Just a reminder that all Methodist Church entities that report either directly or indirectly to the Conference of the Methodist Church need to supply the General Secretary with a final signed copy of their Performance Report (financial statements) for the 12 months ending 30 June 2018 by 12 October 2018. PLEASE put a reminder in your diary or let the person doing the work know of the deadline.
These Performance Reports need to comply with generally accepted accounting practice, which for most Church entities means that they comply with the Tier 3 or Tier 4 reporting standards as issued by the External Reporting Board.
The Annual Return for those Church entities whose financial year end is 30 June 2018 (as set out in the Law Book) needs to include the Performance Report. This needs to be filed with Charities Services by 31 December 2018.
Also a reminder that you need to also look at your constitution and the Independent Assurance Policy of the Church to see if you also require an audit or review. For Parishes and Synods, the general rule is that if your operating expenditure is under $500,000 then you do not need either a review or an audit. If your operating expenditure is between $500,000 and $1,000,000 then you will need to have a independent review undertaken. If your operating expenditure is over $1,000,000 then you will need an audit. For some entities it is mandatory that an audit or review to be undertaken. This work needs to be undertaken by a qualified person. A qualified person is defined within the Financial Reporting Act as a person who is professional qualified to undertake the work.
If an independent audit or review IS undertaken, then any management report/letter received from auditor or reviewer will also need to be sent to the General Secretary.
The Independent Assurance Policy can be found HERE .