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Annual Report 2011-2012 The Peer Support Foundation Limited 2 Grosvenor Place, Brookvale NSW 2100 Phone: 02 9905 3499 Fax: 02 9905 5134 Email: peeroz@peersupport.edu.au Website: www.peersupport.edu.au

peer support

a u s t r a l i a


TABLE OF CONTENTS

TABLE OF CONTENTS

Mission Page 1 The Peer Support Program Page 2 Major Achievements Page 4 Future Directions Page 5 Chairman’s Report Page 6 General Manager’s Report Page 7 Our Supporters Page 8 Directors’ Report Page 9-11 Financial Reports Page 12-44


MISSION Peer Support Australia provides school communities with an evidence based, peer led approach to enhance the mental, social and emotional wellbeing of young people. Our vision is that this will enable young people to make informed and skilled contributions to their communities. Peer Support Australia would not be able to achieve these objectives without the support of: Founder: Chairman: Deputy Chairman: Vice Regal Patron: Honorary Directors:

The Late Elizabeth Campbell AM, BSc, TNDC Jennifer Dalitz BA, MBA, CPA Lorraine Walker BA Dip Ed, Grad Cert RE Her Excellency Ms Quentin Bryce AC Phillip Leonard Cox FCPA, DipComm Brian Halstead BE (Chem), BEc, CPA Cheryl Hayman BCom David A Stanton FIA

Staff: (as at 30.6.12) Sharon Austin General Manager Kristin Bell Education Project Coordinator (part-time) Sara de Vries Education Consultant Sharlene Chadwick Education Manager Jessica Charlton Administration Assistant (part-time) Josie Gallagher Training and Marketing Administrator Lindsey Grenet Education Consultant Peter Tanswell Systems Accountant The Peer Support Foundation was registered as a Company Limited by Guarantee in 1983, following the early development and introduction of the Peer Support Program by Elizabeth Campbell in the 1970s. The Foundation is accepted by the Australian Taxation Office as a Public Benevolent Institution. The Peer Support Foundation has been trading as Peer Support Australia since September 2007.

MISSION

ABN: 40 002 634 853

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THE PEER SUPPORT PROGRAM • • • • • • • •

is a peer led, skills based, experiential learning program is integrated into curricula and sustained throughout all year groups provides students with a supportive learning environment in which to develop the skills, understandings, attitudes and strategies to make healthy life decisions enhances peer connections throughout the school develops and maintains positive relationships within the school community develops skills in resilience, assertiveness, decision making, problem solving and leadership operates in over 1400 primary and secondary schools across all states and sectors develops key concepts: • sense of Self • resilience • connectedness • sense of possibility.

THE PEER SUPPORT PROGRAM

How does the Program work? • The Peer Support Program empowers young people to support each other and contribute positively to society. • In primary schools, Peer Leaders work with multi age groups of 8-10 younger students for 8 sessions. • In secondary schools, Peer Leaders work with groups of 8-10 students from the entry year group for 8 sessions. • Both primary and secondary students are trained as Peer Leaders through a 2 day leadership training program.

How does the Peer Support Program support other initiatives? • • • •

The Peer Support Program is outcomes based and designed to integrate into school curricula. The Program supports complementary initiatives such as student wellbeing, pastoral care, buddy programs and anti-bullying. It enhances a positive school culture. Many educational initiatives and strategies are promoted, emphasising the adoption of a whole school approach to include teachers, parents and students. It is flexible enough to accommodate school and community needs.

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Available modules include: Primary Schools • • • • • •

Getting Started - Orientation Keeping Friends - Relationships Living Positively - Optimism Moving Forward - Resilience Promoting Harmony - Values Speaking Up - Anti-bullying

Secondary Schools • • • •

Framework for Orientation - Transition Facing our Challenges - Resilience Behaving with Integrity - Values Working through Conflict - Anti-bullying

THE PEER SUPPORT PROGRAM

Workshops • Teacher Workshops include: • Implementation Workshop for establishing and maintaining the Peer Support Program • Anti-bullying Workshop • SRC Leadership Workshop. • Peer Support Australia provides comprehensive learning materials to train student leaders and to conduct peer led sessions. These materials are regularly updated.  

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MAJOR ACHIEVEMENTS IN 2011 - 2012 • Development and publication of Primary Peer Leaders’ training (available to schools electronically and in hard copy) • Development of Primary School Resilience Module (available to schools in August 2012) • 9% increase in number of schools participating in Peer Support Program since 2011 • 85 School visits • Program of skilling workshops provided to staff -The Matter of Conversations/The secrets of relationship selling/Presentation and Influencing skills

MAJOR ACHIEVEMENTS IN 2011 - 2012

• Secured continued funding from Department of Health and Ageing under National Suicide Prevention Program. Contract period 29 June 2011 - 30 June 2013 • Evaluation and redevelopment of Implementation Workshop incorporating learning from National forum. Workshop has been piloted and evaluated at 11 locations • Development and publication of Strategic Plan for 2012-2015 • Participated in Coalition roundtable - online safety for Children and Young People • Presented at National Coalition Against Bullying Conference • Presented at Mental Health Association NSW - Living Well Conference • Continued intensive public relations campaign resulting in 18 interviews from a variety of media • Quarterly e-newsletter developed and produced for affiliate members schools • Function at Kirribilli House to thank long-term supporters  

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FUTURE DIRECTIONS • Publication of Primary School Resilience Module (Moving Forward) • Publication of the Secondary Peer Leaders’ training • Development of Secondary Resilience Module

FUTURE DIRECTIONS (Strategic Cycle 2012-2015)

• Redevelop Primary School Manual • Redevelop Secondary School Manual • Redevlop SRC Student Leadership Training for primary and secondary schools • Redevelop anti-bullying flexible delivery training package for primary and secondary schools • Redevelop anti-bullying modules for primary and secondary schools • 30th anniversary celebration • Development of online evaluation package • Conduct Board evaluation and skill audit to identify gaps in the diversity and skills of the Board • Secure Board members with identified skills, experience and expertise • Increase participation in Peer Support Program • Finalise Implementation workshop incorporating outcomes of evaluation • Promotional photographic shoot • Recruitment of Education Consultant • Secure continued government funding • Develop corporate partnership strategy • Continue to seek opportunities to increase the profile of Peer Support Australia • Continue to develop links with external, not for profit organisations and educational sectors • Continue to make Government and Political links   5


CHAIRMAN’S REPORT In what has been a challenging economic environment over the past year, it is with pleasure that I present the 2012 annual report, which shows another strong year of operations for Peer Support Australia. In times like this, the sustainability of our model and leverage of our tight knit team really come to the fore and it never ceases to amaze me that – with our team of just eight staff – we are able to deliver the Peer Support Program in over 1,000 primary and secondary schools across Australia, impacting on more than 200,000 young people each year.

CHAIRMAN’S REPORT

Of course this could not be achieved without the dedication of our education and administration personnel, and their contribution is again acknowledged under the trusted guidance of our General Manager, Sharon Austin. The stability and strength of our team enables us to get on with what we do best – developing and delivering programs to our member schools. Under the guidance of the Board a new strategic plan was implemented this year which I believe will underpin our activities and vision of developing mental, social and emotional wellbeing in young people enabling them to make informed and skilled contributions to their communities. It has long been the view of the Board that Peer Support Australia will exist only as long as we are making a positive contribution to the lives and wellbeing of children, and so we remain firmly focused on that goal with the hope that one day our work will be done and the organisation will become redundant. Until that time, we of course remain committed to giving the students who participate in our Program every advantage in their lives. To this end I acknowledge the continued financial support the Foundation receives from the Department of Health and Ageing that has been instrumental in reaching the many regional areas that clearly have a need for the Programs we offer, and thank our financial supporters, large and small, without whom we could not exist. I would like to particularly mention the ongoing support of NSW Health, the Raymond E Purves Foundation, the Woodend Foundation, and the James N Kirby Foundation. I look forward to another productive year ahead for Peer Support Australia in this our 30th year of operations. We’ve certainly come a long way over this time and have every intention of making our mark well into the future.

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GENERAL MANAGER’S REPORT GENERAL MANAGER’S REPORT

I would like to begin by congratulating Sara on her marriage this year. We all wish her much happiness for the future. I would also like to thank all the team at Peer Support Australia for their hard work and dedication. It has been a very busy year with excellent results and an increase in participation rates of 9% on the previous year. New student leadership training was developed for Primary schools and already 375 Primary schools are taking advantage of this. A primary school module focusing on resilience is also being produced. This will be available to schools in July 2012. Next year the Education team will be concentrating on developing secondary resources and we look forward to liaising with schools on the development. We have received many requests from schools in South Australia to provide them with the same opportunities for training as schools in other states. As a result of these requests more than 40 teachers from South Australia have attended implementation training with Peer Support Australia. Feedback was very positive with teachers commenting that they felt that the Peer Support Program would help their school in “endless ways”, “had too many benefits to list” and would result in “embedding values and building school culture”. I was delighted to have the opportunity to personally visit schools in the Northern Territory, Cairns, Perth and Tasmania. It is wonderful to hear the great experiences from schools that have taken part in the Peer Support Program, and interesting to note the consistency of outcomes irrespective of geographical location, sector or ICSEA value. In October we were very happy to have the opportunity to entertain our long-term supporters with a dinner party at Kirribilli House. It was a great evening and thoroughly enjoyed by all. We were particularly pleased to catch up with Barbara Cummins and Belinda Bussell from the Woodend Foundation, Judith Bell from Catholic Church Insurances Limited and Rob and Sandra Purves of the Raymond E Purves Foundation. The board and staff spent a considerable amount of time in determining our strategic direction for the next 3 years. The published strategic plan is now available on our website. I am sure this will serve us well into 2015.   7


OUR SUPPORTERS Peer Support Australia thanks the following people and organisations for their support. Government, Corporate and Philanthropic Sponsors 2011-2012 Australian Government Department of Health and Ageing NSW Department of Health Manly Council Warringah Council Catholic Church Insurances James N Kirby Foundation Raymond E Purves Foundation Woodend Pty Ltd Individual Supporters J R & A B Spooner Mr and Mrs John Phillips Registered Clubs Many registered clubs throughout NSW and ACT kindly assist Peer Support Australia with donations through the Community Development and Support Expenditure (CDSE) scheme, providing complimentary room and equipment hire. Members

OUR SUPPORTERS

Thank you for the continued support of our members. It is your support that ensures the long-lasting sustainability of this organisation.  

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9

DIRECTORS REPORT


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DIRECTORS REPORT


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DIRECTORS REPORT


THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853

FINANCIAL REPORT

FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2012

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THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853

CONTENTS Auditor’s Independence Declaration

1

Statement of Comprehensive Income

2

Statement of Financial Position

3

Statement of Changes in Equity

4

Statement of Cash Flows

5

Notes to the Financial Statements

6 28

Independent Audit Report to the Members

39

Detailed Profit and Loss Statement

30

FINANCIAL REPORT

Directors' Declaration

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14

FINANCIAL REPORT


THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2012

Note

2012 $

2011 $

Revenue from government and other grants

2

623,953

547,283

Other revenue

2

482,230

473,408

( 661,553)

( 541,653)

Employee benefits expense Depreciation and amortisation

3

( 30,389)

( 27,059)

Doubtful debts

3

-

-

Repairs, maintenance and vehicle running expense

( 30,053)

( 22,038)

Rental expense

( 44,084)

( 42,599)

Auditor, legal and consultancy expense

( 2,500)

(

Other expenses

(236,779)

(229,984)

100,825

151,174 -

Current Year Surplus Income tax expense

-

-

6,184)

100,825

151,174

Total comprehensive income for the year

100,825

151,174

Total comprehensive income attributable to members of the entity

100,825

151,174

FINANCIAL REPORT

Net Current Year Surplus

The accompanying notes form part of these financial statements. Page 2

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THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2012

Note

ASSETS CURRENT ASSETS Cash and cash equivalents Trade and other receivables Inventories Other current assets TOTAL CURRENT ASSETS NON-CURRENT ASSETS Property, plant and equipment TOTAL NON-CURRENT ASSETS TOTAL ASSETS

FINANCIAL REPORT

LIABILITIES CURRENT LIABILITIES Trade and other payables Provisions Other current liabilities TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Provisions TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS

2012 $

2011 $

4 5 6 7

1,925,985 7,838 9,815 46,651 1,990,290

1,823,783 9,338 7,819 35,739 1,876,680

8

85,160 85,160 2,075,450

107,512 107,512 1,984,192

9 10 9

10,866 78,419 54,719 144,004

34,783 73,513 47,198 155,494

10

15,030 15,030 159,034 1,916,416

13,107 13,107 168,601 1,815,591

1,916,416 1,916,416

1,815,591 1,815,591

EQUITY Retained earnings TOTAL EQUITY

The accompanying notes form part of these financial statements. Page 3

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THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2012 Retained earnings $

Balance at 1 July 2010

Total $

1,664,417

1,664,417

151,174

151,174

1,815,591

1,815,591

Profit attributable to entity

100,825

100,825

Balance at 30 June 2012

1,916,416

1,916,416

Comprehensive Income Profit for the year Balance at 30 June 2011

FINANCIAL REPORT

Comprehensive Income

The accompanying notes form part of these financial statements. Page 4

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THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2012

Note

2012 $

2011 $

CASH FLOWS FROM OPERATING ACTIVITIES Government grants

579,924

430,383

Sponsorship

50,000

55,000

Royalties received

76,310

97,545

Donations

91,042

85,223

Membership subscriptions

94,750

96,679

Receipts from customers

129,521

121,881

(1,009,311)

( 935,850)

93,830

86,014

106,066

36,875

21,710

-

(25,574)

( 72,093)

(3,864)

( 72,093)

102,202

( 35,218)

1,823,733

1,858,951

1,925,935

1,823,733

Payments to suppliers & employees Interest received Net cash generated from operating activities

11b

CASH FLOWS FROM INVESTING ACTIVITIES

FINANCIAL REPORT

Proceeds from sale of property, plant & equipment Purchase of property, plant & equipment Net cash used in investing activities

Net increase in cash held 11a

Cash at beginning of the financial year Cash at end of the financial year

The accompanying notes form part of these financial statements. Page 5

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THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012

The financial report is for The Peer Support Foundation Limited as an individual entity, incorporated and domiciled in Australia. The Peer Support Foundation Limited is a company limited by guarantee. Note 1: Summary of Significant Accounting Policies Basis of Preparation The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards (including Australian Accounting Interpretations) and the Corporations Act 2001. Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable information about transactions, events and conditions. Material accounting policies adopted in the preparation of this financial report are presented below and have been consistently applied unless otherwise stated. The financial report has been prepared on an accruals basis and is based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. The financial statements were authorised for issue on 30 September 2012 by the directors of the company. Accounting Policies a. Revenue

FINANCIAL REPORT

Non-reciprocal grant revenue is recognised in the statement of comprehensive income when the entity obtains control of the grant and it is probable that the economic benefits gained from the grant will flow to the entity and the amount of the grant can be measured reliably. If conditions are attached to the grant which must be satisfied before it is eligible to receive the contribution, the recognition of the grant as revenue will be deferred until those conditions are satisfied. When grant revenue is received whereby the entity incurs an obligation to deliver economic value directly back to the contributor, this is considered a reciprocal transaction and the grant revenue is recognised in the balance sheet as a liability until the service has been delivered to the contributor, otherwise the grant is recognised as income on receipt. Donations and bequests are recognised as revenue when received unless they are designated for specific purpose, where they are carried forward as prepaid income on the statement of financial position. Interest revenue is recognised using the effective interest rate method, which for floating rate financial assets is the rate inherent in the instrument. Revenue from the rendering of a service is recognised upon delivery of the service to the customers. Revenue from the sale of goods is recognised upon the delivery of goods to customers. All revenue is stated at net of the amount of goods and services tax (GST). Page 6

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THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012

b. Inventories on Hand

Inventories are measured at the lower of cost and current replacement value. Inventories acquired at no cost, of for nominal consideration are valued at the current replacement cost as at the date of acquisition. c. Property, Plant and Equipment Each class of property, plant and equipment is carried at cost or fair values as indicated, less, where applicable, accumulated depreciation and impairment losses. Plant and Equipment Plant and equipment are measured on the cost basis and are therefore carried at cost less depreciation and any accumulated impairment losses. In the event the carrying amount of the plant and equipment is greater than the estimated recoverable amount the carrying amount is written down immediately to the estimated recoverable amount. A formal assessment of the recoverable amount is made when impairment indicators are present. Plant and equipment that have been contributed at no cost or for nominal cost are valued at the fair value of the asset at the date it is acquired.

FINANCIAL REPORT

Depreciation The depreciable amount of all fixed assets including buildings and capitalised lease assets, but excluding freehold land, is depreciated on a straight-line basis over the asset’s useful life to the entity commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements. The depreciation rates used for each class depreciable assets are: Class of Fixed Asset

Depreciation Rate

Plant and equipment

5 - 40%

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting period. Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains or losses are included in the statement of comprehensive income statement. When revalued assets are sold, amounts included in the revaluation reserve relating to that asset are transferred to retained earnings.

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THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 d. 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 company commits itself to either purchase or sell the asset (ie trade date accounting is 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 expensed to profit or loss immediately. Classification and subsequent measurement Financial instruments are subsequently measured at fair value, amortised cost using the effective interest rate method or cost. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted. Amortised cost is calculated as the amount at which the financial asset or financial liability is measured at initial recognition less principal repayments and any reduction for impairment, and adjusted for any cumulative amortisation of the difference between that initial amount and the maturity amount calculated using the effective interest method

FINANCIAL REPORT

Effective interest method is used to allocated interest income or interest expense over the relevant period and is equivalent to the rate that exactly discounts estimated future cash payments or receipts (including fees, transaction costs and other premiums or discounts) through the expected life (or when this cannot be reliably predicted, the contractual term) of the financial instrument to the net carrying amount of the financial asset or financial liability. Revisions to expected future net cash flows will necessitate an adjustment to the carrying value with a consequential recognition of an income or expense item in profit or loss. Fair value represents the amount for which an asset could be exchanged or a liability settled, between knowledgeable, willing parties. Where available, current bid prices in an active market are used to determine fair value for all quoted investments. In other circumstances, valuation techniques are adopted. Valuation techniques are applied to determine the fair value for all unlisted securities, including recent arm’s length transactions, reference to similar instruments and option pricing models. (i)

Financial assets at fair value through profit or loss

Financial assets are classified at ‘fair value through profit or loss’ when they are held for trading for the purpose of short-term profit taking, derivatives not held for hedging purposes, or when they are designated as such to avoid an accounting mismatch or to enable performance evaluation where a group of financial assets is managed by key management personnel on a fair value basis in accordance with a documented risk management or investment strategy. Such assets are subsequently measured at fair value with changes in fair value with changes in carrying value being included in profit or loss. (ii) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently measured at amortised cost. Gains or losses are recognised in profit or loss through the amortisation process and when the financial asset is derecognised. Page 8

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THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 (iii) Held-to-maturity investments Held-to-maturity investments are non-derivative financial assets that have fixed maturities and fixed or determinable payments, and it is the entity’s intention to hold these investments to maturity. They are subsequently measured at amortised cost. Gains or losses are recognised in profit and loss through the amortisation process and when the financial asset is derecognised. (iv) Available-for-sale financial assets Available-for-sale financial assets are non-derivative financial assets that are either not capable of being classified into other categories of financial assets due to their nature, or they are designated as such by management. They comprise investments in the equity of other entities where there is neither a fixed maturity nor fixed determinable payments. They are subsequently measured at fair value with any remeasurements other than impairment losses and foreign exchange gains and losses recognised in other comprehensive income. When the financial asset is derecognised, the cumulative gain or loss pertaining to that asset previously recognised in other comprehensive income is reclassified into profit or loss. Available-for-sale financial assets are classified as non-current assets when they are expected to be sold within 12 months after the end of the reporting period. All other available-for-sale financial assets are classified as current assets. (v) Financial liabilities Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised cost. Gains or losses are recognised in profit or loss through the amortisation process and when the financial liability is derecognised.

FINANCIAL REPORT

Impairment At each reporting period, the entity assesses whether there is objective evidence that a financial instrument has been impaired. A financial asset or a group of financial assets will deemed be to impaired if, and only if, there is objective evidence of impairment as a result of the occurrence of one or more of the following events (a “loss event�), which has an impact on the estimated future cash flows of the financial asset(s). In the case of available-for-sale financial assets, a significant or prolonged decline in the market value of the instrument is considered a loss event. Impairment losses are recognised in profit or loss immediately. Also any cumulative decline in fair value previously recognised in other comprehensive income is reclassified to profit or loss at this point. In the case of financial assets carried forward at amortised costs (including loans and receivables), a separate allowance account is used to reduce the carrying amount of financial assets impaired by credit losses. After having undertaken all possible measures of recovery, if the management establishes that the carrying amount cannot be recovered by any means, at that point the writing off amounts are charged to the allowance account or the carrying amount of the impaired financial assets is reduced directly if no impairment account was previously recognised in the allowance accounts. When the terms of financial assets that would otherwise have been past due or impaired have been renegotiated the company recognises the impairment for such financial assets by taking into account the original terms as if the terms have not been renegotiated so that the loss Page 9

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THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 events that have occurred are duly considered. Derecognition Financial assets are derecognised where the contractual rights to receipt of cash flows expires or the asset is transferred to another party whereby the entity no longer has any significant continuing involvement in the risks and benefits associated with the asset. Financial liabilities are derecognised where the related obligations are either discharged, cancelled or expire. The difference between the carrying value of the financial liability extinguished or transferred to another party and the fair value of consideration paid, including the transfer of non-cash assets or liabilities assumed, is recognised in profit or loss. e. Impairment of Assets At the end of each reporting period, the entity reviews the carrying values of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is recognised in profit or loss. Where the future economic benefits of the asset are not primarily dependent upon the asset’s ability to generate net cash inflows and when the entity would, if deprived of the asset, replace its remaining future economic benefits, value in use is determined as the depreciated replacement cost of an asset. Where it is not possible to estimate the recoverable amount of an assets class, the entity estimates the recoverable amount of the cash-generating unit to which the class of assets belong.

FINANCIAL REPORT

Where an impairment loss on a revalued asset is identified, this is recognised against the revaluation surplus in respect of the same class of asset to the extent that the impairment loss does not exceed the amount in the revaluation surplus for that class of asset. f. Employee Benefits Provision is made for the company’s liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled. 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 attributable to employee benefits. Contributions are made by the entity to an employee superannuation fund and are charged as expenses when incurred. g. Cash and Cash Equivalents Cash and cash equivalents includes cash on hand, deposits held at-call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the statement of financial position. Page 10

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THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 h. Accounts Receivables and Other Debtors Accounts receivables and other debtors include amounts due from customers for goods sold in the ordinary course of business. Receivables expected to be collected within 12 months of the end of the reporting period are classified as current assets. All other receivables are classified as non-current assets. Accounts receivables are recognised at fair value less any provision for impairment. 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). Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in the statement of financial position. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities, which are recoverable from or payable to the ATO, are presented as operating cash flows included in receipts from customers or payments to suppliers. j. Income Tax No provision for income tax has been raised as the entity is exempt from income tax under Division 50 of the Income Tax Assessment Act 1997. k. Intangibles

FINANCIAL REPORT

Software

Software is recorded at cost. Software has a finite life and is carried at cost less any accumulated amortisation and impairment losses. It has an estimated useful life of between one and three years. It is assessed annually for impairment. l. Provisions Provisions are recognised when the entity 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 the end of the reporting period. m. Comparative Figures When required by Accounting Standards comparative figures have been adjusted to conform to changes in presentation for the current financial year. When an entity applies an accounting policy retrospectively, makes a retrospective restatement or reclassifies items in its financial statements, a statement of financial position as at the beginning of the earliest comparative period must be disclosed. Page 11

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THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 n. Accounts Payable and Other Payables Accounts payable and other payables represent the liability outstanding at the end of the reporting period for goods and services received by the company during the reporting period which remain unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability. m. Critical Accounting Estimates and Judgements The directors evaluate estimates and judgments incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the company. Key Estimates Impairment The company assesses impairment at each reporting date by evaluation of conditions specific to the company that may be indicative of impairment triggers. Recoverable amounts of relevant assets are reassessed using value-on-use calculations which incorporate various key assumptions. Key judgments Provision for impairment of receivables Included in trade and other receivables is a provision for impairment of $1,500 at 30 June 2012.

FINANCIAL REPORT

n. Economic Dependence The Peer Support Foundation Limited is dependent on NSW Health and Department of Health and Ageing for a large part of its revenue used to operate the business. At the date of this report the Board of Directors has no reason to believe the Department will not continue to support The Peer Support Foundation Limited.

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THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 o. New Accounting Standards for Application in Future Periods The Australian Accounting Standards Board have issued new and amended Accounting Standards and Interpretations that have mandatory application dates for future reporting periods, some of which are relevant to the company. The company has decided not to early adopt any of the new and amended pronouncements. The company’s assessment of the new and amended pronouncements that are relevant to the company but applicable in future reporting periods is set our below: -

AASB 9: Financial Instruments (December 2010) and AASB 2010-7: amendments to Australian standards arising from AASB 9 (December 2010) (applicable for annual reporting periods commencing on or after 1 January 2013)

FINANCIAL REPORT

This Standard is applicable retrospectively and includes revised requirements for the classification and measurement of financial instruments, as well as recognition and derecognition requirements for financial instruments. The key changes made to accounting requirements include: - simplifying the classifications of financial assets into those carried at amortised cost and those carried at fair value; - simplifying the requirements for embedded derivatives; - removing the tainting rules associated with held-to-maturity assets; - removing the requirements to separate an fair value embedded derivatives for financial assets carried at amortised cost; - allowing an irrevocable election on initial recognition to present gains and losses on investments in equity instruments that are not held for trading in other comprehensive income. Dividends in respect of these investments that are a return on investment can be recognised in profit or loss and there is no impairment or recycling on disposal of the instrument; - requiring financial assets to be reclassified where there is a change in an entity’s business model as they are initially classified based on: (a) the objective of the entity’s business model for managing the financial assets; and (b) the characteristics of the contractual cash flows; and - requiring an entity that chooses to measure a financial liability at fair value to present the portion of the change in its fair value due to changes in the entity’s own credit risk in the other comprehensive income, except when that would create an accounting mismatch. If such a mismatch would be created or enlarged, the entity is required to present all changes in fair value (including the effects of changes in the credit risk of the liability) in profit or loss. -

AASB 1053: Application of Tiers of Australian Accounting Standards and AASB 20102: Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements [AASB 1, 2, 3, 5, 7, 8, 101, 102, 107, 108, 110, 111, 112, 116, 117, 119, 121, 123, 124, 127, 128, 131, 133, 134, 136, 1347, 138, 140, 141, 1050 & 1052 and Interpretations 2, 4, 5, 15, 17, 127, 129 & 1052] (applicable for annual reporting periods commencing on or after 1 July 2013). AASB 1053 establishes a revised differential financial reporting framework consisting of two tiers of financial reporting requirements for those entities preparing general purpose financial statements: - Tier 1: Australian Accounting Standards; and - Tier 2: Australian Accounting Standards – Reduced Disclosure Requirements. Tier 2 of the framework comprises the recognition, measurement and presentation requirements of Tier 1, but contains significantly fewer disclosure requirements. Page 13

26


THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 Since the company is a not-for-profit private sector entity, it qualifies for the reduced disclosure requirements for Tier 2 entities. It is anticipated that the company will take advantage of Tier 2 reporting at a later date. -

AASB 2010-8: Amendments to Australian Accounting Standards – Deferred Tax: Recovery of Underlying Assets [AASB 112] (applies to periods beginning on or after 1 January 2012). This Standard makes amendments to AASB 112: Income Taxes and Incorporates Interpretation 121: Income Taxes – Recovery of Revalued Non-Depreciable Assets into AASB 112. Under the current AASB 112, the measurement of deferred tax liabilities and deferred tax assets depends on whether the entity expects to recover an asset by using it or by selling it. The amendments introduce a presumption that an investment property is recovered entirely through sale. This presumption is rebutted if the investment property is held within a business model whose objective is to consume substantially all of the economic benefits embodied in the investment property over time, rather than through sale. The amendments are not expected to impact the company.

FINANCIAL REPORT

-

AASB 10: Consolidated Financial Statements, AASB 11: Joint Arrangements, AASB 12: Disclosure of Interests in Other Entities, AASB 127: Separate Financial Statements [August 2011]; AASB 128: Investments in Associates and Joint Ventures [August 2011] and ASSB 2011-7: Amendments to Australian Accounting Standards arising from the consolidation and Joint Arrangements Standards (applicable for annual reporting periods commencing on or after 1 January 2013). AASB 10 replaces parts of AASB 127 [March 2008, as amended] and Interpretation 112: Consolidation – Special Purpose Entities. AASB 10 provides a revised definition of control and additional application guidance so that a single control model will apply to all investees. The company has not yet been able to reasonable estimate the impact of this Standard on its financial statements. AASB 11 replaces AASB 131: Interests in Joint Ventures (July 2004, as amended). AASB 11 requires joint arrangements to be classified as either “joint operations” (where the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities) or “joint ventures” (where the parties that have joint control of the arrangement have rights to the net assets of the arrangement). Joint ventures are required to adopt the equity method of accounting (proportionate consolidation is no longer allowed). AASB 12 contains the disclosure requirements applicable to entities that hold an interest in a subsidiary joint venture, joint operation or associate. AASB 12 also introduces the concept of a “structured entity”, replacing the “special purpose entity” concept currently used in Interpretation 112, and requires specific disclosures in respect of any investments in unconsolidated structure entities. This Standard will affect disclosures only and is not expected to significantly impact the company.

To facilitate the application of AASBs 10, 11 and 12, revised versions of AASB 127 and AASB 128 have also been issued. These Standards are not expected to significantly impact the company. Page 14

27


THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 -

AASB 13: Fair Value Measurement and AASB 2011-8: Amendments to Australian Accounting Standards arising from AASB 13 (applicable for annual reporting periods commencing on or after 1 January 2013). AASB 13 defines fair value, sets out in a single Standard a framework for measuring fair value, and requires disclosures about fair value measurement. AASB 13 requires: -Inputs to all fair value measurements to be categorised in accordance with a fair value hierarchy; and -Enhanced disclosures regarding all assets and liabilities (including, but not limited to, financial assets and financial liabilities) measured at fair value. These standards are not expected to significantly impact the company.

-

AASB 2011-9 Amendments to Australian Accounting Standards – Presentation of Other Comprehensive Income (applicable for annual reporting periods commencing on or after 1 July 2012). The main change arising from this Standard is the requirement for entities to group items presented in other comprehensive income (OCI) on the basis of whether they are potentially reclassifiable to profit or loss subsequently. This standard affects presentation only and is therefore not expected to significantly impact the company.

-

AASB 119: Employee benefits [September 2011] and AASB 2011-10: Amendments to Australian Accounting Standards arising from AASB 119 (applicable for reporting periods commencing on or after 1 January 2013).

FINANCIAL REPORT

These Standards introduce a number of changes to accounting and presentation of defined benefit plans. The company does not have any defined benefit plans so is not impacted by the amendment. AASB 119 [September 2011] also includes changes to: (a) require only those benefits that are expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the related service to be classified as short-term employee benefits. All other employee benefits are to be classified as either other long-term employee benefits, post-employment benefits or are termination benefits, as appropriate; and (b) the accounting for termination benefits that require an entity to recognise an obligation for such benefits at the earlier of: (i) where for an offer than may be withdrawn – when the employee accepts; (ii) where for an offer that cannot be withdrawn – when the offer is communicated to affected employees and (iii) where the termination is associated with a restructuring of activities under AASB 137 and if earlier than the first two conditions – when the related restructuring costs are recognised. The associated has not yet been able to reasonably estimate the impact of these changes to AASB 119.

Page 15

28


THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012

Note 2: Revenue and Other Income Revenue Revenue from government grants and other grants - Other government grants - Other organisations Total Revenue from government and other grants Other Revenue - Interest received Other - Income Gain on disposal of non current assets - Royalties - Gross profit from trading - Bequests received - Membership subscriptions - Workshop and support contributions - Other Total Other Revenue Total Revenue and Other Revenue

2012 $

2011 $

553,998 69,955

517,238 30,045

623,953

547,283

104,604 4,173 76,310 15,366 91,042 95,740 86,593 8,403 482,230

104,403 97,545 20,400 93,413 87,890 60,717 9,040 473,408

1,106,183

1,020,691

2012

2011

$

$

21,674 8,715 30,389 2,500

12,974 14,085 27,059 5,950

Note 3: Profit for the Year

FINANCIAL REPORT

a. Expenses Depreciation and Amortisation - Motor vehicle - furniture and equipment Total- Depreciation and Amortisation Doubtful debts expense Auditor Remuneration – audit services b. Significant Revenue and Expenses Property, Plant and Equipment Proceeds on disposal Disposals at carrying value Net gain on disposal as at 30 June 2012

21,710 (17,537) (4,173)

-

Page 16

29


THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 Note 4: Cash and Cash Equivalents

CURRENT Cash at bank Deposits Term Deposits Total cash and cash equivalents as stated in the Statement of financial position Total cash and cash equivalents as stated in the Statement of Cash flows

Note 5: Accounts Receivables and Other Debtors CURRENT Account receivables Provision for doubtful debts Input Tax Credits Total current account and other receivables

FINANCIAL REPORT

(i)

5(i)

2012 $

2011 $

402,135 50 1,523,800

299,933 50 1,523,800

1,925,985

1,823,783

1,925,985

1,823,783

2012 $

2011 $

8,421 (1,500) 917 7,838

7,372 (1,500) 3,466 9,338

Provision for Doubtful Debts

Current trade receivables are generally on 30 day terms. Receivables are assessed for recoverability and a provision for impairment is recognised when there is objective evidence that an individual trade receivable is impaired. These amounts have been included in other expense items. Movement in the provision for doubtful debts is as follows: Provision for doubtful debts as at 01 July 2010 - Charge for the year - Written off

$ 1500 -

Provision for doubtful debts as at 30 June 2011 - Charge for the year - Written off

1500 -

Provision for doubtful debts as at 30 June 2012

Page 17

1500

30


THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 (ii) Credit Risk – Trade and Other Debtors The company does not have any material credit risk exposure to any single receivable or group of receivables. The following table details the company’s trade and other receivables exposed to credit risk (prior to collateral and other credit enhancements) with ageing analysis and impairment provided for thereon. Amounts are considered as ‘past due’ when the debt has not been settled within the terms and conditions agreed between the company and the customer or counter party to the transaction. Receivables that are past due are assessed for impairment by ascertaining solvency of the debtors and are provided for where there are specific circumstances indicating that the debt may not be fully repaid to the company. The balances of receivables that remain within initial trade terms (as detailed in the table) are considered to be of high credit quality. Within Past due

initial

(days due)

trade

Gross

and

amount

impaired

<30

31-60

61-90

>90

terms

$

$

$

$

$

$

$

8,421

-

917

-

Total

9,338

-

4,912

2011 Trade and term receivables

7,372

-

7,372

Other receivables

3,466

-

Total

10,838

-

2012 Trade and term receivables Other receivables

FINANCIAL REPORT

Past due but not impaired

Note 6: Inventories CURRENT At cost Inventory

Page 18

4,912 -

7,372

3,289

220

-

-

-

-

917

220

-

917

-

-

-

-

-

-

3,466

-

-

-

3,466

3,289

-

2012 $

2011 $

9,815 9,815

7,819 7,819

31


THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 Note 7: Other Assets CURRENT Accrued Income Prepayments

Note 8: Property, Plant and Equipment

PLANT AND EQUIPMENT Plant and Equipment At cost Less accumulated depreciation

Motor vehicles At cost Less accumulated depreciation Total property, plant and equipment

2012 $

2011 $

43,046 3,605 46,651

32,372 3,467 35,839

2012 $

2011 $

64,203

64,203

48,607 15,596

39,892 24,311

100,520 30,956 69,564 85,160

120,607 37,406 83,201 107,512

Movements in Carrying Amounts

FINANCIAL REPORT

Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year: Motor Vehicles $

2011 Balance at the beginning of the year Additions at cost Disposals Revaluation increment Depreciation expense Carrying amount at end of year 2012 Balance at the beginning of the year Additions at cost Disposals Depreciation expense Carrying amount at end of year

Page 19

Plant & Equipment $

Total $

48,248 47,927 (12,974) 83,201

20,772 17,624 (14,085) 24,311

69,020 65,551 (27,059) 107,512

83,201 25,574 (17,537) (21,674) 69,564

24,311 (8,715) 15,596

107,512 25,574 (17,537) (30,389) 85,160

32


THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 Note 9 Trade and Other Payables CURRENT Accounts payables Deferred income Sundry payables and accrued expenses Amounts Withheld - PAYG Employee benefits NON-CURRENT Employee benefits

a. Financial liabilities at amortised cost classified as trade and other payables Accounts Payable and other payables - Total current - Total non-current Less deferred income Less annual leave entitlements Financial liabilities as accounts and other payables

2012 $

2011 $

310 54,719 10,556 78,419 144,004

25,063 47,198 9,720 73,513 155,494

15,030 159,034

13,107 168,601

2012 $

2011 $

144,004 15,030 159,034 (54,719) (93,449)

155,493 13,107 168,600 (47,197) (86,620)

10,866

34,783

FINANCIAL REPORT

Note 10: Provisions Provision for Employee Benefit $

Opening balance at 1 July Additional provisions raised during year Amounts used Balance at 30 June

86,620 56,421 (49,592) 93,449

Analysis of Total Provisions Current Non-current

2012 $

2011 $

78,419 15,030 93,449

73,513 13,107 86,620

Provision for Non-current Employee Benefits A provision has been recognised for employee entitlements relating to long service leave. In calculating the present value of future cash flows in respect of long service leave, the probability of long service leave being taken is based on historical data. The measurement and recognition criteria relating to employee benefits have been included in Note 1 to these financial statements. Page 20

33


THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 Note 11: Cash Flow Information 2012 $

2011 $

a. Reconciliation of Cash Cash at bank

1,925,935 1,925,935

1,823,733 1,823,733

b. Reconciliation of Cash flow from Operations with Profit after Income Tax Profit after income tax Non-cash flows in profit Depreciation and amortisation (Profit)/loss on sale of property, plant & equipment

100,825

151,174

30,389

27,059

(4,173)

Other Changes in assets and liabilities (Increase)/decrease in trade and other receivables Increase/(decrease) in trade and other payables Increase/(decrease) in provisions (Increase)/decrease in inventories

6,541

(9,412) (16,396) 6,829 (1,996)

(5,213) (139,462) (9,401) 6,177

106,066

36,875

FINANCIAL REPORT

Note 12: Financial Risk Management The companyâ&#x20AC;&#x2122;s financial instruments consist mainly of deposits with banks, local money market instruments, short-term and long-term investments, accounts receivable and payable. The carrying amounts for each category of financial instruments, measured in accordance with AASB 139 as detailed in the accounting policies to these financial statements, are as follows.

Financial Assets Cash and cash equivalents Loan and receivables Financial assets at fair value through profit or loss - investments in listed shares, held for trading Held-to-maturity investments - investments in government and fixed interest securities Held for sale financial assets - Investment in listed shares, available for sale Total financial assets

Page 21

2012 $

2011 $

1,925,985 54,490

1,823,783 45,077

-

-

-

-

1,980,475

1,868,860

34


THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 Financial Liabilities Financial liabilities at amortised cost Trade and other payables Borrowings Total financial liabilities

55,794 55,794

81,890 81,890

Financial Risk Management Policies Management is responsible for monitoring and managing the company’s compliance with it’s risk management strategy and consists of senior board members. The overall risk management strategy is to assist the company in meeting its financial targets, whilst minimising potential adverse effects on financial performance. Risk management policies are approved and reviewed by the management on a regular basis. These include credit risk policies and future cash flow requirements. Specific Financial Risk Exposures and Management The main risk the company is exposed to through its financial instruments are interest rate risk, liquidity risk and other price risk. There have been no substantive changes in the types of risks the company is exposed to, how these risks arise or the board’s objectives, policies and processes for managing or measuring the risks from the previous period. a. Credit risk

FINANCIAL REPORT

Exposure to credit risk relating financial assets arises from the potential non-performance by counterparties of contract obligations that could lead to a financial loss to the company. The company does not have any material credit risk exposures as its major source of revenue is the receipt of grants. Credit risk is further mitigated as over 90% of the grants received from state and federal governments are in accordance with funding agreements which ensure regular funding. Credit Risk Exposures The maximum exposure to credit risk by class of recognised financial assets at the end of the reporting period is equivalent to the carrying value and classification of those financial assets (net of any provisions) as presented in the statement of financial position. Accounts receivable and other debtors that are neither past due or impaired are considered to be of high credit quality. Aggregates of such amounts are as detailed in Note 5. The company has no significant concentrations of credit risk exposure to any single counterparty or group of counterparties. Details with respect to credit risk of accounts receivable and other debtors are provided in Note 5. Credit risk related to balances with banks and other financial institutions is managed by the Board of Directors in accordance with approved Board policy. Such policy requires that surplus funds are only invested with counterparties with a Standard and Poor’s (S&P) rating of at least AA-. The following table provides information regarding the credit risk relating to cash and money market securities based on Standard & Poor’s counterparty credit ratings

Page 22

35


THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 2012 $

Cash and Cash equivalents - AA rated

2011 $

1,925,935

1,823,733

1,925,935

1,823,733

b. Liquidity risk Liquidity risk arises from the possibility that the company might encounter difficulty in settling its debts or otherwise meeting its obligations related to financial liabilities. The entity manages this risk through the following mechanisms: -

Management prepares an annual income and expense budget in July approved by the Board and is regularly monitored and reviewed. The Boardâ&#x20AC;&#x2122;s policy to Managing credit risk related to financial assets, is to invest only the surplus cash with the four major financial institutions and Rabo Bank Online. Investments are restricted to a maximum of $750,000 in the accounts held with any one of the four major financial institutions (Commonwealth Bank, National Australia Bank, Westpac and ANZ) and Rabo Bank Online If the credit balance of any of the above accounts exceeds $ 500,000 the excess balance is invested in a Term Deposit and maturity dates of term deposits are staggered.

The tables below reflect an undiscounted contractual maturity analysis for non-derivative financial liabilities. The company does not hold directly any derivative financial liabilities. Cash flows realised from financial assets reflect managementâ&#x20AC;&#x2122;s expectation as to the timing of realisation. Actual timing may therefore defer from that disclosed. The timing of cash flows presented in the table to settle financial liabilities reflect the earliest contractual settlement dates.

FINANCIAL REPORT

Financial liability and financial asset maturity analysis within 1 year

1 to 5 years

Over 5 years

2012

2012

total

Financial liabilities due for payment

2012

2011

Trade and other payables (excluding estimated annual leave an deferred income)

1,076

21,676

-

-

Total expected outflows

1,076

21,676

-

-

Financial Assets cash flows realisable Cash and cash equivalents Trade term and loans receivables

1,922,985

1,823,783

-

-

-

-

1,922,985

1,823,783

54,489

45,077

-

-

-

-

54,499

45,077

Total anticipated inflows

1,977,474

1,868,860

-

-

1,977,474

1,868,860

Net (outflow)/Inflow on financial instruments

1,976,388

1,890,536

-

-

1,976,388

1,890,536

Page 23

2011

-

-

2011

2012

2011

-

1,076

21,676

1,076

21,676

-

36


THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 c. Market Risk i. Other Price risk Other Price risk relates to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk) of securities held. The company’s investments are held in the following sectors at reporting date: 2012 100%

Banking and finance

2011 100%

Sensitivity Analysis The following table illustrates sensitivities to the company’s exposures to changes in interest rates and equity prices. The table indicates the impact on how profit and equity values reported at the end of the reporting period would have been affected by changes in the relevant risk variable that management considers to be reasonable possible.

FINANCIAL REPORT

These sensitivities assume that the movement in a particular variable is independent of other variables Profit $

Equity $

Year ended 30 June 2012 +/- 2 % in interest rates

+/- 30,476

+/- 30,476

Yr ended 30 June 2011 +/- 2 % in interest rates

+/-18,738

+/-18,738

There have been no changes in any of the assumptions used to prepare the above sensitivity analysis from the prior year. Fair Values Fair value estimation The fair values of financial assets and financial liabilities are presented in the following table and can be compared to their carrying amounts as presented in the statement of financial position. Fair values are those amounts at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. Fair values derived may be based on information that is estimated or subject to judgement, where changes in assumptions may have a material impact on the amounts estimated. Areas of judgement and the assumptions have been detailed below. Where possible, valuation information used to calculate fair values is extracted from the market, with more reliable information available from markets that are actively traded. In this regard, fair values for listed securities are obtained from quoted market bid prices. Where securities are unlisted and no market quotes are available, fair value is obtained using discounted cash flow analysis and other valuation techniques commonly used by market participants. Page 24

37


THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012

Differences between fair values and carrying amounts of financial instruments with fixed interest rates are due to the change in discount rates being applied by the market since their initial recognition by the company. Most of these instruments, which are carried at amortised cost (ie trade receivables, loan liabilities), are to be held until maturity and therefore the net fair value figures calculated bear little relevant to the company at amortised cost (ie term receivables, loan liabilities) are to be held until maturity and therefore the net fair value figures calculated bear little relevance to the company. 2012

Footnotes

Net carrying Value

2011 Net carrying Value

Net fair value

Net fair value

Financial Assets Cash and cash equivalents

(i)

402,185

402,185

299,983

299,983

Trade and other receivables

(i)

54,489

54,489

45,077

45,077

Available-for-sale financial assets:

(ii)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,523,800

1,523,800

1,523,800

1,523,800

1,980,474

1,980,474

1,868,860

1,868,860

1,076

1,076

26,258

26,258

1,076

1,076

26,258

26,258

FINANCIAL REPORT

- at fair value - listed investments available for sale Financial assets at fair value through profit or loss: - at fair value - listed investments available for trading Held to maturity financial assets - government and fixed interest securities

(ii)

(iii)

Total financial assets Financial Liabilities Trade and other payables

(i)

Total financial liabilities

The fair values disclosed in the above table have been determined based on the following methodologies: (i) Cash and cash equivalents, accounts receivable and other debtors and accounts payable and other payables are short-term instruments in nature whose carrying value is equivalent to fair value. Trade and other payables exclude amounts provided for annual leave, which is outside the scope of AASB 139. (ii) For listed available-for-sale and held-for-trading financial assets, closing quoted bid prices at the end of the reporting period are used. In determining the fair values of the unlisted Page 25

38


THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 available-for-sale financial assets, the directors have used inputs that are observable either directly (as prices) or indirectly (derived from prices). (iii) Fair values of held-to-maturity investments are based on quoted market prices at the end of the reporting period. (iv) Fair values are determined using a discounted cash flow model incorporation current commercial borrowing rates. The fair values of fixed rate debt will differ to the carrying values. Financial Instruments Measured at Fair Value The financial instruments recognised at fair value in the statement of financial position have been analysed and classified using a fair value hierarchy reflecting the significance of the inputs uses in making the measurements. The fair value hierarchy consists of the following levels: - quoted prices in active markets for identical assets or liabilities (Level 1); - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (Level 2) and; - inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3). Note 13: Capital Management

FINANCIAL REPORT

Management controls the capital of the entity to ensure that adequate cash flows are generated to fund its mentoring programs and that returns from investments are maximised within tolerable risk parameters. The management ensures that the overall risk management strategy is in line with this objective. The management operates under policies approved by the Board of Directors. Risk management policies are approved and reviewed by the Board on a regular basis. These include credit risk policies and future cash flow requirements. The entityâ&#x20AC;&#x2122;s capital consists of financial liabilities, supported by financial assets. Management effectively manages the entityâ&#x20AC;&#x2122;s capital by assessing the entityâ&#x20AC;&#x2122;s financial risks and responding to changes in these risks and in the market. These responses may include the consideration of debt levels. There have been no changes to the strategy adopted by management to control the capital of the entity since the previous year. The strategy of the entity is to maintain a gearing ratio below 10%.

Page 26

39


THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 Note 14: Reserves a. Revaluation Surplus The revaluation surplus records the revaluations of non-current assets. Where revaluations are deemed to represent profits of a permanent nature, dividends may be declared from this surplus. b. Financial Assets Reserve The financial assets reserve records revaluation increments and decrements (that do not represent impairment write-downs) that relate to financial assets that are classified as available-for-sale

Note 15: Entity Details The registered office of the entity is: The Peer Support Foundation Limited 2 Grosvenor Place BROOKVALE NSW 2100 The principal place of business is:

FINANCIAL REPORT

The Peer Support Foundation Limited 2 Grosvenor Place BROOKVALE NSW 2100

Note 16: Membersâ&#x20AC;&#x2122; Guarantee The entity is incorporated under the Corporations Act 2001 and is an entity limited by guarantee. If the entity is wound up, the constitution states that each member is required to contribute a maximum of $10 each towards meeting any outstanding and obligations of the entity.

Page 27

40


41

FINANCIAL REPORT


42

FINANCIAL REPORT


THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 DETAILED PROFIT AND LOSS STATEMENT FOR THE YEAR ENDED 30 JUNE 2012

2012 $

2011 $

INCOME Donations

91,042

93,413

553,998

517,238

Sponsorship

69,955

30,045

Membership Subscriptions

95,740

87,890

Workshop & Support Contributions

86,593

60,717

5,442

5,675

902,769

794,978

104,604

104,403

2,961

3,365

76,310

97,545

4,173

0

15,366

20,400

203,414

225,713

1,106,183

1,020,691

Grants

Expense Reimbursements OTHER INCOME Interest Received Input Tax Credits Recovered Royalties Profit/(Loss) on Disposal of Non-current Assets

FINANCIAL REPORT

Gross profit from trading

The accompanying notes form part of these financial statements. Page 30

43


THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 DETAILED PROFIT AND LOSS STATEMENT FOR THE YEAR ENDED 30 JUNE 2012

2012 $

2011 $

EXPENSES Accountancy Fees

7,550

6,820

Advertising

5,537

3,831

Accreditation Cost

4,873

5,307

Auditor's Remuneration

2,500

5,950

Bank Charges

2,158

1,782

Cleaning

4,800

4,578

Computer Expenses

23,803

10,360

Depreciation

30,389

27,059

5,125

2,948

71,925

60,043

Entertainment Expenses

3,177

2,719

Fringe Benefits Tax

3,767

2,817

Insurance

10,109

10,475

Motor Vehicle Expenses

29,173

20,339

1,935

5,160

14,601

14,019

Postage

4,894

4,002

Printing & Stationery

9,905

8,341

44,084

42,599

880

1,699

Professional Fees

29,632

51,030

Staff Training & Welfare

18,609

4,833

2,655

2,590

Superannuation Contributions

95,566

111,672

Telephone

17,896

14,466

Travel Expenses

40,671

26,817

494,060

369,937

25,083

47,324

1,005,357

869,517

100,825

151,174

Discounts Allowed Employee Expenses

Petty Cash & Sundries Expenditure

FINANCIAL REPORT

Photocopier Expenses

Rent Expenses Repairs & Maintenance

Subscriptions

Wages Workshop Venue Costs

Profit before income tax

The accompanying notes form part of these financial statements. Page 31

44

Annual report 2011 2012  
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