Statement of trust money
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 $000 |
Actual 2011 $000 |
|
|---|---|---|
| 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.
page top