AUSTRALIAN RESEARCH ALLIANCE FOR CHILDREN AND YOUTH LIMITED

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1 ACN A COMPANY LIMITED BY GUARANTEE FINANCIAL REPORT For the year ended 31 December 2003

2 ACN CONTENTS PAGE CONTENTS PAGE DIRECTORS REPORT 1-4 INDEPENDENT AUDIT REPORT 5 DIRECTORS DECLARATION 6 STATEMENT OF FINANCIAL PERFORMANCE 7 STATEMENT OF FINANCIAL POSITION 8 STATEMENT OF CASH FLOWS 9 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 10-14

3 ACN DIRECTORS REPORT Your directors present their report on the company for the year ended 31 December The directors have been in office since the start of the financial year to the date of this report unless otherwise stated. The names of the directors are:- Michael Alfred Chaney Gerald Edward Fitzgerald, AC, QC Elaine Henry, OAM Professor Fiona Juliet Stanley, AC Sir Gustav Nossal, AC, CBE (appointed 3 November 2003) Peter Mason, AM (appointed 28 November 2003) Paul Kelly (appointed 5 January 2004) The net profit of the company for the financial year after provision for income tax was:- Year Ended 31 December 2003 Operating profit/(loss) after income tax 546,410 The company is a company limited by guarantee. The company has a financial year ending 31 December. The company was incorporated in Australia on 13 June The company was established for the charitable purpose of facilitating, co-ordinating and supporting the development of knowledge through scientific research and the effective use of that knowledge which is or may prove to be, of value to Australia by enhancing the well being and the life chances of children and young people. No significant change in the nature of these activities occurred during the year. No matters or circumstances have arisen since the end of the financial year which significantly affect the operations of the company, the results of those operations or the state of affairs of the company in future financial years. Likely developments in the operations of the company and the expected results of those operations in future financial years have not been included in this report. The company s operations are not regulated by any environmental regulation under a law of the Commonwealth or of a State or Territory. 1

4 Information on Directors Mr Michael Alfred Chaney ACN DIRECTORS REPORT (Continued) Michael Chaney is Managing Director of Wesfarmers, a major diversified Australian public company headquartered in Perth. The group employs around 29,000 people across Australia and New Zealand. Mr Chaney is also a director of BHP Billiton Limited and Gresham Partners Holdings Limited. Mr Chaney is a member of the Business Council of Australia and the Council of the National Gallery of Australia and a Director of the Centre for Independent Studies. Mr Chaney has a Bachelor of Science and a Master of Business Administration from the University of Western Australia. Mr Chaney completed the Advance Management Program at Harvard University Business School in 1992 and has also been awarded an Honorary Doctorate of Laws from the University of Western Australia. Mr Gerald Edward Fitzgerald, AC, QC Former NSW Appeal Court Judge Tony Fitzgerald has a distinguished career in the law. Mr Fitzgerald also served as a Judge on the Federal Court of Australia and Supreme Court of Australian Capital Territory, and was the inaugural President of the Queensland Court of Appeal. Mr Fitzgerald s name is synonymous with the inquiry into official corruption in Queensland that he chaired from Mr Fitzgerald also chaired inquiries into the conservation, management and use of Fraser Island and the Great Sandy Region, and conducted the Cape York Justice Study in Mr Fitzgerald chairs the Law and Justice Foundation of NSW and is a Professional Fellow at the University of Melbourne Law School. Mr Fitzgerald is currently engaged as a mediator and arbitrator in Sydney and Brisbane in the areas of commercial, employment, insurance, media, property and public law. Ms Elaine Henry, OAM Mrs Elaine Henry OAM, is Chief Executive Officer of The Smith Family. Prior to this appointment she was Executive Director of the NSW Cancer Council for 12 years from In May 2000 Elaine was awarded the Cancer Council s Inaugural Award for Professional Excellence in Service Delivery. She was a non-executive Director of AXA Trustees from Elaine has served on a wealth of committees at the state, national and international levels and currently Chairs the Commonwealth s Stronger Families & Communities Partnership, is a Member of the Welfare Reform Consultative Forum and the Prime Minister s Community Business Partnership. She is on the board of the Australian Research Alliance for Children and Youth, is a member of The Alcoa Research Centre for Stronger Communities Board, Curtin University of Technology, the Children and Education Research Centre Advisory Board, University of Newcastle, the Vice Chancellor s Advisory Board, University of Wollongong and is a Trustee of the National Breast Cancer Foundation. She is also Chair of the Interim Board of the Not for Profit Council of Australia. In February 2000 Elaine was selected as one of 50 Australian women to be profiled in the 2000 Businesswomen s Hall of Fame and in August 2001 was named one of 30 Australian Financial Review BOSS True Leaders. Professor Fiona Juliet Stanley, AC Fiona Stanley is the founding Director of the Telethon Institute for Child Health Research in Perth. The multi-disciplinary Institute, established in 1990, researches prevention of major childhood illnesses and disabilities. Professor Stanley is on the editorial board of three international journals, is a member of the Prime Minister s Science, Engineering and Innovation Council and the Western Australian Premier s Science Council. Professor Stanley s main areas of research are analytical studies investigating the causes and prevention of birth defects and major neurological disorders particularly the cerebral palsies; the causes of lifelong consequences of low birth weight and other pre and postnatal problems; patterns of maternal and child health in Aboriginal and Caucasian populations; strategies to enhance health and wellbeing in populations. Professor Stanley was named Australian of the Year in

5 ACN DIRECTORS REPORT (Continued) Information on Directors (continued) Sir Gustav Nossal, AC, CBE Sir Gustav Nossal is an eminent scientist who is world renowned for his ground-breaking research into immunology. He initially worked as a researcher and then Director of the Walter and Eliza Hall Institute of Medical Research over a 30 year period from 1965 to 1996 and was Professor of Medical Biology at the University of Melbourne. Sir Gustav has chaired numerous national and international committees relating to science and health including the International Union of Immunological Societies, the World Health Organisation s Vaccines and Biologicals Program, the Strategic Advisory Council of the Bill and Melinda Gates Children s Vaccine Program, the Australian Academy of Science, and the Victorian Health Promotion Foundation. He is the former Deputy Chairman of the Council for Aboriginal Reconciliation and is currently Chairman of The Felton Bequests Committee, Chairman of the Advisory Council of The Global Foundation and a Principal of Foursight Associates Pty Ltd. Sir Gustav has received numerous honours for his work from countries around the world. He was Australian of the Year in Mr Peter Mason, AM Mr Mason has more than 30 years experience in investment banking in Australia and overseas. He is currently Chairman of the JP Morgan Chase Bank Group in Australia, a director of the Mayne Group Limited and a director of AMP Limited. He spent 15 years with the Schroders group where he was Chairman and Chief Executive of Schroders Australia Limited and Group Managing Director with responsibility for Schroders investment banking businesses in the Asia Pacific region. As a former director of the Lloyds Banking group, he was responsible for the group s investment banking businesses in Australia and the United Kingdom. Mr Mason is a former director of a number of public companies and educational and charitable institutions, including 12 years as Deputy Chairman of the Children s Hospital in Sydney and eight years as Chairman of the Children s Hospital Fund. He is a member of the Council of the University of New South Wales and Chairman of the Council s Finance Committee. Mr Paul Kelly Mr Kelly is currently Editor-at-Large for the Australian newspaper having previously held the positions of National Affairs Editor ( ) and Editor-in-Chief ( ). He has worked as a political correspondent and newspaper and television commentator over the past 30 years reporting on five Australian Governments and international affairs in America, Europe and Asia. Mr Kelly is the author of a number of successful books on Australian politics and the Australian way of life and wrote and presented a television documentary 100 Years The Australian Story which was screened by the ABC in 2001 to mark the Centenary of Federation. He is a former member of the Australia- Indonesia Institute Board, a former director of the Victor Chang Cardiac Research Institute, and is currently Adjunct Professor of Journalism at the University of Queensland and a participant in the Australia-America Leadership Dialogue. In 2002, he was a visiting fellow at the Kennedy School of Government and a visiting lecturer at the Weatherhead Centre for International Affairs at Harvard University. 3

6 ACN DIRECTORS REPORT (Continued) During the year to 31 December 2003, a total of seven (7) Directors meetings were held which were attended by each director holding office as follows:- Number of Meetings Meetings Attended Mr Michael Alfred Chaney 7 7 Mr Gerald Edward Fitzgerald, AC, QC 7 5 Ms Elaine Henry, OAM 7 7 Professor Fiona Juliet Stanley 7 7 Sir Gustav Nossal, AC, CBE 2 2 Mr Peter Mason, AM 1 0 The company is a company limited by guarantee and the liability of members is limited to an amount not exceeding 1. Accordingly no dividends were paid or options over shares granted. The directors do not receive any remuneration or other benefits as the positions are honorary in nature. No indemnities have been given or insurance premiums paid during or since the end of the financial year for any person who is or has been an officer or auditor of the company. No person has applied for leave of Court to bring proceedings on behalf of the company or intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all or part of those proceedings. The company was not a party to any such proceedings during the year. Signed in accordance with a resolution of directors at Perth on Michael Alfred Chaney Director 4

7 DIRECTORS DECLARATION In accordance with a resolution of the Directors of Australian Research Alliance for Children and Youth Limited, we state that: 1. the financial statements and notes, as set out on pages 7 to 14, are in accordance with the Corporations Act 2001: (a) comply with Australian Accounting Standards and the Corporations Regulations 2001; and (b) give a true and fair view of the financial position as at 31 December 2003 and of the performance for the year ended on that date of the company; 2. in the directors opinion, there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable. Signed in accordance with a resolution of directors at Perth on Michael Alfred Chaney Director 6

8 STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR ENDED 31 DECEMBER 2003 Notes Revenues from ordinary activities 3 1,019,151 - Employee benefits expense (221,370) - Consultants expense (126,399) - Travel expense (49,863) - Communications expense (23,835) - Premises outgoings expense (13,164) - Information technology expense (6,668) - Insurance expense (4,393) - Depreciation expense (932) - Other expenses from ordinary activities (26,117) - Profit from ordinary activities 546,410 - The accompanying notes form part of these financial statements 7

9 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2003 CURRENT ASSETS Notes Cash assets 562,664 - Receivables 5 30,064 - Other 6 9,488 - TOTAL CURRENT ASSETS 602,216 - NON CURRENT ASSETS Property, plant and equipment 7 12,718 - TOTAL NON CURRENT ASSETS 12,718 - TOTAL ASSETS 614,934 - CURRENT LIABILITIES Payables 8 38,561 - Provisions 9 29,963 - TOTAL CURRENT LIABILITIES 68,524 - NET ASSETS 546,410 - EQUITY Retained profits ,410 - TOTAL EQUITY 546,410 - The accompanying notes form part of these financial statements 8

10 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2003 Notes CASH FLOWS FROM OPERATING ACTIVITIES Receipts from funders, gifts and other income 1,019,151 - Payments to suppliers and employees (442,837) - Net cash provided by operating activities 12(a) 576,314 - CASH FLOWS FROM INVESTING ACTIVITIES Payment for property, plant & equipment (13,650) - Net cash used in investing activities (13,650) - Net increase in cash held 562,664 - Cash at 1 January Cash at 31 December (b) 562,664 - The accompanying notes form part of these financial statements 9

11 NOTES TO AND FORMING PART OF THE ACCOUNTS 1. CORPORATE INFORMATION The company is established for the charitable purpose of facilitating, co-ordinating and supporting the development of knowledge through scientific research and the effective use of that knowledge which is or may prove to be of value to Australia by enhancing the well being and the life chances of children and young people. The company is a company limited by guarantee and the liability of members is limited to an amount not exceeding 1. The directors may impose an annual subscription on any class of membership from time to time and the member within a class which is subject to an annual subscription is liable to pay the subscription. 2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting The financial report is a general purpose financial report which has been prepared in accordance with the requirements of the Corporations Act 2001, including applicable Accounting Standards. Other mandatory professional reporting requirements (Urgent Issues Group Consensus Views) have also been complied with. The financial report has been prepared in accordance with the historical cost convention. The following is a summary of the material accounting policies adopted by the company in the preparation of the financial report. Plant & Equipment Depreciation is provided on all fixed assets on a straight line basis. The depreciation rate used for plant and equipment is 7.5% - 33% pa. Income Tax Under Section 50-5 of the Income Tax Assessment Act 1997, the income of the company is exempt from income tax. Employee Benefits Provision is made for the company 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 outflows to be made for those benefits. 3. REVENUE FROM ORDINARY ACTIVITIES Receipts from funders 647,131 - Receipts from gifts and other income 372,020 - Total revenues from ordinary activities 1,019,151-10

12 NOTES TO AND FORMING PART OF THE ACCOUNTS (Cont d) PROFIT FROM ORDINARY ACTIVITIES Profit from ordinary activities before income tax has been determined after: Expenses - Depreciation of plant & equipment General expenses 143, Premises outgoings 13, Employee benefits expenses 221, Chief executive officer services 15, Communications expenses 23, Travel expenses 49, Corporate expenses 5, , RECEIVABLES Other debtors 17,018 - GST refundable 13,046-30, OTHER CURRENT ASSETS Prepaid insurance 9, PROPERTY, PLANT AND EQUIPMENT At cost 13,650 - Less accumulated depreciation ,718 - Movements in carrying amounts: Plant and equipment Balance at beginning of year - - Additions 13,650 - Depreciation expense (932) - Carrying amount at the end of year 12, PAYABLES Trade creditors 30,217 - ABN withholding tax payable PAYG tax payable 6,474 - Accrued expenses 1,606-38,561-11

13 NOTES TO AND FORMING PART OF THE ACCOUNTS (Cont d) PROVISIONS Employee entitlements 29,963 - Number of employees at year end EQUITY Retained profits at the beginning of the financial year - - Net profit for the year ended 31 December ,410 - Retained profits at the end of financial year 546, CAPITAL AND LEASING COMMITMENTS Operating lease commitments Non-cancellable operating leases contracted for but not capitalised in the financial statements Payable - not later than one year 4, later than one year but not later than five years 9,308-13, STATEMENT OF CASH FLOWS (a) Reconciliation of the net profit to the net cash Profit from ordinary activities 546,410 - Non cash flows in profit from ordinary activities Depreciation Changes in assets and liabilities Increase in receivables (30,064) - Increase in other assets (9,488) - Increase in payables 38,561 - Increase in provisions 29,963 - NET CASH FLOW FROM OPERATING ACTIVITIES 576,314 - (b) Reconciliation of cash balances: Cash balance comprises: Cash at bank 562,664 - Cash balance as per statement of cash flows 562,664-12

14 NOTES TO AND FORMING PART OF THE ACCOUNTS (Cont d) 13. FINANCIAL INSTRUMENTS (a) Interest rate risk The company s exposure to interest rate risk, which is the risk that a financial instrument s value will fluctuate as a result of changes in market interest rates and the effective weighted average interest rates on those financial assets and liabilities, is as follows:- Weighted Average Non-Interest Bearing Effective Interest Rate Financial assets Cash ,664 - Receivables ,064 - Total financial assets 592,728 - Financial liabilities Trade and sundry creditors ,561 - Total financial liabilities 38,561 - (b) Credit risk The maximum exposure to credit risk at balance date to recognised financial assets is the carrying amount, as disclosed in the statement of financial position and notes to the financial statements. (c) Net fair values The net fair value of financial assets and financial liabilities approximates their carrying value. 14. SEGMENT REPORTING Australian Research Alliance for Children and Youth Ltd operates within Australia for the charitable purpose of facilitating, co-ordinating and supporting the development of knowledge through scientific research and the effective use of that knowledge, which is or may prove to be, of value to Australia by enhancing the wellbeing and life chances of children and young people. 13

15 NOTES TO AND FORMING PART OF THE ACCOUNTS (Cont d) 15. RELATED PARTY TRANSACTIONS The following were directors of the company during the period: Mr Michael Alfred Chaney Mr Gerald Edward Fitzgerald AC, QC Ms Elaine Henry, OAM Prof Fiona Juliet Stanley, AC Sir Gustav Nossal, AC, CBE Mr Peter Mason, AM The Directors do not receive any remuneration or other benefits as the positions are honorary in nature. During the year, payments of 15,000 were made for the provision of chief executive officer services by the Telethon Institute for Child Health Research, an organisation at which Prof Fiona Stanley is a director. 16. EVENTS SUBSEQUENT TO BALANCE DATE There have been no material post balance date events or transactions which could affect the financial position or performance of the company. 17. COMPANY DETAILS The registered office and principal place of business of the company is: Level 13, Dumas House 2 Havelock Street West Perth WA

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