Recovery of wages activity financial repRecovery of wages activity financial report

Recovery of wages activity financial report

22. Where the reporting unit has undertaken recovery of wages activity (and has derived revenues for the financial year in respect of such activity) the reporting unit must cause to be prepared for purposes of paragraph 8(d) of these reporting guidelines a financial report in which is disclosed financial information associated with such activity.

23. The financial report required under paragraph 22 may be prepared under the cash basis of accounting or the accrual basis of accounting, at the option of the organisation. The Appendix to these reporting guidelines provides for purposes of illustration only the format of this financial report prepared under the cash basis of accounting.

24. Balances including nil amounts for the following items of revenue must be disclosed in the financial report required under paragraph 22:

(a) amounts in aggregate recovered from employers in respect of recovery of wages activity; and

(b) interest received on recovered moneys.

25. Balances including nil amounts for the following items of outgoings from recovered moneys must be disclosed in the financial report required under paragraph 22:

(a) deductions of amounts payable in aggregate in respect of membership of the organisation where at the time of deduction the amounts had become payable:

(i) 12 months before or earlier; or

(ii) greater than 12 months before; and

(b) deductions of donations or other contributions made to a fund or account of the reporting unit showing the name and amount in aggregate in respect of each such fund or account; and

(c) deductions of donations or other contributions made to a fund or account of another entity showing the name of the other entity and the name and amount in aggregate in respect of each such fund or account; and

(d) deductions of fees charged or reimbursements in aggregate of expenses incurred by the reporting unit in respect of recovery of wages activity; and

(e) amounts in aggregate distributed to workers as recovered moneys.

26. Balances including nil amounts for cash assets attributable to recovered moneys must be disclosed in the financial report required under paragraph 22 as at the:

(a) beginning of the financial year; and

(b) end of the financial year.

27. The notes to the financial statements must contain the following information in relation to recovery of wages unless already disclosed in the financial report required under paragraph 22:

(a) the number of workers to which the moneys recovered mentioned in subparagraph 24(a) relate; and

(b) aggregate payables to workers attributable to recovered moneys but not yet distributed; and

(c) the number of workers to which the payables mentioned in subparagraph (b) relate; and

(d) name and balance of each fund or account operated for recovery of wages activity; and

(e) where moneys, or the balance of moneys, standing to the credit of a fund or account referred to in subparagraph (d) have been invested in any assets - the name of the fund or account and the value of those assets.