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ANNUAL REPORT 2017–18

“ Start where you are, organise, and show what you did. Think more, use less.” Kate Auty, ACT Commissioner for Sustainability and the Environment

Contents

2017–18 at a glance 4

About MEFL 5

From the Chair 6

From the CEO 7

Zero Carbon Evolution 8

Sustainable Energy 10

Sustainable MEFL 15

4

MEFL Annual Report

2017–18

997solar and energy efficiency installations 5,243

households supported with advice

124,314tonnes CO2e abated

4.48 megawatts of solar installed

1/ 2017-18 at a glanceDuring 2017-18, across MEFL’s activities and projects within and beyond Moreland, we achieved:

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5

MEFL Annual Report

2017–182/ About MEFLThis report covers the 2017-18 financial year and we are reporting against the Strategic Priorities that applied over that period, as set out in our 2015-18 Strategic Plan. Likewise the Vision, Role and Values shown below are the ones that applied over the reporting period.

MEFL has since adopted a new Strategic Plan, with a new Vision and Role, and new strategic goals. You can read the new Strategic Plan (and download a copy) on the Strategy page of the MEFL website.

VisionAn active, inspired community tackling climate change with sustainable energy solutions.

RoleMEFL works with households, businesses, community groups and governments on innovative approaches to implementing sustainable energy supply and reducing energy use.

ValuesInnovationWe think ‘outside the box’, seeking to be innovative, inspiring, enquiring, responsive and creative.

Honesty We believe in speaking directly and providing independent, well-researched and clear advice.

Respect We treat everyone with respect and dignity, appreciating individual and cultural diversity.

Resilience We recognise that change doesn’t happen overnight, but requires flexibility, dedication and determination.

Team work We work collaboratively as a team, in our own workplace and in our dealings with the wider community and our partners.

6

MEFL Annual Report

2017–183/ From the Chair

Building from the transition commenced in the previous financial year, in 2017-18 MEFL has made a significant contribution towards our vision.

We have successfully delivered major programs, EnergySmart and Healthy Homes, with our partners through a collaborative approach – empowering communities to take action.

Our reach has expanded to working with councils in NSW to engage the community to act through the Our Energy Future initiative and shaping outcomes through design of the Moreland 2040 Zero Carbon Framework with Moreland City Council.

The strong financial performance this year is a testament to the dedication and commitment of MEFL staff and the success of past decisions and investment. I would like to recognise the leadership of the Board, CEO and in particular the former Chair Monique Conheady.

As momentum continues for a major energy transition in Australia, the communities in which we operate remain at the heart of everything we do and every decision we make.

We are well positioned for an exciting future with a new strategic plan and vision of an equitable zero carbon society. It’s ambitious and inspiring, but we can achieve it with the community and our partners.

This year Moreland Energy Foundation (MEFL) has focussed on delivering complex programs, expanding our work and returning a strong financial performance. We have created an exciting new strategic plan in consultation with our partners, people and the community.

Travis Neal, Chair We have successfully delivered major programs, EnergySmart and Healthy Homes, with our partners through a collaborative approach – empowering communities to take action.

7

MEFL Annual Report

2017–184/ From the CEO

The year at MEFL has been nothing short of amazing. Through our work we have exceeded our impact targets and delivered a strong financial performance of $311,000 surplus. Whilst this is behind the plan, during the year we made some investments in our people and technology and experienced some delays in our projects, resulting in the activities carrying over to the next year.

Working closely with the Victorian Government we have visited 1,668 homes and completed 1,229 retrofits to improve the lives of community members.

Working closely with Moreland City Council and the community we have developed the 2040 Zero Carbon Framework. Through the Zero Carbon Evolution program this year we kicked off the Solar for Renters and Solar for Apartments trials in Moreland. We have also worked with a number of businesses to install solar.

Through Positive Charge we have worked directly with 28 local councils in Victoria and NSW, have conducted 88 information sessions and with our partners installed solar to 888 homes.

There are a lot of new faces at MEFL and we have said goodbye to some people over the last year. I have thoroughly enjoyed welcoming the new members to the team and again thank those who have made such a contribution to MEFL. They are always part of the wider MEFL family.

Our new strategic plan sets a clear direction for MEFL and our role of accelerating the energy transition by empowering communities to take action fills me with pride and optimism.

Thank you to our partners and customers, we look forward to collaborating with you in the new year.

A huge ‘thank you’ again to my wonderful MEFL team, it’s an honour to work with you and I look forward to a fantastic year ahead.

It’s been a MEGA year at MEFL. Our strong focus on delivering our major programs, building our organisation and supporting our people has seen us smash our impact targets. We have installed over four megawatts of solar, with one megawatt in Moreland alone.

Alison Rowe, CEO

Our new strategic plan sets a clear direction for MEFL and our role of accelerating the energy transition by empowering communities to take action fills me with pride and optimism.

MEFL Annual Report

2017–18

8

5/ Zero Carbon Evolution2017-18 Strategic Priority: MEFL works in close partnership with Moreland City Council to implement Zero Carbon Evolution in Moreland.

The Zero Carbon Evolution (ZCE) strategy is a roadmap for the municipality of Moreland to reduce community carbon emissions.

This was the fourth year of the strategy, so we were reviewing what has worked well and where we should focus resources in the final two years of the strategy. We continued to drive innovation in local action on climate change, as well as providing a wide range of services.

Local renewable energy MEFL’s ZCE team continued to support and encourage the uptake of local renewable energy through our solar bulk buy. We worked with Moreland City Council to promote the offer to residents through personalised letters from the Mayor. We also helped businesses, schools and not-for-profits save through solar with our Solar for Business service.

These proved highly effective, with Positive Charge surpassing one megawatt of solar installed in Moreland for the first time in a financial year.

ZCE continued to support delivery of Council’s solar on leased facilities program, helping two childcare centres to install solar at no upfront cost. We also worked with Powershop to identify recipients for their Your Community Energy program, which enabled Foundation House to install a 63 kilowatt solar system.

In addition ZCE launched two pilot programs aimed at breaking through the traditional barriers to solar faced by tenants and apartment dwellers. MEFL is working with SunTenants and Allume on these pilots, with findings to be shared in 2018/19.

Using energy efficientlyThrough MEFL’s Positive Charge program, 43 Moreland homes installed draught-proofing, insulation or LED lights. Alongside this, 20 residential energy scorecards and 19 home renovators sessions were provided free of charge to Moreland households.

The team developed an energy efficiency tips booklet (in Arabic, English, Italian and Greek), which was distributed to all 7,000 Home and Community Care clients as well as users of Moreland Council’s Aged Care Services. ZCE also developed a booklet for cafes on sustainable practices, including energy efficiency.

Activating our communityMEFL provided information on energy efficiency and renewable energy at many community events including Fawkner Festa, Coburg Night Markets and Sydney Road Street Party.

We engaged over 500 people during the Sustainable Living Festival with a free screening of An Inconvenient Sequel (in partnership with Climate Action Moreland) and a talk by Paul Hawken (in partnership with Moreland Council and CERES).

ENERGY EFFICIENCY UPGRADES

SOLAR INSTALLATIONS

487TOTAL GHG ABATEMENT

Energy efficiency upgrades

31,248TOTAL GHG ABATEMENT

Solar installation

43HOUSEHOLDS

1BUSINESS

9BUSINESSES:655kW

126HOUSEHOLDS:471kW

tonnesCO2e tonnes

CO2e

487TOTAL GHG ABATEMENT

Energy efficiency upgrades

31,248TOTAL GHG ABATEMENT

Solar installation

43HOUSEHOLDS

1BUSINESS

9BUSINESSES:655kW

126HOUSEHOLDS:471kW

tonnesCO2e tonnes

CO2e

Both MEFL and CERES encourage residents to transition to an all-electric home because gas appliances always produce greenhouse gas emissions and modern electric heating is usually more economical than gas.

As well as providing a key resource for the Moreland community and the 400,000 people who visit CERES each year, the project also contributes to CERES’ goal to be zero carbon by 2025.

Key features are:+ Heating, cooling and hot water are

now provided by heat pumps

+ Installation of new solar panels and battery storage

+ Energy demand was reduced through the installation of efficient electric appliances, LED lighting, draught proofing and insulation

+ A new electric car and charging point, so the car can be charged from solar power generated on site.

To keep track of the energy needs of the house and to help visitors engage with concept of the all-electric home, a Smart Monitor power meter was installed in the entry of the house, to display solar generation and electricity use.

The conversion of the Ecohouse to an all-electric home was made possible through donations from MEFL, Delta Energy Solutions, The University of Melbourne, Renault, Daikin, Air Fusion, Sanden and New Gen Solar.

Conga Foods has high daytime energy needs for their office, refrigeration and warehousing, so solar made perfect sense for them. The system was installed in January 2018, leading to a drastic drop in their electricity bills straight away.

The system is expected to reduce Conga Food’s grid energy consumption by over 40%. It will save the company over 700 tonnes of greenhouse gas emissions and thousands of dollars in operating costs each year.

One unexpected social impact of the solar is how much staff have engaged with the system. The system has monitoring that allows staff to view how much electricity the panels are generating and many of them are keen to view it and discuss the data. “Having such a large system makes Conga Foods a leading example for other businesses and it is great to see staff so enthusiastic about this.” Paul Morrissy of Cherry Energy Solutions observed. “Hopefully this will encourage many other businesses to follow suit.”

CASE STUDY: Zero emissions all-electric ecohouse at CERES

CASE STUDY: Conga Foods solar installationMEFL’s Positive Charge team assisted Conga Foods in Coburg North to install a 458 kilowatt solar power system, Moreland’s biggest solar system to date.

In 2017-18 MEFL partnered with CERES and other stakeholders to upgrade the CERES Ecohouse to a zero emissions all-electric demonstration home.

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MEFL Annual Report

2017–18

MEFL Annual Report

2017–18

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6/ Sustainable Energy2017-18 Strategic Priority: MEFL accelerates the development and implementation of models of locally led solar energy that can be replicated and scaled up.

Positive ChargePositive Charge has had a fantastic year with solar installations much higher than expected and with the delivery of some core programs taking place later in the year.

We’re now in a good position to grow further and expand our operations into new areas.

+ Over 3.7 megawatts of residential solar was installed through Positive Charge across the 28 subscribing councils in Victoria and New South Wales.

+ Positive Charge’s sister program, Our Energy Future, completed its first year in Sydney with 10 councils on board. In its second year, the program grew to 13 subscribing councils.

+ Completed more than 150 Residential Efficiency Scorecard Assessments in homes throughout Victoria to support the Government’s development of a standardised energy star rating program for homes.

+ Over 30 businesses across Vic and NSW went through the Solar for Business program, 12 of which installed 715 kilowatts of solar.

+ We’re investigating other energy efficiency products, such as heat-pump hot water systems and reverse cycle air conditioning to include as part of our offering. A pilot is on the way.

The Positive Charge and Our Energy Future telephone advice line and energy assessment service offer tailored advice to householders. Our partnerships with carefully selected suppliers mean that people can be linked with quality products and services to ensure they can make decisions with confidence.

97 energy efficiency installations for residents, businesses and community organisations

5,243 householders helped with advice over the phone or in-home

6,159assessments & quotes provided for solar and energy efficiency actions

124,314tonnes CO2e total reduction in greenhouse gas emissions

900solar installations including 12 businesses – a total of 4.48MW

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POSITIVE CHARGE STATISTICS

83% solar 17% energy efficiency

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Sue called the Positive Charge team and heard back from the selected solar supplier. “They called back quickly and then came to do a site inspection because we’re in a two-storey building,” Sue told our team. “The living areas are upstairs and can get really hot, so it was great to know that we could use the air-conditioning on hot days and not worry about the cost,” says Sue.

The Finnerans had been curious about solar power for a while, but it was the letter they received from the City of Canterbury Bankstown about the Our Energy Future initiative that prompted them to act. They said they trusted the Our Energy Future initiative because it was council-backed.

“We were always getting phone calls from different solar suppliers but when Council came through with clear information and a well-researched supplier, that was the trigger for us,” Mr Finneran said.

The Finnerans became interested in solar power for their home years ago, however it was never a viable option. “At the time power was cheap and the panels were expensive. Now, it’s the reverse, so it just made sense to go for it.

Sue and her husband were concerned about the environment, as well as managing their living costs when they retire. Sue works for a long term social housing community organisation that had installed solar power on most of the properties they manage, so she had seen how effective solar was at reducing energy bills.

Even though they are still working and do not use much power during weekdays, they have shifted some of their power usage to make the most of the free power from the sun and noticed significant savings on their bills. “It’s a good dual header isn’t it? We’re saving money and helping the environment. It’s a win-win!”

”With air-conditioning and a pool pump, Mrs Finneran said the yearly bills add up. “The highest was $1,400 for a quarter,” she told us.

The Finnerans rang Positive Charge, delivery partner of the Our Energy Future initiative and received a quote the same day. Not long after, the Finnerans purchased a 4.95 kilowatt system and the system was up and running within a couple of months. After their installation, they were pleased to see their first electricity bill had halved.

The Finneran family have joined over 1.8 million homes in Australia that are benefitting from having solar power installed on their home.

CASE STUDY: Preparing for retirement with solar

CASE STUDY: Solar savings

“ Installing solar when you’re planning for retirement is a good idea, so that you can spend the money while you still have disposable income and then get the savings when you need them most” Sue from Seaholme

Sue and her husband live in a two-storey home in Seaholme. They had been thinking of getting solar for a while as part of their retirement plan. So when they received a letter from their local council about the solar campaign through Positive Charge, they were keen to find out more.

comment from another happy customer “ I took your advice in the email bulletin and did a solar health check on my 8-year-old system. It’s running at 103%. The health check waseasy to work through and it’s great to know the system is running at its full potential. I really appreciate this service, thank you!” Bryan Rowsthorne, Sydney

11

MEFL Annual Report

2017–18

MEFL Annual Report

2017–18

Major ProjectsHealthy HomesThe Victorian Healthy Homes Program is the first randomized controlled trial research project in Australia designed to measure whether making a home warmer and drier during winter leads to improved health outcomes. This thermal and energy efficient retrofitting study (funded by Sustainability Victoria) targets a total of 1,000 low-income households in western Melbourne and the Goulburn Valley. On completion of all retrofitting works, an evaluation of the program will be undertaken to measure if energy efficiency and warmth during winter can benefit household energy use, thermal comfort and the health and wellbeing of household members. The program is being delivered alongside our delivery partners Sustainability Victoria, Uniting Kildonan and the University of Technology Sydney. MEFL’s role is to recruit the eligible participants, manage home visits, undertake residential energy scorecard assessments and manage the thermal upgrade installations. We are pleased to report that we achieved our preliminary target of 50 home upgrades in winter 2018.

6 / Sustainable Energy continued

EnergySmartThe EnergySmart Public Housing Research Project delivers a variety of upgrades to 1,500 Department of Health and Human Services low-income dwellings located across Victoria. The upgrades include appliance and thermal shell upgrades, behaviour initiatives and Victorian Residential Scorecard Assessments. The project aims to identify how these upgrades provide an energy saving and improved thermal comfort to the tenant. The project is also exploring the impact of behavioural initiatives together with the physical upgrades. The project began in May 2017 and is expected to be complete by June 2019.

Zero Carbon StrategiesIn 2017/18, MEFL’s Zero Carbon Strategy and Programs team continued to deliver a range of consulting services to government, community and commercial clients.

These included: + Zero carbon, energy and emissions

plans for municipalities, government, community and the business sector, for example the Moreland 2020 Refresh and 2040 Framework

+ Feasibility studies and business cases for solar and other renewable energy

+ Community energy mentoring and sector development

+ Municipal and commercial energy audits

+ Climate adapted housing design and other environmentally sustainable design (ESD) projects

+ Business model strategy and implementation to accelerate the transition to a fair and equitable renewable energy future.

With some exciting projects exploring new microgrid models ahead for 2018/19, this looks set to continue.

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The Toolkit builds on the Victorian Government’s Guide to Community-Owned Renewable Energy and other key initiatives in this new and growing sector in Australia, by providing the practical tools needed to implement community solar projects. This project was designed to address significant gaps in resources and tools available to get community solar projects ‘shovel ready’ and ready for investment.

To make this project happen, MEFL and the VCSA brought together seven community solar organisations (CSOs) from across regional Victoria and Melbourne to collaboratively develop these resources.

The Community Solar Toolkit includes:

+ Community Solar Portal – a collaboratively built web portal to showcase CSOs and their projects, provide information about the sector, and crucially, help manage investment in projects.

+ Legal templates – standard legal document templates, such as contracts with roof hosts and investors. These are available free to CSOs through the portal.

+ Websites for CSOs – website template that can be adapted by new CSOs. Fully compatible with the Community Solar Portal.

+ reBOT (renewable energy Back Office Tool) – financial administration and investor management system designed to assist CSO’s scale up, run more projects simultaneously and reduce risk.

In addition, training was provided to the seven participating organisations in the use of these tools. Further training is planned for additional CSOs who want to use the services to deliver projects.

More details are available at the Community Solar Portal – www.communitysolar.org.au

CASE STUDY: Community Solar Toolkit The Community Solar Toolkit is a collaborative project led by MEFL and seven key organisations from the Victorian Community Solar Alliance (VCSA). The project secured a $164,000 grant in 2017 from the first round of the Victorian Government’s New Energy Jobs Fund.

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MEFL Annual Report

2017–18

MEFL Annual Report

2017–18

14

6 / Sustainable Energy continued

Northern Alliance for Greenhouse ActionMEFL is a member of the Northern Alliance for Greenhouse Action (NAGA), along with nine councils in Melbourne’s northern metropolitan region. MEFL hosts NAGA’s staff and provides management, administrative and governance support.

In 2017-18, NAGA worked with other greenhouse alliances to deliver the state- wide Solar Savers program that provides solar for low-income households. Participants can pay back either through the council rates or through a long-term, low-interest bank loan. Twenty-four councils and 900 households across Victoria are participating in the program, which is based at MEFL.

NAGA delivered a range of key projects for its members, including an assessment of the viability of electric vehicles in council fleets, a feasibility study into a tool designed to reduce procurement related emissions and a series of workshops bringing together planners from electricity distribution companies and local governments to better co-ordinate future land use and infrastructure planning. NAGA also managed research projects with Masters students from RMIT University, including a report into whether local governments should form an electricity retailer.

Advocacy SpotlightOne Million Homes Alliance – minimum rental standardsThe One Million Homes Alliance is a cross- sector alliance of Victoria’s environment, social, consumer, local government and industry organisations. We share a commitment to improving the energy and water efficiency of Victoria’s residential building stock, with a particular focus on Victoria’s one million low-income households, many of whom are renters.

Over the past three years the Alliance has focused our advocacy efforts around the Victorian government’s review of the Residential Tenancies Act, in particular for the critical need for the inclusion of mandatory minimum standards for health, safety and efficiency in the revised legislation.

Setting basic efficiency standards for rental homes is the single most effective action the government could take to help Victoria’s 1.2 million renters cut their energy bills.

Inefficient homes are dangerously hot in summer and freezing in winter, or else cost a fortune to keep comfortable. But while many homeowners are responding to rising energy prices by making cost‐effective efficiency improvements to their homes, renters are left behind because landlords have little financial incentive to improve efficiency as tenants are responsible for paying utility bills.

Initially setting standards at a low and achievable level to keep compliance costs affordable, and introducing standards in a staged and orderly way to landlords to spread costs over several years, will minimise the risk of rent increases and evictions.

The fantastic news is the Residential Tenancies Amendment Bill 2018 was passed with an update to the Regulations section adding a new clause prescribing minimum rental standards. The new clause includes, but not limited to, the cleanliness and state of repair of rented premises; the privacy, security and amenity of rented premises; compliance with any other standards applicable to the condition of any residential premises, including energy and water efficiency standards.

ME

FL

ON

LIN

E

16,800+ times during the year

40,000 individual page views 98,000 page views

44,600 visits

The MEFL website was visited:

The Positive Charge website attracted:

Our social media following has increased:

20% 2,130 likes MEFL and Positive Charge pages combined

1,962 followers

over

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MEFL Annual Report

2017–187/ Sustainable MEFLStrategic Priority: 2017–18 MEFL is a sustainable organisation.

Walking the talkAt the MEFL office we separate our waste into the following categories: soft plastics, recyclable items (as specified by Moreland City Council), landfill, paper and organic waste.

+ Soft plastics are taken to the nearest Redcycle outlet for recycling.

+ Recyclable and landfill items are collected by Moreland City Council. On an average week MEFL sends 5.8kg of items to landfill. MEFL prioritises reducing the amount of items sent to landfill. A concentrated effort is made to educate staff on reducing the amount of packaging brought into the office and for the effective separation of waste. Staff are encouraged to use Keepcups and their own office mugs to get take-away coffee and to bring their own containers for lunch.

+ Paper is either recycled or shredded. Shredded paper is taken to a compost facility along with all our organic food waste. This is then composted by our friends at nearby disability service Milparinka and used on community gardens.

+ Used batteries are collected separately and taken to a collection point at Moreland City Council or Aldi.

The Zing office sustainability team meets once a month to focus on waste, transport and energy efficiencies in the office. Through its work, the office is able to constantly adapt to new challenges and achieve reductions in our footprint. For example:

+ We are implementing a green buying procedure, whereby only organic or local food items are bought for the office including, milk, biscuits and tea.

+ We give preference to items with the least amount of packaging, or packaging which can be recycled.

+ The Zing team has also started to fill hand soap, dishwashing detergent and dishwasher soap from a bulk refill store, which allows you to fill your own containers.

+ Cloth towels have been placed in all bathrooms for hand drying to reduce waste (though we maintain paper towels for when staff are sick to reduce infection).

+ We buy 100% recycled paper towel, toilet paper and copy paper.

+ The office has also started to ensure all stationery item purchases are made from either recycled items or are recyclable themselves.

+ We have a vegetarian catering policy and encourage sustainable transport with incentives for staff who cycle or take public transport to work.

38.4t CO2e Carbon Footprint CO2e inclusive of our electricity usage which is purchased through Powershop a carbon neutral retailer. Emissions MEFL will offset: 14.5t CO2e.

South Pole is a leading provider of global sustainability financing solutions and services working with a wide range of public, private and civil sector organisations to accelerate the transition to a climate-smart society. South Pole has mobilised climate-finance to over 700 projects in emission reduction, renewable energy, energy efficiency and sustainable land-use. For more information visit southpole.com

22,311 kWhElectricity used

Carbon offsets have been provided by South Pole to offset emissions from our 2017-18 operations.

36.5%increase in paper use

13.75t CO2ebusiness travel

EMISSIONS AT A GLANCE

16

MEFL Annual Report

2017–18

Staff satisfaction surveyThis year’s survey was conducted in May 2018. New questions were added around the health and wellbeing of staff to ascertain basic parameters of diet and exercise, mental health and whether our staff required any further assistance from MEFL via wellbeing programs.

The response rate showed great engagement, with 36 responses out of a total workforce of 37, compared to 13 responses out of 23 in 2017.

The overall ‘happiness factor’ of 7.7 was down from 8.4 the previous year, but as well as a larger response and newer team on board, the new questions around personal health and wellbeing may have accounted for this. A small percentage of staff indicated a level of unhappiness/unhealthiness in their personal lives. MEFL’s revised Health & Wellbeing Program aims to support staff needs in this area.

Like last year, well over 90% of staff reported that:

+ They feel well-supported by their managers and co-workers

+ MEFL provides a supportive environment

+ They feel proud to work at MEFL

+ Their values are closely aligned with those of MEFL.

DiversityFollowing significant changes to the Executive Leadership Team last year, the balance of this year’s team remained the same with 71% of the team made up of female leaders.

Our Board gender diversity dropped however, with Monique Conheady replaced by Travis Neal as Chair late in the year. MEFL’s staff gender balance improved by one percentage point over last year, with 49% of our staff being female.

MEFL also reviewed age diversity for the first time, finding that 60% of our staff are within the 40-65 age group. In considering flexibility options for our workforce, we have noted that 45% of our staff work on a part-time basis, as is their preference.

7 / Sustainable MEFL continued

Travis Neal chair

Board member since: 2018

Alison Rowe chief executive officer

Board member since: 2016

Rosemary Bissett board member

Board member since: 2002

Andrew Hewett board member

Board member since: 2010

Board

Catherine Lesliecommunity representative

Board member since: 2014

Dale Martinmoreland council nominee

Board member since: 2016

Dugald Murray board member

Board member since: 2016

James Scott moreland council nominee

Board member since: 2011

Ian Thomas secretary

Company Secretary since: 2000

17

MEFL Annual Report

2017–18

FinancialsSTATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30TH JUNE 2018– MORELAND ENERGY FOUNDATION LIMITED ABN: 72 095 439 160

7 / Sustainable MEFL continued

2018 $

2017 $

Revenue 6,756,716 2,390,651)

Employee Benefit Expenses (3,046,962) (1,859,094)

Project Costs (2,979,717) (583,014)

Depreciation Expense (38,988) (20,972)

Auditors Remuneration – Statutory Audit (11,350) (9,450)

Rental Expense (42,979) (42,239)

Other Expenses (325,929) (170,173)

Net Current year surplus/(deficit) 310,791 (294,291)

Other Comprehensive Income – –

Total Comprehensive Income attributable to members of the entity 310,791 (294,291)

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MEFL Annual Report

2017–18

STATEMENT OF FINANCIAL POSITION AS AT 30TH JUNE 2018 – MORELAND ENERGY FOUNDATION LIMITED ABN: 72 095 439 160

7 / Sustainable MEFL continued

2018 $

2017 $

CURRENT ASSETS

Cash and cash equivalents 2,740,725 2,058,787

Accounts receivable and other debtors 1,434,243 969,970

Prepayments 51,691 17,828

Other financial assets 4,331 14,153

Inventories on hand 70,885 9,900

TOTAL CURRENT ASSETS 4,301,875 3,060,577

NON CURRENT ASSETS

Accounts receivable and other debtors 11,000 11,000

Plant and equipment 105,561 91,532

Other financial assets 10,444 14,153

TOTAL NON CURRENT ASSETS 127,005 116,685

TOTAL ASSETS 4,428,880 3,177,262

2018 $

2017 $

CURRENT LIABILITIES

Accounts payable and other payables 3,427,358 2,505,104

Borrowings 40,000 40,000

Provisions 169,204 113,080

TOTAL CURRENT LIABILITIES 3,636,562 2,658,184

NON CURRENT LIABILITIES

Borrowings – 40,000

Provisions 14,130 11,681

TOTAL NON CURRENT LIABILITIES 14,130 51,681

TOTAL LIABILITIES 3,650,692 2,709,865

NET ASSETS 778,188 467,397

EQUITY

Retained Surplus 778,188 467,397

MEFL Annual Report

2017–18

Moreland Energy Foundation Limited

ABN 72 095 439 160 Suite 6, Level 1, 200 Sydney Road, Brunswick, Victoria 3056

Postal: PO Box 276, Brunswick, Victoria 3056 T 03 9385 8585 F 03 9385 8586www.mefl.com.au