Bjarne K Dahl Trust. (Trustee: The Secretary to the Department of Environment and Primary Industries) Financial report For the year ended 30 June 2014

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1 Bjarne K Dahl Trust (Trustee: The Secretary to the Department of Environment and Primary Industries) Financial report For the year ended 30 June 2014 Pitcher Partners Level William Street Melbourne VIC 3000 Telephone (03)

2 TABLE OF CONTENTS Financial report Statement of comprehensive income... 1 Statement of financial position... 2 Statement of changes in trust funds... 3 Statement of cash flows... 4 Notes to financial statements Declaration of the Members of the Board of Managing Trustees of the Trust review report... 13

3 STATEMENT OF COMPREHENSIVE INCOME Note $ $ Revenue and other income Other revenue 489, , , ,082 Less: expenses Grants (321,586) (234,382) Depreciation and amortisation expense (1,450) (1,209) Salaries and contractor expense (63,529) (52,817) Investment portfolio manager fees and charges (60,082) (51,929) Other expenses (30,176) (32,129) (476,823) (372,466) Surplus before income tax expense 13, ,616 Other comprehensive income Items that will not be reclassified to profit and loss Unrealised Gains 461, ,628 Other comprehensive income for the year 461, ,628 Total comprehensive income 474, ,244 The accompanying notes form part of these financial statements. 1

4 STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2014 Note $ $ Current assets Cash and cash equivalents 3 648,994 1,742,425 Receivables 4 1,641 1,149 Financial assets 5 7,565,011 6,021,078 Other assets 6 185, ,675 Total current assets 8,400,967 7,893,327 Non current assets Property, plant and equipment 7 3,953 2,142 Total non current assets 3,953 2,142 Total assets 8,404,920 7,895,469 Current liabilities Payables 8 41,300 6,024 Total current liabilities 41,300 6,024 Total liabilities 41,300 6,024 Net assets 8,363,620 7,889,445 Trust funds Trust funds 9 7,106,694 7,106,694 Reserves , ,533 Accumulated surplus / (losses) , ,218 Total trust funds 8,363,620 7,889,445 The accompanying notes form part of these financial statements. 2

5 STATEMENT OF CHANGES IN TRUST FUNDS Contributed Retained equity Reserves earnings Total equity $ $ $ $ Balance as at 1 July ,106,694 (481,095) 497,602 7,123,201 Surplus for the year 149, ,616 Unrealised Gains 616, ,628 Total comprehensive income for the year 616, , ,244 Balance as at 1 July ,106, , ,218 7,889,445 Surplus for the year 13,172 13,172 Unrealised Gains 461, ,003 Total comprehensive income for the year 461,003 13, ,175 Balance as at 30 June ,106, , ,390 8,363,620 The accompanying notes form part of these financial statements. 3

6 STATEMENT OF CASH FLOWS Note $ $ Cash flow from operating activities Payments to suppliers, employees and donation activities (398,739) (418,522) Dividends received 190, ,127 Interest received 14,286 80,490 Managed Fund Distributions 186, ,693 Net cash provided by / (used in) operating activities (7,240) 28,788 Cash flow from investing activities Proceeds from sale of investments 361,301 1,221,438 Payment for property, plant and equipment (3,261) Payment for investments/ Amounts reinvested (1,444,231) (318,479) Net cash provided by / (used in) investing activities (1,086,191) 902,959 Reconciliation of cash Cash at beginning of the financial year 1,742, ,678 Net increase / (decrease) in cash held (1,093,431) 931,747 Cash at end of financial year 13(a) 648,994 1,742,425 The accompanying notes form part of these financial statements. 4

7 NOTES TO FINANCIAL STATEMENTS NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards Reduced Disclosure Requirements, Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board. Bjarne K Dahl Trust is a not for profit entity for the purpose of preparing the financial statements. The following is a summary of the material accounting policies adopted by the trust in the preparation and presentation of the financial report. The accounting policies have been consistently applied, unless otherwise stated. (a) Basis of preparation of the financial report Historical Cost Convention The financial report has been prepared under the historical cost convention, as modified by revaluations to fair value for certain classes of assets as described in the accounting policies. (b) Revenue Dividend revenue is recognised when the right to receive a dividend has been established. Interest revenue is recognised when it becomes receivable on a proportional basis taking in to account the interest rates applicable to the financial assets. Revenue from distributions is recognised when the right to receive a distribution has been established. All revenue is stated net of the amount of goods and services tax (GST). (c) Income tax No provision for income tax has been raised as the trust is exempt from income tax under Division 50 of the Income Tax Assessment Act (d) Property, plant and equipment Each class of plant and equipment is carried at cost or fair value less, where applicable, any accumulated depreciation and any accumulated impairment losses. Plant and equipment Plant and equipment is measured on the cost basis. Depreciation The depreciable amount of all fixed assets is depreciated over their estimated useful lives commencing from the time the asset is held ready for use. Land and the land component of any class of fixed asset is not depreciated. 5

8 NOTES TO FINANCIAL STATEMENTS NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (d) Property, plant and equipment (Continued) Class of fixed asset Depreciation rates Depreciation basis Office equipment at cost 10% Diminishing value Computer equipment at cost 33% Diminishing value (e) Goods and services tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the statement of financial position are shown inclusive of GST. (f) Comparatives Where necessary, comparative information has been reclassified and repositioned for consistency with current year disclosures. NOTE 2: REVENUE AND OTHER INCOME Dividend income Dividends ATO refund of franking credits 52,750 53,336 Dividends income Perpetual investments 139, , , ,170 Interest income Interest income Perpetual cash account 6,534 63,817 Interest income Bankmecu 7,752 16,673 14,286 80,490 Other revenue Distributions 283, ,475 Adjustment to prior year other revenue (12,053) 283, , , ,082 6

9 NOTES TO FINANCIAL STATEMENTS $ $ NOTE 3: CASH AND CASH EQUIVALENTS Cash on hand Cash at bank 20,443 82,732 Cash on deposit 628,340 1,659, ,994 1,742,425 NOTE 4: RECEIVABLES CURRENT GST Collectable 1,641 1,149 NOTE 5: OTHER FINANCIAL ASSETS CURRENT Investments at market value Investments 7,565,011 6,021,078 NOTE 6: OTHER ASSETS CURRENT Accrued income Perpetual investments 185,321 86,825 Other current assets 41, , ,675 NOTE 7: PROPERTY, PLANT AND EQUIPMENT Plant and equipment Office equipment at cost 1,762 2,433 Accumulated depreciation (712) (1,032) 1,050 1,401 Computer equipment at cost 9,993 6,732 Accumulated depreciation (7,090) (5,991) 2, Total property, plant and equipment 3,953 2,142 7

10 NOTES TO FINANCIAL STATEMENTS $ $ NOTE 7: PROPERTY, PLANT AND EQUIPMENT (CONTINUED) (a) Reconciliations Reconciliation of the carrying amounts of property, plant and equipment at the beginning and end of the current financial year Office equipment Opening carrying amount 1,401 1,637 Depreciation expense (318) (236) Adjustment for prior year depreciation (33) Closing carrying amount 1,050 1,401 Computer equipment Opening carrying amount 741 2,725 Additions 3,261 Depreciation expense (2,498) (1,984) Adjustment for prior year depreciation 1,399 Closing carrying amount 2, NOTE 8: PAYABLES CURRENT Unsecured liabilities Sundry creditors and accruals 41,300 6,024 NOTE 9: TRUST FUNDS Vested Capital 7,106,694 7,106,694 NOTE 10: RESERVES Reserves 10(a) 596, , , ,533 8

11 NOTES TO FINANCIAL STATEMENTS $ $ NOTE 10: RESERVES (CONTINUED) (a) Other reserves Movements in reserve Opening balance 135,533 (481,095) Unrealised Gains 461, ,628 Closing balance 596, ,533 NOTE 11: ACCUMULATED SURPLUS / (LOSSES) Accumulated surplus at beginning of year 647, ,602 Net profit 13, , , ,218 NOTE 12: EVENTS SUBSEQUENT TO REPORTING DATE There has been no matter or circumstance, which has arisen since 30 June 2014 that has significantly affected or may significantly affect: (a) (b) (c) the operations, in financial years subsequent to 30 June 2014, of the trust, or the results of those operations, or the state of affairs, in financial years subsequent to 30 June 2014, of the trust. NOTE 13: CASH FLOW INFORMATION (a) Reconciliation of cash Cash at the end of the financial year as shown in the statement of cash flows is reconciled to the related items in the statement of financial position is as follows: Cash on hand Cash at bank 20,443 82,732 At call deposits with financial institutions 628,340 1,659, ,994 1,742,425 9

12 NOTES TO FINANCIAL STATEMENTS NOTE 14: RELATED PARTY TRANSACTIONS (a) Transactions with other related parties The members of the Board are : Ms Alison Teese Mr Adam Fennessy Dr John Miller AO Prof. Leon Bren Mr Ken King Mr Nick Lilley Mr Chris Lloyd Prof Pauline Ladiges AO FAA Board members are not remunerated for their services and have no commercial dealings with the entity. 10

14 REVIEW REPORT TO THE MEMBERS OF THE BOARD OF MANAGING TRUSTEES OF BJARNE K DAHL TRUST We have reviewed the accompanying financial report of Bjarne K Dahl Trust, which comprises the statement of financial position as at 30 June 2014, the statement of comprehensive income, statement of changes in trust funds and statement of cash flows for the year ended on that date, notes comprising a summary of significant accounting policies and other explanatory notes, and the declaration of the members of the board of managing trustees of the trust. Members' Responsibility for the Financial Report The Members are responsible for the preparation of the financial report in accordance with Australian Accounting Standards and for such internal control as the Members determine is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express a conclusion on the financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2415 Review of a Financial Report: Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation, in order to state whether, on the basis of the procedures described, anything has come to our attention that causes us to believe that the financial report is not presented fairly, in all material respects, in accordance with the Australian Accounting Standards. As the auditor of Bjarne K Dahl Trust, ASRE 2415 requires that we comply with the ethical requirements relevant to the audit of the annual financial report. A review of a financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an opinion. Independence In conducting our review, we have complied with APES 110 Code of Ethics for Professional Accountants. 12 An independent Victorian Partnership ABN Liability limited by a scheme approved under Professional Standards Legislation Pitcher Partners is an association of independent firms Melbourne Sydney Perth Adelaide Brisbane Newcastle An independent member of Baker Tilly International

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