2013-2014 Financial Report by Dianne Ballestrin

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2013-2014 FINANCIAL report

2013-2014 Financial Report

St Vincent de Paul Society Victoria Inc.

Contents

2 Consolidated Statement of Profit or Loss and Comprehensive Income 3 Consolidated Statement of Financial Position 4 Consolidated Statements of Changes in Equity 5 Consolidated Statements of Cash Flows 6 Notes to the Financial Statements 31 Statement by State Council 32 Independent Auditorâ&#x20AC;&#x2122;s Report

2013-2014 Financial Report

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2014

Note CONSOLIDATED ENTITY 2014 $

CONSOLIDATED ENTITY 2013 $

PARENT ENTITY 2014 $

PARENT ENTITY 2013 $

Continuing Operations Revenue Fundraising activities

2 ( a ) 9,681,520 10,277,070 9,104,866 9,097,320

Government grants

569,785 2 ( b ) 31,398,094 29,263,814 572,585

Sale of goods

2 ( c ) 32,351,414 31,029,547 31,549,383 29,974,073

Other revenue

2 ( d ) 12,257,926 12,245,807 765,823 1,322,278

Net (loss) / gain on sale of property, plant and equipment

2 ( e )

Total Revenue

(348 ) 413,986

(79,900 ) 413,986

85,688,606

83,230,224

41,912,757

41,377,442

3 ( a )

(21,604,826 )

(22,032,935 )

(19,790,359 )

(20,215,720 )

64,083,780

61,197,289

22,122,398

21,161,722

Fundraising/public relations

3 ( b )

(1,386,554 )

(1,424,135 )

(1,386,554 )

(1,424,135 )

Administration

3 ( c )

(3,154,665 )

(3,633,243 )

(4,062,984 )

(4,643,758 )

Cost of sales Gross Surplus

Impairment expenses

- 3 ( d ) - (1,855,000 ) -

People in need services

3 ( e )

(10,664,631 )

(10,354,184 )

(10,664,631 )

(10,354,184 )

Residential aged care services

3 ( f )

(23,961,778 )

- (23,502,887 ) -

Accommodation and support services

3 ( g )

(16,003,744 )

(14,903,314 ) - -

Other support services

3 ( h )

(3,647,700 )

(3,326,861 )

(3,647,700 )

(3,326,861 )

5,264,708

2,197,665

2,360,529

1,412,784

Surplus for year from continuing operations

Other comprehensive income Changes in fair value of financial assets designated as at fair value through Statement of Comprehensive Income

- 2 ( f ) 597,067 812,346 -

Other comprehensive income for the year

597,067

812,346

5,861,775

3,010,011

2,360,529

1,412,784

Surplus for the year attributable to: Owners of the organisation

5,264,708 2,197,665 2,360,529 1,412,784

Total comprehensive surplus attributable to: Owners of the organisation

5,861,775 3,010,011 2,360,529 1,412,784

The accompanying notes form part of these financial statements

St Vincent de Paul Society Victoria Inc.

CONSOLIDATED STATEMENT OF Financial Position As at 30 JUNE 2014

Note CONSOLIDATED CONSOLIDATEd ENTITY ENTITY 2014 2013 $ $

PARENT ENTITY 2014 $

PARENT ENTITY 2013 $

CURRENT ASSETS Cash and cash equivalents

47,131,323

43,182,279

15,280,760

13,554,835

Trade and other receivables

2,637,066

2,321,673

818,134

1,485,443

Inventories

127,875

126,333

116,425

106,061

Financial assets

7,111,489

5,425,519

3,200

Other assets

1,307,587

890,399

1,079,674

700,327

58,315,340

51,946,203

17,294,993

15,849,866

Assets classified as held for sale

234,677

58,550,017

51,946,203

17,529,670

15,849,866

4,005,976

4,382,507

Total Current Assets

NON-CURRENT ASSETS Financial assets Investments in controlled entities

8 9

60,153,287

60,148,438

Property, plant & equipment

66,163,365

65,697,781

24,711,042

23,789,773

Intangible assets

Total Non-Current Assets TOTAL ASSETS

8,800,850

8,730,584

95,580

56,650

78,970,191

78,810,872

84,959,909

83,994,861

137,520,208

130,757,075

102,489,579

99,844,727

CURRENT LIABILITIES Trade and other payables

3,138,870

2,862,035

1,697,294

1,667,730

Provisions

5,276,322

5,386,955

1,531,848

1,416,538

Other liabilities

15,653,309

14,988,668

271,080

116,978

24,068,501

23,237,658

3,500,222

3,201,246

1,029,198

958,683

231,940

246,593

1,029,198

958,683

231,940

246,593

25,097,699

24,196,341

3,732,162

3,447,839

112,422,509

106,560,734

98,757,417

96,396,888

7,603,261

36,394,049

1,360,333

15,727,392

Total Current Liabilities

NON-CURRENT LIABILITIES Provisions

Total Non-Current Liabilities TOTAL LIABILITIES NET ASSETS

EQUITY Reserves

Retained earnings

104,819,248

70,166,685

97,397,084

80,669,496

TOTAL EQUITY

112,422,509

106,560,734

98,757,417

96,396,888

The accompanying notes form part of these financial statements

2013-2014 Financial Report

CONSOLIDATED STATEMENT OF changes in equity FOR THE YEAR ENDED 30 JUNE 2014

Reserves Note 17 Asset Revaluation Reserve $

Retained Earnings

Capital Profits Reserve

Bequest Reserve

Flood Relief Appeal Reserve $

Fund-aFuture Reserve $

Welfare/ Asylum Assistance Reserve $

Total

Share Revaluation Reserve $

CONSOLIDATED ENTITY Balance at 1 July 2012

68,703,239 28,256,034 198,036 6,124,750 290,468

Surplus for the year

2,197,665 - - - -

- - Other Comprehensive Income - Total Comprehensive Surplus 2,197,665 290,468 - Transfer from Flood Relief Appeal Reserve (1,024,687 ) - Transfer to Welfare/Asylum Assistance Reserve 70,166,685 28,256,034 198,036 Balance at 30 June 2013 Surplus for the year

130,000

- -

- - - 2,197,665 - - 812,346 -

- (151,804 ) 103,550,723

- 812,346

812,346 3,010,011

- (290,468 )

- - -

- -

- 1,024,687 -

6,124,750

130,000 1,024,687 660,542 106,560,734

5,264,708 - - - -

- - - - - Other Comprehensive Income - - - - Total Comprehensive Surplus 5,264,708 - - (107,134 ) - Transfer from Bequest Reserve 107,134

- - - 5,264,708 - - 597,067 -

- 597,067

597,067 5,861,775

- - -

Transfer from Welfare/Asylum Assistance Reserve

1,024,687 - - - -

- (1,024,687 ) -

Transfer from Asset Revaluation Reserve

28,256,034 (28,256,034 )

At 30 June 2014

104,819,248

- - - 198,036 6,017,616

130,000

- -

- 1,257,609 112,422,509

PARENT ENTITY Balance at 1 July 2012

79,990,931 13,235,238

- 1,467,467 290,468

- - - 94,984,104

Surplus for the year

1,412,784 - - - -

- - - 1,412,784

Other Comprehensive Income

- - - - -

- - -

Total Comprehensive Surplus 1,412,784 290,468 Transfer from Flood Relief Appeal Reserve (1,024,687 ) Transfer to Welfare/Asylum Assistance Reserve 80,669,496 Balance at 30 June 2013

1,412,784

- - - (290,468 )

- - -

- - - -

- 1,024,687 -

13,235,238

- 1,467,467

- 1,024,687

96,396,888

Surplus for the year

2,360,529 - - - -

- - - 2,360,529

Other Comprehensive Income

- - - - -

- - -

- - - - Total Comprehensive Surplus 2,360,529 Transfer from Bequest Reserve 107,134 - - (107,134 ) -

2,360,529

- - -

Transfer from Welfare/Asylum Assistance Reserve

1,024,687 - - - -

- (1,024,687 ) -

Transfer from Asset Revaluation Reserve

13,235,238 (13,235,238 )

- - -

At 30 June 2014

97,397,084

- 1,360,333

The accompanying notes form part of these financial statements

98,757,417

St Vincent de Paul Society Victoria Inc.

CONSOLIDATED STATEMENT OF cash flows FOR THE YEAR ENDED 30 JUNE 2014

Note

CONSOLIDATED ENTITY 2014 $

CONSOLIDATEd ENTITY 2013 $

PARENT ENTITY 2014 $

PARENT ENTITY 2013 $

Cash flows From Operating Activities: Receipts from operating activities

73,985,109

68,491,498

32,340,596

30,023,998

Receipts from supporters

9,994,457

10,500,709

9,994,457

10,500,709

Payments to clients, suppliers and employees

(77,364,909 )

(75,015,754 )

(38,128,033 )

(38,348,442 )

Interest received

2,231,019

2,061,848

438,041

495,805

20(b)

8,845,676

6,038,301

4,645,061

2,672,070

Proceeds from sale of property, plant and equipment

459,883

1,099,742

241,700

876,338

Proceeds from investments

1,917,609

1,290,081

3,200

Payment for property, plant and equipment

(5,389,554 )

(4,848,429 )

(3,554,977 )

(2,637,244 )

Payments for intangible assets

(13,806 )

(57,461 )

Payments for investments

(2,330,365 )

(4,815,730 )

Capital contributed to subsidiaries

Net cash (used in) investing activities

Proceeds from residents’ accommodation bonds

Net cash provided by operating activities

Cash flows From Investing Activities:

390,940

(2,435,469 )

(5,356,232 )

(7,331,797 )

(2,919,137 )

(4,253,836 )

3,631,500

3,441,074

Repayment of residents’ accommodation bonds

(3,171,900 )

(4,500,783 )

Net cash provided by / (used in) financing activities

459,600 (1,059,709 )

Net increase / (decrease) in cash and cash equivalents

3,949,044

(2,353,206 )

1,725,924

(1,581,766 )

Cash and cash equivalents at the beginning of the financial year

43,182,279

45,535,484

13,554,835

15,136,601

20(a)

47,131,323

43,182,279

15,280,759

13,554,835

Cash flows From Financing Activities:

Cash and cash equivalents at the end of the financial year

The accompanying notes form part of these financial statements

2013-2014 Financial Report

Notes to the financial statements FOR THE YEAR ENDED 30 JUNE 2014

Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General information The St Vincent de Paul Society Victoria Inc. (“the Society”) is a non government welfare agency incorporated under the Associations Incorporation Reform Act 2012 and is domiciled in Australia. The Society’s registered office and its principal place of business are as follows:

Registered office

Principal place of business

43-45 Prospect Street Box Hill, VIC 3128 Tel: (03) 9895 5800

Statement of compliance The financial report is a general purpose financial report which has been prepared in accordance with the Australian Accounting Standards – Reduced Disclosure Requirements and the requirements of the Associations Incorporation Reform Act 2012 and complies with other requirements of the law. The financial report covers the consolidated entity being St Vincent de Paul Society Victoria Inc., VincentCare Victoria and its subsidiary VincentCare Community Housing, St Vincent de Paul Victoria Endowment Fund and Society of St Vincent de Paul (Victoria). The consolidated entity in these financial statements will be referred to as ”the Group”. The parent entity is St Vincent de Paul Society Victoria Inc. For the purposes of preparing the consolidated financial statements, the Group is a not-for-profit entity. The financial report of St Vincent de Paul Society Victoria Inc. complies with Australian Accounting Standards to the extent noted above, which include Australian equivalents to International Financial Reporting Standards (AIFRS). Due to the application of Australian specific provisions for not-for-profit entities contained only within the AIFRS, the financial reports and notes thereto are not necessarily compliant with all International Accounting Standards. The financial statements were authorised for issue by the directors on 26 September 2014.

Basis of preparation The consolidated financial statements have been prepared on the basis of historical cost, except for certain properties and financial instruments that are measured at revalued amounts or fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars, unless otherwise noted. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of AASB 2, leasing transactions that are within the scope of AASB 117, and measurements that have some similarities to fair value but are not fair value, such as net realisable value in AASB 2 or value in use in AASB 136. In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; • Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and • Level 3 inputs are unobservable inputs for the asset or liability.

St Vincent de Paul Society Victoria Inc.

Critical accounting judgements and key sources of estimation uncertainty In the application of the Group’s accounting policies, the directors are required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical judgements in applying accounting policies The following are the critical judgements that the directors have made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognised in the consolidated financial statements.

Doubtful debt provision

Bed licences

Refer Note 6 for the doubtful debt provision disclosure.

Refer Note 13 for the valuation of bed licences disclosure.

Long service leave provision

Property

Refer Note 14 for long service leave provision disclosure.

Refer Note 11 for the impairment of property disclosure.

The following is a summary of the material accounting policies adopted by the Group in the preparation of the financial report. The accounting policies have been consistently applied unless otherwise stated.

(a) Principles of consolidation The consolidated financial statements of St Vincent de Paul Society Victoria Inc comprise St Vincent de Paul Society Victoria Inc, VincentCare Victoria and its subsidiary VincentCare Community Housing, St Vincent de Paul Victoria Endowment Fund and Society of St Vincent de Paul (Victoria). A controlled entity is an entity controlled by St Vincent de Paul Society Victoria Inc. Control exists where St Vincent de Paul Society Victoria Inc has the capacity to dominate the decision-making in relation to the financial and operating policies of another entity so that the other entity operates with St Vincent de Paul Society Victoria Inc to achieve the objectives of St Vincent de Paul Society Victoria Inc. A list of controlled entities is contained in Note 9. All inter-entity balances and transactions have been eliminated on consolidation.

(b) Revenue Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognised:

Sale of goods Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer and can be measured reliably. Risks and rewards are considered passed to the buyer at the time of delivery and/or control of the goods has passed to the buyer.

Government grants Grants are principally of a recurrent or capital nature and intended to fund ongoing operations or asset acquisitions. Income from grants is measured at the fair value of the contributions received or receivable and only when all the following conditions have been satisfied: • the Group obtains control of the grant funds or the right to receive the grant funds; • it is probable that the economic benefits comprising grants will flow to the Group; and • the amount of the grant can be measured reliably. Government grants are recognised as revenue when the entity gains control of the funds.

2013-2014 Financial Report

Notes to the financial statements (cont.) FOR THE YEAR ENDED 30 JUNE 2014

Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (b) Revenue (cont.) Accommodation bonds Accommodation bonds received from incoming residents are held for each individual resident and are recognised as a current liability. Monthly retention fees are deducted from each bond account according to the statutory requirements and are recognised as revenue. Interest earned on all monies is recognised as revenue and is used in accordance with the prudential requirements.

Client contributions Client contributions by clients who have the capacity to pay are recognised when the service is provided.

Donations and bequests Revenue or capital assets arising from donations and bequests is recognised when control is obtained, as it is impossible for the Group to reliably measure these prior to this time. For example, cash donations are recognised when banked and other donations are recognised when title of possession transfers to the Group.

Interest revenue Revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets.

(c) Income tax The Group is exempt under the provisions of the Income Tax Assessment Act 1997, and as such is not subject to income taxes at this time. Accordingly, no income tax has been provided for the Group in these financial statements.

(d) Cash and cash equivalents Cash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash, which are subject to an insignificant risk of changes in value and have a maturity of three months or less at the date of acquisition. For the purposes of the Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.

(e) Financial assets Investments are recognised and derecognised on trade date where the purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at fair value, net of transaction costs. Financial assets are classified into the following specified categories: ‘term deposits’ and ‘loans and receivables’.

Term deposits Investments in term deposits are measured on the cost basis.

Loans and receivables Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as ‘loans and receivables’. Loans and receivables are measured at amortised cost using the effective interest method less impairment. Interest income is recognised by applying the effective interest rate.

Impairment of financial assets Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are impaired where there is objective evidence that as a result of one or more events that occurred after the initial recognition of the financial asset that estimated future cash flows of the investment have been impacted. For financial assets carried at amortised cost, the amount of the impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. The carrying amount of financial assets including uncollectible trade receivables is reduced by the impairment loss through the use of an allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss.

St Vincent de Paul Society Victoria Inc.

If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.

Derecognition of financial assets The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

(f) Goods and services tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except: i. where the amount of GST incurred is not recoverable from the taxation authority, it is recognised as part of the cost of acquisition of an asset or as part of an item of expense; or ii. For receivables and payables which are recognised inclusive of GST. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables. Cash flows are included in the statement of cash flows on a gross basis. The GST component of cash flows arising from investing and financing activities which is recoverable from, or payable to, the taxation authority is classified within operating cash flows.

(g) Property, plant and equipment Land and buildings held for use in the production or supply of goods or services, or for administrative purposes, are carried in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Properties in the course of construction are carried at cost, less any recognised impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalised in accordance with the Groupâ&#x20AC;&#x2122;s accounting policy. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use. Plant and equipment and leasehold improvements are stated at cost less accumulated depreciation and impairment. Cost includes expenditure that is directly attributable to the acquisition or construction of the item. In the event that the settlement of all or part of the purchase consideration is deferred, cost is determined by discounting the amounts payable in the future to their present value as at the date of acquisition. Depreciation is provided on property, plant and equipment, including freehold buildings but excluding land. Depreciation is calculated on a straight-line basis so as to write off the net cost or other revalued amount of each asset over its expected useful life to its estimated residual value. Leasehold improvements are depreciated over the period of the lease or estimated useful life, whichever is the shorter, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each annual reporting period, with the effect of any changes recognised on a prospective basis. The gain or loss arising on disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss. The following depreciation rates and methods are used in the calculation of depreciation: Class of property, plant and equipment

Depreciation rates and method

Buildings

1% to 2.5% straight line

Building Improvements

10% straight line

Leasehold Improvements

Over the term of the lease

Furniture, Plant & Equipment

7% to 20% straight line

Computer Hardware & Software

33% straight line

Motor Vehicles

15% to 20% straight line

Artwork and antiquities are not depreciated. Land is not a depreciable asset.

2013-2014 Financial Report

Notes to the financial statements (cont.) FOR THE YEAR ENDED 30 JUNE 2014

Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (h) Intangible assets Intangible assets are only recognised if they meet the identifiability criteria, that it is separable from the Group and arises from contractual or other legal rights. Intangible assets acquired separately are recorded at cost less accumulated amortisation and impairment. Amortisation is charged on a straight-line basis over their estimated useful lives.

Computer software Computer software that is not integral to the operation of a related piece of hardware or plant is classified as an intangible asset (for example, accounting systems software), and is initially recognised at cost. Subsequent to initial recognition, computer software is carried at its cost less accumulated amortisation and impairment losses. Computer software has a finite life, and is amortised on a systematic basis over its estimated useful life, being on a straight line basis over 3 years.

Aged Care bed licences Bed licences that are purchased are initially recorded at cost. Bed licences that are received for no consideration are recognised at their fair value through the Statement of Profit or Loss and Other Comprehensive Income at the date of acquisition, having regard to recent sale activity within the industry, which the Group then uses to record the licences at deemed cost. Bed licences have an indefinite life, as long as the Group continues to comply with the terms and conditions imposed by Government. Bed licences are therefore tested annually for impairment. Subsequent to initial recognition, bed licences continue to be carried at their original deemed cost (being the fair value at the date of acquisition), less any impairment losses.

(i) Impairment The carrying values of tangible and intangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. If any such indication exists and where the carrying values exceed the estimated recoverable amount, the assets are written down to their recoverable amount. At each reporting date, the directors review a number of factors affecting tangible and intangibles assets, including property, plant and equipment, to determine if these assets may be impaired. If an impairment indicator 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 carrying value. Any excess of the asset’s carrying value over its recoverable amounts is expensed in the Statement of Profit or Loss and Other Comprehensive Income as an impairment expense. As the future economic benefits of the Group’s assets are not primarily dependent on their ability to generate net cash inflows, and if deprived of the asset, the Group would replace the asset’s remaining future economic benefits, ‘value in use’ may be determined as the depreciated replacement cost of the asset, rather than by using discounted future cash flows. Depreciated replacement cost is defined as the current replacement cost of an asset less, where applicable, accumulated depreciation calculated on the basis of such cost to reflect the already consumed or expired future economic benefits of the asset. The current replacement cost of an asset is its cost measured by reference to the lowest cost at which the future economic benefits of that asset could currently be obtained in the normal course of business. Impairment losses are recognised in the Statement of Profit or Loss and Other Comprehensive Income.

(j) Inventories Inventories are stated at the lower of cost and net realisable value. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale. Where inventories are held for distribution or are to be consumed by the Group in providing services or aid at no or nominal charge, they are valued at the lower of cost and replacement cost.

St Vincent de Paul Society Victoria Inc.

(k) Trade and other receivables Trade receivables are recognised and carried at original invoice amount less an allowance for any uncollectible amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written off when identified.

(l) Financial liabilities Financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period.

(m) Trade and other payables Trade and other payables represent unpaid liabilities for goods received by and services provided to the Group prior to the end of the financial year. The amounts are unsecured and are normally settled within 30 days.

(n) Leases Leases where the lessor retains substantially all the risks and benefits of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease terms on the same basis as the lease income. Operating lease payments are recognised as an expense in the Statement of Profit or Loss and Other Comprehensive Income on a straight-line basis over the lease term. Finance leases, which transfer to the Group substantially all the risks and benefits included in ownership of the leased item, are capitalised at the inception of the lease at the fair value of the leased property or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly against income. Capitalised leased assets are depreciated over the shorter of the estimated useful life of the asset or the lease term.

(o) Employee benefits A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and long service leave when it is probable that settlement will be required and they are capable of being measured reliably. Sick leave is non-vesting and has not been provided for. Liabilities recognised in respect of employee benefits expected to be settled within 12 months, are measured at their nominal values using the remuneration rate expected to apply at the time of settlement. Liabilities recognised in respect of employee benefits which are not expected to be settled within 12 months are measured as the present value of the estimated future cash outflows to be made by the Group in respect of services provided by employees up to reporting date.

2013-2014 Financial Report

Notes to the financial statements (cont.) FOR THE YEAR ENDED 30 JUNE 2014

Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (p) Application of new and revised Accounting Standards In the current year, the Group has applied a number of new and revised AASBs issued by the Australian Accounting Standards Board (AASB).

New and revised AASBs affecting amounts reported and/or disclosures in the financial statements Standard

AASB 1053 ‘Application of Tiers of Australian Accounting Standards’ and AASB 2010-2 ‘Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements’

AASB 1053 establishes a differential financial reporting framework consisting of two tiers of reporting requirements for general purpose financial statements, comprising Tier 1: Australian Accounting Standards and Tier 2: Australian Accounting Standards – Reduced Disclosure Requirements (RDR). AASB 2010-2 makes amendments to each Standard and Interpretation indicating the disclosures not required to be made by ‘Tier 2’ entities or inserting ‘RDR’ paragraphs requiring simplified disclosures for ‘Tier 2’ entities. The adoption of these standards has resulted in significantly reduced disclosures, largely in respect of income tax, segments, impairment, related parties, share-based payments, financial instruments and cash flows.

AASB 2011-2 ‘Amendments to Australian Accounting Standards arising from the Trans-Tasman Convergence Project – Reduced Disclosure Requirements’

AASB 2011-2 establishes reduced disclosure requirements for entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements in relation to the Australian additional disclosures arising from the TransTasman Convergence Project. The adoption of this amending standard does not have any material impact on the consolidated financial statements.

AASB 2011-6 ‘Amendments to Australian Accounting Standards – Extending Relief from Consolidation, the Equity Method and Proportionate Consolidation – Reduced Disclosure Requirements.

AASB 2011-6 extends the relief from consolidation, the equity method and proportionate consolidation to a parent entity, investor or venturer, subject to certain requirements of the standard. St Vincent de Paul Society Victoria Inc does not meet the requirements of the standard. Therefore the application of this amending standard will not have any impact on the consolidated financial statements.

AASB 2012-2 ‘Amendments to Australian Accounting Standards – Disclosures – Offsetting Financial Assets and Financial Liabilities’

The Group has applied the amendments to AASB 7 ‘Disclosures – Offsetting Financial Assets and Financial Liabilities’ for the first time in the current year. The amendments to AASB 7 require entities to disclose information about rights of offset and related arrangements (such as collateral posting requirements) for financial instruments under an enforceable master netting agreement or similar arrangement. The amendments have been applied retrospectively. As the Group does not have any offsetting arrangements in place, the application of the amendments does not have any material impact on the consolidated financial statements.

AASB 2012-5 ‘Amendments to Australian Accounting Standards arising from Annual Improvements 2009-2011 Cycle’

The Annual Improvements to AASBs 2009 - 2011 have made a number of amendments to AASBs. Amendments made to AASB 1, AASB 101, AASB 116, AASB 132 and AASB 134. The application of these amendments does not have any material impact on the consolidated financial statements.

AASB 2012-9 ‘Amendment to AASB 1048 arising from the Withdrawal of Australian Interpretation 1039’

This standard makes amendment to AASB 1048 ‘Interpretation of Standards’ following the withdrawal of Australian Interpretation 1039 ‘Substantive Enactment of Major Tax Bills in Australia’. The adoption of this amending standard does not have any material impact on the consolidated financial statements.

AASB CF 2013-1 ‘Amendments to the Australian Conceptual Framework’ and AASB 2013-9 ‘Amendments to Australian Accounting Standards – Conceptual Framework, Materiality and Financial Instruments’ (Part A Conceptual Framework)

This amendment has incorporated IASB’s Chapters 1 and 3 Conceptual Framework for Financial Reporting as an Appendix to the Australian Framework for the Preparation and Presentation of Financial Statements. The amendment also included not-for-profit specific paragraphs to help clarify the concepts from the perspective of not-for-profit entities in the private and public sectors. As a result the Australian Conceptual Framework now supersedes the objective and the qualitative characteristics of financial statements, as well as the guidance previously available in Statement of Accounting Concepts SAC 2 ‘Objective of General Purpose Financial Reporting’. The adoption of this amending standard does not have any material impact on the consolidated financial statements.

St Vincent de Paul Society Victoria Inc.

New and revised Standards on consolidation, joint arrangements, associates and disclosures In August 2011, a package of five standards on consolidation, joint arrangements, associates and disclosures was issued comprising AASB 10 ‘Consolidated Financial Statements’, AASB 11 ‘Joint Arrangements’, AASB 12 ‘Disclosure of Interests in Other Entities’, AASB 127 (as revised in 2011) ‘Separate Financial Statements’ and AASB 128 (as revised in 2011) ‘Investments in Associates and Joint Ventures’. Subsequent to the issue of these standards, amendments to AASB 10, AASB 11 and AASB 12 were issued to clarify certain transitional guidance on the first-time application of the standards. In the current year, the Group has applied for the first time AASB 10, AASB 11, AASB 12 and AASB 128 (as revised in 2011) together with the amendments to AASB 10, AASB 11 and AASB 12 regarding the transitional guidance. AASB 127 (as revised in 2011) is not applicable to the Group as it deals only with separate financial statements. The impact of the application of these standards is set out below. Standard

AASB 10 ‘Consolidated Financial Statements’, AASB 2011-7 ‘Amendments to Australian Accounting Standards arising from the consolidation and Joint Arrangements standards’, and AASB 2012-11 ‘Amendments to Australian Accounting Standards – Reduced disclosure Requirements and Other Amendments’

AASB 10 replaces the parts of AASB 127 ‘Consolidated and Separate Financial Statements’ that deal with consolidated financial statements and Interpretation 112 ‘Consolidation – Special Purpose Entities’. AASB 10 changes the definition of control such that an investor controls an investee when a) it has power over an investee, b) it is exposed, or has rights, to variable returns from its involvement with the investee, and c) has the ability to use its power to affect its returns. All three of these criteria must be met for an investor to have control over an investee. Previously, control was defined as the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Additional guidance has been included in AASB 10 to explain when an investor has control over an investee. Some guidance included in AASB 10 that deals with whether or not an investor that owns less than 50 per cent of the voting rights in an investee has control over the investee is relevant to the Group.

AASB 12 ‘Disclosure of Interests in Other Entities’, AASB 20117 ‘Amendments to Australian Accounting Standards arising from the consolidation and Joint Arrangements standards’, and AASB 2012-7 ‘Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements’

AASB 12 is a new disclosure standard and is applicable to entities that have interests in subsidiaries, joint arrangements, associates and/or unconsolidated structured entities. In general, the application of AASB 12 has resulted in more extensive disclosures in the consolidated financial statements (please see note 9 for details).

2013-2014 Financial Report

Notes to the financial statements (cont.) FOR THE YEAR ENDED 30 JUNE 2014

Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (p) Application of new and revised Accounting Standards (cont.) New and revised Standards on consolidation, joint arrangements, associates and disclosures (cont.) Standard

AASB 13 ‘Fair Value Measurement’, AASB 2011-8 ‘Amendments to Australian Accounting Standards arising from AASB 13’, and AASB 2012-1 ‘Amendments to Australian Accounting Standards Fair Value Measurement – Reduced Disclosure Requirements’

The Group has applied AASB 13 for the first time in the current year. AASB 13 establishes a single source of guidance for fair value measurements and disclosures about fair value measurements. The scope of AASB 13 is broad; the fair value measurement requirements of AASB 13 apply to both financial instrument items and non-financial instrument items for which other AASBs require or permit fair value measurements and disclosures about fair value measurements, except for share-based payment transactions that are within the scope of AASB 2 ‘Share-based Payment’, leasing transactions that are within the scope of AASB 117 ‘Leases’, and measurements that have some similarities to fair value but are not fair value (e.g. net realisable value for the purposes of measuring inventories or value in use for impairment assessment purposes). AASB 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market conditions. Fair value under AASB 13 is an exit price regardless of whether that price is directly observable or estimated using another valuation technique. Also, AASB 13 includes extensive disclosure requirements. AASB 13 requires prospective application from 1 July 2013. In addition, specific transitional provisions were given to entities such that they need not apply the disclosure requirements set out in the Standard in comparative information provided for periods before the initial application of the Standard. In accordance with these transitional provisions, the Group has not made any new disclosures required by AASB 13 for the 2013 comparative period (please see notes 11, 12, 13 and 21 for the 2014 disclosures). Other than the additional disclosures, the application of AASB 13 does not have any material impact on the amounts recognised in the consolidated financial statements.

AASB 2012-10 ‘Amendments to Australian Accounting Standards – Transition Guidance and Other Amendments’

This standard amends AASB 10 and various Australian Accounting Standards to revise the transition guidance on the initial application of those Standards. This standard also clarifies the circumstances in which adjustments to an entity’s previous accounting for its involvement with other entities are required and the timing of such adjustments. The adoption of this amending standard does not have any material impact on the consolidated financial statements.

AASB 119 ‘Employee Benefits’ (2011), AASB 2011-10 ‘Amendments to Australian Accounting Standards arising from AASB 119 (2011)’ and AASB 2011-11 ‘Amendments to AASB 119 (September 2011) arising from Reduced Disclosure Requirements’

In the current year, the Group has applied AASB 119 (as revised in 2011) ‘Employee Benefits’ and the related consequential amendments for the first time. AASB 119 (as revised in 2011) changes the accounting for defined benefit plans and termination benefits. The most significant change relates to the accounting for changes in defined benefit obligations and plan assets. The amendments require the recognition of changes in defined benefit obligations and in the fair value of plan assets when they occur, and hence eliminate the ‘corridor approach’ permitted under the previous version of AASB 119 and accelerate the recognition of past service costs. All actuarial gains and losses are recognised immediately through other comprehensive income in order for the net pension asset or liability recognised in the consolidated statement of financial position to reflect the full value of the plan deficit or surplus. Furthermore, the interest cost and expected return on plan assets used in the previous version of AASB 119 are replaced with a ‘net interest’ amount under AASB 119 (as revised in 2011), which is calculated by applying the discount rate to the net defined benefit liability or asset. These changes have had an impact on the amounts recognised in profit or loss and other comprehensive income in prior years. In addition, AASB 119 (as revised in 2011) introduces certain changes in the presentation of the defined benefit cost including more extensive disclosures.

St Vincent de Paul Society Victoria Inc.

CONSOLIDATED ENTITY 2014 $

CONSOLIDATED ENTITY 2013 $

PARENT ENTITY 2014 $

PARENT ENTITY 2013 $

Note 2. REVENUE AND OTHER INCOME (a) Fundraising activities Bequests

3,802,941

3,396,276

3,271,077

2,287,441

Donations

5,878,579

6,880,794

5,833,789

6,809,879

9,681,520

10,277,070

9,104,866

9,097,320

(b) Government grants Councils/Conferences/Centres

572,585

569,785

572,585

569,785

Residential aged care

16,120,960

14,839,281

Accommodation & support services

13,882,663

12,995,718

Disability employment services

821,886

859,030

31,398,094

29,263,814

572,585

569,785

Sales – retail centres

31,247,308

29,227,711

31,247,308

29,227,711

Sales – groceries

259,959

Sales – piety

302,075

486,403

302,075

486,403

Sales – disability employment services

802,031

1,055,474

32,351,414

31,029,547

31,549,383

29,974,073

(d) Other revenue Client/resident fees

6,342,207

5,820,465

Accommodation bond retention

279,299

289,270

Accommodation charge

689,609

592,778

Interest/investment income – other persons

2,324,904

2,567,957

448,817

488,674

Sundry income

2,621,907

2,975,337

317,006

833,604

12,257,926

12,245,807

765,823

1,322,278

(e) Net (loss)/gain on sale of property, plant and equipment

(348 )

413,986

(79,900 )

413,986

TOTAL REVENUE

85,688,606

83,230,224

41,912,757

41,377,442

(f) Changes in fair value of financial assets designated as at fair value through Statement of Comprehensive Income

597,067

812,346

OTHER INCOME

2013-2014 Financial Report

Notes to the financial statements (cont.) FOR THE YEAR ENDED 30 JUNE 2014

CONSOLIDATED ENTITY 2014 $

CONSOLIDATED ENTITY 2013 $

PARENT ENTITY 2014 $

PARENT ENTITY 2013 $

Employee salaries & benefits

9,659,258

9,444,991

8,241,365

8,095,688

Cost of goods sold â&#x20AC;&#x201C; purchases /materials

1,054,715

1,352,543

1,033,049

1,324,576

Depreciation & Amortisation

1,547,468

1,541,625

1,467,653

1,461,322

21,145

Note 3. OPERATING SURPLUS Operating expenses (a) Cost of sales

Net loss on disposal of property, plant and equipment Construction costs expensed

1,000

9,343,385

9,671,631

9,048,292

9,334,134

21,604,826

22,032,935

19,790,359

20,215,720

Employee salaries & benefits

693,384

605,891

693,384

605,891

Promotion

256,762

213,082

256,762

213,082

Other selling & administration costs

(b) Fundraising/public relations

Other administration costs

436,408

605,162

436,408

605,162

1,386,554

1,424,135

1,386,554

1,424,135

1,535,061

1,883,515

1,535,061

1,953,029

331,235

298,465

331,235

298,465

55,264

71,013

55,264

71,013

136,892

139,708

59,467

61,519

(c) Administration Employee salaries & benefits Depreciation & Amortisation Computer maintenance Legal & Professional fees Motor vehicle costs

50,624

68,685

50,624

68,685

Insurance

67,650

165,970

67,650

165,970

Printing/Postage/Office supplies

147,273

171,938

147,273

171,938

Repairs & Maintenance

39,666

59,606

39,666

59,606

Telephone

23,382

39,344

23,382

39,344

Training

57,985

27,167

57,985

27,167

Travel & Accommodation

55,842

6,105

55,842

6,105

Other â&#x20AC;&#x201C; includes Shared Services costs

325,640

228,638

1,311,384

1,247,828

State Council

328,151

473,089

328,151

473,089

3,154,665

3,633,243

4,062,984

4,643,758

1,855,000

(d) Impairment expenses Impairment of Aged Care bed licences

St Vincent de Paul Society Victoria Inc.

(e) People in Need Services Accommodation/Transport Food vouchers Food purchases Household goods Utilities Medical Education Compassionate Youth Flood relief Overseas projects Bursary Sundry

(f) Residential Aged Care Services Employee salaries & benefits Depreciation & Amortisation Legal & Professional fees Utilities Occupancy costs Motor vehicle costs Food services Resident services Interest paid â&#x20AC;&#x201C; other persons Net loss on disposal of property, plant and equipment Construction costs expensed Other administration costs

(g) Homelessness & Housing Services Employee salaries & benefits Depreciation & Amortisation Legal & Professional fees Utilities Occupancy costs Motor vehicle costs Food services Client services Net loss on disposal of property, plant and equipment Construction costs expensed Other administration costs

CONSOLIDATED ENTITY 2014 $

CONSOLIDATED ENTITY 2013 $

PARENT ENTITY 2014 $

PARENT ENTITY 2013 $

1,107,469 5,005,030 1,283,752 1,065,142 564,768 175,783 513,364 10,409 78,512 650,631 38,806 170,965 10,664,631

1,062,380 4,820,244 1,338,883 562,974 512,167 159,789 504,483 13,634 78,967 450,401 613,575 24,089 212,598 10,354,184

1,107,469 5,005,030 1,283,752 1,065,142 564,768 175,783 513,364 10,409 78,512 650,631 38,806 170,965 10,664,631

1,062,380 4,820,244 1,338,883 562,974 512,167 159,789 504,483 13,634 78,967 450,401 613,575 24,089 212,598 10,354,184

15,819,587 1,474,758 475,971 605,164 2,035,948 37,116 956,310 1,047,570 55,904 -

15,188,473 1,454,042 662,021 523,290 2,012,869 42,007 909,850 896,611 58,570 138,150

1,073 1,452,377 23,961,778

18,789 1,598,215 23,502,887

10,114,492 634,894 297,947 344,262 1,386,727 109,101 305,769 1,687,958 -

9,226,293 671,463 368,937 261,880 952,286 139,127 305,495 1,884,164 17,184

17,664 1,104,930 16,003,744

58,449 1,018,036 14,903,314

2013-2014 Financial Report

Notes to the financial statements (cont.) FOR THE YEAR ENDED 30 JUNE 2014

CONSOLIDATED ENTITY 2014 $

CONSOLIDATED ENTITY 2013 $

PARENT ENTITY 2014 $

PARENT ENTITY 2013 $

Note 3. OPERATING SURPLUS (cont.) Operating expenses (cont.) (h) Support Services Accounting & Payroll support

221,163

Conference Support – employee salaries & benefits

1,415,363

214,721

221,163

214,721

1,329,119

1,415,363

1,329,119

Conference Support – other State, National, International Councils

304,469

300,583

304,469

300,583

636,962

563,112

636,962

563,112

Conference operating costs

1,069,743

919,326

1,069,743

919,326

3,647,700

3,326,861

3,647,700

3,326,861

80,423,898

81,032,559

39,552,228

39,964,658

4,137,183

4,087,439

1,985,056

1,935,288

- Amortisation of intangibles

78,721 118,658

41,382

64,991

Construction costs expensed

18,737

78,238

Impairment of trade receivables

50,676

26,594

Bad debts written off

11,575

430

(i) Other Items Surplus from operating activities has been determined after: (a) Expenses Depreciation and amortisation of property, plant & equipment - Depreciation of property, plant & equipment

Rental expense on operating leases - Minimum lease payments

4,771,920

4,772,943

4,044,313

3,896,335

Employee salaries & benefits

37,821,782

36,349,163

12,106,336

12,198,449

91,880

45,744

51,975

Remuneration of Auditor - Audit

98,744

- Other services

46,989,338

45,525,345

18,222,831

18,147,038

(348 )

237,507

(79,900 )

413,986

1,368,106

1,404,998

(b) Net (loss) / gain Net (loss) / gain on sale of property, plant and equipment

Note 4. KEY MANAGEMENT PERSONNEL COMPENSATION The aggregate compensation made to key management personnel of the Group

2,646,428

2,642,930

St Vincent de Paul Society Victoria Inc.

CONSOLIDATED ENTITY 2014 $

CONSOLIDATED ENTITY 2013 $

PARENT ENTITY 2014 $

PARENT ENTITY 2013 $

51,708

23,556

36,068

1,645,239

1,701,766

1,645,239

499,032

Note 5. CASH AND CASH EQUIVALENTS Cash on hand

38,296

Cash deposits with banks Councils & Central Office

1,701,766

SVDP Victoria Endowment Fund

220,398

Society of St Vincent de Paul (Victoria)

5,164

VincentCare Victoria

233,832

4,876

667,214

13,555,438

11,873,528

Term deposits Councils, Central Office & Conferences

13,555,438

11,873,528

VincentCare Victoria

31,376,429

28,440,682

43,182,279

15,280,760

13,554,835

1,207,948

189,802

388,215

47,131,323

Note 6. TRADE AND OTHER RECEIVABLES Trade debtors (i)

1,327,900

Allowance for doubtful debts

(215,886 )

(165,210 )

1,112,014

1,042,738

189,802

388,215

1,278,935

509,273

589,880

Other debtors

1,525,052

SVDP Victoria Endowment Fund

Total Current Receivables

2,637,066

119,059

507,348

2,321,673

818,134

1,485,443

(i) The average credit period on sale of goods and rendering of services is 30-60 days. No interest is charged on the trade receivables. An allowance has been made for estimated irrecoverable trade receivable amounts arising from the sale of goods and rendering of services, determined by reference to past default experience. Movement in the allowance for doubtful debts Balance at the beginning of the year

165,210

138,616

Impairment losses recognised on receivables

59,276

54,686

Impairment losses reversed

(8,600 )

(28,092 )

Balance at the end of the year

215,886

165,210

In determining the recoverability of a trade receivable, the Group considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date. The concentration of credit risk is limited due to the customer base being large and unrelated. Accordingly, the directors believe that there is no further credit provision required in excess of the allowance for doubtful debts.

Note 7. INVENTORIES Finished goods

127,875

126,333

116,425

106,061

2013-2014 Financial Report

Notes to the financial statements (cont.) FOR THE YEAR ENDED 30 JUNE 2014

CONSOLIDATED ENTITY 2014 $

CONSOLIDATED ENTITY 2013 $

PARENT ENTITY 2014 $

PARENT ENTITY 2013 $

4,005,976

4,382,507

4,005,976

4,382,507

7,111,489

5,425,519

3,200

11,117,465

9,808,026

3,200

Current financial assets

7,111,489

5,425,519

3,200

Non-current financial assets

4,005,976

4,382,507

11,117,465

9,808,026

3,200

60,153,287

60,148,438

Note 8. OTHER FINANCIAL ASSETS Held-to-maturity investments carried at amortised cost:

NON-CURRENT Medium term interest bearing securities

Financial assets carried at fair value through Statement of Comprehensive Income:

CURRENT Shares in listed corporations

Disclosed in the financial statements as:

Note 9. INVESTMENTS IN CONTROLLED ENTITIES NON CURRENT Investments in controlled entities

Country of Incorporation

Percentage Owned

Australia

Society of St Vincent de Paul (Victoria)

Australia

100%

St Vincent de Paul Victoria Endowment Fund

Australia

100%

VincentCare Victoria

Australia

100%

VincentCare Community Housing

Australia

100%

Parent Entity: St Vincent de Paul Society Victoria Inc.

Controlled Entities of St Vincent de Paul Society Victoria Inc.

During the financial year: The Society contributed $nil (2013: $1,200,000) to St Vincent de Paul Victoria Endowment Fund; and The Society received interest income of $nil (2013: $500,000) from St Vincent de Paul Victoria Endowment Fund. The purpose of the St Vincent de Paul Endowment Fund is to provide a separate entity into which bequests or other funds may be invested over a period of time, with interest earnings flowing back to St Vincent de Paul Society Victoria Inc. or its controlled entities.

St Vincent de Paul Society Victoria Inc.

CONSOLIDATED ENTITY 2014 $

CONSOLIDATED ENTITY 2013 $

PARENT ENTITY 2014 $

PARENT ENTITY 2013 $

Note 10. OTHER ASSETS – CURRENT GST recoveries

395,367

239,027

417,122

235,772

Prepayments

912,220

651,372

662,552

464,555

890,399

1,079,674

700,327

22,758,642

22,835,496

8,598,878

8,675,732

At cost

36,394,935

36,572,651

Buildings under construction

338,526

Less accumulated depreciation

1,307,587

Note 11. PROPERTY, PLANT & EQUIPMENT LAND At cost

BUILDINGS

11,074,353

667,694

219,897

315,243

(7,954,749 )

(3,014,424 )

(2,761,477 )

29,285,596

8,100,254

8,628,119

(8,864,843 )

27,868,618

10,894,781

BUILDING IMPROVEMENTS At cost

8,891,444

6,909,008

3,835,457

2,865,307

Less accumulated depreciation

(1,831,503 )

(885,126 )

(590,364 )

5,077,505

2,950,331

2,274,943

(2,589,238 )

6,302,206

LEASEHOLD IMPROVEMENTS At cost

3,831,829

3,179,385

2,577,392

2,183,663

Less accumulated depreciation

(1,864,513 )

(1,728,969 )

(1,563,103 )

1,701,455

1,314,872

848,423

620,560

At cost

13,276,985

11,621,934

5,782,300

4,689,332

Less accumulated depreciation

(2,130,374 )

FURNITURE, PLANT & EQUIPMENT (6,778,342 )

(3,562,518 )

(3,090,727 )

5,404,074

(7,872,911 )

4,843,592

2,219,782

1,598,605

At cost

4,620,656

5,304,548

4,377,390

4,339,543

Less accumulated depreciation

MOTOR VEHICLES (2,833,536 )

(3,257,069 )

(2,640,287 )

(2,494,700 )

1,787,120

2,047,479

1,737,103

1,844,843

At cost

2,109,631

1,957,819

1,408,230

1,261,684

Less accumulated depreciation

(1,667,558 )

(1,154,414 )

(1,117,168 )

290,261

253,816

144,516

2,980

2,455

COMPUTER HARDWARE (1,771,361 )

338,270

ARTWORK & ANTIQUITIES At cost

2,980 66,163,365

65,697,781

24,711,042

23,789,773

2013-2014 Financial Report

Notes to the financial statements (cont.) FOR THE YEAR ENDED 30 JUNE 2014

CONSOLIDATED ENTITY 2014 $

CONSOLIDATED ENTITY 2013 $

PARENT ENTITY 2014 $

PARENT ENTITY 2013 $

Note 11. PROPERTY, PLANT & EQUIPMENT (cont.) Reconciliations Reconciliations of the carrying amounts of each class of property, plant & equipment at the beginning and end of the current and previous financial years are set out below.

Total Land Carrying amount at beginning of financial year 22,835,496

22,940,496

Disposals

- (105,000 )

Reclassifications

Carrying amount at end of financial year

8,675,732

8,780,732

(105,000 )

(76,854 )

22,758,642

22,835,496

8,598,878

8,675,732

Carrying amount at beginning of financial year 29,285,596

29,988,144

8,628,119

8,869,558

(76,854 )

Total Buildings Additions

3,318,724

2,619,223

2,225,855

1,168,524

Transfer of Capital WIP

(3,626,099 )

(2,249,185 )

(2,320,000 )

(1,072,773 )

Reclassifications

(157,822 )

(5,351 )

(157,822 )

(5,351 )

Disposals

(1,200 )

(52,058 )

(1,200 )

(52,058 )

Construction costs expensed

(18,737 )

(78,238 )

Less depreciation

(931,844 )

(936,939 )

(274,698 )

(279,781 )

Carrying amount at end of financial year

27,868,618

29,285,596

8,100,254

8,628,119

3,885,185

2,274,943

1,585,562

Total Building Improvements Carrying amount at beginning of financial year 5,077,505 Additions

451,164

Transfer from Capital WIP

1,538,513

515,318

Reclassifications

(7,240 )

(40,335 )

Less depreciation

(757,736 )

(602,421 )

(294,762 )

(243,768 )

Carrying amount at end of financial year

6,302,206

5,077,505

2,950,331

2,274,943

Carrying amount at beginning of financial year 1,314,872

1,326,480

620,560

679,154

1,319,758

134,073

194,393

836,077

779,091

Total Leasehold Improvements Additions

101,717

27,240

94,814

27,240

Transfer from Capital WIP

673,598

323,296

421,786

204,062

Reclassifications

(27,858 )

(2,454 )

(27,858 )

(2,454 )

Disposals

(7,887 )

Less depreciation

(352,987 )

(359,690 )

(252,992 )

(287,442 )

Carrying amount at end of financial year

1,701,455

1,314,872

848,423

620,560

St Vincent de Paul Society Victoria Inc.

CONSOLIDATED ENTITY 2014 $

CONSOLIDATED ENTITY 2013 $

PARENT ENTITY 2014 $

PARENT ENTITY 2013 $

Total Furniture, Plant & Equipment Carrying amount at beginning of financial year Additions Transfer from Capital WIP Disposals Reclassifications Less depreciation Carrying amount at end of financial year

4,843,592 4,909,042 844,626 967,216 1,241,212 567,476 (64,320 ) (246,176 ) (92,256 ) 50,775 (1,368,780 ) (1,404,741 ) 5,404,074 4,843,592

1,598,605 391,008 947,745 (36,348 ) (99,497 ) (581,731 ) 2,219,782

2,047,479 2,441,788 553,097 569,207 34,079 38,659 (379,745 ) (451,766 ) - (2,636 ) (467,790 ) (547,773 ) 1,787,120 2,047,479

1,844,843 553,097 34,079 (274,771 ) - (420,145 ) 1,737,103

1,968,185 561,690 38,659 (280,180 ) (2,636 ) (440,875 ) 1,844,843

290,261 317,903 182,268 202,935 3,511 - (7,079 ) (7,234 ) 127,356 12,533 (258,047 ) (235,876 ) 338,270 290,261

144,516 144,067 - (1,394 ) 127,356 (160,729 ) 253,816

126,661 96,119 - (809 ) 12,533 (89,988 ) 144,516

2,455

1,537,860 576,745 50,963 (24,304 ) 50,775 (593,434 ) 1,598,605

Total Motor Vehicles Carrying amount at beginning of financial year Additions Transfer from Capital WIP Disposals Reclassifications Less depreciation Carrying amount at end of financial year

Total Computer Hardware Carrying amount at beginning of financial year Additions Transfer from Capital WIP Disposals Reclassifications Less depreciation Carrying amount at end of financial year

Total Artwork & Antiquities Carrying amount at beginning and end of financial year

2,980

Total Property, Plant & Equipment Carrying amount at beginning of financial year Additions Transfer from Capital WIP Disposals Reclassifications Transfer to Intangibles Construction costs expensed Less depreciation Carrying amount at end of financial year

65,697,781 65,812,020 5,451,596 4,901,139 (80,312 ) - (460,232 ) (862,235 ) (234,677 ) 12,535 (54,870 ) - (18,737 ) (78,237 ) (4,137,183 ) (4,087,439 ) 66,163,365 65,697,781

23,789,773 3,542,914 (80,312 ) (321,600 ) (234,677 ) - - (1,985,056 ) 24,711,042

23,550,169 2,624,711 - (462,352 ) 12,535 - - (1,935,288 ) 23,789,773

An independent valuation of the Groupâ&#x20AC;&#x2122;s land and buildings is performed every three years. The latest valuation was performed in the 2012 financial year by Knight Frank Health and Aged Care Victoria. An impairment loss of $750,256 was recognised in respect of land and buildings. In accordance with the accounting policy in Note 1(g), land and buildings have not been revalued to the current market value.

2013-2014 Financial Report

Notes to the financial statements (cont.) FOR THE YEAR ENDED 30 JUNE 2014

CONSOLIDATED ENTITY 2014 $

CONSOLIDATED ENTITY 2013 $

PARENT ENTITY 2014 $

PARENT ENTITY 2013 $

Note 12. PROPERTY CLASSIFIED AS HELD FOR SALE Freehold property held for sale

234,677

The Society has contracted to dispose a freehold property, located in Mildura, that is no longer required for operational purposes. Settlement occurred on 3 July 2014.

Note 13. INTANGIBLES AGED CARE BED LICENCES Aged Care bed licences at deemed cost

8,645,000

480,453 (384,873 ) 95,580 95,580

403,018 (346,368 ) 56,650 56,650

COMPUTER SOFTWARE & IT DEVELOPMENT At cost Less accumulated amortisation Total Intangibles

1,320,345 1,174,235 (1,164,495 ) (1,088,651 ) 155,850 85,584 8,800,850 8,730,584

Reconciliations: Reconciliations of the carrying amounts of each class of intangible assets at the beginning and end of the current and previous financial years are set out below:

Aged Care Bed Licences Carrying amount at beginning of financial year 8,645,000 10,500,000 Impairment loss recognised in the - (1,855,000 ) Statement of Comprehensive Income Carrying amount at end of financial year 8,645,000 8,645,000

- -

Total Computer Software & IT Development Carrying amount at beginning of financial year Additions Transfer from Capital WIP Reclassifications Less amortisation Carrying amount at end of financial year

85,584 146,770 13,806 69,996 135,182 - - (12,534 ) (78,721 ) (118,648 ) 155,851 85,584

8,730,584 10,646,770 13,806 69,996 135,181 - - (12,534 ) - (1,855,000 )

56,650 - 80,312 - (41,382 ) 95,580

64,179 69,996

(12,534 ) (64,991 ) 56,650

56,650 - 80,312 - -

64,179 69,996

(12,534 ) -

(41,382 ) 95,580

(64,991 ) 56,650

Total Intangibles Carrying amount at beginning of financial year Additions Transfer from Capital WIP Reclassifications Impairment loss recognised in the Statement of Comprehensive Income Less amortisation Carrying amount at end of financial year

(78,721 ) 8,800,850

(118,648 ) 8,730,584

During the year, the Group carried out a review of the recoverable amount of the Aged Care bed licences. These licences are used in the Groupâ&#x20AC;&#x2122;s Residential Aged Care segment. The bed licences were valued at greater than the carrying amount so no impairment was recognised (2013: impairment loss of $1,855,000). The recoverable amount of the bed licences has been determined based on an independent valuation performed by Knight Frank Health and Aged Care Victoria. The impairment loss has been included in the line item Impairment Expenses in the Statement of Comprehensive Income.

St Vincent de Paul Society Victoria Inc.

CONSOLIDATED ENTITY 2014 $

CONSOLIDATED ENTITY 2013 $

PARENT ENTITY 2014 $

PARENT ENTITY 2013 $

Note 14. TRADE AND OTHER PAYABLES Unsecured: Trade creditors (i)

1,213,942

1,098,686

716,313

631,899

Accrued creditors

1,445,737

722,003

870,225

323,476

479,191

1,041,346

110,756

625,886

Other creditors VincentCare Victoria

86,469

3,138,870

2,862,035

1,697,294

1,667,730

(i) The average credit period on purchases of goods is 30 days. No interest is charged on the trade payables. The Group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe.

Note 15. PROVISIONS CURRENT Employee benefits (i)

5,276,322

5,386,955

1,531,848

1,416,538

5,276,322

5,386,955

1,531,848

1,416,538

NON-CURRENT Employee benefits

1,029,198

958,683

231,940

246,593

Aggregate Employee Entitlement Liability

6,305,520

6,345,638

1,763,788

1,663,131

(i) The Groupâ&#x20AC;&#x2122;s current provision for employee benefits includes $4,083,669 (Parent Entity: $1,531,848) of annual leave and vested long service leave entitlements accrued but not expected to be taken within 12 months (2013: Group $4,398,390; Parent Entity $1,416,538).

Note 16. OTHER LIABILITIES Unsecured: Refundable accommodation bonds Grants in advance Prepaid income Deferred Lease Liability

12,866,635

12,725,544

2,467,472

2,156,518

246,821

55,221

239,203

96,230

72,381

51,385

31,877

20,748

15,653,309

14,988,668

271,080

116,978

2013-2014 Financial Report

Notes to the financial statements (cont.) FOR THE YEAR ENDED 30 JUNE 2014

Note 17. RESERVES Nature and purpose of reserves as disclosed in the Statement of Changes in Equity: Asset Revaluation Reserve $nil (2013: $28,256,034) – parent entity $nil (2013: $13,235,238) Represented previous increases in valuation of land and buildings. Land and buildings are now held at deemed cost. The Group is using this reserve to keep a record of those previous revaluations. During the year, the Group decided to transfer the balance of the Asset Revaluation Reserve to Accumulated Funds. The transfer has been recognised in the Statement of Changes in Equity.

Capital Profits Reserve $198,036 (2013: $198,036) – parent entity $Nil (2013: $Nil) Represents the capital value of land and building sold.

Fund-a-Future Reserve $130,000 (2013: $130,000) – parent entity $Nil (2013: $Nil) Represents funds set aside for an accommodation and support program for homeless young people between the ages of 15 and 24.

Bequest Reserve $6,017,616 (2013: $6,124,750) – parent entity $1,360,333 (2013: $1,467,467) The Group receives bequests where the bequestor has nominated a specific purpose or service to which the funds are to be directed. In these instances the Group establishes a reserve to recognise the unapplied funds from bequests of this nature. The reserve is supported by the Donations and Bequest Register that details the breakdown of the reserve.

Welfare/Asylum Assistance Reserve $nil (2013: $1,024,687) – parent entity $nil (2013: $1,024,687) Represents funds set aside for welfare assistance including assistance to asylum seekers. During the year, the Group decided to transfer the balance of the Welfare/Asylum Assistance Reserve to Accumulated Funds. The transfer has been recognised in the Statement of Changes in Equity.

Share Revaluation Reserve $1,257,609 (2013: $660,542) – parent entity $nil (2013: $nil) Represents market-to-market value adjustments of available for sale investments.

Note 18. LEASE COMMITMENTS RECEIVABLE Commitments in relation to leases contracted for at the reporting date but not recognised as assets receivable: CONSOLIDATED ENTITY 2014 $

CONSOLIDATED ENTITY 2013 $

PARENT ENTITY 2014 $

PARENT ENTITY 2013 $

Within one year

240

50,000

Later than one year but not later than 5 years

341

Later than five years

581

50,000

581

50,000

Representing Non-cancellable operating lease

The property leases are non cancellable leases spanning various terms with rental received monthly in advance.

St Vincent de Paul Society Victoria Inc.

CONSOLIDATED ENTITY 2014 $

CONSOLIDATED ENTITY 2013 $

PARENT ENTITY 2014 $

PARENT ENTITY 2013 $

Note 19. CAPITAL AND LEASE COMMITMENTS (a) Lease Commitments Payable Commitments in relation to leases contracted for at the reporting date but not recognised as liabilities payable: Operating Leases Not later than one year

4,103,467

3,386,774

3,410,635

2,946,479

Later than one year but not later than 5 years

7,928,738

6,434,534

6,788,103

5,693,821

565,420

842,159

306,353

476,541

12,597,625

10,663,467

10,505,091

9,116,841

Later than five years

The property and equipment leases are non cancellable leases spanning various terms with rental paid monthly and quarterly in advance.

(b) Capital Commitments Capital expenditure commitments contracted for: Building works and refurbishment projects

210,333

120,324

210,333

120,324

210,333

120,324

210,333

120,324

210,333

120,324

210,333

120,324

Payable Not later than one year

2013-2014 Financial Report

Notes to the financial statements (cont.) FOR THE YEAR ENDED 30 JUNE 2014

CONSOLIDATED ENTITY 2014 $

CONSOLIDATED ENTITY 2013 $

PARENT ENTITY 2014 $

PARENT ENTITY 2013 $

Note 20. NOTES TO THE STATEMENT OF CASH FLOWS (a) Reconciliation of cash and cash equivalents Cash and cash equivalents at the end of the financial period as shown in the Statement of Cash Flows is reconciled to the related items in the Statement of Financial Position as follows: Cash on hand

38,296

51,708

23,556

36,068

Cash deposits with banks

2,161,160

2,816,361

1,701,766

1,645,239

Bank term deposits

44,931,867

40,314,210

13,555,438

11,873,528

Balance per Statement of Cash Flows

47,131,323

43,182,279

15,280,760

13,554,835

(b) Reconciliation of cash flows from operations with total comprehensive income Total Comprehensive Income

5,861,775

3,010,011

2,360,529

1,412,784

Depreciation and amortisation

4,215,904

4,206,098

2,026,438

2,000,279

Construction costs expensed

18,737

78,238

Net loss / (gain) on sale of property, plant and equipment

348 (237,507 )

79,900

(413,986 )

Net gain on disposal of shares in listed corporations

Impairment of Aged Care Bed licences

- 1,855,000

Change in fair value of financial assets designated as at fair value through statement of comprehensive income

(597,067 )

(812,346 )

Bequests received in the form of shares in listed corporations

(111,559 )

Residents’ accommodation bond retentions

(267,341 )

(274,144 )

Interest deducted from residents’ accommodation bonds

(51,192 )

(60,211 )

Interest payable on refund of residents’ accommodation bonds

13,146

5,701

(550,684 )

485,959

(713,413 )

Non-cash flows and non-operating activities in total comprehensive income

Changes in assets and liabilities

(188,057 )

(157,871 )

Decrease/(Increase) in receivables

(471,733 )

Decrease/(increase) in prepayments

(260,848 )

39,987

(197,997 )

Decrease/(increase) in inventories

(1,542 )

100,560

(10,364 )

100,491

Increase/(decrease) in provisions

(40,118 )

472,011

100,657

268,622

Increase/(decrease) in payables and other liabilities

725,223 (1,636,542 )

Cash flows from operations

8,845,676

6,038,301

5,134

(88,502 )

12,159

4,645,061

2,672,070

St Vincent de Paul Society Victoria Inc.

Note 21. FINANCIAL INSTRUMENTS Fair Values The fair values of listed investments have been valued at the quoted market bid price at reporting date adjusted for transaction costs expected to be incurred. For other assets and liabilities, the fair value approximates their carrying value. No financial assets and financial liabilities are readily traded on organised markets in standardised form other than listed investments. The aggregate fair values and carrying amounts of the Groupâ&#x20AC;&#x2122;s financial assets and financial liabilities are disclosed in the Statement of Financial Position and in the notes to the financial statements. Aggregate fair values and carrying amounts of the Groupâ&#x20AC;&#x2122;s financial assets and financial liabilities at reporting date 2014

2013

Carrying Amount $

Fair Value $

Carrying Amount $

Fair Value $

47,131,323

43,182,279

2,852,952

2,486,883

11,117,465

9,808,026

61,101,740

55,477,188

3,138,870

2,862,035

12,866,635

12,725,544

16,005,505

15,587,579

15,280,760

13,554,835

818,134

1,485,443

Consolidated Entity Financial assets Cash Trade and other receivables Other financial assets

Financial liabilities Trade and other payables Refundable accommodation bonds

Parent Entity Financial assets Cash Trade and other receivables Other financial assets

3,200

16,098,894

15,043,478

1,697,294

1,581,261

1,697,294

1,581,261

1,581,26

Financial liabilities Trade and other payables

2013-2014 Financial Report

Notes to the financial statements (cont.) FOR THE YEAR ENDED 30 JUNE 2014

Note 22. RELATED PARTY DISCLOSURES Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated. The parent entity is St Vincent de Paul Society Victoria Inc. During the financial year: • The Society contributed $411,448 (2013: $592,700) of funds raised from the 2013 CEO Sleepout to VincentCare Victoria after deducting expenses incurred; • The Society received from VincentCare Victoria $50,000 (2013: $50,000) for the rental of the office premises at Prospect Street, Box Hill; • The Society received from VincentCare Victoria $60,628 (2013: $120,347) for fundraising services, reception services and building amenities; • The Society paid VincentCare Victoria $574,296 (2013: $616,354) for the provision of Payroll and Information Technology services; and • The Society purchased $1,965 (2013: $104,415) of fixed assets from VincentCare Victoria and sold $nil (2013: $12,027) of fixed assets to VincentCare Victoria. The amount receivable from VincentCare Victoria is $nil (2013: $86,469). During the financial year: • The Society contributed $nil (2013: $1,200,000) to the St Vincent de Paul Victoria Endowment Fund for the purpose disclosed in Note 9; and • The Society received investment income of $nil (2013: $500,000) from St Vincent de Paul Victoria Endowment Fund. The amount receivable from St Vincent de Paul Victoria Endowment Fund is $nil (2013: $507,348).

Note 23. ECONOMIC DEPENDENCY A significant portion of the revenue of the subsidiary, VincentCare Victoria, is provided by the Federal and State Governments in the form of grants and subsidies.

Note 24. REMUNERATION OF AUDITORS The remuneration of auditors is disclosed in Note 3. No other services were provided during the year. The auditor of St Vincent de Paul Society Victoria Inc. is Deloitte Touche Tohmatsu.

Note 25. SUBSEQUENT EVENTS No matter or circumstance has arisen since 30 June 2014 that has significantly affected, or may significantly affect: (a) the consolidated operations in future financial years, or (b) the results of those operations in future financial years, or (c) the consolidated state of affairs in future financial years.

St Vincent de Paul Society Victoria Inc.

Statement by state council

St Vincent de Paul Society Victoria Inc.

ABN: 28 911 702 061 RN: A0042727Y

43 Prospect Street, Box Hill Vic 3128 Locked Bag 4800, Box Hill Vic 3128 Telephone: (03) 9895 5800 Facsimile: (03) 9895 5850 Email: info@svdp-vic.org.au Website: www.vinnies.org.au

STATEMENT BY STATE COUNCIL In the opinion of the State Council the financial report as set out in the fully audited Financial Statements: 1. Presents a true and fair view of the financial position of the St Vincent de Paul Society Victoria Inc. as at 30 June 2014 and its performance for the year ended on that date in accordance with Australian Accounting Standards â&#x20AC;&#x201C; Reduced Disclosure Requirements and the Associations Incorporation Reform Act 2012. 2. At the date of this statement, there are reasonable grounds to believe that the St Vincent de Paul Society Victoria Inc. will be able to pay its debts as and when they become due and payable. This statement is made in accordance with a resolution of the State Council, and is signed for and on behalf of the State Council by:

Michael Liddy State President Dated this 26th day of September 2014

Josef Czyzewski Treasurer

2013-2014 Financial Report

Independent auditor’s report

Deloitte Touche Tohmatsu ABN 74 490 121 060 550 Bourke Street Melbourne VIC 3000 GPO Box 78 Melbourne VIC 3001 Australia

Independent Auditor’s Report to the members of St Vincent de Paul Society Victoria Inc.

DX: 111 Tel: +61 (0) 3 9671 7000 Fax: +61 (03) 9671 7001 www.deloitte.com.au

We have audited the accompanying financial report of St Vincent de Paul Society Victoria Inc., which comprises the statements of financial position as at 30 June 2014, the statement of profit or loss and other comprehensive income, the statement of cash flows and the statement of changes in equity for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the Statement by the State Council of the consolidated entity comprising the association and the entities it controlled at the year’s end or from time to time during the financial year as set out on pages 2 to 31.

The State Council’s Responsibility for the Financial Report The State Council is responsible for the preparation fair presentation of the financial report in accordance with Australian Accounting Standards – Reduced Disclosure Requirements and the Associations Incorporation Reform Act 2012, and for such internal control as the State Council 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 Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require that we 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 judgement, 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 and fair presentation of the financial report 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 State Council, as well as evaluating the overall presentation of the financial report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion In our opinion, the financial report of St Vincent de Paul Society Victoria Inc presents fairly, in all material respects, the association’s and consolidated entity’s financial position as at 30 June 2014 and their financial performance for the year then ended in accordance with Australian Accounting Standards – Reduced Disclosure Requirements.

DELOITTE TOUCHE TOHMATSU

Alison Brown Partner Chartered Accountants Melbourne, 26 September 2014

Liability limited by a scheme approved under Professional Standards Legislation. Member of Deloitte Touche Tohmatsu Limited

St Vincent de Paul Society Victoria Inc.

how you can help You can help the St Vincent de Paul Society help others by: Making a donation www.vinnies.org.au 13 18 12

Making A regular Gift www.vinnies.org.au 03 9895 5800

Credit card donations can be made by visiting our website or calling the donation hotline. All donations of $2 or more are tax deductible.

Regular donations to assist the work of the Society can be made by credit card or direct debit from your bank account. Donating this way reduces Society expenses and can be arranged by visiting our website or calling the office. All donations of $2 or more are tax deductible.

Volunteering your time

Donating goods

1300 305 330 Contact us if you are interested in becoming a member of a conference or volunteering your time to assist people in your community through any of the Societyâ&#x20AC;&#x2122;s services.

1800 621 349 Donations of quality clothing, furniture and household goods can be made to any Vinnies Shop.

St Vincent de Paul Society Victoria Inc. ABN: 28 911 702 061

RN: A0042727Y

Locked Bag 4800, Box Hill Vic 3128 43 Prospect Street, Box Hill Vic 3128 Phone: 03 9895 5800 Fax: 03 9895 5850 Email: info@svdp-vic.org.au

www.vinnies.org.au

Making a Bequest 03 9895 5800 Consider remembering the St Vincent de Paul Society in your will. The Society is able to assist thousands of people because of the generosity of those who have remembered us in their will. Call us for an information booklet or to speak to our Bequest Coordinator.