Your committee members submit the financial accounts of Australia ICOMOS Incorporated for the financial year ended 30 June, 2002.

Committee Members

The names of committee members at the date of this report are:

Principal Activities,

The principal activities of the association during the financial year were: Protect, Preserve and Promote Monuments & Sites.

Significant Changes

No significant change in the nature of these activities occurred during the year.

Operating Result

The surplus after providing for income tax amounted to

Signed in accordance with a resolution of the Members of the Committee.

William Logan

President

Peter Lovell

Treasurer

Canberra

We have audited the financial statements of Australia ICOMOS Incorporated being the Statement by Members of the Committee, Statement of Financial Performance, Statement of Financial Position, Statement of Cash Flows and Notes to Financial Statements for the financial year ended 30 June, 2002. The Committee is responsible for the financial report. We have conducted an independent audit of the financial report in order to express an opinion on it to the members.

Our audit has been conducted in accordance with Australian Auditing Standards to provide reasonable assurance whether the financial report is free of material misstatement. Our procedures included examination, on a test basis, of evidence supporting the amounts and other disclosures in the financial report, and the evaluation of accounting policies and significant accounting estimates. These procedures have been undertaken to form an opinion whether, in all material respects, the financial report is presented fairly in accordance with Accounting Standards and other mandatory professional reporting requirements so as to present a view which is consistent with our understanding of the association's financial position and performance as represented by the results of its operations and its cash flows.

The audit opinion expressed in this report has been formed on the above basis.

In our opinion, the financial report presents fairly in accordance with applicable Accounting Standards and other mandatory professional reporting requirements the financial position of Australia ICOMOS Incorporated as at 30 June, 2002, and the results of its operations and its cash flows for the year then ended.

Signed on :

___________________________________________________

Simon M. Dorahy,

Elliott House Partners

6 Elliott Street, North Sydney NSW 2060

In the opinion of the committee the financial report:

This statement is made in accordance with a resolution of the committee and is signed for and on behalf of the Committee by:

_________________________________________________

William Logan

_________________________________________________

Peter Lovell

Canberra .

Note 1: Statement of Accounting Policies

The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards, Urgent Issues Group Consensus Views and other authoritative pronouncements of the Australian Accounting Standards Board and the requirements of the Associations Incorporations Act of the Australian Capital Territory.

The financial report covers Australia ICOMOS Incorporated as an individual entity. Australia ICOMOS Incorporated is an association incorporated in the Australian Capital Territory under the Association Incorporations Act 1991.

The financial report has been prepared on an accruals basis and is based on historical costs and does not take into account changing money values or, except where stated, current valuations of non-current assets. Cost is based on the fair values of the consideration given in exchange for assets.

The following is a summary of the material accounting policies adopted in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated.

Income tax

The company applied for and received endorsement as an income tax exempt charity during the year. As long as the circumstances remain unchanged, no income tax return need be lodged.

Cash

For the purposes of the Statement of Cash Flows, cash includes cash on hand, at banks and on deposit.

Revenue

Revenue from member subscriptions are recognised in the year of renewal and grants are recognised when received.

Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets.

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

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the statement of financial position are shown inclusive of GST.

Limitation of members' liability

In accordance with the Rules of the Association, the liability of a member to contribute towards the payment of the debts and liabilities of the Association or the costs, charges and expenses of the winding up of the Association is limited to the amount, if any, unpaid by the member in respect of membership of the Association. Such membership fees are currently $170 and $130 for full and associate members respectively.

Related Parties/Entities

Where the term 'related parties' or 'related entities' is used in the financial report it refers to entities that, at any time during the year, exercised control or significant influence over the association.

This includes associated companies, directors, spouses and other close members of the families of executives.

Note 3: Profit from Ordinary Activities

Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated. There were no related party transactions during the year.

The association operates predominately in one business and geographical segment being the protection, preservation and promotion of monuments and sites of cultural significance throughout Australia.

The principal place of business is:

Australia ICOMOS Incorporated

Faculty of Arts

Deakin University

221 Burwood Highway

Burwood Vic 3125

The additional financial data presented in the following pages is in accordance with the books and records of the association which have been subjected to the auditing procedures applied in our statutory audit for the year ended 30 June, 2002.

It will be appreciated that our statutory audit did not cover all details of the additional financial data. Accordingly, we do not express an opinion on such financial data and no warranty of accuracy or reliability is given.

We do not accept responsibility in any way whatsoever to any person (other than the Executive Committee) in respect of such data, including any errors or omissions therein, however caused.

Elliott House Partners

________________________________________

Simon M. Dorahy