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Writers' centre

vwc Annual report 2010


STAFF & BOARD

VWC staff & board

STAFF

INTERNS & VOLUNTEERS

Director Joel Becker (left April 2010) Roderick Poole (joined July 2010)

VOLUNTEER LIBRARIAN Marilyn Newby (from June 2010)

Administration and Finance Manager Jacquelin Low Program Manager Mary Napier publications manager/ editor Robyn Deed (left June 2010) Anna Kelsey-Sugg (joined March 2010) Administration Officer Elise Hearst EDITORIAL ASSISTANT Rebecca Kamm (joined August 2010) bookkeeper Graham Archer Administration locum Libby Bramble

BOARD Patron Noel Turnbull Chair Chris Thompson Deputy Chair Isolde Lueckenhausen (re-elected March 2010) Treasurer Eddie Creaney (reappointed November 2010) Secretary Annie O’Hanlon (re-elected March 2010) Committee Members Bronwyn Blaiklock Joel Deane (elected March 2010) Jill Blee (finished March 2010) Fran Madigan (finished March 2010) Peter Donoughue (elected March 2010, resigned September 2010) Kim Hellard (elected March 2010, resigned November 2010) Honorary Life Members Barbara Giles (dec.) Bev Roberts Joan Sellar Joyce Lee (dec.) Judith Rodriguez Christine McKenzie Kevin Brophy Chris Wallace-Crabbe Iola Mathews Kris Hemensley Sue Penhall

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THE VICTORIAN WRITERS' CENTRE AGM REPORT // 2010

cOMPETITIONS Sue Penhall VWC SUPPORT SERVICES/ RESOURCES INTERNs Anna Brasier Aimee Leeumans EDITORIAL INTERNs Carol Poustie Antonia George PUBLICITY & EVENTS INTERNS Jared Haube Juan-Grette Van Jaarsveld OFFICE VOLUNTEERS Elizabeth Thomas Richard Snow Marco Daniel El-Hajj Ingrid Baring Clare Yeomans Rory Cole Libby Bramble Ingrid Baring events volunteers Rose Rennese Ann Witherall Melita Rahmalia Chris Elmore Mark Farrelly Deryn Mansell Louisa John-Krol Rodney Wetherall John Tyrell Deryn Mansell Kevin Li Karen Ryan Stewart Jackel Delia Allen Eddie Creaney Helen Brain Drew Harrison Laila Fanebust Carla Del Vecchio Rei Barker Marco Daniel El-Hajj Irene James Alice Macfarlan Kate Meshcheryakova Brendan Pahowski William Alexander Susie Chong Karina Merrix Belinda Ramsay Leigh Rogers editorial volunteers Delia Allen Denise Farrugia Hilary Simmons


WHAT'S INSIDE

The Victorian writers' centre Agm report 2010

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chris thompson

from the chair Shavings graphic designed by Mutton Stock design: muttonstock.com.au.

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roderick poole

from the director

2 staff and board

8 funding bodies

6 Course Program, the victorian writer, ms assessments

7 Rosebank, glenfern, gmw & doris leadbetter

9 financial report

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22

financial statements

income & expenditure statement

13 notes to financial statements

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independent auditor's report

Statement by members of the committee

The VWC gratefully acknowledges the support of the Victorian Government through Arts Victoria – Department of Premier and Cabinet, and the Australian Government through the Australia Council, its arts and funding advisory body.

Grace Marion Wilson Trust Supporting Emerging Writers

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CHRIS THOMPSON * CHAIR

From the Chair C

rikey! It only seems like a moment ago that I was chairing my first Victorian Writers’ Centre AGM at the old Nicholas Building. From memory, we only just reached our quorum of 20 paid-up members. Six years on and the VWC is a very different place (in a very different place, on the third floor of the Wheeler Centre). But, our Constitution is the same and according to that document, six years is all you get, so it’s time for me to go. Before I do, there are things to say about 2010.

evaluate what we do and why. That culminated in an excellent strategic planning session late last year which helped us refocus our attention to doing what we do best; supporting and contributing to the professional development of writers at all stages of their careers. That process also brought us into contact with some highly skilled and very committed individuals who, we hope, will join us as we plan for the VWC’s future.

The most difficult thing about a period of change like this is that it takes time. We believe we are a responsible Committee and that our support of Roderick’s vision must be within our best efforts of measured planning and good governance. One of the outcomes of this, however, is reflected in what seems to be a disappointing financial result for the year. I will leave Eddie Creany to comment on the particulars of this result but it is important to note that during 2010 the Committee supported Roderick’s plan to devote additional expenditure to some of the key marketing and infrastructure aspects of the organisation to allow us to maximise the potential for growth. Put simply, the expenditure comes first and the growth will follow. That investment in our future needs to be examined with a longer view than the 2010 financial year. The We entered a strange period of limbo between Joel’s Committee is closely monitoring expectations of this departure and the appointment of our new Director. growth across 2011 and beyond. To date things seem In times like these, an organisation can either founder to be heading in the right direction. By year’s end we’d or rise to the challenges. I’m pleased to report that, in supassed the 3000 members mark: all of you provide our case, it was the latter. The staff of the VWC excelled the foundation upon which everything else is built. themselves in this period, taking on the responsibilities It’s hard to leave an organisation at such an exciting of running the organisation and ensuring a seamless time, but there is a strong sense of satisfaction in transition from one Director to the next. While it was feeling that the place is in better nick now than it was certainly a team effort, the Committee wants to express six years ago, and that this trend will continue under our particular appreciation of the excellent leadership the guidance of the new Committee and the new shown by Jacquelin Low who stepped into an Acting Chair, and the strong leadership of the new Director. Director role throughout this time. Thanks Jacquelin. My thanks to the current Committee for their tireless By now you all know that Roderick Poole was the work throughout the year and for their enthusiasm successful candidate. Roderick’s clear vision for the in supporting Roderick’s plans for the future. It looks VWC, and the authority and confidence he brought bright: I would also like to thank the two Committee to the application process, gave him the edge that members who left us during the year: Peter Donoghue, separated him from a very strong field of candidates. whose other commitments prevented him from Since Roderick’s appointment he has more than continuing with us, and Kim Hellard who took up an fulfilled our expectation of what we believed he would opportunity to study in the USA. Thanks to both of you. bring to the VWC. Good stuff, Roderick.

The year got off to an interesting start. Not long after the last AGM our Director, Joel Becker, accepted an offer too good to refuse, as CEO at the Australian Booksellers Association. While we were all sad to see Joel leave, it was a great opportunity for him. After eight years at the helm of the VWC he’d brought us to a very strong and resilient place where the uncertainties of such a transition could be taken in our stride. Joel’s time at the VWC transformed the organisation and set it up to be well equipped to take on the challenges of the future. I know all the members of our Committee of Management, both past and present, will join me in congratulating Joel on his achievements here and wishing him well in his new position.

With a change in Director comes change in direction and Roderick has begun to implement his vision for the VWC. Working closely with the staff, he has begun to reposition the organisation within the larger environment of the idea of the City of Literature and the actuality of the Wheeler Centre. It has been an interesting time for the VWC as we have wrestled with the impact of the injection of many more high quality literary events into the overall calendar. The upshot of this process has been to give us the opportunity to

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THE VICTORIAN WRITERS' CENTRE AGM REPORT // 2010

My thanks also to Joel Becker, Noel Turnbull and past Committee members. The fact that we made the transition between Directors so easily, and that we feel confident that the transition between Chairs will happen with the same ease, is as much a credit to those who came before as it is to those who continue. I’ve had a great time chairing the VWC Committee. I remain a committed VWC member and hope to contribute to the organisation again in the future. – Chris Thompson, Chair


RODERICK POOLE * DIRECTOR

From the Director I

n 2010, our first full year in the Wheeler Centre (TWC), there have been exciting revelations on a number of fronts. Clearly, this is a generously resourced building and a huge improvement on past premises. The location is wonderful and its proximity to the State Library is particularly appropriate. However, the much anticipated lift in profile resulting from the move has not been evident. In fact, we have struggled in some areas of our program where the content or format has been seen to cross over with TWC’s own events. If nothing else, 2010 has led the VWC to further define its mission and focus more clearly on writers and their professional development. One of the real joys of our new home is sharing it with so many other literary organisations; there is a buzz in the corridors as many ideas and partnerships are discussed and nudged towards fruition.

level administration but also took on additional financial duties with aplomb. Anna Kelsey-Sugg who had shared the Editor role with Robyn Deed moved into the role of Publications Manager and in August we welcomed Rebecca Kamm as Editorial Assistant, a role she has embraced with elan. As a team we looked at ways to raise the profile of the organisation and by year’s end we were able to simultaneously launch a bold new design for both the magazine and course program.

Board of Management

Staff In April, our longstanding Director of over seven years, Joel Becker, moved on. Joel presided over a very dynamic period, enduring many moves, initiating considerable expansion and ensuring the VWC was central to the development of the Centre for Books Writing and Ideas. We wish Joel well in his new position at the ABA and thank him warmly for leaving behind a robust and thriving organisation.

The VWC is blessed with a committed and highly effective board that has once again provided fabulous support for our senior staff and done much work behind the scenes to ensure the smooth running of the organisation. Its main challenges this year have been working through the teething issues of our new home and managing the transition between two CEOs. It has not only met these challenges, but succeeded in putting them behind us with the minimum of fuss, setting the organisation up for a future with many new ideas and projects. Thanks to all members of the Board for all their great work and also to our Patron, Noel Turnbull, who has once again made himself available for advice and counsel throughout the year.

For several months the Centre was without a Director, and many thanks must go to both Jacquelin Low and Chris Thompson for keeping affairs in order throughout this period. As Acting Director, Jacquelin took on a huge number of additional duties and Chris was involved on an almost daily basis in overseeing a smooth transition. One of the great strengths of the Centre is its staff and it was reassuring to see its continuity throughout a tumultuous year. We did lose Robyn Deed, Editor of our magazine, who moved on after five years of great work for the Centre. Also moving on was our bookkeeper of over five years, Graham Archer, who blessed us with a long and supportive hand-over period before embracing retirement. Thanks to both Robyn and Graham for their wonderful work and great friendships. During the latter half of the year, I was thrilled to see the staff throw themselves into their roles, leading to some great results. Mary Napier showed her vast experience and good judgement in developing an excellent 2011 course program. Elise Hearst was knowledgeable and immensely engaging with her administration and reception duties and Jacquelin Low not only had a firm and confident hold of high

Writing Australia Much of the year was spent in discussions with our fellow state centres in NSW, Tasmania, SA and ACT resulting in a business plan presented to the Australia Council late in the year. The plan was enthusiastically received and led to a commitment by the Literature Board of the Australia Council to three years of funding as a new Emerging Key Organisation. The organisation, named Writing Australia, will begin operation in early 2011 and roll out a series of programs nationally for the benefit of writers throughout the country.

Our Writing Community Above all, our aim at the Victorian Writers’ Centre is to create a community for writers; a community online, in person and in our writing and publications. By year’s end our membership topped 3,000 for the first time and this, along with our new national connections, bodes well for a robust, productive and supportive community into the future. Onwards and upwards! – Roderick Poole, Director

THE VICTORIAN WRITERS' CENTRE AGM REPORT // 2010

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PROGRAM, THE VICTORIAN WRITER, MS ASSESSMENTS

COURSE PROGRAM

THE VICTORIAN WRITER

MS ASSESSMENTS &

by mary napier

by anna kelsey-sugg

MENTORSHIPS

With close to 100 activities planned for 2010, the VWC Program saw a healthy start to the year. As opposed to running five sessions per month in previous years, the VWC successfully ran ten summer school workshops in January 2010 and by March sufficient bookings were made to deliver eight year-long courses in the areas of novel, poetry, children’s writing, short story, SF and fantasy, and creative non-fiction. Of these courses, three novel streams were run, including advanced novel and, in addition to the above, a two-session advanced children’s writing course. With past years delivering one-off events, the masterclass program was expanded in 2010 to present five weekend masterclasses over the year, and one two-day reprise in July with Antoni Jach. Funded through the 2010 Grace Marion Wilson Trust, a further two five-day intensive classes in the areas of novel and non-fiction writing were delivered by Antoni Jach and US writer Robin Hemley, consecutively. Despite an overall budget surplus, audience attendances were lower than anticipated throughout the year resulting in the cancellation of numerous activities due to lack of bookings. These included five workshops, three courses, four seminars, two weekend masterclasses and nine free events. This issue had a strong influence in the development of the 2011 annual program plan. Prior to planning, the VWC also conducted a members’ survey with results indicating audience needs and preferred literary areas. Such evidence provided scope to address challenges and fine tune strengths of the current program in the aim of compiling a highly specialised program of professional development activities. – Mary Napier, Program Manager

Some of the themes that graced the pages of the ten issues of The Victorian Writer magazine (previously called Victorian Writer) include: short story, poetry, essay, articles, writing for children, crime writing, self-publishing, mentoring, travel writing, making money from writing, juggling a family, writing for theatre, storytelling, e-publishing, writing for the web, using social media to market yourself as a writer. And this is just scratching the surface. Packed into the magazine's (now) 28 pages (previously 24) were stories, information, yarns, tips, practical help, personal tales and advice from the likes of local authors Steven Amsterdam, Sean Dooley, Angela Meyer, Alice Pung, David Prater, Martine Murray, Liam Davison, Paul Collins, Leah Kaminsky, Kate Holden, Lisa Dempster, Philip Thiele, Tom Cho, Kirsten Reed, Josephine Rowe, Chris Flynn, Sian Prior, Kalinda Ashton, Laurie Steed, Chris Summers, John Romeril, Angus Cerini, Patricia Cornelius, Jack Charles, Emilie Zoey Baker, Mel Campbell, Susan Hawthorne and Clem Bastow. As well as these, interstate and international literary figures and authors such as Edinburgh’s City of Literature Trust director Ali Bowden, Brian Castro, Cory Doctorow, Larissa Behrendt, Mohezin Tejani and Ursula Yovich also featured. At the end of 2010, the final issue for the year undertook a complete redesign – with the aid of designer Gavin Mandrelle (Mutton Stock). As well as changing in look and increasing in size, the magazine moved to 100% recycled paper. Its focus remained: The Victorian Writer continues to publish content that is practical and “from the horse’s mouth”, full of information about learning or improving writing skills in particular genres, approaching publishers, drafting, and editing, collaboration and getting published. – Anna Kelsey-Sugg, Publications Manager

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THE VICTORIAN WRITERS' CENTRE AGM REPORT // 2010

by jacquelin low

In 2010 the VWC assisted writers by completing 95 manuscript assessments across a broad range of genres with 23 assessors continuing to provide professional appraisals to an exceptional standard. In April mentorships were again available for the first time since Australia Council funded places in 2004. Experienced mentors Sydney Smith, Lee Kofman and Clare AllanKamil offered thirteen mentorships to paying applicants through a competitive entry process. These mentorships provided the opportunity for writers to develop their work under the guidance of industry professionals across the year. – Jacquelin Low, Administration and Finance Manager

LIBRARY by marilyn newby

The Victorian Writers’ Centre Library has been a hive of activity since the 2010 relocation. The majority of the collection has been reassessed and several additional sections created to support members. One example is the additional books discovered in various parts of the library collection and subsequently re-filed in a new Professional Writing section. This generated a noticeable increase in loans of these books and flagged the need for further expansion. Much work remains, including assessing the Reference and Poetry sections. The quality of the collection is an ongoing investigation. With no catalogue available, work has commenced on listing all books which will facilitate use of the collection. All the Library work has been carried out by volunteers and I extend my appreciation to everyone who has assisted. – Marilyn Newby, Librarian


ROSEBANK, GLENFERN, GMW & DORIS LEADBETTER

ROSEBANK The VWC continued its partnership with Mary Delahunty to manage Rosebank Farm as a writers’ retreat. With funding from the Sidney Myer Fund and the Helen McPherson Smith Trust, the Centre awarded 18 Writing @ Rosebank Fellowships, providing each with a three-week stay in the cottage. The feedback from these writers has been universally positive and the beautiful cottage and evocative landscape surrounding it have inspired some great writing. Rosebank is the only artists’ retreat in Victoria aimed exclusively at writers and the VWC looks forward to offering it for many years to come. A judging panel consisting of creative writing teacher and novelist Antoni Jach, Wheeler Centre director Chrissy Sharp, publisher Sandy Grant and former VWC director Joel Becker selected the following 18 recipients from more than 80 applications: Steven Amsterdam, Demet Divaroren, George Dunford, Jacinta Halloran, Lia Hills, Rosalie Ham, Libby Hart, Andy Jackson, Leah Kaminsky, Lee Kofman, Lisa Lang, Sharyn Munro, Deborah Nolan, Josiane Smith, Laura Jean McKay, Jan Cornall, Emma Schwarcz and Angelina Mirabito.

GLENFERN Glenfern is an imposing Gothic Victorian mansion in East St Kilda. In partnership with the National Trust, the VWC has overseen its conversion into a centre for creative writing. Nine studios are made available to writers for non-residential use at very affordable rates. Glenfern has become a dynamic and supportive community of writers and has led to some terrific publishing outcomes. In 2010 Glenfern supported 18 writers. Glenfern Fellows The Readings Glenfern Writers’ Studio Residency for a Mid-Career Writer is offered for a writer who is established, with a proven track record of published prose, poetry or works written for performance. In 2010 the following writers were awarded this fellowship: Azhar Abidi, Kim Kane and Sian Prior.

GRACE MARION WILSON TRUST PROGRAMS Grace Marion Wilson Trust The VWC was privileged once again to have the support of the Grace Marion Wilson Trust to manage a number of important programs. Funding from the Grace Marion Wilson Trust made the following activities possible: Creative Writing Masterclasses The VWC presented two week-long masterclasses in the areas of the novel and creative non-fiction. The funding allowed us to bring the non-fiction specialist Robin Hemley over from the University of Iowa and to provide an intense week of fiction masterclass with Antoni Jach. Black Saturday: Telling the Stories Arnold Zable continued his wonderful work in the wake of the Black Saturday fires by conducting extra 12 day-long workshops for the communities in Strath Creek, Narbethong, King Lake and King Lake West. The workshops were extensively documented by audio recordings and Arnold’s own fine prose. This project was a powerful and sometimes overwhelming one which gave a number of people who had never considered themselves to be writers a chance to find their voice and find ways to heal some very deep wounds. Glenfern Fellowships The Grace Marion Wilson Glenfern Writers’ Studio Residency for an Emerging or Developing Writer is offered for a writer working on their first or second work and was awarded to Tee O'Neill, Angela Meyer, Jacinta Halloran and Leah Kaminsky.

Grace Marion Wilson Emerging Writers’ Competition Almost 200 entries were received for this competition aimed specifically at emerging writers in the fields of both fiction and creative non-fiction. The work of the two winners and runners up were published in our October/ November edition of The Victorian Writer and received generous cash prizes. Winning and Commended Entries for the 2010 Grace Marion Wilson Competition Timothy Robinson won the Short Story category for “Henry Stanfield Can Fly”; Lindy Alexander won the Creative Non-fiction prize for “Hiding from the World”. Second place for fiction was awarded to Melanie Cheng for "Stone Baby" and Lorna Hendry came second in Creative Non-fiction for “Killing the Dogs”. The commended entries for fiction were: "The Second Marriage" by Sarinah Hope; "The Glove" by Julie Twohig; and "Here and There" by Kate Rotherham. The commended entries for non-fiction were: “A Bit of Fun” by Jane Pitt; “The Holiday” by Carole Poustie; “In Castro's Backyard” by Keri Refisch; and “Rain on the Roof” by Wendy Hawkins.

DORIS LEADBETTER Doris Leadbetter Poetry Cup Winners First Prize ($2,000): Anna Fern; Second Prize ($300): Luka Haralampou; Encouragement Awards ($100): Bronwyn Lovell and Sharne Vate. Judges: Grant Caldwell, Katherine Gallagher and Ania Walwicz. MC: Michael Nolan Doris Leadbetter Poetry Cup Patrons: Pam Davison and Ron Smooker. The Doris Leadbetter Poetry Cup was presented in partnership with the Australian Poetry Centre and Overload Poetry Festival.

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FUNDING BODIES

Funding bodies philanthropic support

Grace Marion Wilson Trust Supporting Emerging Writers

partners

pAMELA DAVISON & RON SMOOKER Continued support for the Doris Leadbetter Poetry Cup

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THE VICTORIAN WRITERS' CENTRE AGM REPORT // 2010


VICTORIAN WRITERS' CENTRE INCORPORATED ABN 18 268 487 576

FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2010

CONTENTS Statement of Comprehensive Income............................................10 Statement of Financial Position.....11 Statement of Cash Flows...............12 Notes to the Financial Statements.....................................13 Statement by Members of the Committee.....................................20 Auditor's Report............................21 Income and Expenditure Statement......................................22

FROM THE TREASURER eddie creaney

You have a copy of the 2010 Annual Accounts before you and you can read them at your leisure, but I want to comment on a couple of matters. At the Annual General Meeting in March 2010 I reported on a disappointing result for the Victorian Writers’ Centre (VWC) for the financial year ending 31 December 2009. The small surplus of only $654 was not what the Committee of Management (CoM) had projected for the year and it was determined to begin the process in 2010 of creating a surplus and building reserves to ensure the future of the VWC. It is even more disappointing now to report that for the financial year ending 31 December 2010 we have recorded a deficit of $4302. This was in spite of income increasing by $15,000 over the previous year. However this increase was offset by an increase in expenditure of $20,000. Much of the increase is attributable to the resignation of the Director at the end of April 2010 resulting in long service entitlements having to be paid out, and which could not have been foreseen. Other expense was justifiably incurred in updating and improving the VWC database and website, for the benefit of members and the administration. We believe we overspent productively as an investment in our future, in the areas of marketing and design, redesigning the magazine and the 2011 program, and employing a publicist to promote the 2011 program. Also, with the move to the Wheeler Centre (TWC), seminars and workshops faced competition from TWC resulting in some of our seminars and workshops being cut back, and so contributing a loss of

income of $8,268 when we were expecting a positive contribution to our financial results. Ironically, however, the actual net result turned out better than budget. And we held a vigorous strategic planning meeting which will be beneficial to our long-term future but which was not included in the 2010 budget. You will find a breakdown of expenses on the Income and Expenditure Statement on page 20. All is not doom and gloom, however, as membership is growing, with a very pleasing trend in two-year memberships. This provides a saving in subscription for members and a positive for the VWC of membership retention and income. Also on the positive side, the VWC ended the 2010 financial year with a healthy increase in our cash balance of $176,973, up $5,000 from 2009. It is not the province of the Annual Report to look forward but rather to look back and report on the year just gone, but for a moment I would like to address the future, and specifically the 2011 budget. The Director Roderick Poole has produced a budget for the year which learns from 2010 and should bring the VWC back to surplus and to building the reserves we need for our future viability. My thanks to the Administration, Director Roderick Poole, and senior staff Jacquelin Low and Mary Napier, for their help to me. Thank you, too, to the many paid and volunteer staff who work on behalf of you, the members, and on behalf of the Committee of Management. – Eddie Creaney FCPA, Treasurer

THE VICTORIAN WRITERS' CENTRE AGM REPORT // 2010

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STATEMENTS

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2010

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THE VICTORIAN WRITERS' CENTRE AGM REPORT // 2010


STATEMENTS

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2010

11


STATEMENTS

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2010

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THE VICTORIAN WRITERS' CENTRE AGM REPORT // 2010


NOTES TO STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010

1

Statement of Significant Accounting Policies

The financial statements cover Victorian Writers’ Centre Incorporated as an individual entity. Victorian Writers’ Centre Incorporated is an association incorporated in Victoria under the Associations Incorporation Act 1981. Basis of Preparation The financial statements are general purpose financial statements that have been prepared in accordance with Accounting Standards, Australian Accounting Interpretations and the Associations Incorporation Act 1981. Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial statement containing relevant and reliable information about transactions, events and conditions. Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply with International Financial Reporting Standards. Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless otherwise stated. The financial statements have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. Accounting Policies Inventories Inventories are measured at the lower of cost and net realisable value. The cost of manufactured products includes direct materials, direct labour and an appropriate portion of variable and fixed overheads. Overheads are applied on the basis of normal operating capacity. Costs are assigned on the basis of weighted average costs.

Property, Plant and Equipment Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any accumulated depreciation. Financial Instruments Initial Recognition and Measurement Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual provisions to the instrument. For financial assets, this is equivalent to the date that the association commits itself to either purchase or sell the asset (ie trade date accounting adopted). Financial instruments are initially measured at fair value plus transactions costs except where the instrument is classified "at fair value through profit or loss" in which case transaction costs are expenses to profit or loss immediately. Intangibles Other intangibles Website establishment costs are recognised at cost and amortised over four years. Employee Benefits Provision is made for the association's liability for employee benefits arising from services rendered by employees at the end of the reporting period. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits. In determining the liability, consideration is given to employee wage increases and the probability that the employee may not satisfy vesting requirements. Those cash outflows are discounted using market yields on national government bonds with terms to maturity that match the expected timing of cash flows.

Provisions Provisions are recognised when the association has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions recognised represent the best estimate of the amounts required to settle the obligation at the end of the reporting period. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits held atcall with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the statement of financial position. Revenue Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets. Revenue from the rendering of a service is recognised upon the delivery of the service to the customers. Revenue from Grants received is recognised as income in the period to which the grant relates. 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 balance sheet are shown inclusive of GST. Cash flows are presented in the cash flow statement on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows. Comparative Figures When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.

THE VICTORIAN WRITERS' CENTRE AGM REPORT // 2010

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NOTES TO STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010

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THE VICTORIAN WRITERS' CENTRE AGM REPORT // 2010


NOTES TO STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010

THE VICTORIAN WRITERS' CENTRE AGM REPORT // 2010

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NOTES TO STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010

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THE VICTORIAN WRITERS' CENTRE AGM REPORT // 2010


NOTES TO STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010

THE VICTORIAN WRITERS' CENTRE AGM REPORT // 2010

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NOTES TO STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010

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THE VICTORIAN WRITERS' CENTRE AGM REPORT // 2010


NOTES TO STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010

THE VICTORIAN WRITERS' CENTRE AGM REPORT // 2010

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FINANCIAL REPORT

statement by members of the committee

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THE VICTORIAN WRITERS' CENTRE AGM REPORT // 2010


FINANCIAL REPORT

independent auditor's report

THE VICTORIAN WRITERS' CENTRE AGM REPORT // 2010

21


FINANCIAL REPORT

income and expenditure statement for the year ended 31 December 2010

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THE VICTORIAN WRITERS' CENTRE AGM REPORT // 2010


FINANCIAL REPORT

income and expenditure statement for the year ended 31 December 2010

THE VICTORIAN WRITERS' CENTRE AGM REPORT // 2010

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Victorian Writers’ Centre Inc ABN 18 268 487 576 Level 3, The Wheeler Centre 176 Little Lonsdale Street Melbourne Vic 3000 T> 03 9094 7855 F> 03 9650 8010 E> info@vwc.org.au W> vwc.org.au Office Hours> 10am – 5pm weekdays

VWC Annual Report 2010  

The Victorian Writers' Centre's Annual Report for 2010.

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