ooerat.ing expenc!itljre. My ALic!it

opinion is not modified in respect of this matter as full disclosure has been made in the financial

accounts.

In my opinion, the accompanying financial report gives a true and fair view of the state of affairs of

the co-operative as at the 30th June 2020, and its fjnancjal performance and its cash flows for the

year then ended in accordance with Australian Accounting Standards, and the Co-operativesNational Law (Victoria ); and

the other matters required by the Co-operatives National Law (Victoria) to be dealt within the

financial statements ;and

the accounting records and other supporting records and the registers required to be kept by the

Co-operative under the Act, have been properly kept in accordance with the provisions of that Act.

I have been given all information, explanations and assistance for the conduct of the audit,

Basis for Opinion,

I conducted my audit in accordance with Australian Auditing Standards. My responsibilities under

those standards are further described in the Auditor's Responsibilities for the Audit of the Financial

Report section of my report. I am independent of the Entity in accordance with the ethical

requirementsoftheAccountingProfessionalandEthicalStandardsBoard`sAPES110CodeofEthics

for Professional Accountants (the Code) that are relevant to my audit of the financial report in

Australia. I have also fulfilled my other ethical responsibilities in accordance with the Code .I believe

that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my

opinion.

BAr`TGEiT`Ar``TGc€jLTURALC:Ei`tE'-kEco-bpERATivELIMITED

ABN 87 344 587 041

Responsibilities of Management and Those Charged with Governance for the Financial Report

Management is responsible for the preparation and fair presentation of the financial report in

accordance with Australian Accounting Standards and for such internal control as management

determines is necessary to enable the preparation of the financial report that is free from material

misstatement, whether due to fraud or error.

iri preparirig the f;riaiiciai i.epcii-I i-I-iai-iageliiei-it is respoiisible rLor dsse5sing the Entity's ability to

continue as a going concern, disclosing as applicable, matters related to going concern and using

the going concern basis of accounting unless management either intends to liquidate the Entity or

to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Entity's financial reporting

process,

Auditor's responsibility for the Audit of the Financial Report

My 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 inciucies my opinion. r{easonabie assurance is a high ievei of assurance, but is not a guarantee

that an audit conducted in accordance with Australian Auditing Standards will always detect a

material misstatement when it exists. Misstatements can arise from fraud or error and are

considered material if, individually or in the aggregate, they could reasonably be expected to

influence the economic decisions of users taken on the basis of the fjnancia! report.

As part of an audit in accordance with the Australian Auditing Standards I exercise professional

judgeri-ieiit arid rriairitairi professional skepticisiTi throughout the auciit. i also:

Identify and assess the risks of material misstatement of the financial report, whether due

to fraud or error, design and perform audit procedures responsive to those risks, and obtainaudit evidence that is sufficient and appropriate to provide the basis for my opinion. The

risk of not detecting a material misstatement resulting from fraud is higher than for one

resulting from error, as fraud may involve collusion, forgery, intentional omissions

misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit

prclcedures that are appropriate in the circumstances, but not for the purpose of expressingan opinion on the effectiveness of th£ Entity'5 internal control.

Evaiua`te the appropriateness of 'dccounting poiicies used Jaild ii-ie I-easoriab[eriess of

accounting estimates and related disclosures made by management.

BANGERANG CULTURAL CENTRE co-OjpERATI€y'-E Liry£ETEb

ABN 87 344 587 041

Conclude on the appropriateness of management's use of the going concern basis of

accounting and, based on the audit evidence obtained, whether a material uncertainty exists

related to a.v.erits or cctridit:c]ns that-may cast significant doubt on the Entity;s ability to

continue as a going concern. If I conclude that a material uncertainty exists. I am required

to draw attention in my auditor's report to the disclosures in the financial report or, if such

disclosures are inadequate, to modify my opinion. My conclusions are based on the audit

€`v'idence c>btairied up tci trie c!ate of my auditor's repc]rl. However, future events or

conditions may cause the Entity to cease or continue as a going concern .I reiterate my

comment in paragraph two of my report that there exists a material uncertainty whether

the co-operative can continue as a going concern due to the fact that no ongoing operating

grant funding has been secured for the 2020 year and future years. The Co-operative isreliant on using existing Funds held from the sale of a capital asset to pay for ongoing

operating expenditure.

Evaluate the overall presentation,. structure and content of the finan.ci.al rfp_or.t; in_cl_u_ding

the disclosures, and whether the financial report represeiits the underlying transactions and

events in a manner that achieves fair presentation.

I communicate with those charged with governance regarding, among other matters, the planned

scope and timing of the audit and significant audit findings, including deficiencies in internal

coritroi that i ic}eritif-y. c!ui.irig rli.y. audit.

Name of firm E Townsend & Co

C'-4Z<,'Cof7Cf.;hripectfl

Name of Auditor Eric Townsend

Address

I-iii-I,`

15Taylorstreet Datedthis 14thDecember

Ashburton Vic 3147

2020