developing young leaders for tomorrow

Transcription

1 &leaders australia developing young leaders for tomorrow ANNUAL REPORT

2 Contents 2 About us 3 Our mission 5 How are we closing the gap? 6 What our girls have to say 7 Chairman and CEO s report Director s report 13 Financial statements 17 Notes to the financial statements 22 Independent auditor s report 34 Directors declaration 36 Role Models and Lenders Australia Annual Report 2015

3 About Us Founded in 2004 by Olympian and champion Basketballer Ricky Grace (MEdL, BPolSc), Role Models and Leaders Australia (RMLA) is the leading provider of schoolbased programs for Aboriginal and Torres Strait Islander girls in Australia. RMLA is a not-for-profit charitable organisation which develops and empowers Aboriginal girls through leadership training, mentoring, sport and extra-curricular education programs. The Girls Academy was born out of a need to address the inequality in investment of educational support programs for Indigenous Girls. We have established 12 Girls Academies in 16 locations throughout WA, NT and NSW, with more than 1000 Indigenous girls currently enrolled. Since the beginning we have seen a large growth in our organisation. We started with humble beginnings of: our Up4It Program, which is designed to keep young future leaders in school, with 500 participants from regional and remote locations; and one Girls Academy in one location in Perth, WA with 30 Indigenous High School Girls enrolled; To now comprising: Our Up4It Program with over 2,000 participants in regional and remote locations across the entire state of WA; and Girls Academies in 16 school locations around the country, and over 1,000 Indigenous High School Girls enrolled; And the future expansion to be by 31 December 2017: Up4It Program to continue with 2,500 participants in regional and remote locations across the state of WA; and Girls Academies in approximately 30 school locations around the country, and approximately 2,500 Indigenous High School Girls enrolled. The structure of our organisation comprises our Board, and various executives and managers. We summarise the structure below: 3

4 About Us CHAIRMAN AND CHIEF FINANCIAL OFFICER Simon Chesson, MBA (UWA) CPA CFP FFinSIA Simon has been a board member since 2004, he has been awarded the degrees of Master of Business of Administration, and a Bachelor of Commerce. He is a qualified Certified Practicing Accountant, a qualified Certified Financial Planner, and a fellow of the Financial Services Institute of Australasia. Simon Chesson has over 15 years experience in business, accounting, and the property industry. He has extensive experience as a Director and company secretary of numerous public and private companies. He has extensive experience with the Corporation Acts 2001 and Managed Investments Industry. DIRECTOR AND CHIEF EXECUTIVE OFFICER Ricky Grace, MEDL BPolSc Ricky has been a board member since 2004, Olympian and champion basketball player Ricky Grace holds a Masters Degree in Educational Leadership from Notre Dame University in Western Australia. His leadership qualifications and experience are further demonstrated by his five-time nomination as Most Valuable Player for the Perth Wildcats. Ricky is passionate and dedicated to the continued success of Role Models and Leaders Australia in bringing about positive change and breaking down the barriers that prevent Aboriginal girls from completing their education. DIRECTOR Sydney Chesson, Juris Doctor, MBA, CREM, FAICD Sydney has been a board member since 2004, he has been awarded a Master of Business Administration degree from the University of Notre Dame Australia, where he was admitted to the Vice Chancellor s list for academic excellence. He is a licensed real estate agent and business broker, and a licensed finance broker. He has extensive experience in importing and exporting, production and manufacturing. He has over 25 years experience in real estate and over 35 years experience in business and commercial activities. As a Fellow of the Australian Institute of Company Directors, Sydney has considerable experience as a Director of listed and unlisted public companies, unlisted property trusts, managed investment schemes, and several private companies. DIRECTOR Brett Lovelle Brett has been a board member since 2013, he has in excess of 27 years of professional experience as an Executive, Management Consultant and Management Accountant with a major focus on businesses consulting in Australia and the Asia Pacific region. Brett has enjoyed broad and diverse experiences in both Corporate and Government sectors with a focus on business and ICT strategy development, design thinking, operational efficiency, strategic sourcing and the implementation of transformational change programs. 4 Role Models and Lenders Australia Annual Report 2015

5 Our Mission The Girls Academy Program works within the school system to drive community-led solutions aimed at reducing the barriers that prevent Indigenous girls from completing their education and reaching their full potential. Australian Indigenous girls face some of the greatest social disadvantage of our nations population. In every social measure, Australian Indigenous Girls trail their non-indigenous peers in health, education, employment opportunities, earning capacity and life span. As the future mothers and leaders of the Indigenous community, strong and educated young women are critical to closing the unacceptable gap that exists between Aboriginal and non-aboriginal Australians. RMLA Academy girls have the potential to be powerful catalysts for change in their communities, and we believe that education is the key tool required to bring about this change. Program activities are designed with emphasis on the Big 4 objectives to: 1. Increase school attendance 2. Advance academic and personal achievement 3. Improve year 12 graduation rates, and 4. Facilitate post-school transition planning We use a variety of tools to achieve these objectives including; Indigenous women as role models and mentors. Our team of Program Managers (80% of which are Indigenous women) inspire and encourage students through one-on-mentoring, guidance and support. Extracurricular activities including health & well-being workshops, Inter-academy sporting carnivals. Post-school transition planning to support students to develop career, education, training and employment pathways. Leadership, Teamwork and Vision activities designed to support the development of student s confidence, attitude, leadership and teamwork skills. Community Advisory Panels have been established in 20 communities. These Panels provide local, grass-roots advice and help steer the activities of RMLA. Academy Rooms at each school provide a sanctuary for the girls to connect with each other, to learn and prosper in a safe and nurturing environment. We aim to abolish the attitudes of low-expectations that many Indigenous students have when it comes to their education. We want Indigenous girls to be empowered and motivated to achieve educational success, which in turn results in improved outcomes for their health & nutrition, life expectancy, substance abuse, incarceration levels and employment opportunities. We want this success to be passed down from generation to generation, ultimately, CLOSING THE GAP that exists between Indigenous and non-indigenous Australian measures of well-being. 5

6 How Are We Closing The Gap? Closing the Gap refers to the urgent need to close the unacceptable gap between Indigenous and Non-Indigenous measures of health and well-being. Closing the Gap requires intensive and sustained efforts from all levels of government, private and notfor-profit sectors, communities and individuals to improve the opportunities and quality of life for Indigenous Australians. The Girls Academy is actively working towards Closing the Gap. To Close the Life Expectancy Gap: For Aboriginal and Torres Straight Islander people, life expectancy is approximately 10 years lower. The Girls Academy reduces this gap by; Providing health Information sessions with local organisations Nutrition workshops & healthy cook-ups Mental Health & Resilience sessions Extra-curricular fitness activities Sporting programs, training & competitions Well-being workshops and forums Health checks with local health care professionals To Close the Gap in reading, writing and Numeracy achievements: There is approximately a 2.5 year gap between numeracy and literacy rates. The Girls Academy reduces this gap by; Providing one-on-one mentoring & support After-school homework classes In-classroom support & teacher assistance Literacy and numeracy sessions held outside of standard curriculum Reward activities used as tangible incentive to meet academic goals Hands-on activities to improve skills, i.e fundraising, score-keeping etc End of term awards for academic improvements and achievements To Close the Gap in Year 12 attainment rates: Indigenous people are 31.4% less likely to have achieved year 12 education or higher qualifications. The Girls Academy reduces this gap by; Structured attendance reward system Daily school pick-ups and home visits One-on-one pastoral care and Individual student plans Extra-curricular engagement activities Senior school study sessions and intensive exam support Guest speakers & role models to educate and inspire Academy rooms provides a sanctuary for students; meals, study space, support, relaxation, games area To Close the Gap in Employment outcomes: Indigenous people aged are more than three times as likely to be unemployed. The Girls Academy reduces this gap by; Local community partnerships provide support and assistance to students Job skills development training Career sessions and workshops Engagement with local job networks Visits to career & employment expo s University discovery trips & info sessions Conducting mock interviews & providing interview attire Resume writing & portfolio preparation Establishing a post-school transition plan for every Girls Academy student 6 Role Models and Lenders Australia Annual Report 2015

7 What Our Girls Have To Say The Girls Academy has Since being part of the allowed me to grow into Girls Academy I am a young woman with confident and aware of life confidence and a positive after school. outlook for my future. There are so many My favourite thing about opportunities that the the girls academy is Girls Academy provides coming together, being us with. I never thought happy, yarning, playing I d accomplish so many sports, learning lots of new things, and have so many things and being leaders. positive experiences. This program has been my My mum first suggested rock; it is such a positive I join the Girls Academy. I opportunity for young girls started taking an interest like myself to be given. in my school work, my self esteem went up and I started to feel comfortable being at school. If there was no Girls The Girls Academy remind Academy at my school I me its all going to be worth would feel lost because the it, that all this hard work is Girls Academy are like our going to pay off. That just friends and they re always makes me feel at ease and there when you need them. gives me an attitude of never giving up. The staff have been 2 extra My grades are up and mums to me, always giving staying up. I study and get me advice, making me finish assignments done in the my assignments, laughing Girls Academy room and with me and opening new their help has taken the doors for myself and the pressure off of doing high others to get far in life. school by myself. My favourite thing about I the Girls Academy is the help I get from all the staff and the girls in the Academy, all of the sporting opportunities and learning about our culture. don t know how I would cope with school & the struggles that come with life without the Girls Academy, as they re continuously telling me i m going to make it. They ve said it that many times, I m starting to believe it. 7

8 CHAIRMAN AND CEO S REPORT Role Models and Lenders Australia Annual Report 2015

9 Chairman and CEO s Report has been a busy year for the RMLA and our Girls Academy Program, which is now in over 16 schools and has over 1,000 enrolments. Our Up4It Program had over 2,000 participants from across Western Australia. Our flagship program is the Girls Academy Program. We are Striving for Gender Equality in investment of Indigenous support programs. There are many hardships faced by Indigenous Girls that require immediate action and support; Teen pregnancy rates are 5% higher than mainstream rates 40x more likely to be victims of domestic violence Life expectancy is years less than non-indigenous women, with 1/3 of Aboriginal Women not making it past the age of 45 Aboriginal women make up 50% of all incarcerated women Indigenous female students make up only 1% of the Australian University Population 47% of Indigenous women do not proceed past year 10 schooling The Girls Academy program actively works towards improving these statistics and Closing the Gap between Indigenous and non-indigenous measures of well-being. INDIGENOUS GIRLS RESULTS We ve once again surpassed the expected number of engaged students, with enrolments exceeding 1000, and we ve continued to achieve fantastic results. Some highlights of 2015 include; Girls Academy enrolments have increased by 257% since 2010 We saw Year 12 retention increase by 156% since 2010, with 94 Year 12 Girls enrolled for 2015 (68 of which completed Year 12) Since 2010, graduation rates increased by 76%, with 49 girls graduating from Year 12 Eight of our Girls Academy graduates were from Gunbalanya Community School, representing the largest number of graduates from any remote Indigenous Community School Attendance rates were up to 10% higher than the all Indigenous student attendance rate across the country 41% of Girls Academy students intend to pursue tertiary education at TAFE or University 79% of Girls Academy students have a clear post-school destination plan, be that tertiary education, employment, or employment based training. We are proud of the results of our Girls Academy Students along with the many personal and academic achievements they have accomplished. MAJOR ACTIVITIES & EVENTS We ve hosted a number of exciting events throughout All of the events we host act as tools for engagement and participation, but they are also fantastic opportunities to provide outside sources of education and support to the Girls Academy students. WalkTogether Walktogether was an event that helped to raise awareness of the Girls Academy and the much needed support for Indigenous girls, and was held in Sydney. This event was hosted by our Sponsors Nestle and saw 24 selected Academy Girls travel from all corners of Australia to participate in a Community walk through the streets of Sydney s CBD. 9

10 Chairman and CEO s Report 2015 The girls were selected as the best of the best in their academy for maintaining over 80% attendance, outstanding behaviour at school and within the community, demonstrating leadership skills and completing all set assessments and tasks. They had the opportunity to walk alongside Nestle staff, friends, family and local supporters to raise awareness for the plight of Indigenous girls and the inequality in investment of female Indigenous support programs. We created a #walktogether event via Social Media for the entire month of October, encouraging community walks all over the country in our respective Academy locations - we saw over 1000 people walktogether in support! We coined the hashtags #girlsacademy, #girls4change and #walktogether to help raise awareness for the Girls Academy and we cultivated a fantastic support network of followers. Academy Showcase A stand out for us every year is the Annual Girls Academy showcase, which see s selected students from our 12 Girls Academies travel to Perth to participate in a 3-day Leadership Camp. This event is growing year by year, and 2015 was no exception, with over 150 Indigenous staff and students present, and approximately 50 guests comprising of family members, dignitaries, RMLA staff, supporters and sponsors. The 2015 Showcase was opened by the Hon Senator Michaelia Cash who gave a motivating welcome speech and acknowledged how proud each and every girl should feel for being selected to participate in the event. The event included a 2 day basketball tournament and a number of cultural, educational and team-building activities, generously provided by our supporters Curtin University. Having Curtin support this event has helped us to expose students to University life and breaking down any assumptions they may have about attaining a University education. They ve had the opportunity to hear from other Indigenous University Students and participated in sessions and talks at the Centre for Aboriginal studies. This event is a fantastic experience for the girls, many of whom have never visited a large city or flown on a plane. It gives our girls the opportunity to connect with students from different communities whilst allowing our supporters to interact with our girls and see first hand the difference they are making to the lives of Indigenous Girls in Australia. Mentoring Seminar and Health, Training & Employment Expo The Mentoring Seminar and Health, Training & Employment Expo is a three day educational program designed to enhance the development of young women and provide a forum to expose them to the benefits and importance of positive self image, responsible personal conduct, respect for self and others, and planning for their futures via educational achievement, cultural enrichment and mentoring. Approximately 100 Girls Academy students travelled to Darwin for the event and participated in a number of workshops implemented by local Indigenous and non-indigenous female entrepreneurs, entertainers, community leaders, organisations and role models. Workshops focused on cultural connection, financial literacy, sexual, mental and physical health, well-being and nutrition, respectful relationships, confidence, self esteem and resilience building and more. The Expo consisted of employment & training opportunities with a number of local businesses & organisations, health checks and information provided by health care professionals, and information and resources on further education pathways. The event proves to be an educational and rewarding experience for the students whilst allowing us the opportunity to connect with and involve the local Darwin Community. Parliament House, Canberra visit Founder & CEO Ricky Grace, our Chairman, Simon Chesson, Program Director, Terry Boland, alongside Girls Academy Program Managers, Desiree Delcoure, and Bo Delacruz, and four of our high achieving students, hosted a barbeque at Parliament House, Canberra The four students who attended the event spoke in front of approximately 80 politicians, government representatives and supporters, including the Honorable Senator Cash and the Honorable Senator Scullionand shared their personal stories, and spoke about how the Girls Academy has helped them to achieve their goals. It takes courage for High School children of any age to be able to speak in front of any group, and it is testament to those 10 Role Models and Lenders Australia Annual Report 2015

11 Chairman and CEO s Report 2015 young women who have grown to be able to undertake that task. REBRANDING With the assistance of Nestle, one of our major sponsors and supporters, we were able to rebrand our flagship program, and create Girls Academy. The #walktogether event was also used as a platform to launch our new Girls Academy logo and branding, with 100 s of supporters Australia wide wearing our Girls Academy shirts and sharing them on their Social Media channels. FINANCIAL The 2015 year presented another challenging year. We had some corporate support wain under the financial pressures, which resulted in a slightly lower funding for the overall organisation. We continue to spend all funds that we receive on our program, and continue to build on our strong relationships with our various sponsors, various Federal and State Government Departments, and our host schools. The 2016 and 2017 financial years are expected to be improved due to the recent funding announcement by the Federal Government. SUPPORTERS The success of the Girls Academy Program can only achieved with the help and the support of a number of organisations and people. We like to thank the following for their contributions to the Girls Academy Program, as without their support, we would not have the successful program that we have: Department of Prime Minister and Cabinet (Australian Government) Department of Education, Northern Territory Inpex Wood Group PSN UON Spotless Nestle Curtin University BHP Northern Star Resources Buru Energy Horizon Power Anglo Gold Ngarluma Aboriginal Corporation FMG Perth Aiport City of Karratha Gelganyem Atlas Iron Gundjheimi Aboriginal Corporation Herbert Smith Freehills Mincor And of course our host schools in which our Girls Academies operate; Broome Senior High School Centralian Middle School and Senior College Clontarf Aboriginal College Coonamble High School Derby District High School Eastern Goldfields College Fitzroy Valley District High School Gunbalanya Community School Jabiru Area School Kalgoorlie Boulder Community High School Kununurra District High School Newton Moore Senior High School Palmerston High School Roebourne District High School Rosebery Middle School OUR FUTURE: Recently, in June 2016, we are pleased to report that RMLA have been granted funds by the Australian Government to expand provision to an additional 1,500 Indigenous girls by December

12 Chairman and CEO s Report 2015 The funding decision is testimony to the amazing work of our Academies and staff across WA, NT and NSW. It is clear that the Australian Government recognises the achievements of our programs and the outcomes being achieved. This decision is a result of the success of our programs and staff and will reinforce RMLA Girls Academies as the single largest provider of engagement and support programs to Indigenous Girls. I would like to acknowledge and thank all staff members for making our Academies such a success, and also Senator Hon Michaelia Cash and Senator Hon Nigel Scullion for their continued support of the Girls Academy program. This decision presents an amazing opportunity to significantly expand our provision and ensure that we are at the forefront of meeting the needs of Indigenous school girls in Australia. We summarise how the organization has progressed since 2010, and where we are forecasting to be by the end of Projections 2017 Projections 7 Academies 12 Academies 16 Academies 30 Academies 11 Schools 16 Schools 20 Schools 40 Schools 20 Staff 40 Staff 50 Staff 80 Staff 550 Girls (Yr 7-12) 1000 Girls (Yr 7-12) 1250 Girls (Yr 7-12) 2500 Girls (Yr 7-12) 29 Year 12 Graduates 49 Year 12 Graduates 60 Graduates 120 Graduates 68 Year 12 Completions 85 Year 12 Completions 160 Year 12 Completions This is exciting news and will enable planned and considered program expansion in Western Australia, New South Wales and Queensland. Currently a number of schools and communities in these states have been in discussion with RMLA to establish a Girls Academy at their school and the granting of funds will assist this to occur. STAFF & BOARD We would like to take this opportunity to thank our staff, and the support of our Board. Without the support of everyone, we would not be able to achieve the results for our Girls. Our staff are fantastic role models and leaders for our all of our participants, and particularly for our Girls Academy Program. We look forward to a bright future, and to expand into the future, with a bright 2016 and 2017 financial years. Simon Chesson Chairman & Chief Financial Officer Ricky Grace Founder & Chief Executive Officer 12 Role Models and Lenders Australia Annual Report 2015

13 DIRECTORS REPORT 13

14 Directors Report The Directors of Role Models and Leaders Australia Limited ( RMLA ) submit herewith the annual report of the RMLA for the financial year ended 31 December The Directors report as follows: The names of the Directors of RMLA during or since the end of the financial year are: Mr Simon Chesson (Chief Financial Officer) Mr Ricky Grace (Chief Executive Officer) Mr Sydney Chesson Mr Brett Lovelle The Board of RMLA met four times during the year ended 31 December The number of Board meetings attended by each director during the year is set out below: Number eligible to attend Number attended Mr Simon Chesson 4 4 Mr Ricky Grace 4 4 Mr Sydney Chesson 4 4 Mr Brett Lovelle 4 4 PRINCIPAL ACTIVITIES The principal activity of RMLA during the financial year was to improve the education, discipline, life skills, self-esteem and employment prospects of young Aboriginal women and in doing so, equip them to participate meaningfully in society. The objects of the Association are to relieve the poverty, sickness, suffering, distress, misfortune, disability, destitution or helplessness of needy youth, particularly Indigenous youth, across Australia, particularly in regional and remote communities, through, but not limited to, the following means: a) providing needy youth with access to role models and leaders; b) creating and operating girls academies which work directly with needy female youth to keep them engaged in education and their future; and c) creating and operating programs which work directly with needy youth to promote attendance, participation, improved behaviours and achievement of goals for student RMLA Academy girls have the potential to be powerful catalysts for change in their communitites. The Girls Academy equips them with the tools required to achieve their goals and become aware of their full potential. Short Term Objectives Program activities are designed with emphasis on the Big 4 objectives to: 1. Increase school attendance 2. Advance academic and personal achievement 3. Improve year 12 graduation rates, and 4. Facilitate post-school transition planning The Girls Academy Program works within the school system to drive community-led solutions aimed at reducing the barriers that prevent Indigenous girls from completing their education and reaching their full potential. Long Term Objectives Australian Indigenous girls face some of the greatest social disadvantage of our nations population. In every social measure, Australian Indigenous Girls trail their non-indigenous peers in health, education, employment opportunities, earning capacity and life span. 14 Role Models and Lenders Australia Annual Report 2015

15 Directors Report An educated girl is the most influential force in her family and wider community to break the cycle of disadvantage and to build a healthier family, a stronger community and a brighter future. But too often, a girl who could change her world for the better is locked out of that future due to the circumstances of her environment. The Girls Academy equips Indigenous girls with the tools required to engage in their education, achieve their goals and change their communities. REVIEW OF OPERATIONS A review of RMLA s operations for the year is included in the Chairman and CEO s Report. CHANGES IN THE STATE OF AFFAIRS There was no significant change in the state of affairs of RMLA during the financial year. SUBSEQUENT EVENTS Since the end of the financial year, RMLA has received confirmation of additional funding from the Department of Prime Minister and Cabinet to allow RMLA to expand its operations on a larger scale. RMLA will receive approximately additional $5,000,000 in funding for the period 1 July 2016 to 31 December Full details of the annoucement have been released. The financial impact of the funding arrangement is yet to be determined, however the Directors are of the view that this provides further capacity for future financial years. INDEMNIFICATION OF OFFICERS During the financial year, there was no premium paid in respect of insuring the Directors of RMLA and all executive officers of the RMLA against a liability incurred as such a Director, Secretary or executive officer to the extent permitted by the Corporations Act The financial statements cover RMLA as an individual entity, incorporated and domiciled in Australia. RMLA is a company limited by guarantee. The financial statements were authorised for issue on 21 June 2016 by the directors of the company. On behalf of the Directors, Simon Chesson Chairman and Chief Financial Officer Perth, 30 June

16 AUDITOR S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE MEMBERS OF ROLE MODELS AND LEARDERS AUSTRALA LIMITED I declare that, to the best of my knowledge and belief, during the year ended 31 December 2015 there have been: i) No contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and ii) No contraventions of any applicable code of professional conduct in relation to the audit. GRAEME WOVODICH, C.P.A. Registered Company Auditor No Dated this 30 day of June 2016 Perth Office T : (08) Port Hedland Office T : (08) Alvan Street, Mount Lawley WA 6050 F : (08) Edgar Street, Port 1-tedland WA 6721 F : (08) Postal address E : info@abbottsolutions.com.au Postal address E : info@abbottsolutions.com.au PO Box 42, Mount Lawley WA 6929 W : PO Box 149, Port 1-tedland WA 6721 W : Abbott Audit Services Pty Ltd ABN: Abbott Solutions & Co Pty Ltd ABN: Liability limited by a scheme approved under Professional Standards Legislation 16 Role Models and Lenders Australia Annual Report 2015

17 FINANCIAL STATEMENTS 17

18 Statement of Comprehensive Income for the year ended 31 December Note $ $ Revenue 4,916,271 5,009,133 Other income 2 8,952 19,182 Administration expenses (4,925,295) (5,028,390) Surplus before income tax (72) (75) Income tax expense - - Surplus (deficit) for the year (72) (75) Other comprehensive income Items that will not be reclassified subsequently to profit or loss - - Items that will be reclassified subsequently to profit or loss when specific conditions are met - - Total other comprehensive income for the year - - Total comprehensive income for the year (72) (75) Net current year surplus attributable to members of the entity (72) (75) The above Statement of Comprehensive Income should be read in conjunction with the accompanying notes. 18 Role Models and Lenders Australia Annual Report 2015

19 Statement of Financial Position at 31 December 2015 Assets Current assets 31 December December 2014 Note $ $ Cash on hand 9 1,078,530 36,861 Account receivable and other debtors 4 242,129 8,271 Prepayments 54,320 - Total current assets 1,374,979 45,132 Non-current assets Property, plant and equipment 5 177,166 70,802 Total non-current assets 177,166 70,802 Total assets 1,552, ,934 Liabilities Current liabilities Trade and Other Payables 6 236, ,352 Income received in advance 7 1,215,500 - Total current liabilities 1,452, ,352 Non-current liabilities Finance Lease Liabilities 10 97,483 - Total non-current liabilities 97,483 - Total liabilities 1,549, ,352 Net assets 2,509 2,581 Equity Retained Surplus 8 2,509 2,581 Total Equity 2,509 2,581 The above Statement of Comprehensive Income should be read in conjunction with the accompanying notes. 19

20 Statement of Changes in Equity for the year ended 31 December 2015 Retained Profits Asset Revaluation Total $ $ $ Balance at 1 January ,656-2,656 Surplus attributable to members of the entity (75) - (75) Increase in asset revaluation reserve Adjustment to retained earnings Balance as at 31 December ,581-2,581 Balance at 1 December ,581-2,581 Surplus attributable to members of the entity (72) - (72) Increase in asset revaluation reserve Adjustment to retained earnings Balance at 31 December ,509-2,509 The above Statement of Changes in Equity should be read in conjunction with the accompanying notes. 20 Role Models and Lenders Australia Annual Report 2015

21 Statement of Cash Flows for the year ended 31 December Note $ $ Cash flows from operating activities Receipts from customer 5,897,913 5,055,405 Payments to suppliers and employees (4,838,647) (5,358,988) Net cash generated by operating activities 18 1,059,266 (303,583) Cash flows from investing activities Payment for plant and equipment (106,364) - Interest received 8,952 19,182 Net cash used in investing activities (97,412) 19,182 Cash flows from financing activities Repayment for lease liabilities 79,816 - Net cash generated by/(used in) financing activities 79, Net increase/(decrease) in cash held 1,041,669 (284,401) Cash at the beginning of the financial year 36, ,262 Cash at the end of the financial year 9 1,078,530 36,861 The above Statement of Changes in Equity should be read in conjunction with the accompanying notes. 21

22 NOTES TO THE FINANCIAL STATEMENTS 22 Role Models and Lenders Australia Annual Report 2015

23 Notes to the Financial Statements for the year ended 31 December SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The directors have prepare the financial statements on the basis that the company is a non-reporting entity because there are no users who are dependent on its general purpose financial statements. These financial statements are therefore special purpose financial statements that have been prepared in order to meet the requirements of the Corporations Act The company is a not-for-profit entity for financial reporting purposes under Australian Accounting Standards. The financial statements have been prepared in accordance with the mandatory Australian Accounting Standards applicable to entities reporting under the Corporations Act 2001 and the significant accounting policies disclosed below, which the directors have determined are appropriate to meet the needs of members. Such accounting policies are consistent with those of previous periods unless stated otherwise. The financial statements have also been prepared in accordance with the Australian Charities and Not-for-profits Commission Act 2012, the recognition and measurement requirements specified by all Australian Accounting Standards and Interpretations, and the disclosure requirements of Accounting Standards AASB 101 Presentation of Financial Statements, AASB 107 Statement of Cash Flows, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors and AASB 1054 Australian Additional Disclosures. The financial statements, except for the cash flow information, have been prepared on an accruals basis and are based on historical costs unless otherwise stated in the notes. Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless stated otherwise. The amounts presented in the financial statements have been rounded to the nearest dollar. Accounting Policies 1a Revenue Non-reciprocal grant revenue is recognized in profit or loss when the entity obtains control of the grant and it is probable that the economic benefits gained from the grant will flow to the entity and the amount of the grant can be measured reliably. If conditions are attached to the grant which must be satisfied before the entity is eligible to receive the contribution, the recognition of the grant as revenue will be deferred until those conditions are satisfied. When grant revenue is receive whereby the entity incurs an obligation to deliver economic value directly back to the contributor, this is considered a reciprocal transaction and the grant revenue is recognized in the statement of financial position as a liability until the service has been delivered to the contributor; otherwise the grant is recognized as income on receipt. RMLA receives non-reciprocal contributions of assets from the government and other parties for zero or a nominal value. These assets are recognised at fair value on the date of acquisition in the statement of financial position, with a corresponding amount of income recognised in profit or loss. Donations and bequests are recognised as revenue when received. Interest revenue is recognised as it accrues using the effective interest method, which for floating rate financial assets is the rate inherent in the instrument. Dividend revenue is recognised when the right to receive a dividend has been established. Revenue from the rendering of a service is recognised upon the delivery of the service to the customer. All revenue is stated net of the amount of goods and services tax. 1b Inventories on Hand Inventories are measured at the lower of cost and current replacement cost. Inventories acquired at no cost, or for nominal consideration, are valued at the current replacement cost as at the date of acquisition. 23

24 Notes to the Financial Statements for the year ended 31 December c Property, Plant and Equipment Plant and equipment Plant and equipment are measured on the cost basis less depreciation and any impairment losses. The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the assets employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts. In the event the carrying amount of plant and equipment is greater than the recoverable amount, the carrying amount is written down immediately to the estimated recoverable amount. A formal assessment of recoverable amount is made when impairment indicators are present (refer to Note 1 (f) for details of impairment). Plant and equipment that have been contributed at no cost, or for nominal cost, are recognised at the fair value of the asset at the date it is acquired. Depreciation The depreciable amount of all fixed assets including buildings and capitilised lease assets, but excluding freehold land, is depreciated on a straight-line basis over the asset s useful life to the entity commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements. Motor vehicles are not depreciated as they have been subject to Capital Grants. The depreciation rated used for each class of depreciable assets are: Class of Fixed Assets Plant and equipment 5-15% Depreciation Rate The assets residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. 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. These gains or losses are recognised in profit or loss in the period in which they arise. When revalued assets are sold, amounts included in the revaluation surplus relating to that asset are transferred to retained earnings. 1d 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 entities in the economic entity, are classified as finance leases. Finance leases are capitalized by recording an asset and a liability at the lower of the amounts 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 straight-line basis over the shorter of their estimated useful lives or the lease term. Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses on a straight-line basis over the lease term. 1e Financial Instruments 24 Role Models and Lenders Australia Annual Report 2015

25 Notes to the Financial Statements for the year ended 31 December 2015 Initial recognition and measurement Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual provisions to the instrument. For financial assets, this is equivalent to the date that the company 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 fair value, amortised cost using the effective interest method, or cost. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted. Amortised cost is calculated as the amount at which the financial asset or financial liability is measured at initial recognition less principal repayments and any reduction for impairment, and adjusted for any cumulative amortization of the difference between that initial amount and the maturity amount calculated using the effective interest method. The effective interest method is used to allocate interest income or interest expense over the relevant period and is equivalent to the rate that exactly discounts estimated future cash payments or receipts (including fees, transaction costs and other premiums or discounts) through the expected life (or when this cannot be reliably predicted, the contractual term) of the financial instrument to the net carrying amount of the financial asset or financial liability. Revisions to expected future net cash flows will necessitate an adjustment to the carrying amount with a consequential recognition of an income or expense item in profit or loss. Fair value is the price the company would receive to sell an asset or would have to pay to transfer a liability in an orderly (ie unforced) transaction between independent, knowledgeable and willing market participants at the measurement date. Fair value is determined based on current bid prices for all quoted investments. Valuation techniques are applied to determine the fair value for all unlisted securities, including recent arm s length transactions, reference to similar instruments and option pricing models. (i) Financial assets at fair value through profit or loss Financial assets are classified at fair value through profit or loss when they are held for trading for the purpose of short-term profit taking, derivatives not held for hedging purposes, or when they are designated as such to avoid and account mismatch or to enable performance evaluation where a group of financial assets is managed by key management personnel on a fair value basis in accordance with a documented risk management or investment strategy. Such assets are subsequently measured at fair value with changes in carrying amount being included in profit or loss. (ii) Loans and receivables 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. Gains or losses are recognised in profit or loss through the amortisation process and when the financial asset is derecognised. (iii) Financial liabilities Non-derivative financial liabilities other than financial guarantees are subsequently measured at amortised cost. Gains or losses are recognised in profit or loss through the amortisation process and when the financial liability is derecognised. Impairment At the end of each reporting period, the company assesses whether there is objective evidence that a financial asset has been impaired. A financial asset (or a group of financial assets) is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of one or more events (a loss event ) having occurred, which has an 25

26 Notes to the Financial Statements for the year ended 31 December 2015 impact on the estimated future cash flows of the financial asset(s). In the case of available-for-sale financial assets, a significant or prolonged decline in the market value of the instrument is considered to constitute a loss event. Impairment losses are recognised in profit or loss immediately. Also, any cumulative decline in fair value previously recognised in other comprehensive income is reclassified into profit or loss at this point. In the case of financial assets carried at amortised cost, loss events may include: indications that the debtors or a group of debtors are experiencing significant financial difficulty, default or delinquency in interest or principal payments; indications that they will enter bankruptcy or other financial reorganisation; and changes in arrears or economic conditions that correlate with defaults. For financial assets carried at amortised cost (including loans and receivables), a separate allowance account is used to reduce the carrying amount of financial assets impaired by credit losses. After having taken all possible measures of recovery, if management establishes that the carrying amount cannot be recovered by any means, at that point the written-off amounts are charged to the allowance account or the carrying amount of Impaired financial assets is reduced directly if no impairment amount was previously recognised in the allowance account. When the terms of financial assets that would otherwise have been past due or impaired have been renegotiated, the company recognizes the impairment for such financial assets by taking into account the original terms as if the terms have not been renegotiated so that the loss events that have occurred are duly considered. Derecognition Financial assets are derecognised where the contractual rights to receipt of cash flows expire or the asset is transferred to another party whereby he entity 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 discharged, cancelled or have expired. The difference between the carrying amount of the financial liability, which is 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. 1f Impairment of Assets At the end of each reporting period, the entity reviews the carrying amounts of its tangible and intangible 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 of disposal and value in use, is compared to the asset s carrying amount. Any excess of the asset s carrying amount over its recoverable amount is recognised immediately in profit or loss. Where the future economic benefits of the assets are not primarily dependent upon the asset s ability to generate net cash inflows and when the entity would, if deprived of the asset, replace its remaining future economic benefits, value in use is determined as the depreciated replacement cost of an asset. Where it is not possible to estimate the recoverable amount of a class of asset, the entity estimates the recoverable amount of the cash-generating unit to which the asset belongs. Where an impairment loss on a revalued asset is identified, this is debited against the revaluation surplus in respect of the same class of asset to the extent that the impairment loss does not exceed the amount in the revaluation surplus for that same class of asset. 1g Employee Provisions Short-term employee benefits Provision is made for the company s obligation for short-term employee benefits. Short-term employee benefits are benefits (other than termination benefits) that are expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the related service, including wages, salaries and sick leave. Short-term employee benefits are measured at the (undiscounted) amounts expected to be paid when the obligation is settled. 26 Role Models and Lenders Australia Annual Report 2015

27 Notes to the Financial Statements for the year ended 31 December 2015 The company s obligations for short-term employee benefits such as wages, salaries and sick leave are recognised as part of accounts payable and other payables in the statement of financial position. Contributions are made by the entity to an employee superannuation fund and are charged as expenses when incurred. 1h Cash on Hand Cash on hand includes cash on hand, deposits held at-call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. 1i Accounts Receivable and Other Debtors Accounts receivable and other debtors include amounts due from donors and any outstanding grant receipts. Receivables expected to be collected with 12 months of the end of the reporting period are classified as current assets. All other receivables are classified as non-current assets. 1j 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 Taxation Office (ATO). Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in the statement of financial position. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to, the ATO are presented as operating cash flows included in receipts from customers or payments to suppliers. 1k Income Tax No provision for income tax has been raised as the entity is exempt from income tax under Div 50 of the Income tax Assessment Act l Intangibles Software Software is recorded at cost and expensed. It has a finite life and is carried at cost less accumulated amortisation and any impairment losses. Software has an estimated useful life of between one and three years. It is assessed annually for impairment. 1m Provisions Provisions are recognised when the entity 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. Provisions recognised represent the best estimate of the amounts required to settle the obligation at the end of the reporting period. 1n Comparative Figures Where required by Accounting Standards, comparative figures have been adjusted to conform with changes in presentation for the current financial year. Where the company retrospectively applies an accounting policy, makes a retrospective restatement or reclassifies items in its financial statements, a third statement of financial position as at the beginning of the preceding period in 27

28 Notes to the Financial Statements for the year ended 31 December 2015 addition to the minimum comparative financial statements must be presented. 1o Accounts Payable and Other Payables Accounts Payable and other payables represent the liability outstanding at the end of the reporting period for goods and services received by the company during the reporting period which remain unpaid. The balance is recognised as a current liability with the amount normally paid within 30 days of recognition of the liability. 1p Critical Accounting Estimates and Judgements The directors evaluate estimates and judgements incorporated into the financial statements based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the company. Key estimates (i) Impairment The company assesses impairment at the end of each reporting period by evaluating conditions and events specific to the company that may be indicative of impairment triggers. 1q Economic Dependence RMLA is dependent on various governments, departments, corporate and philanthropic support for the majority of its revenue used to operate the organisation. At the date of this report the Board of Directors has no reason to believe those parties will not continue to support RMLA. The financial report has been prepared on a going concern basis as the directors have received contracts for continued financial support in the form of government grants and the directors believe that such financial support will continue to be made available. 1r New Accounting Standards for Application in Future Periods Accounting Standards issued by the AASB that are not yet mandatorily applicable to the company, together with an assessment of the potential impact of such pronouncements on the company when adopted in future periods, are discussed below: AASB 9: Financial Instruments and associated Amending Standards (applicable to annual reporting periods beginning on or after 1 January 2018) The Standard will be applicable retrospectively (subject to the provisions on hedge accounting) and includes revised requirements for the classification and measurement of financial instruments, revised recognition and derecognition requirements for financial instruments, and simplified requirements for hedge accounting. The key changes that may affect the company on initial application include certain simplifications to the classification of financial assets, simplifications to the accounting of embedded derivatives, upfront accounting for expected credit loss, and the irrevocable election to recognise gains and losses on investments in equity instruments that are not held for trading in other comprehensive income. AASB 9 also introduces a new model for hedge accounting that will allow greater flexibility in the ability to hedge risk, particularly with respect to the hedging of non-financial items. Should the entity elect to change its hedge policies in line with the new hedge accounting requirements of the Standard, the application of such accounting would be largely prospective. Although the directors anticipate that the adoption of AASB 9 may have an impact on the company s financial instruments, including hedging activity, it is impracticable at this stage to provide a reasonable estimate of such impact. AAAS 16: Leases (applicable to annual reporting periods beginning on or after 1 January 2019). 28 Role Models and Lenders Australia Annual Report 2015

29 Notes to the Financial Statements for the year ended 31 December 2015 When effective, this Standard will replace the current accounting requirements applicable to leases in AASB 117: Leases and related Interpretations. AASB 16 introduces a single lessee accounting model that eliminates the requirement for leases to be classified as operating or finance leases. The main changes introduced by the new Standard include: recognition of a right-to-use asset and liability for all leases (excluding short-term leases with less than 12 months of tenure and leases relating to low-value assets); depreciation of right-to-use assets in line with AASB 116: Property, Plant and Equipment in profit or loss and unwinding of the liability in principal and interest components; variable lease payments that depend on an index or a rate are included in the initial measurement of the lease liability using the index or rate at the commencement date; by applying a practical expedient, a lessee is permitted to elect not to separate non-lease components and instead account for allcomponents as a lease; and additional disclosure requirements The transitional provisions of AASB 16 allow a lessee to either retrospectively apply the Standard to comparatives in line with AASB 108: Accounting Policies, Changes in Accounting Estimates and Errors or recognise the cumulative effect of retrospective application as an adjustment to opening equity on the date of initial application. Although the directors anticipate that the adoption of AASB 16 will impact the company s financial statements, it is impracticable at this stage to provide a reasonable estimate of such impact. 2. OTHER REVENUE $ $ Other revenue: Interest Income 8,952 19,182 8,952 19, EXPENSES FOR THE YEAR 3a Expenses $ $ Expenses Employee salaries and other benefits 3,147,789 3,058,998 Program operational costs 1,762,699 1,953,333 Finance costs 2,207 3,459 Audit Fees 12,600 12,600 4,925,295 5,028,390 29

30 Notes to the Financial Statements for the year ended 31 December b Significant Revenue For the year ended 31 December 2015 Revenue from (Non-Reciprocal) Government Grants and Other Grants Funding Received Funding Received for Future Periods Income for Year $ $ $ Department of Prime Minister & Cabinet 2,202,605 1,215,500 3,418,105 Department of Education (NT) 749, ,000 Host Schools (NT) 240, ,000 Host Schools (WA) 686, ,923 Host Schools (NSW) 95,000-95,000 Corporate & Philanthropic Sectors 942, ,743 For the year ended 31 December 2014 Revenue from (Non-Reciprocal) Government Grants and Other Grants 4,916,271 1,215,500 6,131,771 Funding Received Funding Received for Future Periods Income for Year $ $ $ Department of Prime Minister & Cabinet 2,195,209-2,195,209 Department of Education (NT) 664, ,000 Host Schools (NT) 210, ,000 Host Schools (WA) 662, ,955 Host Schools (NSW) 95,000-95,000 Corporate & Philanthropic Sectors 1,181,969-1,181,969 5,009,133-5,009, TRADES AND OTHER RECEIVABLES $ $ Trade receivables 242,129 8,271 Allowance for doubtful debts ,129 8, Role Models and Lenders Australia Annual Report 2015

31 Notes to the Financial Statements for the year ended 31 December PROPERTY, PLANT AND EQUIPMENT $ $ Carrying amounts of: Motor vehicles 70,802 70,802 Motor vehicles under finance lease 106, ,166 70, TRADE AND OTHER PAYABLES $ $ Accounts payables 236, , , , INCOME RECEIVED IN ADVANCE $ $ Income received in advance 1,215,500-1,215, RETAINED EARNINGS $ $ Balance at beginning of year 2,581 2,656 Surplus (deficit) for the year (72) (75) Balance at end of year 2,509 2, CASH AND CASH EQUIVALENTS $ $ Cash at bank 1,078,530 36,861 Cash on hand - - 1,078,530 36,861 31

32 Notes to the Financial Statements for the year ended 31 December FINANCE LEASE LIABILITIES 10a Lease liabilities $ $ Current 7,852 - Non-current 89,631 17,667 Total lease liabilities 97,483 17,667 Lease liabilities are secured by the underlying leased assets. 10b Capital and leasing commitments $ $ a. Finance Lease Commitments Payable - minimum lease payments - not later than 12 months 7, later than 12 months but not later than five years 89,631 17,667 - later than 5 years ,483 17, RECONCILIATION OF SURPLUS FOR THE YEAR TO NET CASH FLOWS FROM OPERATING ACTIVITIES $ $ Surplus (deficit) after income tax (72) (75) Non-cash flows in suprlus - - Investing activitis included in surplus - interest received (8,952) (19,182) Movements in working capital - (increase)/decrease in trade and other receivables (233,858) 46,272 - increase/(decrease) in income in advance 1,215, (increase)/decrease in prepayments (54,320) - - increase/(decrease) in trade and other payables 140,968 (330,598) Cash flows provided by operating activities 1,059,266 (303,583) 32 Role Models and Lenders Australia Annual Report 2015

33 Notes to the Financial Statements for the year ended 31 December SUBSEQUENT EVENTS Since the end of the financial year, the Company has received confirmation of additional funding from the Department of Prime Minister and Cabinet to allow the Company to expand its operations on a larger scale. The Company will receive approximately additional $5,000,000 in funding for the period 1 July 2016 to 31 December Full details of the announcement have been released. The financial impact of the funding arrangement is yet to be determined, however the Directors are of the view that this provides further capacity for future financial years. 13. ENTITY DETAILS The Role Models and Leaders Australia Ltd (RMLA) is a public company limited by guarantee incorporated in Australia. RMLA is a not for profit organisation, endorsed as a Deductible Gift Recipient and registered as a Public Benevolent Institution. RMLA s registered office and principal place of business is: 412 Newcastle Street, West Perth Western Australia MEMBERS GUARANTEE The company is incorporated under the Corporations Act 2001 and is a company limited by guarantee. 33

34 Report on the Financial Report INDEPENDENT AUDITOR S REPORT To the directors of Role Models and Leaders Australia Limited We have audited the accompanying financial report, being a special purpose financial report, of Role Models and Leaders Australia Limited., which comprises the assets and liabilities statement as at 31 December 2015, income and expenditure statement for the year ended, notes comprising a summary of significant accounting policies and other explanatory information. Committee s Responsibility for the Financial Report The directors of the company are responsible for the preparation and fair presentation of the financial report and has determined that the accounting policies described in Note 1 are appropriate to meet the requirements of the Australian Charities and Not-for-profit Commission Act 2012 and the Australian Charities, Not-for-profit Commission Regulation 2013 the needs of the members. The committee s responsibilities also include such internal control as the committee determines is necessary to enable the preparation of a 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 have conducted our audit in accordance with Australian Auditing Standards. Those Standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor s judgment, 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 association s preparation of the financial report that gives a true and fair view, 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 association s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the committee, 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 basis for our audit opinion. 34 Role Models and Lenders Australia Annual Report 2015

35 Item of Note We have discussed with the Directors the amounts that have been included in the Financial Statements for in-kind donations as, although they have been received, it is not possible for us to confirm the monetary value of these donations, but the Directors have confirmed that they have been brought to account at realistic values for the services that have been provided. Auditor s Opinion In our opinion the financial report presents fairly, in all material respects the financial position of Role Models and Leaders Australia Limited. as of 31 December 2015 and of its financial performance for the year ended 31 December 2015 in accordance with the accounting policies described in Note 1 to the financial statements, and division 60 of the Australian Charities and Not-for-profit Commission Act Basis of Accounting and Restriction on Distribution Without modifying our opinion, we draw attention to Note 1 to the financial statements, which describe the basis of accounting. The financial report has been prepared to assist Role Models and Leaders Australia Limited to meet requirements of division 60 of the Australian Charities and Notfor-profit Commission Act 2012.As a result, the financial report may not be suitable for another purpose. ABBOTT AUDIT SERVICES PTY LTD. GRAEME WOVODICH, CPA Registered Company Auditor No Dated this 30 day of June

36 Directors Declaration As detailed in note 1 to the financial statements, RMLA is not a reporting entity because in the opinion of the Directors there are unlikely to exist users of the financial report who are unable to command the preparation of reports tailored so as to satisfy specifically all of their information needs, accordingly, this special purpose financial report has been prepared to satisfy the Directors reporting requirement under the Australian Charities and Not-for-profits Commission Act The Directors declare that: a) The attached financial statements and notes thereto comply with applicable accounting standards as described in Note 1 of the financial statement b) In the Directors opinion, there are reasonable grounds to believe that RMLA will be able to pay its debts as when they become due and payable; and c) In the Directors opinion, the attached financial statements and notes thereto are in accordance with the Australian Charities and Not-for-profits Commission Act Including compliance with accounting standards and giving a true fair view of the financial position and performance of RMLA. Signed in accordance with a resolution of the Directors. On behalf of the Directors Simon Chesson Chairman and Chief Financial Officer Perth, 30 June Role Models and Lenders Australia Annual Report 2015

37 &leaders australia developing young leaders for tomorrow Role Models & Leaders Australia Newcastle Street West Perth WA ABN