2014 ANNUAL REPORT

[2]

CONTENTS

OUR VISION 3OUR MISSIONABOUT BIFB

REPORT FROM CHAIR 4

REPORT FROM FESTIVAL DIRECTOR 4

REPORT FROM THE EXECUTIVE DIRECTOR 6

THE BOARD 7

OUR SUPPORTERS & SPONSORS 9

FINANCIALS 10

CONTACTS 19

[3]

OUR VISIONTo educate, inspire and question by presenting

photography from the world to Australia and

from Australia to the world.

OUR MISSIONTo promote photography in all its forms both

through the staging of a biennial festival in Ballarat

along with a range of other initiatives which profi le

photography to the broadest possible audience.

ABOUT BIFBThe Ballarat International Foto Biennale Inc.

is a not-for-profi t incorporated association,

run primarily by a group of volunteers, with a

collective enthusiasm and vision regarding the

future direction of Australian photography and

photographers, and the place that they take on the

world stage.

[4]

REPORT FROM THE CREATIVE DIRECTOR

Every day more people share, view and

comment on photographs via the ubiquitous

11 million smartphones and 1.6 million active

users of Instagram in Australia. This fervour

for sharing images bodes well for BIFB as

we aim to promote photography in all its

forms, profiling photography to the broadest

possible audience. Since early 2011 I have

been privileged to be part of the team that has

brought some beautiful, powerful and thought

provoking photography to Ballarat.

For the BIFB team this interim year has been

one of consolidation whilst planning and

looking ahead to 2015. Our 2013 Festival

was a tremendous success and we continue

to build our capacity and strengthen our

sustainability through broader income

streams. The 2013 year was a profitable

year for BIFB and as such, I recommend

reading this 2014 Report in conjunction with

the 2013 Report. This will provide a better

snapshot of how we are tracking. With

the excellent results from our 2014 BIFB

Collection, which added $14,000 to our

fundraising efforts, we are in an excellent

position to deliver an inspiring festival

in 2015. The bulk of gifts and donations,

together with more than half the income from

the artistic program, were received in 2013

and this, combined with income from Arts

Victoria and the Nissen Foundation means we

are looking forward to manageable, but still

lean, 2015 Festival year.

The BIFB Collection 2014 once again gave

the BIFB community the opportunity to meet,

view some interesting and evocative images,

support BIFB through the Red Dot program

and also take home some photographs! May I

say thanks to the team at Gallery 1140, to the

contributing photographers, to everyone that

bought a Dot and to our event sponsors for

their tremendous support.

At this point I would also like to say thanks to

our donors, our sponsors and our volunteers.

Your commitment, generosity and support

makes a tremendous difference to BIFB -

building our sustainability and viability on a

consistent basis - thank you.

After much deliberation I am stepping down

as Chair, and from the Board, due to family

commitments. It has been a wonderful,

enriching and exciting experience. I really

value the friendships I have made with

our past and current board members, the

management team and our volunteers.

The coming year will see a period of board

renewal as Kristin Diemer, Sara Hinchey and

Jeff Moorfoot step down from the Board.

Kristin and Sara both have pressing work

commitments and Jeff will be focussing on his

role as Creative Director - driving the vision

for BIFB forward and delivering exciting new

content. Kristin and Sara have been terrific,

engaged and contributory board members - a

big thanks from me and the Board for all their

efforts. Jeff has also been an energetic and

committed Board member - providing us with

deep and valuable insights into the Biennale.

I am proud of where BIFB is now and it has

been an interesting journey to arrive at this

point where the organisation has gained

recognition from Arts Victoria in gaining three

year operational funding, where our income

streams are varied, our reputation has grown

tremendously both in Australia and overseas

and our governance, board processes

and policies have steadily improved. I am

privileged to have been part of BIFB over

these years, to work with the incredibly

committed team, and to hear Jeff Moorfoot

talk about the artists he plans to bring to

the next Festival still fills me with delight.

Thanks for the terrific opportunity to be

involved with the Ballarat International Foto

Festival and I wish the Festival, the Board and

the management team the very best for the

future.

SARAH BRENNAN

REPORT FROM THE CHAIR

This past year has been a BIFB ‘gap year’, with no

festival major events scheduled between our 2013

and 2014 Annual General Meetings, or at least

that’s how it should read, but it has been some

hiatus following on from the highly successful

BIFB’13.

Part of my duties includes poring over the annual

[and other] reports from various festivals around

the world, and I have to say that our metrics match

up quite favourably with events of the status of

FotoFest, Houston and Les Rencontres d’Arles

in many respects, including number of events,

participating artists and audience numbers. The

only metrics that don’t match up are staff numbers

and funding. Arles runs with 16 full time staff and

a budget for their last festival of 6.4million Euros.

Houston runs a fine print auction which last year

raised more than the entire budget, both cash and

kind on which we ran BIFB’13. While our festival

continues to grow in stature, professionalism and

critical acclaim we still struggle to come up with

strategies that will enable us to throw out that oily

rag. It has enabled us to run five amazing events

on the smell thereof, but the smell is wearing thin,

and we continue to have to rely on the vagaries of

volunteers [bless their generous hearts] to run the

organisation.

BIFB’13 took almost three months to wind up

post the event. This included settling accounts,

returning or archiving artworks, writing

funding acquittals and attending the multitude

of administrative tasks a festival of this size

generates.

The end of last year saw the loss of BIFB stalwart

and primo Office Manager Liz Cummins to the lure

of greener pastures, and Funding and Sponsorship

[5]

“Perhaps my proudest achievement in this past 12 months is the staging of ‘the Wizards of Oz’, a major exhibition curated as part of the Pingyao Festival that presented the works of ten Australian artists, all who have appeared in the Core program at our past three festivals, to an audience of over 200,000 Chinese followers of photography.”

Manager Kylie Stillman to motherhood. The skills

and the ability of both to smile in the face of

adversity are sorely missed around the office.

The new year saw the bedding in of our new

Executive Director Steve Marshall.

Steve has put in hours way beyond the call of

duty in setting up systems that will hopefully

stand us in good stead come BIFB’15. The Board,

under the stewardship of Sarah Brennan has

continued to advise and steer the ship along the

straight and narrow on issues of compliance,

financial reporting and good governance.

nfortunately we lose the services of Sarah at

this AGM due to family pressures, and we also

say farewell to Kristin Diemer, who has been

on the BIFB Committee cum Board since 2007.

Kristin has capably managed the Portfolio Review

Program since it’s establishment at DFB’07. I am

also standing down from the Board at the AGM

and have already shifted somewhat sideways

from the position of Festival Director to that of

Creative Director to enable me to better look after

the things that bring our audience to Ballarat

every two years, or view in our growing range of

online publications and newsletters. I started out

as an artist when I had this silly idea for a festival

of photography in country Victoria back in 2004

[actually the seeds were sown some years prior to

that, but as they say, ‘that’s another story!’], and

in spite of being dragged screaming and kicking

into the dual roles that included both the creative

and the administrative for the past ten years, like

a once shiny piece of metal gone rusty, I have

reverted to type!

A couple of proud achievements for me over the

past 12 months have been the continued critical

success and growing readership of our two online

magazines BETA developments in photography

and ONE THOUSAND WORDS [about photography]

which has seen new editor Mike Lim taking the

reins with the third issue, and myself taking the

BETA baton from Heidi Romano since #7. Many

thanks go to our design intern Penny Crabtree for

pulling both publications together. And each month

I accept the challenge of putting together snippets

of salient information into a ‘good read’ in BIFFO,

our monthly newsletter. Like our masthead says,

we continue to ‘punch well above our weight!’

On the income front, our triennial funding from

Arts Victoria has kicked in, and our one major off

year fundraiser, the BIFB Collection is growing to

be a highlight of the photographic year, thanks in

no small way to the contributing photographers,

our sponsors, and the generous support of Glenn

Gibson and ‘boy wonder’ Rupert at Eleven 40.

This year has seen me on the road quite a bit

[and may I say it’s been all self funded, or partly

underwritten by the inviting events, because

there is little fat to be had from the BIFB table] In

March I was invited to participate in the ‘Meeting

Place’ Portfolio Reviews at FotoFest, Houston. In

mid May I attended the HeadOn Photo Festival in

Sydney [always good to see what the other guys

are doing, and happy to report that it reinforced

my opinion that Ballarat is still the best festival of

photography in Australia!] At the end of August

I was invited to open the Shimmer Biennial of

Photography in Adelaide, and in mid September I

headed to China for their biggest festival, the 14th

Pingyao International Photo Festival, and then on

to Shanghai for their festival in early October. This

year I have also been invited to judge the AIPP

Professional Photographer of the Year Awards

in Sydney as well as reviewing online portfolios

for ‘Critical Mass’ presented by Photo Lucida,

Portland, Oregon. But it ain’t over yet folks, as I

am off to Siem Reap Cambodia for the Asia Pacific

Photoforum [APP] Director’s meeting at the Angkor

Photo Festival and Workshops at the end of the

month.

We continue to fly the Ballarat flag amongst the

international membership of both the APP and the

Festival of Light. Our participation in both of these

festival groupings gives us a link with over 35

festivals of photography around the world.

Perhaps my proudest achievement in this past

12 months is the staging of ‘the Wizards of Oz’, a

major exhibition curated as part of the Pingyao

Festival that presented the works of ten Australian

artists, all who have appeared in the Core program

at our past three festivals, to an audience of over

200,000 Chinese followers of photography. This

process of touring the globe provides a fantastic

opportunity for selling our festival, the BIFB, and

the City of Ballarat, and Australian photography to

the rest of the world. It also enables me to discover

new and interesting international talents to invite

for your viewing pleasure at our festival or through

the pages of our magazines.

And finally, thanks to all our loyal sponsors,

stakeholders, members and patrons for their

support over the past twelve months.

Who knows what the next twelve have in store for

us, but I wouldn’t be dead for quids!

JEFF MOORFOOT

[6]

REPORT FROM THE EXECUTIVE DIRECTOR

In early 2014 I undertook the responsibility of

steering the Ballarat International Foto Biennale

(BIFB) into the future. I was aware of the soft

economic outlook across Australia and realized

then that the priority for this Australian festival

of photography was to be very clear about our

position in the festival market and to strengthen

our partnerships.

I believe photography is the world’s most

popular cultural activity. Through photography

the people of the world communicate, educate,

and stimulate thought and discussion across

the world. And it is here in Ballarat - through

the BIFB - that Australia contributes to the

discussion, on the world stage.

Since its inception in 2005, the Ballarat

International Foto Biennale has become an

influential voice in photography in regional

Victoria, and around the world. Through five

editions of this photo festival the BIFB team

has built strong international photographic

relationships and as a result has engaged

successful working partnerships with

organisations including Tourism Victoria,

Regional Arts Victoria, Ballarat Regional Tourism

and the City of Ballarat that strengthen our

position and enhance our profile.

With these and our other major partners, the

Foto Biennale has achieved significant financial

benefits for Ballarat and regional Victoria.

In 2014 the Foto Biennale was recognized as

the second largest economic-impact cultural

event to be staged in Ballarat – with a benefit

of over $1.4M being injected into the local

tourism economy.

This economic contribution is the direct result

of input of both the business community... and

the people of Ballarat, who volunteer skills and

services and contribute venues, finance, people,

goods and services that ultimately bring this

month-long festival of photography to life.

Additionally the BIFB has a significant presence

around the world with ongoing annual

representations and exhibitions in Europe,

China, and the United States of America. Our

international collaborations also promote

Ballarat as an international participant in the

international photographic arena.

Through dedicated marketing and promotion

of both the Foto Biennale and Ballarat, we run

a significant media campaign with a $1.3m

footprint across The Age, The Herald Sun, The

Weekend Australian, ABC Online, Harper’s

Bazaar, InStyle Magazine and countless other

media outlets. As a result of this coverage this

biennial photo festival story attracts significant

tourism interest and generates strong visitation

to Ballarat.

Over the coming years I believe our market

position will continue to shine in regional Victoria

and internationally, and I know our partnerships

will strengthen our sustainability.

We will continue to promote photography in all

its forms. We will provide opportunities for young

and old. We will strengthen our partnerships. We

will enhance our global voice. And we will share

our journey and our joy with our members, our

volunteers and our partners.

It is with those points in mind that I continue to

guide the business toward future sustainability

with both short- and long-term goals.

STEVE MARSHALL

“This economic contribution is the

direct result of input of both the business

community… and the people of Ballarat.”

[7]

THE BOARD

SARAH BRENNAN

BIFB INC CHAIRPERSONBOARD MEMBER SINCE 2011

Sarah Brennan is currently Director, Gravity Design. Over the past four years she has held leadership positions in marketing with Diversifi ed Exhibitions and Breast Cancer Network Australia.

Prior to this Sarah was the GM of Operations and Business Strategy at DDB Group based in Hong Kong. During her time at DDB she built a centre of excellence for marketing, brand management and communications. She was also Managing Director of Rapp Hong Kong and back in Australia, earlier roles included Marketing Director at the Walt Disney Company, GM-Communications for Aviva and previous to this she held leadership roles at three design agencies.

She successfully ran her own her own marketing consultancy for fi ve years. Sarah was appointed to the BIFB Board in February 2011.

CRAIG HOLLOWAY

BIFB INC SECRETARY & PUBLIC OFFICERBOARD MEMBER SINCE 2011

Craig Holloway currently operates his photography business ARTfocus in Ballarat. He established his business after returning to his hometown of Ballarat in 2007 from New Zealand, where he jointly owned a photography gallery, consulted in tourism and was proprietor of a luxury lodge in the Bay of Islands. Craig has been a committee member of the Ballarat Tourist Association and was Chair of the BTA for three years up until Nov 2011, also serving on the board of Ballarat Regional Tourism in 2011. He is also a current member of VECCI Regional Business Council. A Ballarat Committee Member of the BIFB since 2009, Craig was appointed to the BIFB Board in November 2011.

PHIL HARRINGTON

BIFB INC TREASURER BOARD MEMBER SINCE 2009

Phillip Harrington is a Chartered Accountant, a partner of Manning & Perry, Chartered Accountants in Melbourne for more than 30 years. Presently he is an adviser to clients, a consultant in matters of accounting and taxation and acts as trustee of a number of private and charitable trusts.

Phil has long experience in all facets of professional accounting – previously a Registered Company Auditor, Tax Agent, Investment Adviser and Fellow of the Institute of Company Directors in Australia. Phil has a long-standing interest in farming and a keen interest in photography as an amateur in both fi lm and digital forms. Phillip was appointed to the BIFB Board in 2009.

SARAH HINCHEY

BIFB INC DEPUTY CHAIRPERSON BOARD MEMBER SINCE MAY 2012

Sara Hinchey is a Barrister and a member of the Victorian Bar for more than 16 years. She practises law predominantly in Melbourne and also holds a BSc from Monash University.

She has been a member of the Victorian Bar Council, where she held positions on the Bar Council Executive, including Assistant Treasurer. In addition to her role on the Bar Council, Sara was appointed Chair of the Marketing and Communications Committee and Chair of the “Green Bar” Committee. She has, also been a director of the Barrister’s club, The Essoign Club. She is presently the Treasurer of the Climate Change & Environmental Law Panel.

Sara has always had an active interest in participating in and supporting the arts. She was brought up in Ballarat and returns often to see her family and friends.

[8]

THE BOARD

BIFB INC IS A MEMBER OF THE FOLLOWING

The Festival of Light/Festival de la Luz

The Asia Pacific Photoforum

Commerce Ballarat

Regional Arts Victoria

Companion Card

Ballarat Regional Tourism

CAITLIN MACLEOD

BIFB INC BOARD MEMBER SINCE FEBRUARY 2012

Caitlin Macleod works for an international consulting firm and advises banking and financial services clients on a range of regulatory and public policy issues.

She spent four years at the UK Financial Services Authority during the banking crisis and, prior to this, was a Budget Adviser to the Solomon Islands Government. Caitlin has extensive government experience in the Australian Public Service (Canberra) and has worked on a wide range of public policy issues including in the Department of the Prime Minister and Cabinet and the Department of Finance and Administration.

A qualified lawyer, Caitlin also holds a BA(Hons) from the University of Melbourne and a MSc from the London School of Economics. She has recently returned to Australia and has an enduring love of photography and a keen interest in regional Australia. Caitlin was appointed to the BIFB Board in February 2012.

KRISTIN DIEMER

BIFB INC BOARD MEMBER SINCE 2011

Kristin Diemer is a self-employed photographer and social researcher. She currently operates her own photography business ‘Life Images’ in Melbourne, specializing in portrait and corporate photography as well as social documentary projects.

Prior to becoming a professional photographer Kristin worked as a university lecturer, teaching at OASES Graduate School and undertook research for both the University of Melbourne and Department of Justice. She is currently contracted as a part-time researcher by Melbourne University. Kristin is an exhibiting photographer and has been the festival’s Portfolio Reviews Coordinator since 2009.

She is a member of the AIPP, Viscopy, ArtsLaw and NAVA. Kristin is also the current chairperson of the Melbourne Committee for the BIFB. She was appointed to the BIFB Board in November 2011.

JEFF MOORFOOT

FESTIVAL DIRECTOR

Jeff Moorfoot is a practising photographic artist and former advertising photographer and educator. He has a BA in photography from RMIT, and is a Fellow, Honorary Life member and Master Photographer IV of the Australian Institute of Professional Photography [AIPP] member of Viscopy and member of Friends of the MGA.

He is the founder of the festival as well as the photographic group ‘free radical’, and is co organiser of the Galeria Bezdomna/Homeless Gallery in Australia. He has spent many years on the committee of the AIPP Victorian Division, and five years on the AIPP National education sub committee. For ten years he convened the Victorian Photography Student of the Year Awards.

In his role as Festival Director he has overseen five highly successful Festivals, and has driven the BIFB membership of the Festival of Light/Festival de la Luz, an international grouping of 28 festivals of photography worldwide, as well as the formation of the Asia Pacific Photoforum, a similar grouping of the photography festivals of Asia and Australasia.

[9]

ACKNOWLEDGEMENT OF TRADITIONAL OWNERS

The Ballarat International Foto Biennale takes place on country of which elders and members of the Wathaurong peoples and their forebears have been custodians for many centuries. On this land their people have performed age-old ceremonies of celebration, initiation and renewal. We acknowledge their living culture and the unique role in the life of this region.

MANAGEMENTJeff Moorfoot CREATIVE DIRECTORSteve Marshall EXECUTIVE DIRECTORPam Verwey FRINGE COORDINATOR

PROFESSIONAL SUPPORTGerard Brennan Gravity Design PUBLICATIONS DESIGN

Fiona Brook Zilla & Brook PUBLICISTHelen Watkins BOOKKEEPER

INTERNSBianca Dresdon FESTIVAL DIRECTOR’S ASSISTANTGabriel Skoropoda PUBLICATIONS INTERNJo Harkin OFFICE INTERNLucie Akers OFFICE INTERNPenny Crabtree DESIGN INTERN

BIENNALE PATRONThe Right Honourable Malcolm Fraser AC CH

PLATINUM PATRONSBill BownessTim GriffithSara HincheyLindy and Philip KulpaJeff MoorfootMichael PriorGuy VinciguerraJohn Wilson and Dara Kretschmer

EMERALD PATRONSSarah and Gerard Brennan Mike Reed and Madelene AlfordJohn and Jan Smallman

SAPPHIRE PATRONSCarolyn BuckleyPeter DunphyAl EbenreuterJoyce EvansJohn and Susanne GyorkiMary Ann Hartley SCNoelle and Bob HincheyChristopher ShainThe Maggie Diaz Collection

VOLUNTEERSEric ALGRAMark AVELLINOLisa BOWVanessa BRADYSarah BRENNANNadine BREWERCarolyn BROOMECarolyn BUCKLEYJohn CALLAHANKen CHAPMANHazen CLEARYJulie COLLETTDonna CREBBINKristin DIEMERGerard DOMINGOPeter DULSONAlex ECONOMOUEllen EUSTICEPat GABBSharon GREENAWAYEsther GYORKISarah HANDSCOMBMeredith HARVEYTiffany HATTONMukul HATWALChristine HICKSONJulie HOUGHBert HOVELINGAnge IZARDSue KELMANKatie KNOXJoan LUXEMBOURGSonia MACAKKellie MADDAFORDCraig MARSDENAlejandra MORALeesa MYERS

Olya NIKITINAJim O’MAYPauline O’SHANESSY-DOWLINGJohn OGLEDoug PALMERSenga PECKHAMScott PORTERAnica POSENJAKLorraine POWELLTalitha PRENDERGASTLeo PRESTIABelinda PRICEAndrew RENAUTKaterina RICHTEROVACarmel RIORDANSuzy ROCHELoreto ROLDANSonja ROLTONChristine ROSE DIVITOMark ROYMaurizios SALVATIDavid SIMMONDSBetty STEWARTKarelene THORNEFiona TONKINDinah TOOHEYAmy TSILEMANISMargaret WALLENBec WALTONJeanne WHEELERLiz WIDDOPJim WILSONStacey WILSONAnne YOUNG

BOARDSarah Brennan CHAIRPERSONSara Hinchey DEPUTY CHAIRPERSONPhil Harrington TREASURERCraig Holloway SECRETARYJeff Moorfoot DIRECTORKristin Diemer DIRECTORCaitlin McLeod DIRECTOR

THANKS & ACKNOWLEDMENTS

[10][10]10]10

FINANCIAL REPORTFOR THE YEAR ENDING 30 JUNE 2014

Ballarat International Foto Biennale Inc.

[11]

The Board members submit the financial report of Ballarat International Foto Biennale Incorporated for the financial year ended 30 June 2014.

BOARD MEMBERS The names of Board members through the year and at the date of this reports are:

SARAH BRENNAN CHAIRPERSON SARAH HINCHEY DEPUTY CHAIRPERSON CRAIG HOLLOWAY SECRETARY PHILLIP HARRINGTON TREASURER KRISTIN DIEMER DIRECTOR JEFF MOORFOOT DIRECTOR CAITLIN MACLEOD DIRECTOR

PRINCIPAL ACTIVITIES The principal activities of the association during the financial year were: Promoting photography in all its forms both through the staging of a biennale festival in Ballarat along with a range of other initiatives.

SIGNIFICANT CHANGES No significant change in the nature of these activities occurred during the year.

OPERATING RESULT The loss after providing for income tax amounted to $101,303 (2013: Profit $94,136)

Signed in accordance with a resolution of the members of the Board.

SARAH BRENNAN (CHAIR)

PHILLIP HARRINGTON (TREASURER)

DATED THIS 29TH DAY OF OCTOBER 2014

Ballarat International Foto Biennale Inc.

BOARD’S REPORT FOR THE YEAR ENDED 30 JUNE 2014

[12]

INCOME AND EXPENDITURE STATEMENT FOR THE YEAR ENDED 30 JUNE 2014

INCOME 2014 2013Grants 60,000 60,365Sponsorship 3,000 11,705Artistic Program 26,801 41,521General Merchandise 6,326 6Interest 1,391 1,682 Gifts and Donations 603 74,147Programme Advertising 7,460 1,630Other Revenue 11,404 3,170 116,985 194,226

EXPENDITURE 2014 2013Accounting Fees/Bookkeeping Fees 5,832 2,980Artwork - 2,019 Artistic Program 71,559 6,664Auditor’s Remuneration 1,575 2,560Bad Debts 75 -Bank Charges 987 657Business Development 168 4,813Computer Hardware 620 682Contractors 56,055 55,699 Insurance 4,671 4,067Marketing 44,571 8,621Meals and entertainment 7,656 170Office Supplies 1,205 1,346Other 736 352 Postage 2,207 898Printing 1,891 434Software Expenses 853 129Storage Costs 5,765 1,080Subscriptions 810 767Superannuation Contributions 4,462 2,771Telephones 2,539 2,243Travel and Accommodation 3,911 880Workcover 140 258 218,288 100,090

2014 2013PROFIT BEFORE INCOME TAX 101,303 94,136PROFIT FOR THE YEAR 101,303 94,136

RETAINED EARNINGS AT BEGINNING OF YEAR 174,975 80,839RETAINED EARNINGS AT END OF YEAR 73,672 174,975

Ballarat International Foto Biennale Inc.

Note

The accompanying notes form part of these financial statements.

[13]

ASSETSCURRENT ASSETS 2014 2013Cash and cash equivalents 42,900 155,777Accounts receivable and other debtors 33,100 21,089

TOTAL CURRENT ASSETS 76,000 176,866

TOTAL ASSETS 76,000 176,866

LIABILITIESCURRENT LIABILITIES 2014 2013Trade and other payables 2,328 1,891

TOTAL CURRENT LIABILITIES 2,328 1,891

TOTAL LIABILITIES 2,328 1,891

NET ASSETS 73,672 174,975

MEMBERS’ FUNDSRetained Earnings 73,672 174,975

TOTAL MEMBERS’ FUNDS 73,672 174,975

ASSET AND LIABILITIES STATEMENT AS AT 30 JUNE 2014

Ballarat International Foto Biennale Inc.

CASH FLOWS FROM OPERATING ACTIVITIES 2014 2013Receipts from Customers and Community 103,584 173,919Payments to Suppliers and Employees (217,853) (98,627)Interest Received 1,391 1,682

NET CASH PROVIDED FROM OPERATING ACTIVITIES (112,878) 76,973

NET INCREASE IN CASH HELD (112,878) 76,973

CASH AT THE BEGINNING OF THE YEAR 155,778 78,805

CASH AT THE END OF THE YEAR 42,900 155,778

CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2014

Ballarat International Foto Biennale Inc.

Note

2

3

4

6

The accompanying notes form part of these financial statements.

7

Note

2

[14]

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIESBASIS OF PREPARATION

This financial report is a special purpose financial report prepared in order to satisfy the financial reporting requirements of the Associa-tions Incorporation Act VIC. The Board has determined that the association is not a reporting entity.

The financial report has been prepared on an accruals basis and is based on historical costs, and does not take into account changing values of money, except where specifically stated, current valuations of non-current assets.

The following significant accounting policies, which are consistent with the previous period unless otherwise stated, have been adopted in the preparation of the financial report.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents include 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. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet.

REVENUE AND OTHER INCOME

Revenue is measured at the fair value of the consideration received or receivable.

Interest revenue is recognised using effective interest rate method, which, for floating rate financial assets is the rate inherent in the instrument.

Grant and Donation revenue is recognised when the entity obtains control over the funds, which is generally at time of receipt.

All revenue is stated net of the amount of goods and services tax (GST).

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 Tax 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 balance sheet.

INCOME TAX

The Association is a non-profit organisation established for community service purposes and is exempt from income tax pursuant to s23(g)(v) od the Income Tax Assessment Act 1936.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014

Ballarat International Foto Biennale Inc.

[15]

NOTE 2: CASH AND CASH EQUIVALENTS 2014 2013Cheque Account 1,847 41,088Donations Account 4,750 7,971Online Saver 34,142 87,751Petty Cash 39 4Pay Pal Account 7,870 3,560TryBookings Account 879 11,093 42,900 155,777

NOTE 3: ACCOUNTS RECEIVABLE AND OTHER DEBTORS 2014 2013CURRENTTrade Debtors 33,100 21,089 33,100 21,089

NOTE 4: TRADE AND OTHER PAYABLES 2014 2013Trade Creditors 95 718GST Liabilities 2,233 1,173 2,328 1,891

NOTE 5: RETAINED EARNINGS 2014 2013Retained earnings at the beginning of the period 174,975 80,839Net profit/(loss) attributable to the association (101,303) 94,136

RETAINED EARNINGS AT THE END OF THE PERIOD 174,975 80,839

NOTE 6: CASH FLOW INFORMATION 2014 2013 Reconciliation of profit/(loss) to net cash flow from operations as follows-

Profit/(loss) for year (101,303) 94,136

Adjustment for non-cash items:Increase/(decrease) in Trade and other payables 437 608Increase/(decrease) in Income in advance - (65)(Increase)/decrease in Receivables and other current assets (12,012) (17,706)

(112,878) 76,973

[16]

We, Sarah Brennan and Phillip Harrington, being members ofthe Committee of the Ballarat International Foto Biennale Inc, certify that-

The statements attached to this certifi cate give a true and fair view of the fi nancial position and performance of Ballarat International Foto Biennale Inc during and at the end of the fi nancial year of the association Ending on 30 June 2014.

SARAH BRENNAN (CHAIR)

PHILLIP HARRINGTON (TREASURER)

DATED THIS 29TH DAY OF OCTOBER 2014

STATEMENT BY MEMBERS OF THE BOARD

Ballarat International Foto Biennale Inc.

I, Phillip Harrington of the Committee of the Ballarat International Foto Biennale Inc, certify that:

a) I attended the annual general meeting of the association held on 25th November 2014.

b) The fi nancial statements for the year ended June 30th 2014 were submitted to the members of the association at its annual general meeting.

BOARD MEMBER:

PHILLIP HARRINGTON (TREASURER)

DATED THIS 25TH DAY OF NOVEMBER 2014

CERTIFICATE BY MEMBERS OF THE COMMITTEE

Ballarat International Foto Biennale Inc.

[17][17]17]17

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BALLARAT INTERNATIONAL FOTO BIENNALE INCA0045714L ABN 70496228247

OFFICE: Upstairs at the Mining Exchange 12 Lydiard Street North, Ballarat

POSTAL ADDRESS: PO Box 41 Ballarat, Victoria 3353 Australia

TELEPHONE: + 61 3 5331 4833

EMAIL: info@ballaratfoto.org

WEB: www.ballaratfoto.org

SKYPE: ballaratfoto