THE NATIONAL TRUST OF AUSTRALIA (NSW) HERITAGE FOUNDATION TRUST

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THE NATIONAL TRUST OF AUSTRALIA (NSW) ABN 31 297 247 781 ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2015 This Financial Report was authorised for issue by the

1 THE NATIONAL TRUST OF AUSTRALIA (NSW) ABN ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2015 This Financial Report was authorised for issue by the Trustee, National Trust of Australia (NSW) Heritage Foundation Limited on 30 September 2015 The Trustee has the power to amend and re-issue the Financial Report

NATIONAL TRUST OF AUSTRALIA (NSW) ABN 31 297 247 781 INDEPENDENT AUDITOR S REPORT We have audited the accompanying financial report of National Trust of Australia (NSW) Heritage Foundation Trust (

statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the Trustee s declaration, for the Trust, as set

3 NATIONAL TRUST OF AUSTRALIA (NSW) ABN INDEPENDENT AUDITOR S REPORT We have audited the accompanying financial report of National Trust of Australia (NSW) Heritage Foundation Trust ( the Trust ), which comprises the statement of financial position as at 30 June 2015, the statement of profit or loss and other comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the Trustee s declaration, for the Trust, as set out on pages 4 to 11. Trustee s Responsibility for the Financial Report The Trustee of the Trust is responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards Reduced Disclosure Requirements and for such internal control as Trustee determines is necessary to enable the preparation and fair presentation of the financial report that is free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance about whether the financial report is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Trust 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 Trust s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Trustee, as well as evaluating the overall presentation of the financial report. Our audit did not involve an analysis of the prudence of business decisions made by the Trustee or management. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 2

NATIONAL TRUST OF AUSTRALIA (NSW) ABN 31 297 247 781 INDEPENDENT AUDITOR S REPORT (CONTINUED) Opinion In our opinion the

Heritage Foundation Trust as at 30 June 2015 and its performance for the year then ended in accordance with Australian

4 NATIONAL TRUST OF AUSTRALIA (NSW) ABN INDEPENDENT AUDITOR S REPORT (CONTINUED) Opinion In our opinion the financial report presents fairly, in all material respects, the financial position of National Trust of Australia (NSW) Heritage Foundation Trust as at 30 June 2015 and its performance for the year then ended in accordance with Australian Accounting Standards Reduced Disclosure Requirements. Sydney, NSW HLB Mann Judd 30 September 2015 Chartered Accountants 3

5 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME AS AT 30 JUNE 2015 Notes Investment Income 3 182, ,500 Total revenue 182, ,500 Gain on revaluation of investments 5 144,354 55,485 Total income 326, ,985 Audit and accounting fees 7,000 5,000 Legal fees 45 - Investment manager fees 23,041 15,342 Other expenses - 76 Total expenses 30,086 20,418 Surplus (deficit) for the year before distribution 296, ,567 Other comprehensive income - - Distribution to related entity 7 (121,560) (66,466) Total comprehensive income 174,744 72,101 This statement should be read in conjunction with the accompanying notes. 4

6 STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2015 Notes CURRENT ASSETS Cash & cash equivalents 24,953 9,726 Receivables 4 39,255 14,235 Total current assets 64,208 23,961 NON-CURRENT ASSETS Other financial assets 5 3,204,276 3,119,635 Total non-current assets 3,204,276 3,119,635 Total assets 3,268,484 3,143,596 CURRENT LIABILITIES Distribution payable 6 9,610 66,466 Other payable 12,000 5,000 Total current liabilities 21,610 71,466 Total liabilities 21,610 71,466 Net assets 3,246,874 3,072,130 Retained surplus 3,246,874 3,072,130 Total accumulated funds 3,246,874 3,072,130 This statement should be read in conjunction with the accompanying notes. 5

7 STATEMENT OF CHANGES IN ACCUMULATED FUNDS FOR THE YEAR ENDED 30 JUNE 2015 Retained Surplus Total accumulated funds at 30 June ,000,029 Total comprehensive income for the year ended 30 June ,101 Total accumulated funds at 30 June ,072,130 Total comprehensive income for the year ended 30 June ,744 Total accumulated funds at 30 June ,246,874 This statement should be read in conjunction with the accompanying notes. 6

8 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2015 Notes Cash flows from operating activities Cash receipts in the course of operations 210, ,533 Cash payments in the course of operations (201,502) (109,455) Interest received (paid) 5,782 20,841 Net cash inflows (outflows) from operating activities 15,227 17,919 Cash flows from investing activities Acquisition of investments - (3,008,222) Net cash inflows (outflows) from investing activities - (3,008,222) Net (decrease) increase in cash & cash equivalents 15,227 (2,990,303) Cash & cash equivalents at the beginning of the financial year 9,726 3,000,029 Cash & cash equivalents at the end of the financial year 24,953 9,726 This statement should be read in conjunction with the accompanying notes. 7

9 NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2015 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 ( RDR ), and other pronouncements of the Australian Accounting Standards Board ( AASB ). The National Trust of Australia (NSW) Heritage Fund Trust ( the Trust ) is a subsidiary of the National Trust of Australia (New South Wales). The Trust is a not-for-profit entity for the purpose of preparing the financial statements The registered office and principal place of business is at Watson Road, Observatory Hill, Sydney, NSW A statement of compliance with International Financial Reporting Standards cannot be made because of the adoption of RDR. Historical Cost Convention These financial statements have been prepared under the historical cost convention. Comparative information is reclassified where necessary to ensure comparability (a) Revenue Recognition Revenue: Interest and distribution income are recognised as it accrues. Other Revenue: Revenue recognition policies for dividends are described in Accounting Policy in note (d). (b) Taxation The Trust has been granted exemption from income tax. The Heritage Foundation does not have Deductible Gift Recipient status. (c) Receivables Trade debtors and other receivables are carried at amounts due. The collectability of debts is assessed at balance date and a specific provision is made for any doubtful debts. (d) Financial Assets at Fair Value through Profit or Loss Financial assets at fair value through profit or loss are initially recorded at cost, and subsequently carried at market value, with changes in value recorded in profit or loss. Distributions receivable are recognised as revenue as at the date the distribution is declared and share dividends are recognised when received. 8

10 NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2015 (CONTINUED) NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued) (e) Payables Liabilities are recognised for amounts to be paid in the future for goods and services received. Trade accounts payable are normally settled within the payment terms. (f) New Accounting Standards & Interpretations Certain new accounting standards and interpretations have been published that are not mandatory for the 30 June 2015 reporting period. The Trustee s assessment of the impact of these new standards and interpretations is that they will result in no changes to the amounts recognised or disclosed in the financial statements. NOTE 2: Purpose of the Trust The National Trust of Australia (New South Wales) Heritage Foundation Trust has been established as a Trust that will accumulate funds arising from the sale of the National Trust of Australia (New South Wales) properties where the Board of the National Trust of Australia (New South Wales) decides that part or all of the proceeds of sale should go into the Trust so that the capital is maintained NOTE 3: INCOME Dividend Income 133,037 48,864 Interest Income 5,782 20,841 Distribution Income 43,217 33, , ,500 NOTE 4: RECEIVABLES Current Other debtors franking tax credit 37,702 13,805 Other debtors 1, ,255 14,235 9

11 NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2015 (CONTINUED) NOTE 5: OTHER FINANCIAL ASSETS Other financial assets designated as at fair value through profit or loss Funds under management BT Portfolio 3,204,276 - Movements: Opening balance 3,119,635 - Withdrawals from investments (178,411) - Cash transferred into investments from Westpac - 3,008,222 Interest and dividend income reinvested 118,698 55,928 Revaluation of investments to market value 144,354 55,485 Closing balance 3,204,276 3,119,635 Fair value of financial instruments The following table shows financial instruments recorded at fair value, showing those who value is based on quoted prices in active markets (Level 1), and those involving inputs other than quoted prices included within Level 1 that are observable in active markets (Level 2). Level 1 Valued at Quoted Market Price Level 2 Valuation Technique, Market Observable Total Listed on ASX Australian shares 1,230,899-1,230,899 Australian fixed interest securities 476, ,978 Australian listed property trusts 314, ,710 Unlisted International funds - 568, ,294 Australian fixed interest securities funds - 263, ,813 Total financial instruments 2,022, ,107 2,854,694 Cash 349,582 Total other financial assets 3,204,276 10

12 NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2015 (CONTINUED) Note NOTE 6: DISTRIBUTION PAYABLE Total Distribution to related entity 7 121,560 66,466 Less: Distributions paid to related entity September quarter (28,296) - December quarter (34,224) - June quarter (49,430) - Distributions payable 9,610 66,466 NOTE 7: RELATED PARTIES (a) Trustee The Trustee of the Trust is National Trust (NSW) Heritage Foundation Limited. The directors of the Trustee are listed as follows: Independent Non-Executive Directors Robert Elliot, Chair William d'apice Ian Carroll OAM Neil Wykes No compensation was receive by any non-executive Director. Executive Director Brian Scarsbrick AM All Directors were in office for the whole of the year. NOTE 8: DISTRIBUTION In accordance with the Trust Deed, the Trustee shall, in relation to each year: (i) Distribute 80% of the realised income (i.e. unrealised gains/losses on Investments are not distributed); and (ii) Either: (a) Accumulate and retain 20% of the income (Retained Income) as an addition to the Capital Base if the Capital Base has not been augmented from other sources in that Year by an amount at least equal to the amount of the retained income; or (b) If the Capital Base has been argument distribute the Retained Income. Subject to the minimum annual distribution requirements in the Public Ancillary Fund Guidelines under the Tax Administration Act 1953, the Trustee may distribute up to 5% of the Capital Base of the Trust in any one year if approved by at least 75% in number of all of the directors of the National Trust of Australia (New South Wales). 11

Foundation Perpetuity Trust ABN

Foundation Perpetuity Trust ABN 23 002 494 198 Financial Statements for the period 1 July 2014 to 30 June 2015 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Continuing operations Note 2015