NEW SOUTH WALES NURSES and MIDWIVES ASSOCIATION UNAUDITED FINANCIAL REPORT FOR THE FIVE MONTHS ENDED 31 MAY 2017

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1 NEW SOUTH WALES NURSES and MIDWIVES ASSOCIATION UNAUDITED FINANCIAL REPORT FOR THE FIVE MONTHS ENDED

2 NEW SOUTH WALES NURSES AND MIDWIVES ASSOCIATION UNAUDITED INCOME STATEMENT FOR THE FIVE MONTHS ENDED INCOME ACTUAL 2017 BUDGET 2017 ACTUAL 2016 Membership Subscriptions - Core Operations 14,458,456 14,583,780 13,884,975 Membership Subscriptions - NursePower Fund 1,606,490 1,619,950 1,542,775 Interest Received 208, , ,562 Service fee from ANMF NSW Branch 512, ,500 - Financial Assets 88,146 90,000 34,416 Lamp Income 115, , ,503 Profit on Disposal of Assets 137-5,000 Other Income 127, ,590 97,208 TOTAL INCOME 17,116,669 17,236,070 15,897,439 LESS EXPENDITURE Depreciation - Building Depreciation 119, , ,373 - Other Depreciation 121,962 96,750 88, , , ,134 Employee Benefits Expenses Salaries 2,977,364 2,956,370 7,231,908 Annual Leave (4,525) 75, ,219 Long Service Leave 150, , ,059 Fringe Benefits Tax 16,000 50,530 71,600 Superannuation 266, , ,104 3,405,873 3,462,600 8,491,890 Service Fee to ANMF NSW Branch Employee Benefits Expense 5,876,852 6,226,408 Incl above Service Fee ANMF Federal 545, , ,205 All other expenses 631, ,892 Incl below 7,054,545 7,300, ,205 Other Expenses Affiliation Fees 241, , ,505 Bank Charges 112, , ,638 Biennial Conference - - (11,085) Campaigns and Communications 41,789 70,520 84,879 Computer Expenses 295, , ,427 Conference Expenses - - 1,464 Donations 101,520 98,310 28,981 Energy Expenses 48,063 50,780 48,060 Entertainment 7,078 8,380 7,193 Freight and Couriers 1,758 4,990 4,671 Industrial and Professional Education 96, , ,385 Information Resources 44,405 60,010 56,764 Insurance 155, , ,766 Insurance Members 713, , ,672 Carried Forward 1,859,534 2,070,460 2,080,320 1

3 NEW SOUTH WALES NURSES AND MIDWIVES ASSOCIATION UNAUDITED INCOME STATEMENT FOR THE FIVE MONTHS ENDED (CONT D) ACTUAL 2017 BUDGET 2017 ACTUAL 2016 Brought Forward 1,859,534 2,070,460 2,080,320 Lamp Production Expenses 483, , ,306 Media - Professional Fees and Clipping Service 17,417 21,840 20,776 Meeting Expenses 196, , ,870 Membership Services 31,076 17,120 16,245 Motor Vehicle Costs 207, , ,288 NSWNMA - Hunter Occupancy Costs 15,280 14,720 14,007 Office Machine Rentals and Lease Costs 61,117 64,000 36,962 Payroll Tax 197, , ,869 Postage 65,925 78,350 74,619 Printing and Stationery 48,087 36,010 71,485 Professional Services - Audit and Accounting 27,000 34,050 37,930 - Consultants Fees 61,500 12,920 32,850 - Legal Fees 59,195 92, ,655 - Staff Recruitment 6,248 11,620 11,002 Promotional Items 22,507 33,770 31,510 Rates and Land Tax 46,043 32,530 30,960 Repairs and Maintenance - Buildings 92,552 81,170 91,363 - Other 12,889 16,840 15,925 Seconded Staff Salaries 15,695 38,700 36,824 Strategic Planning 131, ,000 - Sundry Expenses 287, ,140 28,648 Telecommunication Costs 96,859 81,355 73,418 Travelling Expenses 13,998 85, ,938 NursePower Media Campaigns 317, , ,607 Total Other Expenses 4,374,772 4,745,629 5,162,377 TOTAL EXPENDITURE 15,076,733 15,731,389 14,382,606 SURPLUS/ (LOSS) FOR THE PERIOD 2,039,936 1,504,681 1,514,833 Accumulated Funds at Beginning of Period 24,467,359 24,467,359 21,149,550 Transfer (to)/from NursePower Reserve (1,288,515) (1,327,576) (538,588) ACCUMULATED FUNDS AT END OF PERIOD 25,218,780 24,644,464 22,125,795 (the attached notes form part of these unaudited financial statements) 2

4 NEW SOUTH WALES NURSES AND MIDWIVES ASSOCIATION UNAUDITED BALANCE SHEET AS AT NOTE 2017 Con t Accumulated Funds 25,218,780 22,125,795 Financial Assets Reserve (17,858) (27,721) NursePower Reserve 18,114,639 16,318,252 Legal Reserve 536, ,843 Total Accumulated Funds 43,852,404 38,953,169 Represented by Net Assets: Current Assets Cash and Cash Equivalents 2 1,581,319 4,739,455 Receivables 3 1,389,728 1,121,569 Inventories 95,313 96,182 Total Current Assets 3,066,360 5,957,206 Non-Current Assets Financial Assets 4 20,016,745 20,903,511 Investments Accounted for Using the Equity Method 5 377, ,078 Property, Plant and Equipment 6 25,530,147 23,671,592 Total Non-Current Assets 45,924,715 45,006,181 TOTAL ASSETS 48,991,075 50,963,387 LIABILITIES Current Liabilities GST Payable 68,764 33,779 Trade and Other Payables 7 1,520,808 2,117,034 Provisions 8 2,837,615 8,156,820 Total Current Liabilities 4,427,187 10,307,633 Non-Current Liabilities Defined Benefits Superannuation Plan Liabilities 541,420 1,433,028 Provisions 8 170, ,557 Total Non-Current Liabilities 711,484 1,702,585 TOTAL LIABILITIES 5,138,671 12,010,218 NET ASSETS 43,852,404 38,953,169 (the attached notes form part of these unaudited financial statements) 3

5 FOR THE FIVE MONTHS ENDED SIGNIFICANT ACCOUNTING POLICIES The financial statements are for New South Wales Nurses and Midwives Association, as a not-forprofit individual entity. The Association is an organisation of employees registered under the New South Wales Industrial Relations Act 1996 ( the Act ). In accordance with the Act the Association is a body corporate and has perpetual succession. By virtue of this method of incorporation, the Association is not subject to the Corporations Act BASIS OF PREPARATION Reporting basis and conventions This financial report is a special purpose financial report that has been prepared in accordance with recognition and measurement criteria in the Australian Accounting Standards and the disclosure requirements of AASB 101 Presentation of Financial Statements, for the purposes of presentation to members at the 2017 Annual Conference. The significant accounting policies disclosed below are those which the Committee of Management have determined are appropriate to meet the needs of members. Such accounting policies are consistent with the previous period unless otherwise stated. The financial statements have been prepared on an accruals basis and are based on historical costs unless otherwise stated in the notes. (a) Revenue Revenue from membership subscriptions is accounted for on a Cash basis. Interest revenue is recognised using the effective interest rate method. ME Bank and Commonwealther Bank Term Deposits interest are accrued based on the annual interest rates of these term deposits applied to the number of days in each month. Distributions from managed funds are recognised as income when declared. (b) Income Tax No provision for Income Tax is necessary as the Association is exempt from Income Tax under Section of the Income Tax Assessment Act (c) Goods and Services Tax 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 on the balance sheet are shown inclusive of GST. 4

6 FOR THE FIVE MONTHS ENDED (Cont'd) 1. SIGNIFICANT ACCOUNTING POLICIES (Cont d) (d) Property, Plant and Equipment Classes of property, plant and equipment is carried at cost less, where applicable, any accumulated depreciation and impairment losses. Depreciation The depreciable amount of all property, plant and equipment except freehold land is depreciated on a straight line method from the date that management determine that the asset is available for use. The depreciation rates used for each class of asset are: Buildings 1.7% - 4% Office Furniture and Equipment 10% - 33% Motor Vehicles 20% Air Conditioning Equipment 20% The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at each balance sheet date. Gains and losses on disposals are calculated as the difference between the net disposal proceeds and the asset's carrying amount and are included in the income statement in the year that the item is derecognised. (e) Impairment The carrying amounts of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. An impairment loss is recognised in the income statement for the amount by which the asset s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of the asset s fair value less costs to sell and value in use. For the purpose of assessing value in use of assets not held primarily to generate cash, this represents depreciated current replacement cost, as the Association is a not-for-profit organisation. (f) Employee Benefits Provision is made for the Association s liability for employee benefits arising from services rendered by employees to the end of May Employee benefits expected to be settled within one year have been measured at the amounts 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 amounts expected to be paid when the liability is settled, plus related on-costs. In the case of Long Service Leave this results in an amount not materially different to that achieved by discounting future cash flows. Employees of the Association are entitled to benefits from superannuation plans on retirement, disability or death. The Association participated in twenty eight employer sponsored superannuation plans. Three of these, State Authorities Superannuation Scheme (SASS), State Superannuation Scheme (SSS) and State Authorities Non-contributory Superannuation Scheme (SANCS) are defined benefit plans. 5

7 FOR THE FIVE MONTHS ENDED (Cont'd) 1. SIGNIFICANT ACCOUNTING POLICIES (Cont d) A liability or asset in respect of defined benefit plans is recognised in the balance sheet and is measured as the difference between the present value of the employees accrued benefits at reporting date and the net market value of the superannuation plans assets at that date. The amount appearing in the Balance Sheet as at 31 May 2017 is the actuarial calculation as at 31 December The other superannuation plans are defined contribution plans. The benefits provided under these plans are based on accumulated contributions and earnings for each employee. The Association s liability is limited to paying the contributions to the plans. (g) Investments All investments and other financial assets are initially stated at cost, being the fair value of consideration given plus acquisition costs. Purchases and sales of investments are recognised on trade date, which is the date on which the entity commits to purchase, or sell the asset. Accounting policies for each category of investments and other financial assets subsequent to initial recognition are set out below. Available-for-sale financial assets Investments, which are classified as available for sale, are measured at fair value. Unrealised gains or losses on these investments are recognised directly to equity in the Available-for-Sale Investment Reserve until the investment is sold or until the investment is determined to be impaired, at which time the cumulative gain or loss previously reported for that asset is included in the income statement. (h) Inventories Inventories are stated at the lower of cost and net realisable value. 2. CASH AND CASH EQUIVALENTS Cash at Bank 1,572,098 4,737,095 Cash on Hand 9,221 2,360 1,581,319 4,739, RECEIVABLES Prepayments 997, ,345 Accrued Interest and Investment Income 278,905 45,210 Trade and other Debtors 112, ,014 1,389,728 1,121,569 6

8 FOR THE FIVE MONTHS ENDED (Cont'd) FINANCIAL ASSETS Held to Maturity Financial Assets - Term Deposits ME Bank/Commonealth Bank 14,789,999 15,731,801 Available for Sale Financial Assets - Units in unlisted Managed Funds at fair value 5,226,746 5,171,710 TOTAL INVESTMENTS 20,016,745 20,903, INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD Interest in Joint Venture Entities 1,003,178 1,003,260 Provision for Impairment Joint Venture (625,355) (572,182) 377, ,078 The interest in the NEW Law Pty Ltd Joint Venture is accounted for in these accounts using the equity method of accounting as at 31 December PROPERTY, PLANT AND EQUIPMENT (a) Properties at Cost 50 O Dea Avenue, Waterloo 25,780,044 25,780,044 Less: Accumulated Depreciation 1,894,756 1,619,394 Less: Provision for Impairment - 2,083,769 23,885,288 22,076,881 (b) Furniture and Equipment At Cost 3,945,584 3,590,877 Less: Accumulated Depreciation 2,995,702 2,735, , ,354 (c) Motor Vehicles At Cost 1,524,457 1,495,674 Less: Accumulated Depreciation 829, , , ,357 TOTAL PROPERTY, PLANT AND EQUIPMENT 25,530,147 23,671,592 7

9 FOR THE FIVE MONTHS ENDED (Cont'd) TRADE AND OTHER PAYABLES Trade Creditors 789,928 1,536,825 Accrued Expenditure 730, ,209 1,520,808 2,117, PROVISIONS Provision for Annual Leave 1,187,529 3,282,822 Provision for Long Service Leave 1,660,058 4,682,712 Provision for Career Break - 191,286 Other 160,092-3,007,679 8,156,820 Analysis of Ageing of Provisions Current 2,837,615 7,887,263 Non-current 170, ,557 8

HEPATITIS NSW INCORPORATED ABN

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