MULTICULTURAL ARTS VICTORIA INC.
A.B.N 99 060 260 414
(Incorporated under the Associations Incorporation Reform Act 2012)
GENERAL PURPOSE FINANCIAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
MULTICULTURAL ARTS VICTORIA INC.
A.B.N 99 060 260 414 BOARD REPORT
Your Board presents the general purpose financial report on the Association for the financial year ended 31 December 2025.
Board Members
The names of the Board members throughout the year and at the date of this report are:
NamePortfolio
Linda Catalano Chairperson Independent
Neda Rahmani Deputy Chairperson Independent
Daizy Maan Vice Deputy Chairperson
Date of Change
IndependentActing CEO July 2025 to November 2025
Ursula Dyer Lepporoli Vice Deputy Chairperson IndependentTerm ended May 2025
Sandeep Agrawal Treasurer Independent
Long Tienyi Secretary
Sneha Varma Secretary
Siu Chan Director
IndependentAppointed May 2025
IndependentTerm ended May 2025
IndependentTerm ended May 2025
Emiliano Zucchi Director Independent
Effie NkrumahDirector Independent
Patrizia FimianiDirector Independent
Hiten Bawa Director
Mariana Papaioannou Director
IndependentAppointed May 2025
IndependentAppointed May 2025
Sabina AhmadBoard Observer Independent Appointed 17 February 2025
Alaa Karrar Board Observer IndependentResigned 16 February 2025
Principal Activities
The principal activity of the Association during the financial year was:
MulticulturalArtsVictoriaInc.(MAV)operatesinAustraliaasanon-profitorganisationpromotingculturaldiversityinthearts.Theorganisation representsartistsandcommunitiesfromculturallyandlinguisticallydiversebackgrounds.MAV’smainpurposesaretoproduceandpromote anoutstandinghighqualityculturallydiverseartisticprogram;toprovidevitalconnections,supportstructuresandpathwaysthatenable culturallydiverseartistsandcommunitiestocreateexceptionalart;andtoplayacriticaladvocacyroleinprovidingaforum,throughthearts, to ensure acceptance and understanding of cultural diversity.
MAVisamembershipbasedorganisationrepresentingindividuals,groupsandcommunitiesacrossallartforms;music,dance,theatre,film andTV,visualartsandnewmedia.MainservicesprovidingbytheorganisationincludeEventProductionandManagement;Funding SubmissionandManagementservices;BrokeringCulturalArtistsandEvents;MarketingandPromotingculturallydiverseartistsandevents; Advocating for cultural diversity; Touring and Cultural Exchanges.
MULTICULTURAL ARTS VICTORIA INC.
A.B.N 99 060 260 414 BOARD REPORT
Significant Changes
No significant changes in the nature of the Association’s activity occurred during the financial year.
Operating Results
The deficit for the year attributable to the Association amounted to $87,774 (2024: $154,041- surplus).
Significant
Changes in State of Affairs
No significant changes in the Association's state of affairs occurred during the financial year.
After Balance Date Events
No matter has evolved since 31 December 2025 that has significantly affected, or may significantly affect:
(a)the Association's operations in future financial years, or (b) the results of those operations in future financial years, or (c)the Association's state of affairs in future financial years.
Signed in accordance with a resolution of the Members of the Board.
4th May
2026
MULTICULTURAL ARTS VICTORIA INC.
A.B.N 99 060 260 414
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
(Deficit)
MULTICULTURAL ARTS VICTORIA INC.
Surplus/ (Deficit)
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
A.B.N 99 060 260 414 Financial Assets at Fair Value Through Other Comprehensive Income
MULTICULTURAL ARTS VICTORIA INC.
A.B.N 99 060 260 414 STATEMENT OF CASH FLOWS FOR
YEAR
31
CASH FLOWS FROM OPERATING ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES
The statement of cash flows is to be read in conjunction with the audit report and the notes to the financial statements.
MULTICULTURAL
ARTS VICTORIA INC.
A.B.N 99 060 260 414
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
Note 1. Statement of Significant Accounting Policies
ThisfinancialreportincludesthefinancialstatementsandnotesoftheMulticulturalArtsVictoriaInc.,anincorporated association, which is incorporated in Victoria under the Associations Incorporation Reform Act 2012.
Basis of preparation
MulticulturalArtsVictoriaInc.appliesAASB1060GeneralPurposeFinancialStatements-SimplifiedDisclosuresforForProfit and Not-for-Profit Tier 2 Entities (AASB 1060).
ThefinancialstatementsaregeneralpurposefinancialstatementsthathavebeenpreparedinaccordancewithAASB1060 GeneralPurposeFinancialStatements-SimplifiedDisclosuresforFor-ProfitandNot-for-ProfitTier2Entities(AASB1060) oftheAustralianAccountingStandardsBoard,theAustralianCharitiesandNotforProfitsCommissionAct2012andthe AssociationsIncorporationReformAct2012(Victoria).TheAssociationisanot-for-profitAssociationforfinancialreporting purposes under Australian Accounting Standards.
AustralianAccountingStandardssetoutaccountingpoliciesthattheAASBhasconcludedwouldresultinfinancial statementscontainingrelevantandreliableinformationabouttransactions,eventsandconditions.Materialaccounting policiesadoptedinthepreparationofthefinancialstatementsarepresentedbelowandhavebeenconsistentlyapplied unless stated otherwise.
Thefinancialstatements,exceptforthecashflowinformation,havebeenpreparedonanaccrualsbasisandarebasedon historicalcosts,modified,whereapplicable,bythemeasurementatfairvalueofselectednon-currentassets,financial assets and financial liabilities. The amounts presented in the financial statements have been rounded to the nearest dollar.
Accounting Policies
a. Income Tax
TheAssociationisexemptfrompayingincometaxbyvirtueofDivision50ofthe IncomeTaxAssessmentAct 1997.
b. Property, Plant and Equipment
Eachclassofproperty,plantandequipmentiscarriedatcostorfairvalueasindicatedless,whereapplicable,any accumulated depreciation and any impairment losses.
Plant and Equipment
Plantandequipmentaremeasuredonthecostbasisandarethereforecarriedatcostlessaccumulated depreciationandanyaccumulatedimpairmentlosses.Intheeventthecarryingamountofplantandequipmentis greaterthanitsestimatedrecoverableamount,thecarryingamountiswrittendownimmediatelytoitsestimated recoverableamountandimpairmentlossesrecognisedeitherinprofitorlossorasarevaluationdecreaseifthe impairmentlossesrelatetoarevaluedasset.Aformalassessmentofrecoverableamountismadewhen impairment indicators are present.
Subsequentcostsareincludedintheasset'scarryingamountorrecognisedasaseparateasset,asappropriate, onlywhenitisprobablethatfutureeconomicbenefitsassociatedwiththeitemwillflowtotheassociationandthe costoftheitemcanbemeasuredreliably.Allotherrepairsandmaintenancearechargedtotheincomestatement during the financial period in which they are incurred.
Gainsandlossesondisposalsaredeterminedbycomparingproceedswiththecarryingamount.Thesegainsand losses are included in the income statement.
99 060 260 414 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
Note 1. Statement of Significant Accounting Policies (continued)
b. Property, Plant and Equipment (continued) Depreciation
Thedepreciableamountofallfixedassets,includingbuildingsandcapitalisedleaseassets,isdepreciatedonthe diminishingvaluemethodovertheasset'susefullifecommencingfromthetimetheassetisheldreadyforuse. Leaseholdimprovementsaredepreciatedovertheshorterofeithertheunexpiredperiodoftheleaseorthe estimated useful lives of the improvements.
The asset's residual values and useful lives are reviewed and adjusted, if appropriate, at each balance date.
Gainsandlossesondisposalsaredeterminedbycomparingproceedswiththecarryingamount.Thesegainsand losses are included in the comprehensive income statement.
c. Leases
Leasepaymentsforoperatingleases,wheresubstantiallyalltherisksandbenefitsremainwiththelessor,are recognised as expenses on a straight-line basis over the lease term.
Forleasesthathavesignificantlybelow-markettermsandconditionsprincipallytoenabletheAssociationtofurther itsobjectives(commonlyknownaspeppercorn/concessionaryleases),theAssociationhasadoptedthetemporary relief under AASB 2018-820 and measures the right-of-use assets at cost on initial recognition.
d. Financial Instruments
Initial Recognition and Measurement
Financialassetsandfinancialliabilitiesarerecognisedwhentheassociationbecomesapartytothecontractual provisionstotheinstrument.Forfinancialassets,thisisequivalenttothedatethattheassociationcommitsitselfto either purchase or sale of the asset (i.e. trade date accounting is adopted).
Financialinstrumentsareinitiallymeasuredatfairvalueplustransactionscosts,exceptwheretheinstrumentis classified'atfairvaluethroughprofitorloss',inwhichcasetransactioncostsareexpensedtoprofitorloss immediately.
Classification and Subsequent Measurement
Financeinstrumentsaresubsequentlymeasuredateitheroffairvalue,amortisedcostusingtheeffectiveinterest ratemethod,orcost.Whereavailable,quotedpricesinanactivemarketareusedtodeterminefairvalue.Inother circumstances, valuation techniques are adopted.
Amortisedcostiscalculatedas(i)theamountatwhichthefinancialassetorfinancialliabilityismeasuredatinitial recognition(ii)lessprincipalrepayments(iii)plusorminusthecumulativeamortisationofthedifference,ifany, betweentheamountinitiallyrecognisedandthematurityamountcalculatedusingtheeffectiveinterestmethod; and (iv) less any reduction for impairment.
Theeffectiveinterestmethod isusedtoallocateinterestincomeorinterestexpenseovertherelevantperiodand isequivalenttotheratethatexactlydiscountsestimatedfuturecashpaymentsorreceipts(includingfees, transactioncostsandotherpremiumsordiscounts)throughtheexpectedlife(orwhenthiscannotbereliably predicted,thecontractualterm)ofthefinancialinstrumenttothenetcarryingamountofthefinancialassetor financialliability.Revisionstoexpectedfuturenetcashflowswillnecessitateanadjustmenttothecarryingvalue with a consequential recognition of an income or expense in profit or loss.
Fairvalue isdeterminedbasedoncurrentbidpricesforallquotedinvestments.Valuationtechniquesareapplied todeterminethefairvalueforallunlistedsecurities,includingrecentarm'slengthtransactions,referencetosimilar instruments and option pricing models.
Note 1. Statement of Significant Accounting Policies (continued)
d. Financial Instruments (continued)
(i) Financial assets at fair value through the profit and loss
Financialassetsareclassifiedat"fairvaluethroughprofitorloss"whentheyareheldfortradingforthepurposeof short-termprofittaking,orwheretheyarederivativesnotheldforhedgingpurposes,orwhentheyaredesignated assuchtoavoidanaccountingmismatchortoenableperformanceevaluationwhereagroupoffinancialassetsis managedbykeymanagementpersonnelonafairvaluebasisinaccordancewithadocumentedriskmanagement orinvestmentstrategy.Suchassetsaresubsequentlymeasuredatfairvaluewithchangesincarryingvaluebeing included in profit or loss.
(ii) Loans and receivables
Loansandreceivablesarenon-derivativefinancialassetswithfixedordeterminablepaymentsthatarenotquoted inanactivemarketandaresubsequentlymeasuredatamortisedcost.Gainsorlossesarerecognisedinprofitor loss through the amortisation process and when the financial asset is derecognised.
(iii) Held-to-maturity investments
Held-to-maturityinvestmentsarenon-derivativefinancialassetsthathavefixedmaturitiesandfixedor determinablepayments,anditistheassociation'sintentiontoholdtheseinvestmentstomaturity.Theyare subsequentlymeasuredatamortisedcost.Gainsorlossesarerecognisedinprofitorlossthroughtheamortisation process and when the financial asset is derecognised.
(iv) Available-for-sale Financial assets
Available-for-saleinvestmentsarenon-derivativefinancialassetsthatareeithernotcapableofbeingclassified intoothercategoriesoffinancialassetsduetotheirnatureortheyaredesignatedassuchbymanagement.They compriseinvestmentsintheequityofotherentitieswherethereisneitherafixedmaturitynorfixedordeterminable payments.
Theyaresubsequentlymeasuredatfairvaluewithanyremeasurementsotherthanimpairmentlossesandforeign exchangegainsandlossesrecognisedinothercomprehensiveincome.Whenthefinancialassetisderecognised, thecumulativegainorlosspertainingtothatassetpreviouslyrecognisedinothercomprehensiveincomeis reclassified into profit or loss.
Available-for-salefinancialassetsareclassifiedasnon-currentassetswhentheyareexpectedtobesoldwithin12 monthsaftertheendofthereportingperiod.Allotheravailable-for-salefinancialassetsareclassifiedascurrent assets.
Non-derivativefinancialliabilitiesaresubsequentlymeasuredatamortisedcost.Gainsorlossesarerecognisedin profit or loss through the amortisation process and when the financial liability is derecognised.
Attheendofeachreportingperiod,theassociationassesseswhetherthereisobjectiveevidencethatafinancial assethasbeenimpaired.Afinancialassetoragroupoffinancialassetsisdeemedtobeimpairedif,andonlyif, thereisobjectiveevidencethatimpairmentasaresultofoneormoreevents(a"lossevent")hasoccurred,which has an impact on the estimated future cash flows of the financial asset(s).
Note 1. Statement of Significant Accounting Policies (continued)
d. Financial Instruments (continued)
Inthecaseofavailable-for-salefinancialassets,asignificantorprolongeddeclineinthemarketvalueofthe instrumentisconsideredtoconstitutealossevent.Impairmentlossesarerecognisedinprofitorlossimmediately. Also,anycumulativedeclineinfairvaluepreviouslyrecognisedinothercomprehensiveincomeisreclassifiedto profit or loss at this point.
Inthecaseoffinancialassetscarriedatamortisedcost,losseventsmayinclude:indicationsthatthedebtorsora groupofdebtorsareexperiencingsignificantfinancialdifficulty,defaultordelinquencyininterestorprincipal payments;indicationsthattheywillenterbankruptcyorotherfinancialreorganisation;andchangesinarrearsor economic conditions that correlate with defaults.
Whenthetermsoffinancialassetsthatwouldotherwisehavebeenpastdueorimpairedhavebeenrenegotiated, theassociationrecognisestheimpairmentforsuchfinancialassetsbytakingintoaccounttheoriginaltermsasif the terms have not been renegotiated so that the loss events that have occurred are duly considered.
Derecognition
Financialassetsarederecognisedwherethecontractualrightstoreceiptofcashflowsexpiresortheassetis transferredtoanotherpartywherebytheassociationnolongerhasanysignificantcontinuinginvolvementinthe risksandbenefitsassociatedwiththeasset.Financialliabilitiesarederecognisedwheretherelatedobligationsare eitherdischarged,cancelledorexpired.Thedifferencebetweenthecarryingvalueofthefinancialliability,whichis extinguishedortransferredtoanotherpartyandthefairvalueofconsiderationpaid,includingthetransferofnoncash assets or liabilities assumed, is recognised in profit or loss.
e. Impairment of Assets
Attheendofeachreportingperiod,theassociationassesseswhetherthereisanyindicationthatanassetmaybe impaired.Ifsuchanindicationexists,animpairmenttestiscarriedoutontheassetbycomparingtherecoverable amountoftheasset,beingthehigheroftheasset'sfairvaluelesscoststosellandvalueinuse,totheasset's carryingamount.Anyexcessoftheasset'scarryingamountoveritsrecoverableamountisrecognised immediatelyinprofitorloss,unlesstheassetiscarriedatarevaluedamountinaccordancewithanotherStandard (e.g.inaccordancewiththerevaluationmodelinAASB116).Anyimpairmentlossofarevaluedassetistreatedas a revaluation decrease in accordance with that other Standard.
Whereitisnotpossibletoestimatetherecoverableamountofanindividualasset,theassociationestimatesthe recoverable amount of the cash-generating unit to which the asset belongs.
f. Employee Entitlements
Provisionismadefortheassociation’sliabilityforemployeebenefitsarisingfromservicesrenderedbyemployees tobalancedate.Employeebenefitsexpectedtobesettledwithinoneyeartogetherwithbenefitsarisingfrom wagesandsalaries,annualleaveandsickleavewhichwillbesettledafteroneyear,havebeenmeasuredatthe amountsexpectedtobepaidwhentheliabilityissettledplusrelatedon-costs.Otheremployeebenefitspayable laterthanoneyearhavebeenmeasuredatthepresentvalueoftheestimatedfuturecashoutflowstobemadefor those benefits.
Contributionsaremadebytheassociationtoanemployeesuperannuationfundandarechargedasexpenses when incurred.
g. Cash and Cash Equivalents
Cashandcashequivalentsincludecashonhand,depositsheldat-callwithbanks,othershort-termhighlyliquid investmentswithoriginalmaturitiesofthreemonthsorless,andbankoverdrafts.Bankoverdraftsareshownwithin borrowings in current liabilities in the statement of financial position.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
Note 1. Statement of Significant Accounting Policies (continued)
h. Revenue Recognition
The incorporated association recognises revenue as follows:
AASB 15 Revenue from Contracts with Customers
Revenueisrecognisedatanamountthatreflectstheconsiderationtowhichtheincorporatedassociationis expectedtobeentitledinexchangefortransferringgoodsorservicestoacustomer.Foreachcontractwitha customer,theincorporatedassociation:identifiesthecontractwithacustomer;identifiestheperformance obligationsinthecontract;determinesthetransactionpricewhichtakesintoaccountestimatesofvariable considerationandthetimevalueofmoney;allocatesthetransactionpricetotheseparateperformanceobligations onthebasisoftherelativestand-alonesellingpriceofeachdistinctgoodorservicetobedelivered;and recognisesrevenuewhenoraseachperformanceobligationissatisfiedinamannerthatdepictsthetransferto the customer of the goods or services promised.
Grantrevenueisrecognisedinprofitorlosswhentheincorporatedassociationsatisfiestheperformance obligations stated within the funding agreements.
Ifconditionsareattachedtothegrantwhichmustbesatisfiedbeforetheincorporatedassociationiseligibleto retainthecontribution,thegrantwillberecognisedinthestatementoffinancialpositionasaliabilityuntilthose conditions are satisfied.
Events, fundraising and raffles are recognised when received or receivable.
Interestrevenueisrecognisedasinterestaccruesusingtheeffectiveinterestmethod.Thisisamethodof calculatingtheamortisedcostofafinancialassetandallocatingtheinterestincomeovertherelevantperiodusing theeffectiveinterestrate,whichistheratethatexactlydiscountsestimatedfuturecashreceiptsthroughthe expected life of the financial asset to the net carrying amount of the financial asset.
Donationincomeisrecognisedwhentheassociationobtainscontroloverthefundswhichisgenerallyatthetime of receipt.
Theincorporatedassociationhaselectednottorecognisevolunteerservicesaseitherrevenueorotherformof contributionreceived.Assuch,anyrelatedconsumptionorcapitalisationofsuchresourcesreceivedisalsonot recognised.
All revenue is stated net of the amount of goods and services tax (GST).
i. 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 Taxation Office (ATO).
ReceivablesandpayablesarestatedinclusiveoftheamountofGSTreceivableorpayable.Thenetamountof GSTrecoverablefrom,orpayableto,theATOisincludedwithotherreceivablesorpayablesinthestatementof financial position.
j. Comparative Figures
WhenrequiredbyAccountingStandards,comparativefigureshavebeenadjustedtoconformtochangesin presentation for the current financial year.
k. Trade and Other Payables
Tradeandotherpayablesrepresenttheliabilitiesforgoodsandservicesreceivedbytheassociationduringthe reportingperiodthatremainunpaidattheendofthereportingperiod.Thebalanceisrecognisedasacurrent liability with the amounts normally paid within 30 days of recognition of the liability.
l. Provisions
ProvisionsarerecognisedwhentheAssociationhasalegalorconstructiveobligation,asaresultofpastevents, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured.
Provisions are measured at the best estimate of the amounts required to settle the obligation at the end of the reporting period.
m. Critical Accounting Estimates and Judgements
(i) Impairment
Thepreparationofthefinancialstatementsrequiresmanagementtomakejudgements,estimatesand assumptionsthataffectthereportedamountsinthefinancialstatements.Managementcontinuallyevaluatesits judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses.
Managementbasesitsjudgements,estimatesandassumptionsonhistoricalexperienceandonothervarious factors,includingexpectationsoffutureevents,managementbelievestobereasonableunderthecircumstances. Theresultingaccountingjudgementsandestimateswillseldomequaltherelatedactualresults.Thejudgements, estimatesandassumptionsthathaveasignificantriskofcausingamaterialadjustmenttothecarryingamountsof assets and liabilities (refer to the respective notes) within the next financial year are discussed below.
(ii) Employee benefits provision
AsdiscussedinNote1(j),theliabilityforemployeebenefitsexpectedtobesettledmorethan12monthsfromthe reportingdatearerecognisedandmeasuredatthepresentvalueoftheestimatedfuturecashflowstobemadein respectofallemployeesatthereportingdate.Indeterminingthepresentvalueoftheliability,estimatesofattrition rates and pay increases through promotion and inflation have been taken into account.
Note 2. Revenue
Note 3.
TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
Note 4. Trade and Other Receivables
As at 31 December, the ageing of trade receivables was as follows:
Note 5. Other Financial Assets
Amortisedcostassetcomprisesshort-termdepositswithfixedinterest rates between 4.00% and 4.15%.
The carrying amounts of financial assets are as follows:
Note 6.
Note 8. Trade and Other Payables
Note
Note 10. Provisions
Note 12. Notes to the Statement of Cash Flows
Reconciliation of Cash Flow from Operations with Profit from Ordinary Activities after Income Tax
attributable to the Association(114,475)
Changes in assets and liabilities: - (Increase)/decrease in trade & other receivables
Cash and cash equivalents at end of financial year
Note 13. Key Management Personnel Compensation
Note 14. Board of Management and Related Party Transactions
The Board of Management do not receive remuneration for their services on the Board.
There were no related party transactions during the year.
Note 15. Contingent Liabilities
The incorporated association had no contingent liabilities as at 31 December 2025 and 31 December 2024
Note 16. Association Details
The registered office and principal place of business of the association is:
C/O - Melbourne Polytechnic Building F, PF 147 77 St Georges Road PRESTON VIC 3072
MULTICULTURAL ARTS VICTORIA INC. A.B.N 99 060 260 414 STATEMENT BY MEMBERS OF THE BOARD
In the opinion of the Board, the financial report as set out on pages 2 to 16:
PresentsatrueandfairviewofthefinancialpositionofMulticulturalArtsVictoriaInc.asat31December2025 and its performance for the year ended on that date in accordance with Australian Accounting Standards.
Atthedateofthisstatement,therearereasonablegroundstobelievethatMulticulturalArtsVictoriaInc.willbe able to pay its debts as and when they fall due.
This statement is made in accordance with a resolution of the Board and is signed for and on behalf of the Board by:
Dated thisday of 2026
4th May
MULTICULTURAL ARTS VICTORIA INC.
A.B.N. 99 060 260 414
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS
Opinion
I have audited the accompanying financial report of Multicultural Arts Victoria Inc. (the association), which comprises the statement of financial position as at 31 December 2025, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information and the statement by members of the Board.
In my opinion, the financial report of the Association is in accordance with the Australian Charities and Not for Profits Commission Act 2012 and the Associations Incorporation Reform Act 2012, including:
i. giving a true and fair view of the association’s financial position as at 31 December 2025 and of its performance and cash flows for the year ended on 31 December 2025; and
ii. complying with Australian Accounting Standards as per Note 1, the Australian Charities and Not for Profits Commission Act 2012 and the Associations Incorporation Reform Act 2012
Basis of Opinion
I conducted my audit in accordance with Australian Auditing Standards. My responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of my report. I am independent of the association in accordance with the auditor independence requirements of the ACNC Act 2012 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to my audit of the financial report in Australia. I have also fulfilled our other ethical responsibilities in accordance with the Code.
I confirm that the independence declaration required by the ACNC Act 2012, which has been given to the directors of the association would be on the same terms if given to the directors as at the time of this auditor’s report.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.
Responsibilities of Management and Those Charged with Governance for the Financial Report
Management is responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards, and for such internal control as management determines is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error.
In preparing the financial report, management is responsible for assessing the Association’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Association’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Report
My objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial report.
As part of an audit in accordance with Australian Auditing Standards, I exercise professional judgement and maintain professional scepticism throughout the audit. I also:
Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the registered entity’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the responsible entities.
Conclude on the appropriateness of the responsible entities use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the registered entity’s ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor’s report. However, future events or conditions may cause the registered entity to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.
I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal controls that I identify during my audit.
Frederik Ryk Ludolf Eksteen CA
Dated this 4th day of May 2026