HELP to Complete Tier 3 and 4 Annual Accounts

Any entity Methodist Church entity who elects to prepare Tier 3 and 4 needs to complete their annual accounts using the new financial reporting standards that are appropriate to them.

Although we have developed an Excel template to use, some treasurers are finding the experience difficult.  We do appreciate that this is a big change and it does affect all registered charities in New Zealand.  The Methodist Church has decided to early adopt these standards on the basis that it is what we will be required to complete under the Charities Act and the sooner we get on board and using them the better.

The accounting staff within the Connexional Office are also busy adopting the Tier 3 standards and changing to meet the new environment.  Between them they have appropriately 40 sets of accounts to prepare and finalise within a short period of time.  While we will continue to some limited support to entities such as answering simple questions we are unable to complete the annual accounts for you within the time frames we have.

We have put in place a contract accountant to help entities who need to complete their accounts in the new format but would prefer someone to undertake the work.  The cost of this service will be no more $500.00 plus GST, if necessary.  This allows a maximum of 8 hours work and no more (1 full day of chargeable time).

The outcome will be that you will receive a set of annual accounts using the Methodist Church Tier 3 or 4 template ready for approval at the next parish council meeting.

What we will need.

  • We will need to be supplied with a profit and loss account and a balance sheet as at the 30 June 2015 and 2014. While the 2014 accounts are not essential, they will be helpful.
  • A trial balance as at 30 June 2015 and 2014.
  • We will need information that we can use to input into complete the Entity Information worksheet and the Statement of Service Performance.
  • If we believe that we are not able to prepare the annual accounts for you given the information received, we will inform you of this and the reason why.

What we will do.

  • Quickly check the balances on your balance sheet and profit and loss account for reasonableness. THIS IS NOT AN AUDIT OR REVIEW OF THE ACCOUNTS.  What this means is that we will look at the bank account balances to make sure they are OK, we will check balances in MTA, Church Building and Loan Fund, Check rateable values of land and buildings, etc.  If there are issues, we will refer those issues to you.  If they are quick fixes and that can be dealt with quickly then we will do them without reference back to you.
  • We will transfer the information from the supplied information to the Excel template
  • Format the template to make sure all of the information is being printed correctly and recorded correctly.
  • Peer review the work being done.
  • Produce a Adobe PDF copy of the final accounts.

Output

  • A completed Excel spreadsheet will be sent to you;
  • A copy of your annual accounts in an Adobe PDF format will be sent to you.

If you wish to use this service, please contact Peter van Hout (peterv@methodist.org.nz) and he will ask the contract accountant to make contact with you.