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Concilia LtdABN: 46 151 761 572
Financial Statements
For the Year Ended 30 June 2015
Concilia LtdABN: 46 151 761 572
ContentsFor the Year Ended 30 June 2015
Page
Financial Statements
Statement of Income and Expenditure and Other Comprehensive Income 1
Statement of Financial Position 2
Statement of Changes in Equity 3
Statement of Cash Flows 4
Notes to the Financial Statements 5
Directors' Declaration 11
Auditor's Independence Declaration 12
Independent Audit Report 13
Concilia LtdABN: 46 151 761 572
Statement of Income and Expenditure and Other Comprehensive IncomeFor the Year Ended 30 June 2015
Note
2015
$
2014
$
Revenue 2 1,898,505 1,624,205
Contractor expense (104,274) (230,806)
Employee benefits (868,567) (783,970)
Depreciation expense (23,233) (16,884)
Charitable gifts and grants (99,445) (473,388)
Travel expense (67,208) (100,931)
Rental expense (59,963) (39,288)
Other expenses (108,919) (86,686)
Surplus/(Deficit) for the year 566,896 (107,748)
Other comprehensive income - -
Total comprehensive income for the year 566,896 (107,748)
The accompanying notes form part of these financial statements.1
Concilia LtdABN: 46 151 761 572
Statement of Financial PositionAs at 30 June 2015
Note
2015
$
2014
$
ASSETS
Current assets
Cash and cash equivalents 3 746,286 94,849
Trade and other receivables 4 19,277 72,282
Other assets - 2,188
Total current assets 765,563 169,319
Non-current assets
Property, plant and equipment 5 57,471 63,457
Other assets 15,450 15,450
Total non-current assets 72,921 78,907
TOTAL ASSETS 838,484 248,226
LIABILITIES
Current liabilities
Trade and other payables 6 76,539 66,982
Provisions 7 36,095 33,350
Total current liabilities 112,634 100,332
Non-current liabilities
Provisions 7 45,527 34,467
Total non-current liabilities 45,527 34,467
TOTAL LIABILITIES 158,161 134,799
NET ASSETS 680,323 113,427
EQUITY
Accumulated Surpluses 680,323 113,427
TOTAL EQUITY 680,323 113,427
The accompanying notes form part of these financial statements.2
Concilia LtdABN: 46 151 761 572
Statement of Changes in EquityFor the Year Ended 30 June 2015
2015Accumulated
Surpluses
$
Total
$
Balance at 1 July 2014 113,427 113,427
Surplus for the year 566,896 566,896
Balance at 30 June 2015 680,323 680,323
2014Accumulated
Surpluses
$
Total
$
Balance at 1 July 2013 221,175 221,175
Deficit for the year (107,748) (107,748)
Balance at 30 June 2014 113,427 113,427
The accompanying notes form part of these financial statements.3
Concilia LtdABN: 46 151 761 572
Statement of Cash FlowsFor the Year Ended 30 June 2015
Note
2015
$
2014
$
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from grants and other sources 1,911,546 1,616,497
Payments to suppliers and employees (1,262,030) (1,775,804)
Interest received 20,646 7,736
Net cash provided by (used in) operating activities 10 670,162 (151,571)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (19,399) (41,004)
Proceeds from sale of property, plant and equipment 674 -
Net cash used by investing activities (18,725) (41,004)
Net increase (decrease) in cash and cash equivalents held 651,437 (192,575)
Cash and cash equivalents at beginning of year 94,849 287,424
Cash and cash equivalents at end of financial year 3 746,286 94,849
The accompanying notes form part of these financial statements.4
Concilia LtdABN: 46 151 761 572
Notes to the Financial StatementsFor the Year Ended 30 June 2015
1 Summary of Significant Accounting Policies
(a) Basis of Preparation
The financial statements cover Concilia Ltd as an individual entity, incorporated and domiciled in Australia. Concilia Ltd is acompany limited by guarantee. For the purpose of the financial report, the company is a not-for-profit entity.
The directors have prepared the financial statements on the basis that the not-for-profit company is a non-reporting entitybecause there are no users dependent on general purpose financial statements. These financial statements are thereforespecial purpose financial statements that have been prepared in order to meet the requirements of the Australian Charitiesand Not-for-profits Commission Act 2012.
The significant accounting policies disclosed below are those which the directors have determined are appropriate to meetthe needs of members. Such accounting policies are consistent with the previous period unless otherwise stated.
The financial statements, except for the cash flow information have been prepared on an accruals basis and are based onhistorical costs unless otherwise stated in the notes. Material accounting policies adopted in the preparation of thesefinancial statements are presented below and have been consistently applied unless stated otherwise. The amountspresented in the financial statements have been rounded to the nearest dollar.
(b) Comparative Amounts
Comparatives are consistent with prior years, unless otherwise stated.
Where a change in comparatives has also affected the opening retained earnings previously presented in a comparativeperiod, an opening statement of financial position at the earliest date of the comparative period has been presented.
(c) Income Tax
No provision for income tax has been raised as the company is exempt from income tax under Div 50 of the Income TaxAssessment Act 1997. Concilia is a registered charity with the Australian Charities and Not-for-profits Commission.
(d) Leases
Lease payments for operating leases, where substantially all of the risks and benefits remain with the lessor, are chargedas expenses on a straight-line basis over the life of the lease term.
(e) Revenue and other income
Revenue is recognised when the amount of the revenue can be measured reliably, it is probable that economic benefitsassociated with the transaction will flow to the entity and specific criteria relating to the type of revenue as noted below, hasbeen satisfied.
All revenue is stated net of the amount of goods and services tax (GST).
5
Concilia LtdABN: 46 151 761 572
Notes to the Financial StatementsFor the Year Ended 30 June 2015
1 Summary of Significant Accounting Policies continued
Grant revenue is recognised in the statement of income and expenditure and other comprehensive income when the entityobtains control of the grant, it is probable that the economic benefits gained from the grant will flow to the entity and theamount of the grant can be measured reliably. When grant revenue is received whereby the entity incurs an obligation todeliver economic value directly back to the contributor, this is considered a reciprocal transaction and the grant revenue isrecognised in the statement of financial position as a liability until the service has been delivered to the contributor,otherwise the grant is recognised as income on receipt.
Interest is recognised using the effective interest method.
(f) Goods and Services Tax (GST)
Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except where theamount of GST incurred is not recoverable from the Australian Taxation Office (ATO).
Receivables and payable are stated inclusive of GST.
The net amount of GST recoverable from, or payable to, the ATO is included as part of receivables or payables in thestatement of financial position.
Cash flows in the statement of cash flows are included on a gross basis and the GST component of cash flows arising frominvesting and financing activities which is recoverable from, or payable to, the taxation authority is classified as operatingcash flows.
(g) Property, Plant and Equipment
Plant and equipment
Plant and equipment are measured using the cost model. Plant and equipment are carried at cost less any accumulateddepreciation and any impairment losses. Costs include purchase price, other directly attributable costs and the initialestimate of the costs of dismantling and restoring the asset, where applicable.
Plant and equipment that have been contributed at no cost, or for nominal cost are valued and recognised at the fair valueof the asset at the date it is acquired.
Depreciation
The depreciable amount of all property, plant and equipment, except for freehold land is depreciated on a straight-linemethod from the date that management determine that the asset is available for use.
Assets held under a finance lease and leasehold improvements are depreciated over the shorter of the term of the leaseand the assets useful life.
6
Concilia LtdABN: 46 151 761 572
Notes to the Financial StatementsFor the Year Ended 30 June 2015
1 Summary of Significant Accounting Policies continued
(g) Property, Plant and Equipment continued
The depreciation rates used for each class of depreciable asset are shown below:
Fixed asset class Depreciation rate
Plant and Equipment 10%-100%
At the end of each annual reporting period, the depreciation method, useful life and residual value of each asset isreviewed. Any revisions are accounted for prospectively as a change in estimate.
(h) Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquidinvestments with original maturities of three months or less, and bank overdrafts.
(i) Employee benefits
Provision is made for the company's liability for employee benefits arising from services rendered by employees to the endof the reporting period. Employee benefits that are expected to be settled have been measured at the amounts expected tobe paid when the liability is settled, plus related on-costs.
(j) Accounts Payable and Other Payables
Trade and other payables represent the liability outstanding at the end of the reporting period for goods and servicesreceived by the company during the reporting period which remain unpaid. The balance is recognised as a current liability.
(k) Economic dependence
Concilia Ltd is dependent on grants for the majority of its revenue to fund its principal activity. At the date of this report thedirectors have no reason to believe that further grants will not be made available to the entity to continue to support ConciliaLtd.
7
Concilia LtdABN: 46 151 761 572
Notes to the Financial StatementsFor the Year Ended 30 June 2015
2 Revenue and Other Income
2015
$
2014
$
Operating grants and trust distributions 1,877,253 1,616,000
Interest received 20,646 7,736
Other revenue 606 469
1,898,505 1,624,205
3 Cash and cash equivalents
Cash at bank 745,886 94,849
746,286 94,849
4 Trade and other receivables
CURRENT
Trade receivables 482 14
GST receivable 9,795 72,268
Employee loan receivable 9,000 -
19,277 72,282
5 Property, plant and equipment
PLANT AND EQUIPMENT
Plant and equipment
At cost 115,964 98,992
Accumulated depreciation (58,493) (35,535)
Total plant and equipment 57,471 63,457
Total property, plant and equipment 57,471 63,457
6 Trade and other payables
CURRENT
Trade payables 31,363 25,436
PAYG withholding payable 16,619 16,802
Unpaid expense claims 2,412 -
Superannuation payable 19,645 18,245
Accrued expenses 6,500 6,500
76,539 66,982
8
Concilia LtdABN: 46 151 761 572
Notes to the Financial StatementsFor the Year Ended 30 June 2015
7 Provisions
2015
$
2014
$
CURRENT
Employee benefits 36,095 33,350
36,095 33,350
NON-CURRENT
Employee benefits 45,527 34,467
45,527 34,467
8 Leasing Commitments
Minimum lease payments under non-cancellable operating leases:
- not later than one year 60,175 58,103
- between one year and five years 29,219 89,394
89,394 147,497
Operating leases have been have been taken out for 15 Diana Dr, Blackburn North, VIC 3130 and 2 Frederick St, Frewville, SA5063. Lease payments are increased on an annual basis to reflect market rentals.
9 Remuneration of Auditors
Remuneration of the auditor of the Company,Saward Dawson, for:
- auditing or reviewing the financial report 5,000 4,650
- preparation of financial report 1,500 1,850
9
Concilia LtdABN: 46 151 761 572
Notes to the Financial StatementsFor the Year Ended 30 June 2015
10 Cash Flow Information
Reconciliation of result for the year to cashflows from operating activities
Reconciliation of net income to net cash provided by operating activities:
2015
$
2014
$
Result for the year 566,896 (107,748)
Non-cash flows in result:
- depreciation 23,233 16,884
- loss on disposal of non-current assets 1,478 -
Changes in assets and liabilities:
- (increase)/decrease in trade and other receivables 52,671 (60,862)
- (increase)/decrease in other assets (1,519) (2,188)
- (increase)/decrease in trade payables 13,598 (18,988)
- increase/(decrease) in provisions 13,805 21,331
Cashflow from operations 670,162 (151,571)
11 Members' Guarantee
The company is incorporated under the Corporations Act 2001 and is a company limited by guarantee. If the company is wound up,the constitution states that each member is required to contribute a maximum of $ 30 each towards meeting any outstandings andobligations of the company. At 30 June 2015 the number of members was 3 (2014: 3).
12 Company Details
The registered office of the company is:
Concilia Ltd
15 Diana Drive
Blackburn North VIC 3130
10
Concilia LtdABN: 46 151 761 572
Auditor's Independence Declaration under Section 60.40 of the Australian Charities andNot-for-profits Commission Act 2012 to the Directors of Concilia Ltd
I declare that, to the best of my knowledge and belief, during the year ended 30 June 2015, there have been:
(i) no contraventions of the auditor independence requirements as set out in the Australian Charities and Not-for-profits Commission Act 2012 in relation to the audit; and
(ii) no contraventions of any applicable code of professional conduct in relation to the audit.
Saward Dawson Chartered Accountants
Peter ShieldsPartner
Date:
Blackburn
12
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25 November 2015
Concilia LtdABN: 46 151 761 572
Independent Audit Report to the members of Concilia Ltd
Report on the Financial Report
We have audited the accompanying financial report, being a special purpose financial report of Concilia Ltd, which comprises thestatement of financial position as at 30 June 2015, the statement of income and expenditure and other comprehensive income,statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary of significantaccounting policies and other explanatory information, and the directors' declaration.
Directors' Responsibility for the Financial Report
The directors of the company are responsible for the preparation of the financial report that gives a true and fair view and havedetermined that the basis of preparation described in Note 1 to the financial report is appropriate to meet the requirements of theAustralian Charities and Not-for-profits Commission Act 2012 and is appropriate to meet the needs of the members. The directors’responsibility also includes such internal control as the directors determine is necessary to enable the preparation of a financial reportthat gives a true and fair view and 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 withAustralian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagementsand 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. Theprocedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financialreport, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company’spreparation of the financial report that gives a true and fair view in order to design audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by thedirectors, 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 a basis for our audit opinion.
13
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Concilia LtdABN: 46 151 761 572
Independent Audit Report to the members of Concilia Ltd
Opinion
In our opinion the financial report of Concilia Ltd is in accordance with the requirements of the Australian Charities and Not-for-profitsCommission Act 2012, including:
(a) giving a true and fair view of the company’s financial position as at 30 June 2015 and of its performance and cash flows for the yearended on that date; and
(b) complying with Australian Accounting Standards to the extent described in Note 1 and Division 60 of the Australian Charities andNot-for-profits Commission Regulation 2013.
Basis of Accounting
Without modifying our opinion, we draw attention to Note 1 to the financial report which describes the basis of accounting. The financialreport is prepared for the purpose of fulfilling the directors’ financial reporting responsibilities under the Australian Charities and Not-for-profits Commission Act 2012. As a result, the financial report may not be suitable for another purpose.
Saward Dawson Chartered Accountants
Peter ShieldsPartner
Dated:
Blackburn
14
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25 November 2015