NEWSBOYS FOUNDATION ANNUAL REPORT 2017 39 NEWSBOYS FOUNDATION TRUST FINANCIAL REPORT Independent Audit Report to the Trustee of Newsboys Foundation Trust Opinion We have audited the accompanying financial report, being a special purpose financial report, of Newsboys Foundation Trust (the “Trust”), which comprises the statement of financial position as at 30 June 2017, and the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and comprising notes to the financial statements, including a summary of significant accounting policies and other explanatory information to the financial report and the statement by the Trustee. In our opinion, the accompanying financial report of Newsboys Foundation Trust: a presents fairly, in all material respects, the Trust’s financial position as at 30 June 2017 and of its performance and cash flows for the year then ended in accordance with the accounting policies described in Note 1. Basis for Opinion 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 Trust in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (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 unmodified audit 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 Trustee’s financial reporting responsibilities under the Trust Deed and the needs of the members. As a result, the financial report may not be suitable for another purpose. Our opinion has not been modified in respect of this matter. Responsibility of the Trustee for the Financial Report The Trustee of the Trust is responsible for the preparation and fair presentation of the financial report and have determined that the accounting policies used and described in Note 1 to the financial report, which form part of the financial report, are appropriate to meet the requirements of the Trust Deed and the needs of the Members. This responsibility includes such internal controls as the Trustee determines are necessary to enable the preparation of the financial report to be free from material misstatement, whether due to fraud or error. In preparing the financial report, the Trustee are responsible for assessing the Trust’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 Trust or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Trust’s financial reporting process. 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 at: files/ar3.pdf . This description forms part of our auditor’s report. GRANT THORNTON AUDIT PTY LTD Chartered Accountants S C Trivett Partner - Audit & Assurance Melbourne, 21 September 2017