ANNUAL REPORT 2010-2011
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
2 ANNUAL REPORT 2010 -2011 ANNUAL REPORT 2010 -2011
Table of Contents
Mission
Page 3
The Peer Support Australia Team
Page 4
About Peer Support Australia
Page 5
Implementing the Peer Support Program
Page 5
How the Peer Support Program works
Page 6
Peer Support Modules for Primary Schools
Page 7
Peer Support Modules for Secondary Schools
Page 8
Major Achievements
Page 9
Future Directions
Page 10
Chairman’s Report
Page 11
General Manager’s Report
Page 12
Our Supporters
Page 13
Directors’ Report Financial Reports
Page 14-16 Page 17
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Mission Peer Support Australia is a not for profit organisation dedicated to providing dynamic peer led programs which foster the mental, social and physical wellbeing of young people and their community. Our vision is to develop in young people a sense of personal responsibility for their own wellbeing, with the support of their peers and an informed and skilled community. This is achieved through education programs for students, teachers, parents and community members. Peer Support Australia would not be able to achieve these objectives without the support of: Founder:
The Late Elizabeth Campbell AM, BSc, TNDC
Chairman:
Jennifer Dalitz BA, MBA, CPA
Vice Regal Patron: Her Excellency Ms Quentin Bryce AC Honorary Directors: Phillip Leonard Cox FCPA, DipComm Brian Halstead BE (Chem), BEc, CPA Cheryl Hayman BCom Judith Merryweather BSc, FACS David A Stanton FIA Lorraine Walker BA Dip Ed, Grad Cert RE Staff: (as at 30.6.11) Sharon Austin
General Manager
Kristin Bell
Education Project Coordinator (part-time)
Sara Blackburn
Education Consultant
Sharlene Chadwick
Education Manager
Jessica Charlton
Administration Assistant (part-time)
Alycia Ferguson
Education Consultant
Josie Gallagher
Training and Marketing Administrator
Lindsey Grenet
Education Consultant
Peter Tanswell
Systems Accountant
ABN: 40 002 634 853
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ADMINISTRATION AND FINANCE TEAM
Jessica Charlton, Administration Assistant
Josie Gallagher, Training and Marketing Administrator
Peter Tanswell, Systems Accountant
EDUCATION TEAM
Kristin Bell Education Project Coordinator
Sara Blackburn Education Consultant
Alycia Ferguson Education Consultant
Sharlene Chadwick Education Manager
Lindsey Grenet Education Consultant
Peer Support Australia’s Team As at 30 June 2011
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About Peer Support Australia Peer Support Australia provides schools and their communities with a program designed to develop mental, social and physical wellbeing. This program is implemented across the whole school and supports a safer, happier environment where effective teaching and learning can occur. A range of training workshops that are designed to support school staff in planning for and implementing the Peer Support Program are provided. Scheduled workshops are held throughout the year at key locations. The Peer Support Program is supported by a series of peer led modules which form part of a learning continuum that aims to assist young people to develop positive values, attitudes, behaviours and skills related to relationships, leadership, optimism, resilience, values and antibullying. School communities are able to plot a learning pathway from Kindergarten through to Year 12 with modules that address their specific needs and goals.
Implementing the Peer Support Program In primary schools, student learning sessions are facilitated by Year 6/7 students with multi-age groups from Kindergarten to Year 5/6. (Senior years vary across States) In secondary schools, student learning sessions are facilitated by Year 10 /11 students with groups of Year 7/8. (Junior years vary across States) To support school communities in addressing specific areas of need and bring about positive change, Peer Support Australia provides:
awareness raising workshops for community members
training and professional development for teachers integrated learning modules for students—including notes for teachers, notes for Peer Leaders and resources for students.
Peer led learning programs allow young people to:
develop skills in cooperative learning
become better leaders
investigate issues they feel adults may not relate to
develop effective ways to deal with life experiences
explore ways in which other people deal with similar experiences. Modules developed by Peer Support Australia focus on developing values, skills and understandings vital to the wellbeing of young people. They are based on a peer led model of learning and assist students to develop:
sense of Self
resilience
connectedness
sense of possibility.
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How the Peer Support Program works Awareness Raising Raising awareness is the first step in implementing the Peer Support Program. This usually takes the form of a consultant’s talk to teachers, parents and community members. In some modules it also involves surveying attitudes and gathering information in relation to a particular issue. Training Teachers and parents are then trained at district or whole school workshops for 1 day. Teachers then train student leaders, using resources developed and provided by Peer Support Australia. These student training sessions are conducted over 2 days. Implementation In primary schools, Peer leaders work with a small group of students for approximately 30 minutes a week for 8 sessions using Peer Support Australia’s resource material. All Year 6 students take on this leadership role. They facilitate groups of about 8—10 students from Kindergarten—Year 5. In secondary schools, Year 10 or 11 students are trained and then encouraged to apply for this leadership position. They are responsible for groups of 8—10 students from Year 7. Sessions are conducted for 40 minutes a week over 8 weeks. This ensures age relevant issues are addressed in a supportive and positive environment. Students are supported at every stage through briefing and debriefing sessions conducted by teachers. Briefing is conducted at least the day before. Debriefing can take many forms and can occur up to a day later. Briefing and debriefing are vital to the success of the Peer Support Program. Schools are encouraged to involve parents in the Peer Support Program by providing ongoing information. In this way parents can enjoy and build on their children’s Peer Support experiences. In recognition of the time commitments and constraints placed upon schools, Peer Support Australia has developed a flexible delivery option for the anti-bullying program. This allows schools to implement the training within their own time frame. This also enables school communities to develop a stronger sense of ownership and commitment to dealing with bullying behaviours in their school context. Celebration Celebration of the achievement of Peer Support groups and their leaders is one of the many ways that individuals can build a sense of Self. Peer Support Australia encourages community members to celebrate the achievements of young people by presenting Peer Support Australia certificates and badges. This also builds the connections between the school and its community. We encourage all parents and community members to inspire and support our young people by contributing to the Peer Support Program at your local school.
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Peer Support Modules for Primary Schools Getting Started This module is an introduction for schools who have not previously conducted the Peer Support Program. The focus is on groups working together and establishing group dynamics. Key skills developed are: interpersonal communication Keeping Friends (8 sessions) This module focuses on the complexities of relationships. Students will develop skills in maintaining positive relationships by learning how to play fairly, accept that friendships change, support each other and acknowledge that they may have a variety of friends. Key skills developed are: values critical thinking empathy negotiation conflict resolution Living Positively (8 sessions) This module focuses on optimism. Students develop the skills and knowledge to approach life with a positive attitude, use their strengths, engage in enjoyable activities and show gratitude to others. Key skills developed are: resilience empathy coping monitoring stress Taking Opportunities (8 sessions) This module focuses on resilience. Students identify their personal strengths, people who can support them and strategies to assist in becoming more resilient. Key skills developed are: coping resilience monitoring stress planning Promoting Harmony (8 sessions) This module focuses on values. Students focus on the values of caring, respect, responsibility and fair go. Key skills developed are: values clarification relationship building assertiveness decision making Speaking Up (8 sessions) This module is part of a whole school approach to address the issue of bullying behaviours in a positive way and includes staff training, teacher led lessons and a parent awareness raising session. Key skills developed are: decision making problem solving assertiveness empathy relationship building
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Peer Support Modules for Secondary Schools Framework for Orientation (4 areas) This framework focuses on the transition to secondary school for entry level students. Activities have been designed to encourage students to work together and support one another. The flexible nature of the framework makes it ideal to incorporate into existing school orientation programs. Key skills developed are: coping critical thinking problem solving negotiation Facing our Challenges (8 sessions) This module focuses on resilience and equipping students with the skills to cope more effectively with situations they may find challenging. Key skills developed are: optimism empathy positive self talk perseverance resilience Behaving with Integrity (8 sessions) This module focuses on values. Students explore individual and community values within a safe and supportive environment. The core values of respect, responsibility, diversity, inclusion and integrity are blended throughout the module Key skills developed are: values clarification relationship building assertiveness decision making Working through Conflict (8 sessions) This module focuses on anti-bullying and is designed, in conjunction with whole staff training, to address the issue of bullying behaviours in a positive way. Key skills developed are: decision making problem solving empathy assertiveness relationship building conflict resolution
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Major Achievements in 2010 - 2011
Submission to WA Senate Report Inquiry into the Mental Health and Wellbeing of Children and Young People
Panel member at ARACY Symposium— betwixt and between the Middle Years
Accreditation by Quality Improvement Council
Appointed 3 new staff members Sara Blackburn, Education Consultant Jessica Charlton, Part-time Administration Assistant Alycia Ferguson, Education Consultant
Development of second phase of integrated CRM/Accounting software
Development of range of KPI’s to accurately reflect participation and conversion rates
Development of SRC Learning Guide and workshop support material
Evaluation report from external evaluator based on data collected from mid 2006— May 2011
Implementation of a computerised Risk Management System
Improved debtor control processes
Implementation of regular performance enhancement sessions for all staff
Hosted 2 one day national forums incorporating representatives from 10 primary schools and 10 secondary schools
Intensive public relations campaign resulting in 17 interviews from a variety of media including television and radio exposure
Increased awareness raising with Political figures
Strategic Planning
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Future Directions
Publication of the Primary Student Leadership training notes
Publication of Primary Resilience Module
Increase participation in Peer Support Program
Increased number of school visits
Program of skilling workshops for staff
Ongoing funding to be secured from Department of Health and Ageing to further expand the Peer Support Program nationally
Dissemination of findings from evaluation
Incorporation of learnings from National forum into future activities
Investigation of areas for growth
Publication of strategic plan
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
Pilot new Implementation Workshop
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Chairman’s Report It’s a true pleasure to share with you my first Chairman’s Report. For the public record I’d like to thank outgoing Chairman, David Stanton, for his tireless contribution to Peer Support Foundation. David continues on now as a valued member of the Board of Directors. It’s been terrific to work more closely with our General Manager, Sharon Austin, and our entire team of administrators and educators during my transition into the role of Chairman. For the first time in several years, the Foundation has a full staff complement across all aspects of our team with a number of key appointments made over the past year. One of my first initiatives implemented is a team-based learning and development program. In this investment in the growth of our own people, I am confident the new skills and expertise they acquire will flow on to benefit our customers and stakeholders. Another initiative I’ve championed is a new public relations campaign to raise the profile of the Peer Support Program across Australia. For those of us close to the organisation, it’s been a timely reminder that despite our 30+ years of operations, there are many who are still learning about Peer Support Australia for the first time. Having joined the board four years ago at the commencement of our national expansion, it’s been exciting to see the continued growth in uptake for our Program in Queensland, Tasmania, Western Australia and the Northern Territory. I acknowledge the continued funding 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. My thanks also extend to all 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, James N Kirby Foundation and Catholic Church Insurances. Earlier this year, the organisation embarked on a new strategic planning process that will enable us to focus on key areas of development and delivery. This has been a major undertaking that will ensure we continue to meet the needs of all our stakeholder groups, including the schools and communities we serve, into the future. Several stakeholder groups have been involved throughout the year in providing valuable feedback and suggestions, including the Consultative Group, made up of representatives from various health and education organisations and government departments, as well as focus groups of school representatives who were able to impart valuable insights from their experience in participating in the program. The Board continues to function well and is actively involved beyond their core governance role in visiting schools and attending key meetings as appropriate. The constitution of the Board provides a breadth and depth of expertise to position Peer Support Australia well, strategically, into the future. Likewise, I have every confidence that our team will implement our strategy effectively and ensure we continue to meet our mission to provide dynamic peer-led programs which foster the mental, social and physical wellbeing of young people and their community.
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General Manager’s Report 2010-2011 was a mixed year for Peer Support Australia. We were saddened by the loss of our Founder, Elizabeth Campbell, who passed away, aged 86, on 26 September 2010. Then on 13 December 2010 James Dibble lost his long and painful battle with cancer. James served as Chairman of the Peer Support Foundation for 17 years, and continued to sit on the Board until October 2008 when his deteriorating health made it difficult for him to attend Board meetings. We all miss his pleasant smile, his warm presence and his wonderful voice. Her Excellency Ms Quentin Bryce AC Governor General of the Commonwealth of Australia with Sharon Austin, General Manager Peer Support Australia
This year with the assistance of Asset Public Relations, we embarked on a Public Awareness campaign to increase the public profile of Peer Support Australia. This has resulted in numerous radio interviews, several articles in the popular press and some television exposure. We look forward to continuing this work in 2011-2012. Having lost some staff last year, it has been inspiring to witness the fresh approach, renewed energy and enthusiasm of all the Education Consultants. I acknowledge Sharlene and Kristin’s efforts in their successful recruitment and welcome Sara and Alycia to the team. Congratulations to Lindsey on her marriage this year. We all wish her well for the future. I would also like to thank Josie and Peter for their ongoing commitment and I also welcome Jessica. David Stanton resigned as Chairman at the AGM in November. David served as Chairman for 5 years and I greatly appreciate his leadership of the organisation together with the support and encouragement he provided to me. Jen Dalitz was elected as the new Chairman, and she will be supported by Lorraine Walker as Deputy Chairman. We were very excited that in February 2011 Her Excellency Ms Quentin Bryce AC, Governor General of the Commonwealth of Australia, consented to act as Vice-Regal Patron of Peer Support Australia. Sharlene Chadwick and I were honoured to have the privilege of meeting with her at Government House, Canberra on 3 March 2011. In May 2011 we came to the end of our funding contract with Department of Health and Ageing. I am pleased to advise that it has been indicated to us that funding will continue for the next 2 years through to May 2013. We again thank all funding bodies for their ongoing support, and express our appreciation to all school communities working with us towards ensuring the mental health and wellbeing of all students.
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Our Supporters Peer Support Australia thanks everyone who has supported us this year. Government, Corporate and Philanthropic Sponsors 2010-2011 Australian Government Department of Health and Ageing NSW Department of Health Manly Council Catholic Church Insurances James N Kirby Foundation Raymond E Purves Foundation Woodend Pty Ltd Individual Supporters Special thanks to Mr and Mrs John Phillips. Your continued support is much appreciated. 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 members are the lifeblood of Peer Support Australia. Thank you for your continued support.
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THE PEER SUPPORT FOUNDATION LIMITED ABN 40 002 634 853
Directors’ Report
Activities of the Peer Support Foundation As a not-for-profit organisation, the continuing activities of this company were those of a benevolent foundation, supporting schools in the implementation of the Peer Support Program. The Peer Support Foundation Limited does not have share capital. No debentures were issued during the financial year ended 30th June 2011. Events subsequent to the end of the financial year There does not exist at the date of this report any contingent liability or any charge on the assets securing the liability of any other person which has arisen since the 30th June 2011. No contingent liability has become enforceable, or is likely to become enforceable before or on 30th June 2012 which, in the opinion of the directors, will or may substantially affect the ability of the company to meet its obligations as and when they fall due. Directors’ benefits No director of the company has, either during or since the end of the financial year, received or become entitled to receive a benefit not disclosed in the accounts as directors’ emoluments, by reason of a contract made by the company in which he/she has a substantial interest. Review of operation and results In this financial year, the Peer Support Foundation made a surplus of $151,173.72. This surplus was the result of self generated income comprising royalties, membership fees and interest. The operational costs of the Foundation were met by fee for service, and State and Federal Government support. Significant changes and state of affairs The Peer Support Foundation has continued to expand its operations nationally during this financial year to provide training and workshops in NSW, ACT, Tasmania, Queensland, Western Australia and the Northern Territory. These interstate activities have been supported by the Australian Government Department of Health and Ageing. Future Developments and results The Peer Support Foundation will develop ongoing theme specific modules for both Primary and Secondary schools. There will be continued evaluation of new and current modules. National expansion will continue to be pursued. Environmental Issues The Peer Support Foundation’s operations are not regulated by any significant environmental regulation under a law of the Commonwealth or of a state or territory. Directors’ meeting attendance, qualifications and special responsibilities The Peer Support Foundation was well supported by its Honorary Board Members who met on 6 occasions including its AGM. Directors have been in office since the start of the financial year unless otherwise stated.
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Directors Jennifer Dalitz BA, MBA, CPA Chairman Jennifer was appointed to the Board in April 2007. She was elected Chairman on 1 November 2010. Jennifer has international experience in consulting and professional services and over 10 years experience in Senior Management roles. She is the founder and SheEO of sphinxx, a social enterprise committed to advancing women as leaders. (Attended 5 Directors’ meetings and 1 AGM) Phillip L Cox FCPA, DipComm Mr Cox was reappointed to the board in 2011. Prior to retirement Phillip was the Finance Director, Shared Services, for Unilever Asia, Africa, Turkey and the Middle East. In his time with Unilever, he has worked overseas in the United Kingdom, South Africa and Asia. He has extensive experience in financial management. (Attended 2 Directors’ meetings) Brian Halstead BE, BEc,CPA Brian was appointed to the Board in 1999. He was elected Chairman on 16 October 2000 and served until David Stanton’s appointment on 17 October 2005. Prior to retirement he was Chairman of Freightcorp and a Director and Chief Financial Officer for Unilever in Australia and New Zealand. (Attended 4 Directors’ meetings and 1 AGM) Cheryl Hayman BCom Cheryl was appointed to the Board in 2007. Cheryl brings extensive experience in marketing with a variety of corporations, primarily through her role as Marketing Director. She is the Founder and Managing Director of Hayman Strategy which specialises in strategic marketing and business consultancy. (Attended 3 Directors’ meetings) Judith Merryweather BSc FACS Judith was appointed to the Board in 2007. With a background in IT, Judith has worked in consulting and senior corporate roles. As a Principal of Alexer she provides strategic business systems consulting. She is a past Director of the Australian Centre for Advanced Computing and Communications. (Attended 4 Directors’ meetings) David A Stanton FIA A subscriber to the formation of the company, David has served as a Director since its formation. He was elected Chairman on 17 October 2005 and served until Jen Dalitz’s appointment on 1 November 2010. Prior to retirement he was Managing Director of David Stanton & Associates Pty Ltd. (Attended 5 Directors’ meetings and 1 AGM) Lorraine Walker BA Dip Ed, Grad Cert RE Deputy Chairman Lorraine was appointed to the Board in 2008. She was elected Deputy Chairman on 1 November 2010. Lorraine has extensive experience in education, particularly in the Catholic Sector over a period of twenty years as a teacher of History, English and Religious Education. From 1990 to 2000 Lorraine was the Assistant Principal – Pastoral Care at a large Catholic School with an enrolment of 1,500 students. Lorraine retired in 2009 as State Coordinator – Student Welfare Programs with the Catholic Education Commission NSW. (Attended 5 Directors’ meetings and 1 AGM) Company Secretary The following person held the position of company secretary at the end of the financial year. Sharon Austin has worked for the Peer Support Foundation since 1 November 1999 and currently holds the position of General Manager.
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Indemnifying Officers or Auditor No indemnities have been given or insurance premiums paid, during or since the end of the financial year, for any person who is or has been an officer or auditor of the Peer Support Foundation. Proceedings on behalf of the Peer Support Foundation No person has applied for leave of Court to bring proceedings on behalf of the Peer Support Foundation or intervene in any proceedings to which the Peer Support Foundation is a party for the purpose of taking responsibility on behalf of the Peer Support Foundation for all or any part of those proceedings. The Peer Support Foundation was not a party to any such proceedings during the year. Auditor’s Independence Declaration The lead auditor’s independence declaration for the year ended 30 June 2011 has been received.
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THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853
2011 FINANCIAL REPORT
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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
Directors' Declaration
27
Independent Audit Report to the Members
28
Detailed Profit and Loss Statement
30
30
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AUDITOR'S INDEPENDENCE DECLARATION UNDER S 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF THE PEER SUPPORT FOUNDATION LIMITED
I declare that, to the best of my knowledge and belief, during year ended 30 June 2011 there have been: (i)
no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and
(ii)
no contraventions of any applicable code of professional conduct in relation to the audit.
The accompanying notes form part of these financial statements. Page 1
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THE PEER SUPPORT FOUNDATION LIMITED THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 A.B.N. 40 002 634 853 STATEMENT OF COMPREHENSIVE INCOME STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2011 FOR THE YEAR ENDED 30 JUNE 2011
Note Note
Revenue from government and other grants Other revenue Employee benefits expense Depreciation and amortisation Doubtful debts expense Repairs, maintenance and vehicle running expense Rental expense Audit, legal and consultancy expense Other expenses Profit before income tax Income tax expense Profit for the year
2 2
2011 2011 $ $
2010 2010 $ $
547,283 473,408 (541,653) (27,059) (22,038) (42,599) (6,184) (229,984) 151,174 151,174
554,462 430,289 (465,507) (25,111) 3,000 (18,480) (32,530) (3,223) (227,951) 214,949 214,949
Total comprehensive income for the year
151,174
214,949
Total comprehensive income attributable to members of the entity
151,174
214,949
3 3
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 2011
Note
ASSETS CURRENT ASSETS Cash and cash equivalents Trade and other receivables Inventories Other assets TOTAL CURRENT ASSETS NON-CURRENT ASSETS Property, plant and equipment TOTAL NON-CURRENT ASSETS TOTAL ASSETS 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 EQUITY Retained Earnings TOTAL EQUITY
2011 $
4 5 6 7
1,823,783 9,338 7,819 35,739 1,876,680
1,859,001 21,297 10,911 18,567 1,909,776
8
107,512 107,512 1,984,192
69,020 69,020 1,978,796
9 10 9
26,258 29,113 100,122 155,494
46,350 80,808 172,008 299,166
10
13,107 13,107 168,601 1,815,591
15,213 15,213 314,379 1,664,418
1,815,591 1,815,591
1,664,417 1,664,417
The accompanying notes form part of these financial statements. Page 3
2010 $
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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 2011
Retained Earnings $
Total $
Balance at 1 July 2009
1,449,468
1,449,468
Comprehensive Income Profit for the year Total comprehensive income
214,949 1,664,417
214,949 1,664,417
Balance at 30 June 2010
1,664,417
1,664,417
151,174 151,174
151,174 151,174
1,815,591
1,815,591
Comprehensive Income Profit attributable to the entity Total comprehensive income Balance at 30 June 2011
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 2011
Note
CASH FLOWS FROM OPERATING ACTIVITIES Government grants Sponsorship Royalties received Donations Membership subscriptions Receipts from customers Payments to suppliers & employees Interest received
2011 $
2010 $
430,383 55,000 97,545 85,223 96,679 121,881 (935,850) 86,014
554,908 55,000 58,267 88,332 99,880 314,330 (772,159) 53,717
36,875
452,275
CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of property, plant & equipment Purchase of property, plant & equipment
(72,093)
17,055 (35,565)
Net cash used in investing activities
(72,093)
(18,510)
(35,218) 1,858,951
433,765 1,425,186
1,823,733
1,858,951
Net cash generated from operating activities
Net increase in cash held Cash at the beginning of the financial year
11b
11a
Cash at the 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 2011 The financial statements cover 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 statements are general purpose financial statements that have 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 these financial statements are presented below and have been consistently applied unless otherwise stated. The financial statements have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. The financial statements were authorised for issue on 30 September 2011 by the directors of the company. Accounting Policies a. Revenue 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 statement of financial position 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).
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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 2011 b. Inventories
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 less depreciation and impairment losses. In the event the carrying amount of 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 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. 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 the end of 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. When revalued assets are sold, amounts included in the revaluation reserve relating to that asset are transferred to retained earnings. 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 transaction 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.
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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 2011 Classification and subsequent measurement Financial instruments are subsequently measured at fair value, amortised cost using the effective interest rate method, or cost. Fair value represents the amount for which an asset could be exchanged or a liability settled, between knowledgeable, willing parties. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted. Amortised cost is 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. (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 (ie gains or losses) being recognised 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. (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. (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 changes in such fair value (ie gains or losses) recognised in other comprehensive income (except for impairment losses and foreign exchange gains and losses). 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. (v) Financial liabilities Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised cost. Impairment
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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 2011 At the end of each reporting period, the company assesses whether there is objective evidence that a financial instrument has been impaired. In the case of available-for-sale financial instruments, a prolonged decline in value of the instrument is considered to determine whether an impairment has arisen. Impairment losses are recognised in profit or loss. Also, any cumulative decline in fair value previously recognised in other comprehensive income is reclassified to profit or loss at this point. 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 recongised 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. 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. 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 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 2011 h. 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. i. 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. j. Intangibles 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. k. 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 at the end of the reporting period. l. 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. m. Trade and Other Payables Trade 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. n. 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. 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 2011 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 2011. o. 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. p. 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 and which the company has decided not to early adopt. A discussion of those future requirements and their impact on the company is as follows: -
AASB 9: Financial Instruments [December 2010] (applicable for annual reporting periods commencing on or after 1 January 2013). 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 company has not yet determined any potential impact on the financial statements. 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
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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 2011 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 124: Related Party Disclosures (applicable for annual reporting periods commencing on or after 1 January 2011). The Standard removes the requirement for government-related entities to disclose details of all transactions with the government and other government-related entities and clarifies the definition of a “related party” to remove inconsistencies and simplify the structure of the Standard. No changes are expected to materially affect the Company.
-
AASB 1053: Application of Tiers of Australian Accounting Standards and AASB 2010-2: 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. 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 2009-12: Amendments to Australian Accounting Standards [AASB 5, 8, 108, 110, 112, 119, 133, 137, 139, 1023 & 1031 and Interpretations 2, 4, 16, 1039 & 1052] (applicable for annual reporting periods commencing on or after 1 January 2011). This Standard makes a number of editorial amendments to a range of Australian Accounting Standards and Interpretations, including amendments to reflect changes made to the text of IFRSs by the IASB. The Standard also amends AASB 8 to require entities to exercise judgment in assessing whether a government and entities known to be under the control of that government are considered a single customer for the purposes of certain operating segment disclosures. The amendments are not expected to impact the company.
-
AASB 2009-14: Amendments to Australian Interpretation – Prepayments of a Minimum Funding Requirement [AASB Interpretation 14] (applicable for annual reporting periods commencing on or after 1 January 2011). This Standard amends Interpretation 14 to address unintended consequences that can arise from the previous accounting requirements when an entity prepays future contributions into a defined benefit pension plan. This Standard is not expected to impact the company.
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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 2011 AASB 2010-4: Further Amendments to Australian Standards arising from the Annual Improvements Project [AASB 1, AASB 7, AASB 101 & AASB 134 and Interpretation 13] (applicable for annual reporting periods commencing on or after 1 January 2011). This Standard details numerous non-urgent but necessary changes to accounting standards arising from the IASB’s annual improvements project. Key changes include: clarifying the application of AASB 108 prior to an entity’s first Australian-Accounting-Standards financial statements; AASB 7 is amended to add an explicit statement that qualitative disclosures should be made in the context of the quantitative disclosures to better enable users to evaluate an entity’s exposure to risks arising from financial instruments AASB 101 is amended to clarify that disaggregation of changes in each component of equity arising from transactions recognised in other comprehensive income is required to be presented, but is permitted to be presented in the statement of changes in equity or in the notes; AASB 134 is amended by adding a number of examples to the list of events or transactions that require disclosure under AASB 134; and sundry editorial amendments to various Standards and interpretations. This Standard is not expected to impact the company. -
AASB 2010-5: Amendments to Australian Accounting Standards [AASB 1, 3, 4, 5, 101, 107, 112, 118, 119, 121, 132, 133, 134, 137, 139, 140, 1023 & 1038 and Interpretations 112, 115, 127, 132 & 1042] (applicable for annual reporting periods beginning on or after 1 January 2011). This Standard makes numerous editorial amendments to a range of Australian Accounting Standards and Interpretations, including amendments to reflect changes made to the text of IFRSs by the IASB. However, these editorial amendments have no major impact on the requirements of the respective amended pronouncements.
-
AASB 2010-6: Amendments to Australian Accounting Standards – Disclosures on Transfers of Financial Assets [AASB 1 & AASB 7] (applicable for annual reporting periods beginning on or after 1 July 2011). This Standard adds and amends disclosure requirements about transfers of financial assets, especially those in respect of the nature of the financial assets involved and the risks associated with them. Accordingly, this Standard makes amendments to AASB 1: First-time Adoption of Australian Accounting Standards, and AASB 7: Financial Instruments: Disclosures, establishing additional disclosure requirements in relation to transfers of financial assets. This Standard is not expected to impact the company.
-
AASB 2010-7: Amendments to Australian Accounting Standards arising from AASB 9 (December 2010) [AASB 1, 3, 4, 5, 7, 101, 102, 108, 112, 118, 120, 121, 127, 128, 131, 132, 136, 137, 139, 1023 & 1038 and Interpretations 2, 5, 10, 12, 19 & 127] (applies to periods beginning on or after 1 January 2013). This Standard makes amendments to a range of Australian Accounting Standards and Interpretations as a consequence of the issuance of AASB 9: Financial Instruments in December 2010. Accordingly, these amendments will only apply when the entity adopts AASB 9. This Standard is not expected to impact the company.
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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 2011 -
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. The amendments brought in by this Standard introduce a more practical approach for measuring deferred tax liabilities and deferred tax assets when investment property is measured using the fair value model under AASB 140: Investment Property. 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 brought in by this Standard also incorporate interpretation 121 into AASB 112. The amendments are not expected to impact the company.
-
AASB 2010-9: Amendments to Australian Accounting Standards – Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters [AASB 1] (applies to periods beginning on or after 1 July 2011). This Standard makes amendments to AASB 1: First-time Adoption of Australian Accounting Standards from having to reconstruct transactions that occurred before their date of transition to Australian Accounting Standards. Furthermore, the amendments brought in by this Standard also provide guidance for entities emerging from severe hyperinflation either to resume presenting Australian-Accounting-Standards financial statements or to present Australian-Accounting-Standards financial statements for the first time. This Standard is not expected to impact the company.
-
AASB 2010-10: Further Amendments to Australian Accounting Standards – Removal of Fixed Dates for First-time Adopters [AASB 2009-11 & AASB 2010-7] (applies to periods beginning on or after 1 January 2013). This Standard makes amendments to AASB 2009-11: Amendments to Australian Accounting Standards arising from ASB 9; and AASB 2010-7: Amendments to Australian Accounting Standards arising from AASB 9 (December 2010). The amendments brought in by this Standard ultimately affect AASB 1: First-time Adoption of Australian Accounting Standards and provide relief for first-time adopters from having to reconstruct transactions that occurred before their transaction date. (The amendments to AASB 2009-11 will only affect early adopters of AASB 2009-11 (and AASB 9: Financial Instruments that was issued in December 2009) as it has been superseded by AASB 2010-7.)
This Standard is not expected to impact the company. Page 14
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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 2011 Note 2: Revenue and Other Income
Revenue Revenue from government grants and other grants - other government grants - other organisations
2011 $
2010 $
517,238 30,045 547,283
504,462 50,000 554,462
Other revenue - interest received on financial assets not at fair value through profit or loss
104,403
67,600
Total Revenue
651,686
622,062
97,545 20,400 93,413 87,890 60,717 9,040 369,005 1,020,691
1,036 58,267 32,814 88,332 90,800 83,733 7,707 362,689 984,751
2011 $
2010 $
12,974 14,085 27,059 5,950
14,517 10,591 25,111 (3,000) 3,223
Other Income - gain on disposal of plant and equipment - royalties - gross profit from trading - bequests received - membership subscriptions - workshop and support contributions - other Total Other Income Total Revenue and Other Income
Note 3: Profit for the Year 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 Plant and Equipment Proceeds on disposals Disposals at carrying value Net gain on disposals
-
Page 15
17,055 (16,019) (1,036)
(1,767)
34
THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011
Note 4: Cash and Cash Equivalents
CURRENT Cash at bank Deposits Total cash and cash equivalents as stated in the Statement of financial position Total cash and cash equivalents as stated in the Cash flow statement
2011 $
2010 $
1,823,733 50
1,858,951 50
1,823,783
1,859,001
1,823,783
1,859,001
2011 $
2010 $
7,372 (1,500) 3,466 9,338
13,074 (1,500) 9,724 21,298
Note 5: Trade and Other Receivables
CURRENT Trade receivables Provision for impairment Input Tax Credits Total current trade and other receivables (i)
5(i)
Provision for Impairment of Receivables
Current trade receivables are generally on 30-day terms. These 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 impairment of receivables is as follows: $ Provision for impairment as at 1 July 2009 - Charge for year - Written off Provision for impairment as at 30 June 2010
4,500 3,000 1,500
- Charge for year - Written off Provision for impairment as at 30 June 2011
1,500
(ii) Credit Risk – Trade and other Receivables 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. Page 16
35
THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 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
Past due but not impaired
initial
Gross
and
amount
impaired
<30
(days due) 31-60
61-90
>90
terms
trade
$
$
$
$
$
$
$
2011 Trade and term receivables
7,372
1,500
7,372
-
-
-
-
Other receivables
3,466
-
-
-
-
-
3,466
Total
14,305
1,500
5,753
4,554
671
2,096
6,933
2010 Trade and term receivables
13,074
1,500
5,753
4,554
671
2,096
-
Other receivables
14,769
-
-
-
-
-
14,469
Total
29,843
1,500
5,753
4,554
671
2,096
14,469
The company does not hold any financial assets whose terms have been renegotiated, but which would otherwise be past due or impaired. Note 6: Inventories
2010 2011
2010
$ CURRENT At cost Inventory
7,819 7,819
Note 7: Other Assets CURRENT Accrued income Prepayments
Page 17
$
$
10,911 10,911
2011 $
2010 $
32,272 3,467 35,739
13,883 4,683 18,567
36
THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011
Note 8: Plant and Equipment PLANT AND EQUIPMENT Plant and equipment At cost Less accumulated depreciation
Motor vehicles At cost Less accumulated depreciation Total plant and equipment
2011 $
2010 $
63,032 38,721 24,311
46,578 25,806 20,772
120,607 37,406 83,201 107,512
72,680 24,432 48,248 69,020
Movements in Carrying Amounts 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 $
Furniture & Equipment $
Total $
2010 Balance at the beginning of the year Additions at cost Disposals Depreciation expense Carrying amount at end of year
54,512 24,116 (15,863) (14,517) 48,248
20,074 11,449 (156) (10,594) 20,772
74,586 35,565 (16,019) (25,111) 69,020
2011 Balance at the beginning of the year Additions at cost Disposals Depreciation expense Carrying amount at end of year
48,248 47,927 (12,974) 83,201
20,772 17,624 (14,085) 24,311
69,020 65,551 (27,059) 107,512
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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 2011 Note 9: Trade and Other Payables Note CURRENT Trade 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 Trade and other payables - Total current - Total non-current Less deferred income Less annual leave entitlements Financial liabilities as trade and other payables
2011 $
2010 $
25,063 47,197 9,720 73,513 155,493
6,083 165,908 41,094 5,273 80,808 299,166
13,107 168,600
15,213 314,379
2011 $ 155,493 155,493 13,107 13,107 168,600 (47,197) (86,620) 168,600 34,783
2010 $ 299,166 15,213 314,379 (165,908) ( 96,021) 52,450
Note 10: Provisions
Opening balance at 1 July 2010 Additional provisions raised during year Amounts used Balance at 30 June 2011
Analysis of Total Provisions Current Non-current
Page 19
Long Term Employee Benefits $
Total $
96,021 9,401 86,620
111,512 15,491 96,021
2011 $
2010 $
73,513 13,107 86,620
80,808 15,213 96,021
38
THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 Provision for Long-term 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. Note 11: Cash Flow Information 2011 $
2010 $
1,823,733 1,823,733
1,858,951 1,858,951
151,174
214,949
27,059 -
25,111 (3,000)
6,541
(1,036) 5,285
(5,213) (139,462) (9,401) 6,177 36,875
85,072 132,117 (15,491) 9,269 452,275
Reconciliation of Cash Cash at bank
a. Reconciliation of Cashflow from Operations with Profit after Income Tax Profit after income tax Non cash flows Depreciation and amortisation Impairment of receivables Profit/(loss) on sale of plant & equipment Other Changes in assets and liabilities (Increase)/decrease in trade and other receivables Increase/(decrease) in trade and other payables Decrease in provisions Decrease in inventories
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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 2011 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: 2011
2010
$
$
Financial Assets Cash and cash equivalents
1,823,783
1,859,001
45,077
39,864
- investments in listed shares, held for trading
-
-
Held-to-maturity investments - investments in government and fixed interest securities
-
-
-
-
1,868,860
1,898,865
81,980
218,358
-
-
81,980
218,358
Loans and receivables Financial assets at fair value through profit or loss
Held-for-sale financial assets - investments in listed shares, available for sale Total Financial Assets Financial Liabilities Financial liabilities at amortised cost - trade and other payables - borrowings Total Financial Liabilities
Financial Risk Management Policies The finance committee consists of senior committee members, the finance committeeâ&#x20AC;&#x2122;s overall risk management strategy seeks to assist the company in meeting its financial targets, whilst minimising potential effects on financial performance. Risk management policies are approved and reviewed by the finance committee 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 credit risk, liquidity risk and market risk relating to interest rate risk and equity price risk.
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40
THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 Credit risk 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. Trade and other receivables 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 Trade and Other Receivables 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 Poorâ&#x20AC;&#x2122;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 & Poorâ&#x20AC;&#x2122;s counterparty credit ratings.
2011 $
2010 $
Cash and cash equivalents - AA rated
1,823,733
1,858,951
1,823,733
1,858,951
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: -
preparing forward looking cash flow analysis in relation to its operational, investing and financing activities; maintaining a reputable credit profile; managing credit risk related to financial assets; only investing surplus cash with major financial institutions; and comparing the maturity profile of financial liabilities with the realisation of financial assets.
The companyâ&#x20AC;&#x2122;s policy is to ensure no more than 30% of borrowings should mature in any 12-month period. The table below reflect an undiscounted contractual maturity analysis for financial liabilities. Page 22
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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 2011 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 reflects the earliest contractual settlement dates.
Within 1 Year
1 to 5 Years
Total
2011
2010
2011
2010
2011
2010
$
$
$
$
$
$
and deferred income)
21,676
37,237
-
-
21,676
37,237
Total expected outflows
21,676
37,237
-
-
21,676
37,237
1,823,783
1,859,001
-
-
1,823,783
1,859,001
45,077
39,864
45,077
39,864
1,868,860
1,898,865
-
-
1,868,860
1,898,865
1,847,184
1,861,628
-
-
1,847,184
1,861,628
Financial liabilities due for payment Trade and other payables (excluding estimated annual leave
Financial assets cash flows realisable Cash and cash equivalents Trade, term and loans receivables Total anticipated inflows Net (outflow)/inflow on financial instruments
a. Market Risk i. Interest rate risk Exposure to interest rate risk arises on financial assets and financial liabilities recognised at the end of the reporting period whereby a future change in interest rates will affect future cash flows or the fair value of fixed rate financial instruments. The company is also exposed to earnings volatility on floating rate instruments. ii. Price risk 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 of securities held. The company is exposed to securities price risk on investments held for trading or for medium to longer terms. Such risk is managed through diversification of investments across industries and geographical locations. Page 23
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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 2011 The companyâ&#x20AC;&#x2122;s investments are held in the following sectors at reporting date:
Banking and finance
2011
2010
100%
100%
Net 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 armâ&#x20AC;&#x2122;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. 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. 2011 Footnote
2010
Net
Net Fair
Net
Net Fair
Carrying
Value
Carrying
Value
Value
Value
Financial assets Cash and cash equivalents
(i)
299,983
299,983
1,509,001
1,509,001
Trade and other receivables Available-for-sale financial assets:
(i)
45,077
45,077
39,864
39,864
1,523,800
1,523,800
350,000
350,000
1,868,860
1,868,860
1,898,865
1,898,865
- at fair value - listed investments available for sale Financial assets at fair value through
(ii)
profit or loss: - at fair value - listed investments available for trading Held-to-maturity financial assets: - government and fixed interest securities Total financial assets
(ii)
(iii)
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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 2011 Financial liabilities Trade and other payables
(i)
Total financial liabilities
68,873
68,873
203,145
203,145
68,873
68,873
203,145
203,145
The fair values disclosed in the above table have been determined based on the following methodologies: (i) Cash and cash equivalents, trade and other receivables and trade 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 available-for-sale financial assets, the directors have used inputs that are observable under 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 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 finance committee ensures that the overall risk management strategy is in line with this objective. The finance committee 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%.
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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 2011 Note 14: Reserves Revaluation Surplus The revaluation surplus records the revaluations of non-current assets. Where revaluations are represent profits of a permanent nature, dividends may be declared from this surplus.
deemed to
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: 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 outstandings and obligations of the entity.
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THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 DIRECTORSâ&#x20AC;&#x2122; DECLARATION FOR THE YEAR ENDED 30 JUNE 2011
The directors of the entity declare that: 1.
The financial statements and notes, as set out on pages 1 to 20 are in accordance with the Corporations Act 2001: a. comply with Accounting Standards; and b. give a true and fair view of the financial position as at 30 June 2011 and of the performance for the year ended 30 June 2011 of the entity.
2.
In the directors' opinion there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.
This declaration is made in accordance with a resolution of the Board of Directors.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853
I have audited the accompanying financial report of The Peer Support Foundation Limited, which comprises the statement of financial position as at 30 June 2011, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’’ declaration. Directors’ Responsibility for the Financial Report The directors of the company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error. Auditor’s Responsibility My responsibility is to express an opinion on the financial report based on my audit. I conducted my audit in accordance with Australian Auditing Standards. Those Standards require that I comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial report that gives a true and fair view 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 entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report. I believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for my audit opinion. Independence In conducting my audit, I have complied with the independence requirements of the Corporations Act 2001. I confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of The Peer Support Foundation Limited, would be in the same terms if given to the directors as at the time of this auditor’s report. Opinion In my opinion, the financial report of The Peer Support Foundation Limited is in accordance with the Corporations Act 2001, including: (i) giving a true and fair view of the company’s financial position as at 30 June 2011 and of its performance for the year ended on that date; (ii) complying with Australian Accounting Standards and the Corporations Regulation 2001.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853
Page 29
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THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 DETAILED PROFIT AND LOSS STATEMENT FOR THE YEAR ENDED 30 JUNE 2011
2011 $
2010 $
INCOME Donations Grants Sponsorship Membership Subscriptions Workshop & Support Contributions Expense Reimbursements OTHER INCOME Interest Received Input Tax Credits Recovered Royalties Profit/(Loss) on Disposal of Non-current Assets Gross profit from trading
93,413
88,332
517,238 30,045
504,462 50,000
87,890 60,717
90,800 83,733
5,675 794,978
4,938 822,265
104,403
67,600
3,365 97,545
2,769 58,267
20,400 225,713
1,036 32,814 162,486
1,020,691
984,751
The accompanying notes form part of these financial statements. Page 30
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THE PEER SUPPORT FOUNDATION LIMITED THE PEER SUPPORT FOUNDATION LIMITED A.B.N. 40 002 634 853 A.B.N. 40 002 634 853 DETAILED PROFIT AND LOSS STATEMENT DETAILED PROFIT AND LOSS STATEMENT FOR THE YEAR ENDED 30 JUNE 2011 FOR THE YEAR ENDED 30 JUNE 2011
2011 2011 $ $
2010 2010 $ $
EXPENSES Accountancy Fees
6,820 3,831
5,250 12,405
5,307 5,950
4,506 3,223
1,782
(3,000) 1,902
4,578 10,360
7,996 14,647
27,059 2,948
25,111 3,393
60,043 2,719
49,552 2,983
2,817 10,475 20,339 5,160 14,019
(1,712) 11,938 10,829 2,178 16,171
4,002 8,341
4,726 5,911
Rent Expenses Repairs & Maintenance
42,599 1,699
32,530 7,651
Professional Fees Staff Training & Welfare
51,030 4,833
59,041 5,851
2,590 111,672
3,215 68,482
14,466 26,817
14,857 32,678
Wages Workshop Venue Costs
369,937 47,324 869,517
347,473 20,017 769,802
Profit before income tax
151,174
214,949
Advertising Accreditation Cost Auditor's Remuneration Bad Debts Provision Bank Charges Cleaning Computer Expenses Depreciation Discounts Allowed Employee Expenses Entertainment Expenses Fringe Benefits Tax Insurance Motor Vehicle Expenses Petty Cash & Sundries Expenditure Photocopier Expenses Postage Printing & Stationery
Subscriptions Superannuation Contributions Telephone Travel Expenses
The accompanying notes form part of these financial statements. Page 31
50