RELATIONSHIPS AUSTRALIA (VICTORIA) INC. A.B.N FINANCIAL REPORT

Transcription

1 RELATIONSHIPS AUSTRALIA (VICTORIA) INC. FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2013

2 Board Report As At 30 June 2013 Your Board presents the financial report of Relationships Australia (Victoria) Inc. (RAV) for the financial year ended 30 June Directors The names of Board Members in office at any time during or since the end of the year are: Judi Anderson (President) Lyn Littlefield (Vice President) Ronda Jacobs Retired 30 April 2013 Michael Shaw Peter Boehm Lyn Brodie John Lovell Peter Gome Kimberly Hunter Board members have been in office since the start of the financial year to the date of this report unless otherwise stated. Principal Activities The principal activities of Relationships Australia (Victoria) Inc during the financial year were to provide relationship support services including counselling, education, mediation and professional development. There were no significant changes in the nature of these activities that occurred during the year. Operating Results The surplus for the financial year amounted to 165,058 (2012: 179,576). Review of Operations During the year under review RAV has continued to provide relationship support services predominantly under ongoing and renewed government contracts. Federal funding was provided by the Attorney General s Department and by the Department of Families, Housing, Community Services and Indigenous Affairs (FaHCSIA). State funding was provided through the Department of Human Services and the Department of Justice. Significant Changes in State of Affairs No significant changes in RAV s state of affairs occurred during the financial year. Events Subsequent to Balance Date No matters or circumstances have arisen since the end of the financial year which significantly affected the operations of RAV, the results of those operations or the state of affairs of RAV in future financial years. Environmental Issues RAV operations are not regulated by any significant environmental regulation under a law of the Commonwealth or of a state or territory. 1

3 Board Report (Cont d) Information on Board Members As At 30 June 2013 Ms. Judi Anderson President Judi is the Principal of Judi Anderson & Associates, a consultancy firm specialising in organisation development, change management, outplacement and career development. She has many years' experience in senior management, including key roles with Crittenden's Wine Merchants, Myer Stores and Myer Grace Bros. Judi was also Associate Director of the Waite Group's Career Centre for six years. She is a member of the Australian Institute of Company Directors, Australian Institute of Management, OD Australia, Career Development Association of Australia and the Australasian Facilitators Network. Judi has been a Board member of RAV since 1995 and President since October Professor Lyn Littlefield Vice President Lyn is the Executive Director of the Australian Psychological Society, the peak professional body for psychologists in Australia. Lyn was formerly Head of the School of Psychological Science, La Trobe University and Inaugural Director of the Victorian Parenting Centre. She is a clinical psychologist and specialist in couple, child, family and group therapy, as well as conflict resolution. Lyn sits on a number of Federal Government expert advisory and reference groups to do with mental health policy and service delivery. She is a Fellow of the Australian Institute of Company Directors and the Australian Institute of Management. Lyn has been a Board Member since 1993, chairs the Practice Quality Committee and has been Vice President since May Ms. Ronda Jacobs Ronda was the Managing Director Australia and South East Asia for a pharmaceutical multinational for more than 10 years. Catalent Pharma Solutions Australia is a Melbourne-based developer, innovator and manufacturer of vitamin and pharmaceutical products, partnering with leading brands in Australia and throughout Asia. She has utilised her experience in interim CEO roles, including the Greater Metropolitan Cemetery Trust and Whitehorse Community Health. Ronda was President of the Complementary Healthcare Council from and received the industry s highest accolade, the Lady Cilento Award in She was nominated for the Telstra Business Woman of the Year in 2004 and She has a Bachelor of Business (Marketing) and is a graduate of the Australian Institute of company Directors. Her business experience includes marketing, strategic planning and leadership. Ronda has been a Board member since 2005 and Vice President since December 2007 until retiring on 30 April She chairs the Strategy Committee. Mr. Michael Shaw Michael is an investment banker with the private investment-banking firm, Bristow Shaw and Company. He serves as chair of the Strategic Life Sciences Fund and its manager SLS Managers Pty Ltd. He also serves as a principal advisor to Aragon Capital Pty Ltd and Silk Road Associates. Michael is a member of the Finance, Investment and Audit Committee of the Australian Psychological Society Ltd. Michael was President of RA National (1994 and from 1998 to 2001); chaired RAV's Audit Committee for 11 years and was RAV Vice- President from 1990 until He has been on the RAV Board since 1990, and is a member of the Strategy Committee. Mr. Peter Boehm Peter is an experienced business leader with more than 25 years local and international experience as a director and senior executive with listed public and private company subsidiaries. A chartered accountant with banking qualifications, Peter s industry experience includes banking, financial services, commercial lending, property development, funds management, manufacturing, business advisory services and training and education. He is an independent member of the Frankston City Council Audit and Risk Management Committee, a director of Ehrenholt Oceania (part of the Denmark based multinational Ehrenholt AS group), a pool director with the International Finance Corporation (part of the World Bank Group), managing director of Pathfinder Consulting, a published author and leading columnist with Yahoo!7 Finance and other property and finance publications. Peter joined the Board in May 2008 and is a member of the Audit Committee. 2

4 Board Report (Cont d) Ms Lyn Brodie As At 30 June 2013 Lyn's career has spanned both the corporate and not-for-profit sectors. Her current role is Chief Executive Officer for the Lowitja Institute (Aboriginal and Torres Strait Islander health research). Previously the CEO of the Gandel Charitable Trust and Executive Director, Lyn has extensive experience in marketing, communications, financial sustainability and philanthropy, having worked with both national and international companies. It was while working for an international organisation that she gained her passion for corporate social responsibility. This led to her involvement with the not-for-profit sector, both on a voluntary and professional basis. She joined the Board in Mr. John Lovell John Lovell has more than 25 years' experience in the IT industry both within Australia and internationally. His experience covers IT projects for the introduction of ATMs and EFT/POS within Australia, Pay TV systems, introduction of broadband services and other significant IT related projects. Prior to returning to Australia, John was based in Hong Kong where he was responsible for the IT infrastructure for the Walt Disney Company across Asia Pacific. He joined the Board in Mr. Peter Gome Peter is an experienced CFO with an international career spanning over 30 years. He spent the majority of his career at BP with roles in Australia and internationally including the UK. His last roles at BP were as CFO for various business units including exploration and production and marketing. Subsequently he has held a number of Australian CFO roles with mid-tier companies in the oil, transport and printing industries. He blends his strong finance background with strategic marketing skills and experience and has lectured in the Master of Marketing and MBA programs at Monash University. Peter holds Fellow membership of both the AICD and CPA. He joined the RAV Board in 2009 and chairs the Audit Committee. Ms Kimberly Hunter A director of Clancy & Triado, Kimberly completed her Bachelor of Laws at Auckland University. She was admitted to practice in 1989 and decided early on to specialise in family law. During a six-month attachment to the Human Rights Commission, Kimberly researched and prepared a submission on Marital Status Discrimination. After living and working in London for five years, she moved to Australia in 1996 and joined Clancy & Triado. She became an accredited specialist in family law in An active member of the Law Institute of Victoria, she has served on numerous committees, including the Executive of the Law Institute of Victoria's Family Law Section the Children and Youth Issues Committee and the Courts Practice Committee. She is a member of the Family Law Section of the Law Council of Australia. Kimberly is also a former member of the lawyers' panel at Relationships Australia. She joined the Board in October

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6 Statement of Comprehensive Income Note Revenue 2 17,690,648 17,289,314 Expenses Employee benefits expenses (11,758,301) (11,235,946) Depreciation and amortisation expense including write offs (613,947) (689,080) Occupancy expenses (1,409,174) (1,427,484) Administrative expenses, including staff (3,744,168) (3,757,228) Total Expenses 17,525,590 (17,109,738) Surplus 165, ,576 Other Comprehensive Income Items that will not be reclassified to surplus Net gain on revaluation of non-current assets 7-316,000 Total Comprehensive Income 165, ,576 The accompanying notes form part of the financial statements 5

7 Statement of Financial Position As At 30 June 2013 Note Current assets Cash and cash equivalents 4a 2,719,584 2,944,781 Other financial assets 4b 6,571,528 5,521,528 Trade and other receivables 5 477, ,646 Other current assets 6 83,166 0 Total Current assets 9,851,860 8,771,955 Non-Current Assets Property, plant & equipment 7 2,309,992 2,863,939 Total Non-Current assets 2,309,992 2,863,939 Total Assets 12,161,852 11,635,894 Current Liabilities Trade and other payables 8 1,005,867 1,042,793 Provisions 9 1,537,244 1,368,316 Other current liabilities 10 2,039,861 2,014,271 Total Current liabilities 4,582,972 4,425,380 Non-Current Liabilities Provisions 9 646, ,827 Total Non-Current liabilities 646, ,827 Total Liabilities 5,229,107 4,868,207 Net Assets 6,932,745 6,767,687 Equity Reserves 1(j) 2,221,145 2,221,145 Accumulated Surplus 4,711,600 4,546,542 Total Equity 6,932,745 6,767,687 The accompanying notes form part of the financial statements 6

8 Statement of Changes in Equity Accumulated Surplus Asset Revaluation Reserve Retained Earnings Balance as at 1 July ,366,966 1,905,145 6,272,111 Comprehensive Income 179, , ,576 Balance as at 30 June ,546,542 2,221,145 6,767,687 Comprehensive Income 165, ,058 Balance as at 30 June ,711,600 2,221,145 6,932,745 The accompanying notes form part of the financial statements 7

9 Statement of Cash Flows Note Cash flows from operating activities Grants received 14,531,495 16,169,444 Fees & other receipts 2,846,542 2,622,287 Payments to suppliers and employees (16,883,897) (15,669,978) Net cash provided by operating activities 494,140 3,121,753 Cash flows from investing activities Interest received 330, ,129 Purchase of property, plant and equipment 0 (10,253) Purchase of term deposits (1,050,000) (864,167) Net cash used in investing activities (719,337) (391,291) Net increase/(decrease) in cash held (225,197) 2,730,462 Cash and cash equivalents at the beginning of the financial year 2,944, ,319 Cash and cash equivalents at the end of the financial year 4a 2,719,584 2,944,781 The accompanying notes form part of the financial statements 8

10 Notes To The Financial Statements This financial report covers Relationships Australia (Victoria) Inc. ( RAV ) as an individual entity. RAV is an association incorporated in Victoria under the Associations Incorporations Reform Act (Vic) Summary of Significant Accounting Policies 2 Basis of Preparation RAV has elected to early adopt the Australian Accounting Standards Reduced Disclosure Requirements as set out in AASB 1053: Application of Tiers of Australian Accounting Standards and AASB : Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements. Accordingly, RAV has also adopted AASB : Amendments to Australian Accounting Standards arising from the Trans-Tasman Convergence Project Reduced Disclosure Requirements and AASB : Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements in respect of : Amendments to Australia Accounting Standards Disclosure on Transfers of Financial Assets and AASB : Amendments to Australian Accounting Standards Presentation of Items of Other Comprehensive Income. The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards Reduced Disclosure Requirements of the Australian Accounting Standards Board (AASB) and the Associations Incorporations Reform Act RAV is a not-for-profit entity for financial reporting purposes under Australian Accounting Standards. Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial statements containing relevant and reliable information about transactions, events and conditions. Material accounting policies adopted in the preparation of the financial statements are presented below and have been consistently applied unless otherwise stated. The financial statements, except for the cash flow information, 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 23 September Accounting Policies (a) (b) Revenue & Other Income Government Grants Revenue from government grants is recognised when received, unless there are conditions attaching to particular grants in which case the uncompleted portion of the funding may be recognised as unexpended program and project monies. Grants for capital expenditures from government are recognised as revenue when the funds are spent or committed on capital expenditures. Amounts not spent or committed are recognised as unexpended program and project monies. Client Fees Revenue from all services is recognised when delivered. Interest Revenue Interest revenue is recognised using the effective interest rate method, which, for floating rate financial assets is the rate inherent in the instrument. Income Tax RAV is exempt from income tax. 9

11 Notes To The Financial Statements 1 Summary of Significant Accounting Policies (cont d) (c) (d) (e) Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the balance sheet are shown inclusive of GST. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and at bank and deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less. Property, Plant & Equipment Each class of property, plant and equipment are carried at cost or fair value less, where applicable, any accumulated depreciation and impairment losses. Property Freehold land and buildings are shown at their fair value (being the amount for which an asset could be exchanged between knowledgeable willing parties in an arm's length transaction), based on periodic, but at least triennial, valuations by external independent valuers, less subsequent depreciation for buildings. Increases in the carrying amount arising on revaluation of land and buildings are credited to a revaluation reserve in equity. Decreases that offset previous increases of the same asset are charged against fair value reserves directly in equity; all other decreases are charged to the income statement. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the re-valued amount of the asset. Plant and equipment Plant and equipment are measured on the cost basis less depreciation and impairment losses. New plant and equipment with a cost of 3,000 or less is expensed in the year acquired. Depreciation The depreciable amount of all items of plant and equipment is depreciated on a straight line basis over the useful lives of the assets to RAV commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the term of the grant funding or the estimated useful lives of the improvements. Class of Fixed Asset Buildings Leasehold Improvements and restoration Plant and Equipment Depreciation Rate 40 years 3 to 10 years 4 to 10 years The assets residual values and useful lives are reviewed and adjusted, if appropriate, at each balance date. An asset s carrying amount is written down immediately to its recoverable amount if the asset s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with the carrying amount. 10

12 Notes To The Financial Statements 1 Summary of Significant Accounting Policies (cont d) (f) (g) (h) Restoration costs These gains and losses are included in the income statement. When re-valued assets are sold, amounts included in the revaluation relating to that asset are transferred to retained earnings. RAV has provided for restoration costs in relation to leased premises. The present value of this amount has been reflected as an asset and a liability. Refer to Note 7 for the capitalisation of the asset and Note 9 for recognition of the liability. Provisions Provisions are recognised when RAV 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. Provision for Employee Benefits Provision is made for RAV s liability for employee benefits arising from services rendered by employees to balance date. Employee benefits expected to be settled within one year have been measured at the amount expected to be paid when the liability is settled plus related on-costs. Other 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. Contributions are made by RAV to an employee superannuation fund and are charged as expenses when incurred. Long service leave is provided from the commencement of employment on a pro-rata basis and is accrued at the rate of 13 weeks paid leave for 10 years of continuous service under the Management Certified Agreement and Staff Certified Agreement An employee is entitled to pro-rata long service leave if they leave the employment of the RAV after the completion of seven years continuous service, otherwise leave may be taken in the normal course of employment following completion of ten years of continuous service. 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 upon historical data. The calculation of long service leave is in accordance with the above note. Unexpended Program and Project Monies Unexpended monies represent funding from government bodies and other organisations for programs and projects including capital expenditure not yet expended or committed at the end of the financial year. Unexpended monies represent: (i) a future sacrifice of economic benefit that RAV is presently obliged to make as a result of a past transaction or other past events; and (ii) amounts that may be refunded if not expended within the terms of the respective funding agreements. Terms of the funding agreements range from 1 to 3 years. Leases Leases of fixed assets, where substantially all the risks and benefits incidental to the ownership of the asset (but not the legal ownership) are transferred to RAV, are classified as finance leases. Finance leases are capitalised by recognising an asset and a liability at the lower of the amount equal to the fair value of the leased property or the present value of the minimum lease payments, including any guaranteed residual values. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for the period. Leased assets are depreciated on a reducing balance basis over their estimated useful lives, where it is likely that RAV will obtain ownership of the asset, or ownership over the term of the lease. 11

13 Notes To The Financial Statements 1 Summary of Significant Accounting Policies (cont d) (i) (j) (k) Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are recognised as expenses on a straight-line basis over the lease term. Lease incentives under operating leases are recognised as a liability and amortised on a straight-line basis over the life of the lease term. Impairment of Assets At each reporting date, Board Members review the carrying values of RAV s tangible 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 expensed to the income statement. Reserves Asset Revaluation Reserve The asset revaluation reserve records revaluations of property at 46 Princess Street, Kew. Financial Instruments Initial recognition and measurement Financial assets and financial liabilities are recognised when RAV becomes a party to the contractual provisions to the instrument. For financial assets, this is equivalent to the date that RAV 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. Classification and subsequent measurement Financial instruments are subsequently measured at either 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 in an arm s length transaction. Valuation techniques are adopted for property. Amortised cost is calculated as: (i) the amount at which the financial asset or financial liability is measured at initial recognition; (ii) less principal repayments; (iii) plus or minus the cumulative amortisation of the difference, if any, between the amount initially recognised and the maturity amount calculated using the effective interest method; and (iv) less any reduction for impairment. i) Loans and receivables (ii) 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. Held-to-maturity investments Held-to-maturity investments, such as term deposits, are non-derivative financial assets that have fixed maturities and fixed or determinable payments, and it is RAV s intention to hold these investments to maturity. (iii) Financial liabilities Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised cost. 12

14 Notes To The Financial Statements 1 Summary of Significant Accounting Policies (cont d) (l) (m) Impairment At each reporting date, RAV 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 the value of the instrument is considered to determine whether an impairment has arisen. Impairment losses are recognised in the income statement. Derecognition Financial assets are derecognised where the contractual right to receipt of cash flows expires or the asset is transferred to another party whereby RAV 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. Economic Dependence RAV is dependent on the Commonwealth Government s Attorney-General s Department and the Department of Families, Housing, Community Services and Indigenous Affairs (FaHCSIA) for a substantial portion of its revenue used for its operations. At the date of this report the Board has no reason to believe the Commonwealth Government through these departments will not continue to fund RAV for delivery of relationships support services. Comparative figures Where required by accounting standards, comparative figures have been adjusted to conform with changes in presentation for the current year. 2 Revenue and other income Operating activities 2013 Commonwealth Government grants 13,193,189 13,148,734 State Government grants 917, ,274 Other grants 394, ,165 Client fees 2,009,892 1,899,590 Professional training and consulting fees 404, ,823 Non operating activities ,920,154 16,519,586 Interest received 472, ,578 Miscellaneous income 297, , , ,728 Total revenue 17,690,648 17,289,314 13

15 Notes To The Financial Statements Key Management Personnel Compensation Total Compensation 459, ,681 4(a) Cash and Cash Equivalents Cash on hand 10,035 9,835 Cash at bank and bank deposits 2,709,549 2,934,946 Cash at bank is high due to receipt of FaHCSIA monies (received 27 June 2013) relating to 2013/14 activities. (see note 10) The weighted average interest rate on cash at bank was 1.94%. 4(b) Other financial assets 2,719,584 2,944,781 Bank term deposits greater than 90 days term 6,571,528 5,521,528 The weighted average interest rate on term deposits was 4.80%. 6,571,528 5,521,528 5 Trade and Other Receivables Outstanding client fees 111, ,267 Provision for doubtful debts (50,100) (50,100) 61,119 73,167 Other receivables 416, ,479 a. Provision for impairment of receivables 477, ,646 Current trade receivables are non-interest bearing receivables and generally are receivable within 60 days. A provision for impairment is recognised against outstanding client fees where there is objective evidence that an individual trade receivable is impaired. These amounts have been included in the other expenses item in the Statement of Comprehensive Income. Movement in the provision for doubtful debts is as follows: Balance at 1 July ,100 50,100 Charge for the year 27,594 47,036 Written off (Balances from years 2012 to 2013) (27,594) (47,036) Balance at 30 June ,100 50,100 6 Other Current Assets Prepayments 83,166-14

16 Notes To The Financial Statements 7 Property, Plant and Equipment Freehold land 2013 At Board valuation ,560,000 1,560,000 Freehold building At Board valuation , ,000 Accumulated depreciation (12,000) , ,000 The Board valuation of freehold land and building was based on an independent valuation conducted by Mars Njoo AAPI Certified Practising Valuer of Fitzroys Pty Ltd on 29 June 2012.The Board adopted a conservative approach in valuing the land and building at 80% of the independent valuation. Leasehold improvements At cost 2,271,926 2,439,582 Accumulated depreciation (1,969,735) (1,710,282) Restoration of leasehold improvements 302, ,300 At cost 123, ,525 Accumulated depreciation (103,662) (91,310) Plant & equipment 19,863 32,215 At cost 815,590 1,235,000 Accumulated depreciation (775,652) (1,092,576) 39, ,424 Total property, plant and equipment 2,309,992 2,863,939 15

17 Notes To The Financial Statements 7 Property, Plant and Equipment (cont d) Movements in carrying amounts Movements in carrying amount for each class of property, plant & equipment between the beginning and the end of the current financial year. Balance at 1 July 2012 Land & buildings Kew Leasehold improvements Restoration of leasehold improvements Plant & equipment Total 1,960, ,300 32, ,424 2,863,939 Additions Written off - (241,945) - - (241,945) Depreciation and amortisation Carrying amounts at 30 June Trade and Other Payables (12,000) (185,164) (12,352) (102,486) (372,002) 1,948, ,191 19,863 39,938 2,309, Trade payables and accruals 877, ,877 GST and PAYG payable 93,625 98,766 Prepaid income (Training) 34,975 72,150 Total trade and other payables 1,005,867 1,042, Provisions a. Provision for employee benefits Balance as at 1 July ,627,593 1,211,012 Additional provisions 312, ,581 Balance as at 30 June ,939,829 1,627,593 b. Provision for restoration of leased premises Balance as at 1 July , ,550 Additional make good provision raised for the year 60,000 50,000 Balance as at 30 June , ,550 Total Provisions 2,183,379 1,811,143 16

18 Notes To The Financial Statements 9 Provisions (cont d) Analysis of Total Provisions 2013 Current 1,537,244 1,368,316 Non current 646, , ,183,379 1,811, Other Current Liabilities Current Unexpended program and project monies (see note 4 (a)) 2,039,861 2,014,271 Total Other Liabilities 2,039,861 2,014,271 Unexpended program and project monies is high due to receipt of FaHCSIA monies (received 27 June 2013) relating to 2013/14 activities. 11 Capital and Leasing Commitments a. Operating lease commitments Non-cancellable operating leases contracted for but not capitalised in the financial statements Payable minimum lease payments - not later than 12 months 1,074, ,441 - between 12 months and 5 years 1,828,127 1,002,322 - greater than 5 years - - Total operating lease liability 2,902,409 1,803,763 Less GST (263,855) (163,978) Net operating lease liability 2,638,554 1,639,785 RAV leases premises on various lease terms. These leases are non-cancellable leases for the term of the lease, with rent payable monthly in advance. b. Capital Expenditure Commitments There are no capital commitments at balance date. 12 Contingent Liabilities The Board Members are not aware of any contingent liabilities at 30 June Events After the Balance Sheet Date There were no material events that occurred after the balance date which significantly affected the financial statements of the RAV as at 30 June 2013 and its results for that year. 14 Related Parties There were no transactions between RAV and any related party during the financial year (2012:0). 17

19 Notes To The Financial Statements 15 Financial Risk Management RAV s financial instruments consist mainly of deposits with banks, accounts receivable and payable. The totals 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: Note Financial Assets (i) Cash and cash equivalents 4(a) 2,719,584 2,944,781 Other financial assets bank term deposits 4(b) 6,571,528 5,521,528 Trade and other receivables 5 477, ,646 Total financial assets 9,768,694 8,771,955 Financial Liabilities (ii) Financial liabilities at amortised cost: Trade and other payables 8 912, ,027 Total financial liabilities 912, ,027 (i) Financial assets include assets where there is a contractual right to receive cash and by definition excludes prepayments. (ii) Financial liabilities include liabilities where there is a contractual obligation to deliver cash and by definition excludes GST and PAYG payable and unexpended programs and project monies. Financial assets pledged as collateral No financial assets have been pledged as security for any financial liability except as disclosed below: Pledged as security for leased premises: Bank guarantee included in cash and cash equivalents 171, ,528 Security bonds included in trade and other receivables 38,402 38,402 There is no collateral held by RAV securing trade and other receivables. 16 Association Details Registered Office The registered office and principal place of business of RAV is: 450 Burke Rd, Camberwell Victoria 3124 Website 209, ,930 18

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