CATHOLIC MISSION
(THE
WORK OF THE PONTIFICAL MISSION SOCIETIES)
FINANCIAL REPORT
FOR THE YEAR ENDED 31 MARCH 2025
CATHOLIC MISSION
FINANCIAL REPORT FOR THE YEAR ENDED 31 MARCH 2025
Responsible Personal Declaration1
Statement of Comprehensive Income2
Statement of Financial Position3
Statement of Changes in Equity4
Statement of Cash Flows5
Notes to the Financial Statements6 - 13
Auditor's Independence Declaration14
Independent Auditor's Report15
RESPONSIBLEPERSON'SDECLARATION FOR THE YEAR ENDED 31 MARCH 2025
The Responsible Persons havedeterminedthat Catholic Missionis not areportingentity. The Responsible Persons havedeterminedthat this special purposefinancial report shouldbe prepared in accordancewith theaccountingpolicies outlined in Note1 tothe financial statements.
The Responsible Persons declarethat:
1. Thefinancial statements andnotes, as set out on pages 2to 13;
a. Complywith AccountingStandards as detailed in Note1 tothe financial statements andthe Australian Charites and Not-for-profits Commissions Act 2012: and
b. Give a true andfair viewof Catholic Mission’s financial position as at 31March2025 andof its performance for the year endedon that dateinaccordancewith the accountingpolicies describes inNote 1to the financial statements.
2. Inthe ResponsiblePerson’s opinion there arereasonable grounds tobelieve that theentity will be able to payits debts as andwhen theybecomedue andpayable.
This declarationis madefor and on behalf of the National Council of Catholic Mission in Australia andis signedfor on behalf of the Responsible Persons by:
Fr BrianLucas - National Director
Datedat Sydneythis 1st dayof July2025
STATEMENT OF COMPREHENSIVE INCOME FOR THEYEAR ENDED 31 MARCH 2025
Revenue
Expenses
Bequests Received2,176,5623,151,450
Distribution &Dividend Income502,060478,419 Donations13,033,40812,132,337
Foreign Exchange Gains367,75624,577
Government Grant233,861200,000 Immersions625,706893,302
Depreciation &Amortisation(261,893)(107,690)
Entertainment Expenses(13,518)(11,413)
Event Costs(39,329)(169,790)
Foreign Exchange Losses(311,495)(18,379)
Information Technology(1,184,673)(999,090) Insurance(65,996)(62,351)
Mail Service(287,348)(279,225)
Marketing Expenses(261,244)(208,487)
NetGain/(Loss) on Revaluation296,859(195,828)
OccupancyCosts(171,896)(270,630)
Online ContentServices(3,950)(4,450)
Other Employee Benefits(264,282)(390,302)
Other Expenses(70,053)(2,829)
Printing Fees(329,826)(332,189)
Professional Fees(433,926)(371,088)
Project Management and Transaction Expenses(308,037)(456,327) Resources(79,160)(66,065)
Superannuation(705,618)(609,047)
Travel Expenses incl. Immersions3(870,603)(925,817)
Wages &Salaries(6,343,353)(5,725,661) (11,709,341)(11,206,658)
SURPLUSFOR THEYEAR5,855,9886,933,140 OTHER COMPREHENSIVE INCOME
Notes YearEnded31 March2025 YearEnded31 March2024 $$
CurrentAssets
Cash and Cash Equivalents43,517,0222,984,838 Investments515,278,81816,143,697 Prepayments550,371429,649 Trade and Other receivables6816,843703,212
TotalCurrentAssets 20,163,05420,261,396
Non-CurrentAssets
Intangible Assets712,9722,211 Investment Property83,325,0003,325,000 Operating Lease Right-of-use Asset91,475,2701,629,028 Plant and Equipment101,176,1381,166,683 TotalNon-CurrentAssets 5,989,3806,122,922
TotalAssets 26,152,43426,384,318
CurrentLiabilities
Current Lease Liability11(241,178)(173,960)
Deferred Revenue12(1,053,499)(440,700)
Other Liabilities & Accruals13(633,028)(441,773) Provisions14(992,806)(973,836)
TotalCurrentLiabilities (2,920,511)(2,030,269)
Non-CurrentLiabilities
Non-current Lease Liability11(1,222,412)(1,426,170) Provisions14(85,504)(61,847)
TotalNon-CurrentLiabilities (1,307,916)(1,488,017)
TotalLiabilities (4,228,427)(3,518,286)
NetAsset21,924,00722,866,032
DistributableFunds
Distributable Funds15(10,819,605)(11,760,966) Reserves & Retained Earnings16(11,104,402)(11,105,066)
Distributable(Accumulated)Funds (21,924,007)(22,866,032)
Equity(21,924,007)(22,866,032)
The accompanying notes form part of these financial statements Page 3
Theabovestatementofchangesinequityshouldbereadinconjunctionwiththeaccompanyingnotes.
STATEMENT OF CASH FLOWS FOR THEYEAR ENDED 31 MARCH 2025
Cash Flow fromOperating Activities
Cash received from donations15,209,97115,283,788
Cash returns from Impact Investing974,305298,722
Cash received from other revenue1,447,400(750,364)
Cash received from government grants33,861200,000
Cash paid to employees and suppliers(12,302,892)(10,447,623)
Net cash generated fromoperating activities 175,362,6454,584,523
Cash Flow used in Investing Activities
Cash paid for acquisition of assets(136,625)(109,130)
Cash proceeds from sales of assets76516,435
Interests and dividends received941,612964,813
Cash received on maturityof term deposits17,009,85812,182,239
Cash payment for acquisition of term deposits(15,848,058)(12,145,614)
Net cash received/(used) in investing activities 1,967,552908,743
Cash Flow used in Other Activities
Distribution paid to funds(6,798,013)(5,522,633) Net cash used in other activities (6,798,013)(5,522,633)
(Decrease)/increase in Cash and Cash Equivalents during the Year 532,184(29,367) 00 Cash and cash equivalents at beginning of the financial year 2,984,8383,014,205 Cash and cash equivalents at the end of the financial year 43,517,0222,984,838 The accompanying notes form part of these financial statements Page 5
NOTES TO AND FORMING PART OF THE FINANCIAL REPORT FOR THE YEAR ENDED 31 MARCH 2025
1. STATEMENT OF MATERIAL ACCOUNTING POLICIES:
a) Basis of Preparation
Catholic Mission, the name under which Pontifical Mission Societies operate, carries on its activities as defined in the Societies' Regulations for Australia 2006. The responsible persons consist of member of the National Counciland the names of the members of this body are contained at Note 1(f).
In the opinion of the National Council, Catholic Mission is not a reporting entity. The financial report has been drawn up as a special purpose financial report for use bythe National Council and to fulfil its duties under the Statute of the Pontifical Mission Societies 2005,the Regulations for Australia 2006 and to satisfy the financial report preparation requirements of the Australian Charities and Not-for-profits Commission Act 2012
This financial report have been prepared in accordance with the recognition and measurement requirements allall the Australian Accounting Standards and Interpretations issues by the Australian Accounting Standards Board (AASB) and the disclosure requirements of the following standards;
AASB 101 Presentation of Financial Statements
AASB 107 Statement of Cash Flows
AASB 108 Accounting policies, changes in accounting estimates and errors.
AASB 110 Events after the Balance sheet date
AASB 136 Impairment of Assets
AASB 1048 Interpretation of Standards
This financial report is in respect to the activities of the Catholic Mission onlyand has been prepared on an accrual basis of accounting using the historical cost convention and a going concern assumption. It does not take into account changing money values or, except where specificallystated, current valuations of non-current assets.
The following specific accounting policies, which are consistent with the previous period unless otherwise stated, have been adopted in the preparation of these statements.
Critical accounting estimates
The preparation of the financial statements required the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. These critical accounting estimates and judgements are disclosed within the relevant notes, specifically Intangible assets (Note 7), Investment property (Note 8), Property, Plant and equipment (Note 10) and Provisions (Note 14).
b) Revenue
Donations and Bequests
Donations and bequests are recognised when deposited to the donation accounts either directlyor from transferring all amounts deposited to the accounts of the Diocesan Offices. There is an inherent risk associated with the operating environment of Catholic Mission whereby it relies on the controls and process of external parties to undertake the counting and receipting of cash receipts.
The vast majority of cash received by Catholic Mission is collected, counted and banked by local Parish Churches on Catholic Mission’s behalf;
Catholic Mission does not handle the cash collected in Parishes and relies on individual Parishes’ internal controls for cash handling; and
The Parish cash handling processes are outside the control of Catholic Mission. Therefore it is the responsible persons view that it is impractical to establish controls over the collection of cash receipts from fundraising prior to its entry into the books and records and therefore impacts the assertion of the completeness of revenue collected.
Interest and dividends are recognised when received.
Income from Immersions and Formation services is recognised at a point in time when there is an enforceable contract with defined performance obligations. Payments received in advance are recorded as income in advance until those obligations are met. Where contracts are not enforceable or lack clear obligations, revenue is recognised upon receipt of payment.
NOTES TO AND FORMING PART OF THE FINANCIAL REPORT FOR THE YEAR ENDED 31 MARCH 2025
1. STATEMENT OF MATERIAL ACCOUNTING POLICIES:
c) Financial Instruments
Initial recognition and measurement
Financial assets and financial liabilities are recognised when the entitybecomes a party to the contractual provisions to the instrument. For financial assets, this is equivalent to the date that the Catholic Mission - Australia commits itself to either purchase, sell or accept as a bequested assets (ie trade date accounting is adopted). Financial instruments are initiallymeasured at fairvalue plus transaction costs except where the instrument is classified “at fairvalue through profit or loss”, in which case transaction costs are recognised in profit or loss immediately.
Classification and subsequent measurement
(i) Financial assets at fair value through profit or loss
Financial assets are classified at “fair value through profit or loss” when they are either held for trading forthe purpose of short-term profit taking, derivatives not held for hedging purposes, orwhen they are designated as such to avoid an accounting mismatch or to enable performance evaluation where a group of financial assets is managed by key management personnel on a fair value basis in accordance with a documented risk management or investment strategy. Such assets are subsequently measured at fairvalue with changes in carrying value being included in profit or loss.
(ii) Financial assets at amortised cost
Financial assets at amortised cost are non-derivative financial assets with fixed or determinable payments solely of principal and interest on specified dates. Gains or losses are recognised in profit or loss through the amortisation process and when the financial asset is derecognised.
(iii) Financial liabilities
Non-derivative financial liabilities otherthan financial guarantees are subsequently measured at amortised cost. Gains or losses are recognised in profit or loss through the amortisation process and when the financial liability is derecognised.
(iv) Impairment
At each reporting date, Catholic Mission assesses whether there is objective evidence that a financial asset or liability has been impaired. Impairment losses are recognised in profit or loss immediately.
d) Impairment of Assets
At the end of each reporting period, the entity reviews the carrying values of its tangible and intangible assets to determine whether there is anyindication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is recognised in profit or loss.
e) Taxation
Catholic Mission is a charity registered with the Australian Charities and Not-for-profits Commission and is exempt from income tax under section 50-5 of the Income Tax Assessment Act 1997
f)Responsible Persons
Thisconsistsofthefollowingmembers;
Fr Brian Lucas - Chair Person
Peter Gates - Secretary
Sr Grazyna (Sr Grace)Roclawska - Committee Member
g) New, revised or amending Accounting Standards and Interpretations adopted
No new, revised or amending accounting standards and interpretations have been adopted during the period.
NOTES TOAND FORMINGPART OF THE FINANCIAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Year Ended 31 March 2025 Year Ended 31 March 2024 $$
GrantsrepresentfundingreceivedfromMulticulturalNSW undertheCOMPACT(CommunityPartnershipAction)Program. CatholicMissionhaspartneredwithMulticulturalNSW todelivertheCOMPACTinitiativethroughitsInterfaithEncounters project,aspartofitsCommunityEducationprograms.Grantincomeisrecognisedbasedonthespecificperformance obligationsoutlinedinthesignedagreementbetweenMulticulturalNSW andCatholicMission.
3TRAVEL EXPENSES
Travelexpenses-Immersionsgroupparticipants543,198
Travelexpenses-Other327,405
Immersions-Formationprograminvolvesgrouptraveltoexperiencedestinations.Expensesincurredrelatedtotravellingby participantgroupsareoffsetagainstImmersionscorrespondingincome
4CASH AND CASH EQUIVALENTS Cashatbank3,498,040
Accounting policyforcash and cash equivalents
Cashandcashequivalentsincludecashonhand,depositsheldat-callwithbanks,othershort-termhighlyliquidinvestments withoriginalmaturitiesofthreemonthsorless,andbankoverdrafts.
5INVESTMENTS
Termdeposits7,964,482
EquityTrusts-fairvalue4,461,597
ListedandotherInvestments-fairvalue2,852,739
Accounting policyforinvestments
Investmentsincludetermdepositswithmaturitiesofmorethanthreemonths,andinvestmentsheldbyfunds.RefertoNote 1forthesignificantaccountingpolicy.
6TRADE AND OTHER RECEIVABLES
Tradedebtors273,883
GSTreceivables36,045
Otherreceivables506,915
Accounting policyfortrade and other receivables
TradereceivableandotherreceivablesincludeamountsduefromCatholicMission'sprogramsandotherDiocesanOffices.
Goods and Services Tax (GST)
Revenues,expensesandassetsarerecognisednetoftheamountofGST,exceptwheretheamountofGSTincurredisnot recoverablefromtheAustralianTaxationOffice(ATO).
ReceivablesandpayablesarestatedinclusiveoftheamountofGSTreceivableorpayable.ThenetamountofGST recoverablefrom,orpayableto,theATOisincludedwithotherreceivablesorpayablesinthestatementoffinancialposition.
NOTES TO AND FORMING PART OF THE FINANCIAL REPORT FOR THE YEAR ENDED 31 MARCH 2025
Year Ended 31 March2025 Year Ended 31 March2024 $ $
7INTANGIBLE ASSETS
Computersoftware926,970 913,235
Less:accumulatedamortisation(913,998) (911,024) 12,972 2,211
Intangibleassetshaveafiniteusefullives.Thecurrentamortisationchargesforintangiblesassetsareincludedunder"depreciationand amortisationexpense"pertheStatementofProfit&Loss.Computersoftwareisamortisedovera3yearperiod.
8INVESTMENT PROPERTY
Openingfairvalue3,325,000 3,990,000
Fairvalueimpairment- (665,000)
Investmentproperty-closingfairvalue
ThecarryingvalueoftheInvestmentPropertyisheldatthevaluationassessmentoftheCouncilMembersandisinternallyreviewedannuallyto ensureitisnotinexcessoftherecoverableamountoftheinvestmentproperty.Therecoverableamountrequiresjudgementandestimatestobe usedastherecoverableamountisassessedonthebasisoftheexpectednetcashflowsthatwillbereceivedfromtheinvestmentproperty. Duringthecurrentperiod,independentthirdpartyreassessedthevaluationoftheinvestmentproperty,recentsalesandincomecapitalisation approachwasusedtoderivethevaluation.
9OPERATING LEASE RIGHT-OF-USE ASSET
Duringfinancialyear31March2025CatholicMissionendedtheexpiredleasesubjecttomonth-to-monthbillingandenterredtwonewlease agreementsforofficespaceinMelbourneandNorthSydneythatgivesrisetoRight-of-useAssetOperatingLeaseaspercompliancetoAASB16.
OperatingLeaseRight-of-useAsset1,643,928 1,643,928
Less:Accumulateddepreciation(168,658) (14,900) 1,475,270 1,629,028
ReconciliationsforOperatingleaseright-of-useassetatthebeginningandendofcurrentfinancialyeararesetoutasbelow: Balanceat31March20241,629,028 AdditionsAmortisationExpense(153,758) Balanceat31March20251,475,270
10PLANT AND EQUIPMENT
Furniture&fittings50,969 60,555
Less:accumulateddepreciation(26,868)
Leaseimprovements19,057
Officeequipment90,233
Less:accumulateddepreciation(61,934)
Computerequipment332,816
Less:accumulateddepreciation(248,477)
NOTES TO ANDFORMING PART OF THE FINANCIAL REPORT FOR THE YEAR ENDED 31 MARCH 2025
Accounting policyfor Property, Plant and Equipment
Property, plant and equipment includes expenditure that is directlyattributable to the acquisition of the item. Property, plant and equipment is held to meet the service deliveryobjectives of Catholic Mission rather than to earn revenue or for capital appreciation and is accounted for in accordance with AASB116 Property, Plant and Equipment
Land and buildings are recognised and measured at cost less accumulated depreciation on buildings less anyimpairment losses.
Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, onlywhen it is probable that the future economic benefits associated with the item will flow to Catholic Mission and the cost of the item can be measured reliably. The carrying amount of anycomponent accounted for as a separate asset is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which theyare incurred.
Land is not depreciated. Depreciation on other plant and equipment is calculated using the straight line method to allocate their cost over their estimated useful lives as follows;
- Furniture & Fittings 5 - 10 - Lease improvements 5 - 15 years- Office equipment 3 - 5 years
- Computer equipment 3 - 5 - Vehicles 5 years- Building - 50 years
An asset's carrying amount is written down immediatelyto its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount. Gain and losses on disposals are determined bycomparing proceeds with the carrying amount and are included in profit or loss.
Reconciliations for Lease liabilities of the written down values at the beginning anf end of the current financial year are set out as below:
Deferred revenue represents the contract liabilities arising receipts received for the entity's activities such as immersions, where services are not yet provided at year-end.
Accounting
Trade and other payable represent the liabilityoutstanding at the end of the reporting period for goods and services received by Catholic Mission during the reporting period which remain unpaid. The balance is recognised as a current liabilitywith the amounts normallypaid within 30 days of recognition of the liability.
14PROVISIONS
Provision has been made for employee benefits based on current statutoryand/or contractual entitlements whichever is greater for all staff employed bythe company. All provisions are measured at their nominal amount with those expected to be settled within 12 months being measured using the remuneration rates, including on costs, expected to applyat the time of settlement, while those expected to be settled beyond 12 months, including long service leave, which is provided from the earliest date upon which each employee maybecome entitled, being measured at the remuneration rates, including on costs, applying at balance date. In determining these provisions it is assumed that at the date of this report future increases in remuneration rates and the relevant discount factors which would be required to be applied to amounts expected to be settled beyond 12 months would be approximatelyequal with no material impact arising from anydifference that mayexist between the remuneration rate and the discount factor. Page 10
YearEnded31March2025YearEnded31March2024 $$
15 DISTRIBUTABLEFUNDS
CATHOLICMISSION
NOTESTOANDFORMINGPARTOFTHEFINANCIALREPORT FORTHEYEARENDED31MARCH2025
16OTHERRESERVES
BalanceatBeginningofYear
Portionof CurrentYear Bequest Donations transferred to / (withdrawn)fromReserve Fund:
Less /Add:Adjustmentfor Increases /(decrease) inHolding Valueatthe end of the Year
NetChange intheYear
BalanceatEndofYear
ReserveFunds
Bursaries received areinitiallybroughtto accountas incomeand thentransferred to the reservefunds. The principalis notavailable for distribution,however incomethataccrues onthe principalisavailable for distributionfrom the reserve funds.The movements inthe reservefunds aremade onthe followingbasis;
EducationandFormationReserve -The fund willbeused for thepurpose of expandingthe missionformationand educationprogramas promised to the Sisters of Mercy. StPeterApostleBurseFund -Investmentincomeearned ontheBurses is included inthe interestincomeof the StPeter Apostle Society. OtherFunds- Theseare reserve funds whicharereceived inthe formof donations from time to timeand heldas reserves untila pointatwhichtheyare to be released for distribution.
NOTES TO AND FORMING PART OF THE FINANCIAL REPORT FOR THE YEAR ENDED 31 MARCH 2025
Year Ended 31 March 2025
Year Ended 31 March 2024
17 CASH FLOW INFORMATION$$
Reconciliation of Net Cash from Operating Activities Surplus for the year5,855,9886,933,140 Interests and dividends received(941,612)(964,813)
Adjustments of net operating results to net cash from operating activities: Depreciation261,893107,690 (Gain)/Loss Disposal of FA7,509(3,151)
(Increase) / Decrease in investments excluding Term Deposits(296,921)(839,374) (Increase) / Decrease in receivables and other assets(234,354)(2,114,185)
Increase / (Decrease) in payables and lease liabilities667,5141,309,740 Increase / (Decrease) in provisions42,628155,476
Net Cash from Operating Activities 5,362,6454,584,523 00
18 AUDITORS REMUNERATION
During the year the following fees were paid or payable for services provided by the auditor:
- Audit of the financial and project acquittal reports66,36060,700 - Other services-66,36060,700
19 KEY MANAGEMENT PERSONNEL
Compensation for keymanagement personnel Salaries paid226,032218,962 Other long term benefits40,70337,098 Other short term benefits77,73050,016 Total compensation to key management personnel344,465306,076
20 CONTINGENT LIABILITY
There are no material contingent liabilities that require disclosure.
21 COMMITMENTS
There are no material commitments that require disclosure.
22 SUBSEQUENT EVENTS
There have been no events since 31 March 2025 that may significantly affect Catholic Mission's operations, the results of those operations or the state of affairs in future financial years.
Parkline
DECLARATION
OF
INDEPENDENCE BY LEAH RUSSELL TO THE DIRECTORS OF CATHOLIC MISSION
I declare that, to the best of my knowledge and belief, there have been no contraventions of any applicable code of professional conduct in relation to the audit of Catholic Mission for the year ended 31 March 2025
Leah Russell Director
BDO Audit Pty Ltd
Sydney
1 July 2025
INDEPENDENT AUDITOR'S REPORT
To the members of Catholic Mission
Report on the Audit of the Financial Report
Qualified opinion
We have audited the financial report of Catholic Mission (the registered entity), which comprises the statement of financial position as at 31 March 2025, the statement of profit or loss and other comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, and notes to the financial report, including material accounting policy information, and the responsible entities’ declaration.
In our opinion, except for the effects of the matter described in the Basis for qualified opinion section of our report, the accompanying financial report of Catholic Mission, is in accordance with Division 60 of the Australian Charities and Not-for-profits Commission Act 2012, including:
(i) Giving a true and fair view of the registered entity’s financial position as at 31 March 2025 and of its financial performance for the year then ended; and
(ii) Complying with Australian Accounting Standards to the extent described in Note 1 and Division 60 of the Australian Charities and Not-for-profits Commission Regulations 2022
Basis for qualified opinion
We draw attention to Note 1(b) to the financial report which describes the revenue recognition policy of Catholic Mission which is common with charities of this type. It has been determined that it is impractical to establish control over the collection of cash receipts from fundraising prior to its entry into its financial records. Accordingly, as the evidence available to us regarding fundraising revenue from this source was limited, our audit procedures with respect to fundraising cash receipts had to be restricted to the amounts recorded in the financial records. We therefore are unable to express an opinion whether the cash receipt revenue of Catholic Mission is complete.
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the Financial Report section of our report. We are independent of the registered entity in accordance with the auditor independence requirements of the Australian Charities and Not-for-profits Commission Act 2012 (ACNC Act) and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
Emphasis of matter – Basis of accounting
We draw attention to Note 1 to the financial report, which describes the basis of accounting. The financial report has been prepared for the purpose of fulfilling the Registered Entity’s financial reporting responsibilities under the ACNC Act. As a result, the financial report may not be suitable for another purpose. Our opinion is not modified in respect of this matter.
Other information
Those charged with governance are responsible for the other information. The other information obtained at the date of this auditor’s report is information included in Catholic Mission’s directors report, but does not include the financial report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed on the other information obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of responsible entities for the Financial Report
The responsible entities of the registered entity are responsible for the preparation of the financial report that gives a true and fair view and have determined that the basis of preparation described in Note 1 to the financial report is appropriate to meet the requirements of the ACNC Act, the reporting requirements under the Statue of the Pontifical Mission Societies 2005 and the Regulations for Australia 2006. The responsible entities’ responsibility also includes such internal control as the responsible entities determine is necessary to enable the preparation of a financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the responsible entities are responsible for assessing the registered entity’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the responsible entities either intend to liquidate the registered entity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our 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 includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the 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 this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at: http://www.auasb.gov.au/auditors_responsibilities/ar4.pdf
This description forms part of our auditor’s report.
Leah Russell Director
Sydney, 1 July 2025