Short answer
Strata financial statements are the scheme’s annual accounts — showing where the money came from (mainly levies), where it went, and the balances of the administrative and capital works funds. They’re prepared each year and presented to owners at the annual general meeting so everyone can see the scheme’s financial position. Larger schemes must also have them audited.
What they show
- Income — levies collected, interest, and any other receipts.
- Expenditure — what was spent from each fund over the year.
- Fund balances — how much is held in the administrative fund and the capital works fund.
Together they let owners check the money is being collected and spent properly, and that the funds are healthy.
When they must be audited
An owners corporation must have its accounts and statements audited each year if it’s a large strata scheme (more than 100 lots) or its annual budget exceeds $250,000; other schemes may choose to. See does our scheme need an audit?
Keeping the numbers clean all year
Accurate year-end statements come from clean records kept all year, not a scramble before the AGM. A system such as Straita records every levy, payment and fund movement as it happens, so the annual statements come together straight from the ledger — and the committee just approves them.
Primary sources
- Strata Schemes Management Act 2015 (NSW) — accounting records, financial statements, and auditing (s 95; large scheme s 6).
- NSW Government — Strata schemes (Fair Trading) — financial reporting obligations.