DIABETES AUSTRALIA RESEARCH TRUST

Transcription

1 Financial Report For the Year Ended 30 June 2016 Contents Statement of Comprehensive Income 2 Statement of Financial Position 3 Statement of Changes in Equity 4 Statement of Cash Flows 5 Notes to the Financial Statements 6 Directors' Declaration 21 Independent Auditor's Report 22

2 STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2016 Note Revenue 2 1,091,088 1,658,326 Research grants expense (2,201,854) (2,215,982) Other expenses 3 (239,538) (318,531) Surplus for the period (1,350,304) (876,187) Distribution to beneficiaries - - Surplus for the period (1,350,304) (876,187) Other comprehensive income - - Total comprehensive income for the year (1,350,304) (876,187) This statement should be read in conjunction with the notes to the financial statements. 2

3 STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2016 Note ASSETS CURRENT ASSETS Cash and cash equivalents 5 3,705,711 5,052,866 Trade and other receivables 6 22, ,057 TOTAL CURRENT ASSETS 3,728,001 5,198,923 TOTAL ASSETS 3,728,001 5,198,923 NON-CURRENT ASSETS Intangible assets 7 1,313 8,133 TOTAL NON-CURRENT ASSETS 1,313 8,133 TOTAL ASSETS 3,729,314 5,207,056 CURRENT LIABILITIES Trade and other payables 8 6, ,844 TOTAL CURRENT LIABILITIES 6, ,844 TOTAL LIABILITIES 6, ,844 NET ASSETS 3,722,908 5,073,212 EQUITY Settlement capital Retained earnings 3,722,808 5,073,212 TOTAL EQUITY 3,722,908 5,073,212 This statement should be read in conjunction with the notes to the financial statements. 3

4 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2016 Settlement Capital Retained Earnings Total $ Balance at 30 June ,949,299 5,949,399 Deficit for the Year - (876,187) (876,187) Other Comprehensive Income Total Comprehensive Income - (876,187) (876,187) Balance at 30 June ,073,112 5,073,212 Deficit for the Year - (1,350,304) (1,350,304) Other Comprehensive Income Total Comprehensive Income - (1,350,304) (1,350,304) Balance at 30 June ,722,808 3,722,908 This statement should be read in conjunction with the notes to the finanical statements. 4

5 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2016 Note CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 961,353 1,650,719 Research grants expense (2,391,942) (2,424,665) Payments to suppliers (241,728) (327,271) Interest received 101, ,508 GST refund 221, ,422 Unspent Grant Funds 1, Net cash flows used in operating activities 10 (1,347,155) (775,493) CASH FLOWS FROM INVESTING ACTIVITIES Payment for intangible assets - (2,250) Net cash flows used in investing activities - (2,250) Net decrease in cash and cash equivalents (1,347,155) (777,743) Cash and cash equivalents at beginning of the financial year 5,052,866 5,830,609 Cash and cash equivalents at end of the financial year 5 3,705,711 5,052,866 This statement should be read in conjunction with the notes to the financial statements. 5

6 NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2016 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Financial report is for Diabetes Australia Research Trust (the Trust) as an individual entity. Diabetes Australia Research Trust is established and domiciled in Australia. Basis of preparation The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards (including Australian Accounting Interpretations), the Australian Charities and Not-for-Profits Commission Act 2012, other authoritative pronouncements of the Australian Accounting Standards Board and the Deed of Trust. The trust is a not-for-profit entity for financial reporting purposes under the Australian Accounting Standards. Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable information about transactions, events and conditions. Material accounting policies adopted in the preparation of this financial report are presented below and have been consistently applied unless otherwise stated. The financial report has been prepared on an accruals basis and is based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. The financial report is presented in Australian dollars and all values are rounded to the nearest dollar unless otherwise stated. Accounting policies a. New accounting standards and interpretations Management have reviewed the new Accounting Standards and Interpretations that have become applicable for the reporting period ended 30 June 2016 and have assessed that the new Accounting Standards and Interpretations will have no material impact on the reporting requirements and financial statement disclosures of Diabetes Australia Research Trust. b. c. Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid funds with original maturities of between one month and six months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Trade and other receivables Trade receivables, which generally have a 30 day term, are recognised initially as fair value, less an allowance for impairment. Collectability of trade receivables is reviewed on an ongoing basis. Individual debts that are known to be uncollectible are written off when identified. An impairment provision is recognised when there is objective evidence that the entity will not be able to collect the receivable. Financial difficulties of the debtor, default payments or debts more than 60 days overdue are considered objective evidence of impairment. d. Intangible assets Intangible assets are initially measured at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. The useful lives of intangible assets have been assessed as finite. Intangible assets with finite lives are amortised over their useful life and tested for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and method for an intangible asset with an finite useful life is reviewed at least at each financial year end. Changes in the expected useful life or the expected pattern of consumption of the future economic benefits embodied in the asset are accounted for prospectively by changing the amortisation period or method, as appropriate, which is a change in accounting estimate. e. Trade and other payables Trade and other payables are carried at amortised cost and due to their short-term nature they are not discounted. They represent liabilities for goods and services provided to the Trust prior to the end of the financial year that are unpaid and arise when the Trust becomes obliged to make future payments in respect of the purchase of these good and services. The amounts are unsecured and are usually paid within 30 days of recognition. 6

7 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D) f. Revenue recognition Revenue is recognised and measured at the fair value of the consideration received or receivable to the extent that the Trust is legally entitled to the income and can be reliably measured. Revenues are recognised net of the amount of goods and services tax (GST). Donations and bequests Donations and bequests are recognised as revenue when received unless they are designated for a specific purpose, where they are carried forward as a liability on the statement of financial position. Where non-reciprocal donations and/or contributions are received for a nominal value, such contributions are recognised at the fair value at the date of acquisition upon which time an asset is recognised in the statement of financial position and revenue in the statement of comprehensive income. No amounts are included in the financial statements for services donated by volunteers. Royalty recognition Royalties are recognised quarterly on an accrual basis based on information provided by the collector of Royalties. Interest revenue Revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the rate inherent to the instrument. g. Research grants Research grants are amounts granted in Australia to recipients selected by the Diabetes Australia Research Trust panel, specialising in the prevention, management and cure for diabetes. Grants are recognised when paid to the recipient or when there is an obligation to make payment under a contract. Unpaid grants are not recognised in the statement of financial position. Rather, the unpaid component is recognised as a commitment. Diabetes Victoria pays research grant recipients directly, and is not recognised in this financial report. h. Fundraising appeals and associated costs An appeal is run for regular donations though the "Cure Club" initiative without any face-to-face canvassing activities. Fundraising costs are those incurred in seeking such donations and do not include costs of disseminating information relating to the activities carried on by the Trust. i. Taxation Income tax The Trust is exempt from income tax in accordance with Section 50-5 of the Income Tax Assessment Act The Trust holds deductible gift recipient status. 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 expense. Receivables and payables in the statement of financial position are shown inclusive of GST. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. Cash flows are included in the statement of cash flows on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority is classified as part of operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority. 7

8 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D) i. j. Comparative figures When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year. Significant accounting judgements, estimates and assumptions The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expense. Management bases its judgements and estimates on historical experience and on other various factors it believes to be reasonable under the circumstances, the results of which form the bases of the carrying values of assets and liabilities that are not readily apparent from other sources. k. New accounting standards for applications in future periods There are no Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet effective, have not been adopted by the Group for the annual reporting period ended 30 June 2016: Standard Title Effective date Impact on the Trust financial report AASB 15 Revenue from Contracts with Customers 01 January 2018 There will be no impact on the transactions and balances recognised in the financial statements. Additional disclosures will be required for customer contracts. AASB 16 Leases 1 January 2019 There will be no impact on the transactions and balances recognised in the financial statements. Additional disclosures will be required for customer contracts. 8

9 NOTE 2: REVENUE AND OTHER INCOME Fundraising activities Donations - Diabetes Australia Member Organisations 220, ,200 Donations - Cure Club 122,809 81,657 Donations - Other 550, ,302 Royalties Royalties 94, ,865 Other revenue Interest 101, ,508 Unspent Grant Funds Other Income Total Revenue 1,091,088 1,658,326 NOTE 3: EXPENSES Other expenses Employee benefits expense 174, ,059 Amortisation 6,819 7,879 Travel and accomodation 6,507 11,915 Office and equipment 5,536 12,088 Administrative expenses 30,568 43,635 Fundraising activities 15,303 10, , ,531 NOTE 4: AUDITOR'S REMUNERATION The auditor of Diabetes Australia Research Trust is RSM Bird Cameron. Amounts received or due and receivable by RSM Bird Cameron for: auditing or reviewing the financial report 5,000 5,000 Amounts received or due and receivable by non RSM Bird Cameron for: auditing or reviewing the financial report - - 9

10 NOTE 5: CASH AND CASH EQUIVALENTS Cash at bank and on hand 1,455,711 1,552,866 Bank deposits 2,250,000 3,500,000 Reconciliation to statement of cash flows For the purpose of the statement of cash flows, cash and cash equivalents comprise the following at 30 June: 3,705,711 5,052,866 Cash at bank and on hand 1,455,711 1,552,866 Bank deposits 2,250,000 3,500,000 3,705,711 5,052,866 Cash at bank earns interest at floating rates based on daily deposit rates. Bank deposits are made for varying periods of between one month and six months, depending on the Trust's cash requirements. These deposits earn interest at market rate, are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. 10

11 NOTE 6: TRADE AND OTHER RECEIVABLES CURRENT Other receivables 22, ,057 22, ,057 (a) Credit risk The following table details the Trust s trade and other receivables exposed to credit risk (prior to collateral and other credit enhancements) with ageing analysis and impairment provided for thereon. Amounts are considered as past due when the debt has not been settled within the terms and conditions agreed between the Trust and the customer or counter party to the transaction. Receivables that are past due are assessed for impairment by ascertaining solvency of the debtors and are provided for where there are specific circumstances indicating that the debt may not be fully repaid to the Trust. The balances of receivables that remain initial terms (as detailed in the table) are considered to be of high credit quality. Gross Past due Past due but not impaired Within initial Amount and (days overdue) trade Impaired < >90 terms $ 2016 Royalties receivable Other receivable Intercompany loan Total ,290-22, , ,290-22, , Royalties receivable Other receivable Intercompany loan 82,414-82, ,414 63,643-63, , Total 146, , ,057 11

12 NOTE 7: INTANGIBLE ASSETS Carrying amount at beginning of year Additions Amortisation Carrying amount at the end of the year 8,133 13,762-2,250 (6,820) (7,879) 1,313 8,133 Cost Accumulated depreciation Net carrying amount 32,275 32,275 (30,962) (24,142) 1,313 8,133 NOTE 8: TRADE AND OTHER PAYABLES CURRENT Trade payables Sundry payables and accrued expenses - 5,794 6, ,050 6, ,844 12

13 NOTE 9: COMMITMENTS Research Grants Payable - General research grants Within one year 869, ,888 After one year but not more than five years , ,888 Payable - Millennium research grants Within one year 224, ,287 After one year but not more than five years 75,000 74, , ,952 Payable - Other research grants Within one year 90, ,000 After one year but not more than five years - 65,000 90, ,000 Total research grant commitments 1,258,707 1,380,840 As part of the national research program administered through Diabetes Australia Research, two types of grants are awarded. General research grant payments are made on a half yearly basis for one year; Millennium grant payments are made on a half yearly basis for two years. Other research grants are commitments to other organisations for research related activities including: - The Royal Australia College of Physicians (co-funded award); - The Royal Australian College of General Practitioners (co-funded award); 13

14 NOTE 10: CASHFLOW STATEMENT RECONCILATION (a) Reconciliation of cash Cash at bank 1,455,711 1,552,866 Other cash deposits 2,250,000 3,500, ,705,711 5,052,866 (b) Reconciliation of cash flow from operations with surplus Net Deficit (1,350,304) (876,187) Adjustments for Depreciation and amortisation 6,819 7,879 Changes in assets and liabilities Decrease/(Increase) in trade and other receivables Decrease/(Increase) in other assets (Decrease)/Increase in trade payables and accruals Net cash from operating activities 123,767 (13,816) - - (127,437) 106,631 (1,347,155) (775,493) 14

15 NOTE 11: RELATED PARTY TRANSACTIONS Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated. Transactions with related parties: (a) Associated companies The trustee company, Diabetes Australia Research Limited is controlled by Diabetes Australia Limited. Diabetes Australia Limited, manages and provides administrative support for the Trust. In Diabetes Australia Research Trust met all its ongoing administrative costs which amounted to $217,639 (2015: $307,527). The annual financial statements for the Trust and the trustee company have been prepared separately. NOTE 12: KEY MANAGEMENT PERSONNEL COMPENSATION (a) Directors' compensation All directors of the trustee company, act in an honorary capacity and receive no compensation for their services. (b) Other key management personnel The following personnel also had authority and responsibility for planning, directing and controlling the activities of the Trust, directly or indirectly during the year: Executive Position Gregory Johnson Paul Southcott Chief Executive Officer General Manager, Corporate Services The expense recognised for the above key management personnel received during the year is shown in the table below: Short-term employee benefits Post-employment benefits TOTAL COMPENSATION 23,205 22,622 1,834 1,787 25,039 24,409 The salaries and indirect costs of key management personnel are paid for by Diabetes Australia Limited. A portion of these wages are on costed to the Trust. NOTE 13: CONTINGENT LIABILITIES AND CONTINGENT ASSETS As at balance date the Trust had no known contingent assets or contingent liabilities to report. 15

16 NOTE 14: FINANCIAL RISK MANAGEMENT The Trust s financial instruments consist solely of deposits with banks, accounts receivable and accounts payable. The main purpose of non-derivative financial instruments is to ensure there is finance available for Trust operations. 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: Weighted average Floating interest Non-interest bearing % % Financial assets Cash and cash equivalents ,705,711 5,052, Receivables , ,057 Total financial assets ,705,711 5,052,866 22, ,057 Financial liabilities Trade and sundry payables , ,844 Bank overdraft Total financial liabilities , ,844 Risk exposures and responses The main risks the Trust is exposed through its financial instruments are credit risk, interest rate risk, and liquidity risk. The trust does not use derivative instruments to manage risks associated with its financial instruments. The directors of the trustee have overall responsibility for risk management, including risks associated with financial instruments, which seeks to ensure maximum return on funds held, whilst minimising potential adverse effects on financial performance. (i) Credit risk The maximum exposure to credit risk, excluding the value of any collateral or other security, at reporting date to recognised financial assets, is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the Statement of Financial Performance and notes to the financial statements. The Trust does not have any material credit risk exposure to any single receivable or group of receivables under financial instruments entered into by the Trust. There are no amounts of collateral held as security at The receivables balances at 2016 and 2015 do not include any counterparties with external credit ratings. 16

17 NOTE 14: FINANCIAL RISK MANAGEMENT (CON'T) (ii) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Trust's exposure to the risk of changes in market interest rates relates to the Trust's cash and short-term deposits. The Trust has no debt obligations exposed to interest rate risk. At balance date, the Trust had the following mix of financial assets exposed to Australian variable interest rate risk: Financial Assets Cash Bank desposits 1,455,711 1,552,866 2,250,000 3,500,000 3,705,711 5,052,866 (iii) Interest rate sensitivity A 0.25% decrease in interest rates and 0.25% increase in interest rates have been determined to be a reasonable possible movement in interest rates over a 12 month period based on information from various financial institutions, review of movements over the past two years and economic forecasters' expectations. If this change has occurred at the reporting date, it would, with all other variables held constant, have increase or decreased the Trust's surplus as follows: Net Surplus Higher/(Lower) % (25 basis points) % (25 basis points) 10,133 13,007 (10,133) (13,007) The movements in net surplus are due to higher/(lower) interest from variable rate cash, and bank deposits. 17

18 NOTE 14: FINANCIAL RISK MANAGEMENT (CON'T) (iv) Liquidity risk The Trust s main source of income is donations. Without the continued support of the donors, in particular the States and Territories, the Trust would be unable to continue operations at the current level. In the event of this occurring, the Trust would manage liquidity risk by changing the amount of the grants available for distribution in the next grant round. The table below reflects the undiscounted contractual settlement terms for financial instruments of a fixed period of maturity, as well as management s expectations of the settlement period for all other financial instruments. As such, the amounts may not reconcile to the Statement of Financial Position. Year ended 30 June 2016 Within 1 year $ 1-5 years > 5 years Total $ Liquid financial assets Cash and cash equivalents 3,705, ,705,711 Receivables 22, ,290 Total anticipated inflows 3,728, ,728,001 Financial liabilities Trade and sundry payables (6,406) - - (6,406) Bank overdraft Total expected outflows (6,406) - - (6,406) Net inflows/(outflows) 3,721, ,721,595 Year ended 30 June 2015 Liquid financial assets Cash and cash equivalents 5,052, ,052,866 Receivables 146, ,057 Total anticipated inflows 5,198,923-5,198,923 Financial liabilities Trade and sundry payables (133,844) - - (133,844) Bank overdraft Total expected outflows (133,844) - (133,844) Net inflows/(outflows) 5,065,079-5,065,079 18

19 NOTE 15: CAPITAL MANAGEMENT Management controls the capital of the Trust to ensure that adequate cash flows are generated to fund its programs and that returns from investments are maximised. The Trustee considers adequacy of cash reserves in conjunction with the annual budget process and regular financial reports. The Trust s debt and capital includes financial liabilities, supported by financial assets. There are no externally imposed capital requirements. Management effectively manage the Trust's capital by assessing the Trust's financial risks and responding to changes in these risks and in the market. These responses may include the consideration of debt levels. There have been no changes in the strategy adopted by management to control the capital of the Trust since the previous year. NOTE 16: ECONOMIC DEPENDENCE The Trust s main source of income is donations. Without the continued support of the donors, in particular the States and Territories, the Trust would be unable to continue operations at the current level. In the event of this occurring, the Trust would change the amount of the grants available for distribution in the next grant round. NOTE 17: TRUST DETAILS The registered office of the trust is: Level 1, 101 Northbourne Avenue Turner ACT 2612 The principal place of business is: Level 1, 101 Northbourne Avenue Turner ACT

20 NOTE 18: FUNDRAISING (a) Associated companies Revenue from fundraising appeals Research grants expenditure from fundraising appeals Recurrent administration expenditure from fundraising appeals Surplus from fundraising appeals 122,809 81,657 (107,506) (70,702) (15,303) (10,955) - - (b) Comparisons % % Total costs of fundraising to revenue obtained from fundraising Profit from fundraising to revenue obtained from fundraising Total costs of services to the total expenditure Total costs of services to revenue received % 0% 12% 13% 12% 13% All funds excluding (administration expenditure) are used to support grant expenditure for the current year. NOTE 19: EVENTS AFTER THE BALANCE SHEET DATE There are nil events after the balance sheet date. 20

21 DIRECTORS' DECLARATION In accordance with a resolution of the Directors Diabetes Australia Research Limited, I state that: the financial statements and notes, as set out on pages 2 to 20, present fairly the Trust s financial position as at 30 June 2016 and its performance for the year ended on that date in accordance with Australian Accounting Standards and other mandatory professional reporting requirements including the Deed of Trust; in the directors opinion there are reasonable grounds to believe that the Trust will be able to pay its debts as and when they become due and payable; the comprehensive income statement gives a true and fair view of all income and expenditure of the Trust with respect to fundraising appeals; the statement of financial position gives a true and fair view of the state of affairs of the Trust with respect to fundraising appeals conducted by the Trust; the provisions of the Charitable Fundraising Act 1991, the regulations under the Charitable Fundraising Act 1991 and the conditions attached to the authority have been complied with by the Trust; and the internal controls exercised by the Trust are appropriate and effective in accounting for all income received and applied by the Trust from any of its fundraising appeals. This declaration is made in accordance with a resolution of the Board of Directors of the trustee company. John Townend, Director Malcolm Gray, Director Dated this 19th day of October

22 INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF DIABETES AUSTRALIA RESEARCH TRUST We have audited the accompanying financial report of Diabetes Australia Research Trust ( the trust ), which comprises the statement of financial position as at 30 June 2016, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information and the directors' declaration. Directors Responsibility for the Financial Report The directors of the company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Australian Charities and Not-For-Profits Commission Act 2012 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error. Auditor s Responsibility 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. These Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance about 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 directors, 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. 22

23 Independence In conducting our audit, we have complied with the independence requirements of the Australian Charities and Not-For-Profits Commission Act We confirm that the independence declaration required by the Australian Charities and Not-For-Profits Commission Act 2012, which has been given to the directors of Diabetes Australia Research Limited, would be in the same terms if given to the directors as at the time of this auditor's report. Opinion In our opinion the financial report of Diabetes Australia Research Trust is in accordance with the Australian Charities and Not-For-Profits Commission Act 2012, including: (i) (ii) giving a true and fair view of the company's financial position as at 30 June 2016 and of its performance for the year ended on that date; and complying with Australian Accounting Standards and the Australian Charities and Not-For-Profits Commission Act RSM AUSTRALIA PTY LTD Canberra, Australian Capital Territory Dated: 19 th October 2016 RODNEY MILLER Director 23