Trust - Financial Statements

Fancy Phone Trust

ABN 26 933 478 496
For the year ended 30 June 2022
Prepared by FP Advisory Unit Trust
Contents
3 Trust Income Distribution

4 Beneficiary Accounts

5 Balance Sheet - Summarised

6 Notes to the Financial Statements

9 Director's Declaration of the Trustee Company

10 Compilation Report

11 Trading Statement

12 Income Statement

13 Balance Sheet

14 Depreciation Schedule

15 Tax Reconciliation

Trust - Financial Statements Fancy Phone Trust Page 2 of 15

Trust Income Distribution
Fancy Phone Trust
For the year ended 30 June 2022
2022 2021

Trust Income Distribution

Current Year Earnings 171,539 154,383
Net Trust Income for Distribution 171,539 154,383
Distributions to Beneficiaries 171,539 154,383
Undistributed Trust Income - -

The accompanying notes form part of these financial statements. These statements should be read in conjunction with the attached
compilation report.

Trust - Financial Statements Fancy Phone Trust Page 3 of 15

Beneficiary Accounts
Fancy Phone Trust
For the year ended 30 June 2022
2022 2021

Beneficiary Accounts
Beneficiaries Accounts Summary
Profit Distributed 171,539 154,383
Physical Distribution (171,539) (154,383)

Detailed Beneficiary Accounts

Kerryn Jenkinson
Share of profit 106,932 93,013
Physical distribution (106,932) (93,013)
Total Kerryn Jenkinson - -

Sudarat Hatthasan
Share of profit 64,607 61,371
Physical distribution (64,607) (61,371)
Total Sudarat Hatthasan - -

Total Detailed Beneficiary Accounts - -

The accompanying notes form part of these financial statements. These statements should be read in conjunction with the attached
compilation report.  

Trust - Financial Statements Fancy Phone Trust Page 4 of 15

Balance Sheet - Summarised
Fancy Phone Trust
As at 30 June 2022
NOTES 30 JUN 2022 30 JUN 2021

Assets
Current Assets
Cash and Cash Equivalents 2 8,050 37,354
Borrowing Costs 841 391
Accumulated amortisation (269) (149)
Total Current Assets 8,622 37,596

Non-Current Assets
Property, Plant and Equipment 3 41,565 -
Total Non-Current Assets 41,565 -

Total Assets 50,187 37,596

Liabilities
Current Liabilities
Payables 4 2,153 6,526
GST 4,667 3,851
Hire Purchase - Capital Finance (Cruiser) CL 8,711 -
Unexpired Interest - Capital Finance (Cruiser) CL (2,022) -
Total Current Liabilities 13,508 10,377

Non-Current Liabilities
Hire Purchase - Capital Finance (Cruiser) NCL 41,376 -
Unexpired Interest - Capital Finance (Cruiser) NCL (3,447) -
Beneficiary/Shareholder Accounts 5 (11,235) 17,232
Payables 4 9,887 9,887
Total Non-Current Liabilities 36,580 27,119

Total Liabilities 50,087 37,496

Net Assets 100 100

Equity
Retained Earnings 100 100
Total Equity 100 100

The accompanying notes form part of these financial statements. These statements should be read in conjunction with the attached
compilation report.

Trust - Financial Statements Fancy Phone Trust Page 5 of 15

Notes to the Financial Statements
Fancy Phone Trust
For the year ended 30 June 2022
1. Statement of Significant Accounting Policies
 

The director of the trustee company has prepared the financial statements of the trust on the basis that the trust is a
non-reporting entity because there are no users dependent on general purpose financial statements. The financial statements
are therefore special purpose financial statements that have been prepared in order to meet the requirements of the trust deed,
the information needs of stakeholders and for the basis of preparation of the income tax return. The financial statements have
been prepared in accordance with the significant accounting policies disclosed below, which the director has determined is
appropriate to meet the purposes of preparation. Such accounting policies are consistent with the previous period unless stated
otherwise. The financial statements have been prepared on an accruals basis and are based on historical costs unless otherwise
stated in the notes. The financial statements were authorised for issue on 3 November 2022 by the director of the trustee
company.

Property, Plant and Equipment

Property, plant and equipment is initially recorded at the cost of acquisition or fair value less, if applicable, any accumulated
depreciation and impairment losses. Plant and equipment that has been contributed at no cost, or for nominal cost, is valued
and recognised at the fair value of the asset at the date it is acquired. The plant and equipment is reviewed annually by directors
to ensure that the carrying amount is not in excess of the recoverable amount from these assets. The recoverable amount is
assessed on the basis of the expected net cash flows that will be received from the utilisation of the assets and the subsequent
disposal. The expected net cash flows have been discounted to their present values in estimating recoverable amounts.

Freehold land and buildings are measured at their fair value, based on periodic, but at least triennial, valuations by independent
external valuers, less subsequent depreciation for buildings.

Increases in the carrying amount of land and buildings arising on revaluation are credited in equity to a revaluation surplus.
Decreases against previous increases of the same asset are charged against fair value reserves in equity. All other decreases are
charged to profit or loss.

Any accumulated depreciation at the date of revaluation is offset against the gross carrying amount of the asset and the net
amount is restated to the revalued amount of the asset.

Trade and Other Payables

Trade and other payables represent the liabilities for goods and services received by the trust that remain unpaid at 30 June
2022. Trade payables are recognised at their transaction price. They are subject to normal credit terms and do not bear interest.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, deposits held on call with banks, other short-term highly liquid investments
with original maturities of three months or less, and bank overdrafts.

Revenue Recognition
Revenue from the sale of goods is recognised upon the delivery of goods to customers.
Revenue from the rendering of services is recognised upon the delivery of the services to customers.
Revenue from commissions is recognised upon delivery of services to customers.
Revenue from interest is recognised using the effective interest rate method.
Revenue from dividends is recognised when the entity has a right to receive the dividend.

All revenue is stated net of the amount of goods and services tax (GST).

Goods and Services Tax

These notes should be read in conjunction with the attached compilation report.

Trust - Financial Statements Fancy Phone Trust Page 6 of 15

Notes to the Financial Statements

Transactions are recognised net of GST, except where the amount of GST incurred is not recoverable from the Australian
Taxation Office (ATO).

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable
from, or payable to, the ATO is included with other receivables or payables in the balance sheet.

2022 2021

2. Cash and Cash Equivalents

Bank Accounts
Business Cheque Account 7,950 37,254
Total Bank Accounts 7,950 37,254

Other Cash Items

Cash on Hand 100 100
Total Other Cash Items 100 100

Total Cash and Cash Equivalents 8,050 37,354

2022 2021

3. Property Plant and Equipment

Plant and Equipment
Plant and Equipment at Cost 1,585 -
Accumulated Depreciation of Plant and Equipment (1,585) -
Total Plant and Equipment - -

Motor Vehicles
Motor Vehicles at Cost 68,432 23,974
Accumulated Depreciation of Motor Vehicles (26,867) (23,974)
Total Motor Vehicles 41,565 -

Total Property Plant and Equipment 41,565 -

2022 2021

4. Payables
Current
Hire Purchase - Toyota Finance (Mazda 3) CL - 7,271
PAYG Withholdings Payable 798 -
Superannuation Payable 1,355 -
Unexpired Interest - Toyota Finance (Mazda 3) CL - (745)
Total Current 2,153 6,526

Non Current
Hire Purchase - Toyota Finance (Mazda 3) NCL 10,300 10,300
Unexpired Interest - Toyota Finance (Mazda 3) NCL (414) (414)
Total Non Current 9,887 9,887

Total Payables 12,039 16,412

5. Beneficiary Accounts

These notes should be read in conjunction with the attached compilation report.

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Notes to the Financial Statements

Please see report titled "Beneficiary Accounts" for breakdown of beneficiary activity.

These notes should be read in conjunction with the attached compilation report.

Trust - Financial Statements Fancy Phone Trust Page 8 of 15

Director's Declaration of the Trustee Company
Fancy Phone Trust
For the year ended 30 June 2022
The director of the trustee company, Fancy Phone Pty Ltd, declares that the trust is not a reporting entity and that this special
purpose financial report should be prepared in accordance with the accounting policies outlined in Note 1 of the financial
statements.

The director of the company declares that:

1. The financial statements and notes present fairly the company's financial position as at 30 June 2022 and its performance
for the year ended on that date in accordance with the accounting policies described in Note 1 of the financial statements.
2. In the director's opinion there are reasonable grounds to believe that the company will be able to pay its debts as and
when they become due and payable.

This declaration is made in accordance with a resolution of Board of Director.

Director: Kerryn Jenkinson                                                                                               

Sign date:

Trust - Financial Statements Fancy Phone Trust Page 9 of 15

Compilation Report
Fancy Phone Trust
For the year ended 30 June 2022
Compilation report to Fancy Phone Trust

We have compiled the accompanying special purpose financial statements of Fancy Phone Trust, which comprise the balance
sheet as at 30 June 2022, the income statement, the statement of cash flows, a summary of significant accounting policies and
other explanatory notes. The specific purpose for which the special purpose financial statements have been prepared is set out
in Note 1. 

The Responsibility of the Directors

The director of Fancy Phone Pty Ltd is solely responsible for the information contained in the special purpose financial
statements, the reliability, accuracy and completeness of the information and for the determination that the basis of
accounting used is appropriate to meet their needs and for the purpose that financial statements were prepared. 

Our Responsibility

On the basis of information provided by the director we have compiled the accompanying special purpose financial statements
in accordance with the basis of accounting as described in Note 1 to the financial statements and APES 315 Compilation of
Financial Information.

We have applied our expertise in accounting and financial reporting to compile these financial statements in accordance with
the basis of accounting described in Note 1 to the financial statements. We have complied with the relevant ethical
requirements of APES 110 Code of Ethics for Professional Accountants.

Assurance Disclaimer
Since a compilation engagement is not an assurance engagement, we are not required to verify the reliability, accuracy or
completeness of the information provided to us by management to compile these financial statements. Accordingly, we do not
express an audit opinion or a review conclusion on these financial statements. 

The special purpose financial statements were compiled exclusively for the benefit of the directors who are responsible for the
reliability, accuracy and completeness of the information used to compile them. We do not accept responsibility for the contents
of the special purpose financial statements. 

                             

Frank Palermo

FP Advisory

1/148 Arthurton Road, Northcote VIC 3070

Dated: 3 November 2022

Trust - Financial Statements Fancy Phone Trust Page 10 of 15

Trading Statement
Fancy Phone Trust
For the year ended 30 June 2022
NOTES 2022 2021

Trading Income
Sales
Revenue 38,400 5,000
Sale of Goods 305,603 272,495
Total Sales 344,003 277,495

Cost of Sales
Purchases 70,735 63,566
Direct Costs 19 -
Total Cost of Sales 70,754 63,566

Gross Profit 273,249 213,929

Gross Profit (%) 79 77

The accompanying notes form part of these financial statements. These statements should be read in conjunction with the attached
compilation report.  

Trust - Financial Statements Fancy Phone Trust Page 11 of 15

Income Statement
Fancy Phone Trust
For the year ended 30 June 2022
NOTES 2022 2021

Income
Trading Profit 234,849 208,929
Total Income 234,849 208,929

Other Income
Government Grant 38,400 5,000
Subsidies Received - Jobkeeper - 21,900
Total Other Income 38,400 26,900

Total Income 273,249 235,829

Expenses
Accounting Fees 4,332 3,450
Advertising & Marketing 14 -
Bank Fees 2,767 2,400
Borrowing expense 120 98
Cleaning 74 279
Consulting Fees - 1,800
Depreciation 4,478 -
Filing Fees 276 273
Freight & Courier - 619
General Expenses 621 5
Hire purchase charges 1,317 1,096
Insurance - 529
Legal expenses 487 487
Light, Power, Heating 818 988
Motor Vehicle Expenses 6,609 4,284
Office Expenses 90 233
Postage 116 215
Printing & Stationery 742 98
Rent 59,411 60,794
Shop Expense 113 141
Subscriptions & Memberships - 706
Superannuation 1,355 -
Telephone & Internet 3,928 2,950
Travel and Accommodation 270 -
Wages and Salaries 13,545 -
Workcover 225 -
Total Expenses 101,710 81,445

Profit / (Loss) Before Distribution 171,539 154,383

Undistributed Income 171,539 154,383

The accompanying notes form part of these financial statements. These statements should be read in conjunction with the attached
compilation report.  

Trust - Financial Statements Fancy Phone Trust Page 12 of 15

Balance Sheet
Fancy Phone Trust
As at 30 June 2022
NOTES 30 JUN 2022 30 JUN 2021

Assets
Current Assets
Bank Accounts
Business Cheque Account 7,950 37,254
Total Bank Accounts 7,950 37,254

Cash on Hand 100 100

Borrowing Costs 841 391
Accumulated amortisation (269) (149)
Total Current Assets 8,622 37,596

Non-Current Assets
Property, Plant and Equipment 3 41,565 -
Total Non-Current Assets 41,565 -

Total Assets 50,187 37,596

Liabilities
Current Liabilities
GST 4,667 3,851
PAYG Withholdings Payable 798 -
Superannuation Payable 1,355 -

Hire Purchase Agreements

Hire Purchase Agreements 8,711 7,271
Unexpired Interest (2,022) (745)
Total Hire Purchase Agreements 6,688 6,526

Total Current Liabilities 13,508 10,377

Non-Current Liabilities
Beneficiaries' Accounts 5 (11,235) 17,232

Hire Purchase Agreements

Hire Purchase Agreements 51,676 10,300
Unexpired Interest (3,861) (414)
Total Hire Purchase Agreements 47,815 9,887

Total Non-Current Liabilities 36,580 27,119

Total Liabilities 50,087 37,496

Net Assets 100 100

Equity
Undistributed Income 171,539 154,383
Retained Earnings (171,439) (154,283)
Total Equity 100 100

The accompanying notes form part of these financial statements. These statements should be read in conjunction with the attached
compilation report.

Trust - Financial Statements Fancy Phone Trust Page 13 of 15

Depreciation Schedule
Fancy Phone Trust
For the year ended 30 June 2022
NAME COST OPENING VALUE PURCHASES DISPOSALS DEPRECIATION CLOSING VALUE

Motor Vehicles
Mazda 1NY4HH 23,974 - - - - -
Toyota Cruiser 44,458 - 44,458 - 2,893 41,565
Total Motor Vehicles 68,432 - 44,458 - 2,893 41,565

Office Equipment
Computer 1,227 - 1,227 - 1,227 -
Keyboard 18 - 18 - 18 -
Modem 91 - 91 - 91 -
Printer 249 - 249 - 249 -
Total Office Equipment 1,585 - 1,585 - 1,585 -

Total 70,017 - 46,043 - 4,478 41,565

The accompanying notes form part of these financial statements. These statements should be read in conjunction with the attached
compilation report.  

Trust - Financial Statements Fancy Phone Trust Page 14 of 15

Tax Reconciliation
Fancy Phone Trust
For the year ended 30 June 2022
2022

Tax Reconciliation
Accounting Profit for Period
Profit for period -
Carried Forward Losses Applied -
Total Accounting Profit for Period -

Addbacks
Prior Year Debtors -
Current Year Creditors -
Entertainment -
Fines -
Superannuation Expense -
Other Addbacks -
Total Addbacks -

Deductions
Current Year Debtors -
Prior Year Creditors -
Superannuation Paid -
Other Deductions -
Total Deductions -

Taxable Profit for Beneficiaries -

Tax Distribution per Beneficiary

Beneficiary 1 -
Beneficiary 2 -
Beneficiary 3 -
Beneficiary 4 -
Beneficiary 5 -
Beneficiary 6 -
Beneficiary 7 -
Beneficiary 8 -
Beneficiary 9 -
Beneficiary 10 -
Total Tax Distribution per Beneficiary -

Trust - Financial Statements Fancy Phone Trust Page 15 of 15