Statement of trust money

Annual Report 2010/11.

for the year ended 30 June 2011

On 1 November 1996, the Office was appointed Secretary-General of the Pacific Association of Supreme Audit Institutions (PASAI). PASAI exists to encourage, promote, and advance co-operation among its public audit members.

Until June 2010, the Office carried out the financial transactions on behalf of PASAI, recorded in a trust account.

PASAI now operates through an Incorporated Society with the financial records managed by the Secretariat. During the 2010/11 financial year, trust account balances were transferred to the Secretariat and the trust accounts were closed.

All trust money transactions were recorded on a cash basis. None of the transactions associated with the PASAI trust account are recorded in the statement of comprehensive income or the statement of financial position.

Actual 2010
  Actual 2011
11 Opening balance at 1 July 10
116 Receipts -
(117) Payments (10)
10 Closing balance at 30 June 0

The accompanying notes form part of these financial statements.

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