CSS Financial Report Web 10-11

8/3/2019 CSS Financial Report Web 10-11

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crisis

supportservicesFinancial Report


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03 Directors report

04 statement of comprehensive income

05 statement of financial position

06 statement of cash flows

06 statement of changes in equity

07 notes to the financial statements

17 statement by the boarD of Directors

18 auDitors report

contents

css2011

crisissupportservices inc

ABN 33 185 295 654

financialreportFOR THEYEAR ENDED30 JUNE 2011


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Your Board of Directors submit the financial report of Crisis Support Services Inc.for the financial year ended 30 June 2011.

Board Members

Nicholas Voudouris

Ron Forsyth

Paul Geyer - resigned 11 February 2011

Michael Grigoletto

Sen Hogan

John McGrath - resigned 31 December 2010

Lynette OLoughlin

Arthur Papakotsias

The above board members have held office since the start of the financial year tothe date of this report unless otherwise stated.

Principal Activities

The principal activities of the Association during the financial year were to providespecialist telephone counselling services.

Significant Changes

No significant change in the nature of these activities occurred dur ing the year.

Operating Result

The surplus for the year amounted to $306,700 (2010: Deficit $51,131).

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

Nicholas Voudouris Lynette OLoughlin

Dated this 26th day of September 2011

Directorsreport

CRISIS SUPPORT SERVICES INC A.B.N 33 185 295 654


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financialreport

statement ofcomprehensive

incomeFOR THE YEAR

ENDED 30 JUNE 2011

2011$

2010$

Income

Operating grants 8,478,556 7,056,858

Donations 11,997 34,874

Interest income 203,051 124,780

Trusts, foundations & training 58,216 294,048

Other income 34,034 54,410

Total Income 8,785,854 7,564,970

Expenditure

Depreciation 78,520 126,233

Telephone 236,807 206,829

Workcover 83,579 77,518

Rent and outgoings 217,460 207,564

Superannuation 521,538 442,630

Employee benefits expense 6,147,470 5,217,054

Consultant and professional fees 288,725 513,486

Equipment rental 80,276 74,831

Travel expenses 54,336 63,220

Other expenses 770,443 686,736

Total Expenditure 8,479,154 7,616,101

Surplus/(Deficit) before income tax 306,700 (51,131)

Income tax expense - -

Surplus/(Deficit) for the year 306,700 (51,131)

Other Comprehensive Income - -

Total Other Comprehensive Income - -

Total Comprehensive Income/(Deficit) 306,700 (51,131)

The accompanying notes form part of these financial statements


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statement offinancialposition

AS AT 30 JUNE 2011

Note 2011$

2010$

Current Assets

Cash and cash equivalents 2 3,303,451 3,129,858

Trade and other receivables 3 693,507 518,433

Total Current Assets 3,996,958 3,648,291

Non Current Assets

Plant and equipment 4 84,813 148,167Total Non Current Assets 84,813 148,167

Total Assets 4,081,771 3,796,458

Current Liabilities

Trade and other payables 6 1,060,988 829,637

Grants received in advance 8 729,232 986,893

Total Current Liabilities 1,790,220 1,816,530

Non Current Liabilities

Long term provisions 7 58,783 53,860

Total Non Current Liabilities 58,783 53,860

Total Liabilities 1,849,003 1,870,390

Net Assets 2,232,768 1,926,068

Equity

Accumulated funds

Reserves 9 248,371 248,371

Retained profits 1,984,397 1,677,697

Total Equity 2,232,768 1,926,068



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financialreport

statementof cash

flowsFOR THE YEAR

ENDED 30 JUNE 2011

statementof changes

in equityFOR THE YEAR

ENDED 30 JUNE 2011

Note 2011$

2010$

Cash flows from operating activities:

Receipts f rom operating act ivi ties 8,230,701 7,970,741

Payments to suppliersand employees (8,213,959) (7,498,135)

Interest received 173,804 108,979

Net cash flows fromoperating activities 12 190,546 581,585

Cash flows from investing activities:

Payments for plant and equipment (16,953) (50,854)

Net cash flows from investing activities (16,953) (50,854)

Net (decrease)/increase in cash held 173,593 530,731

Cash at the beginning of the year 3,129,858 2,599,127

Cash at the end of the year 2 3,303,451 3,129,858


RetainedProfits

$

GeneralReserve

$

Total

$

Balance at 01 July 2009 1,728,828 248,371 1,977,199

Deficit for the year (51,131) - (51,131)

Other comprehensive income - - -

Total comprehensiveincome (51,131) - (51,131)

Transfer to General Reserve - - -

Balance at 30 June 2010 1,677,697 248,371 1,926,068

Surplus for the year 306,700 - 306,700

Other comprehensive income - - -

Total comprehensive

income

306,700 - 306,700

Transfer to General Reserve - - -

Balance at 30 June 2011 1,984,397 248,371 2,232,768



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notes tothe financial

statementsFOR THE YEAR

ENDED 30 JUNE 2011

NOTE 1: SUMMARY OF SIGNIFICANTACCOUNTING POLICIES

1.1 Basis of accounting

This financial report are special purpose financial statements prepared in

accordance with the financial reporting requirements of the Associations

Incorporation Act (Victoria) 1981. The Board of Directors has determined that the

Association is not a reporting entity.

The financial report has been prepared in accordance with the Associations

Incorporation Act (Victoria) 1981 and the following Australian Accounting

Standards:

- AASB 101: Presentation of Financial Statements

- AASB 107: Statement of Cash Flows

- AASB 108: Accounting Policies, Changes in Accounting Estimates and Errors

- AASB 110: Events after the Reporting Period

- AASB 116: Property Plant & Equipment

- AASB 117: Leases

- AASB 119: Employee Benefits

- AASB 1031: MaterialityNo other applicable Accounting Standards, Australian Accounting Interpretations or

other authoritative pronouncements of the Australian Accounting Standards Board

have been applied.

This financial report has been prepared on an accruals basis. It is based on historic

costs and does not take into account changing money values o r, except where

specifically stated, current valuations of non-current assets.


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financialreport

NOTE 1: SUMMARY OF SIGNIFICANTACCOUNTING POLICIES (Continued)

The following material accounting policies, which are consistent with the previous

period unless otherwise stated, have been adopted in the preparation of this

financial report:

1.2 Income tax exemption

The Association is exempt from income tax under section 50-B of the Income Tax

Assessment Act.

1.3 Plant and Equipment

Each class of plant and equipment is carried at cost less accumulated depreciation

and impairment losses.

Plant and Equipment

Plant and equipment are measured on the cost basis less depreciation and

impairment losses. The carrying amount of plant and equipment is reviewed annually

by directors to ensure it is not in excess of the recoverable amount from these

assets. The recoverable amount is assessed on the basis of the expected net cash

flows that will be received from the assets employment and subsequent disposal.

The expected net cash flows have been discounted to their present values in

determining recoverable amounts. Plant and equipment that have been contributedat no cost or for nominal cost are valued at the fair value of the asset at the date

it is acquired.

Depreciation

The depreciable amount of all plant and equipment including building and capitalised

lease assets, but excluding freehold land, is depreciated on a straight-line basis

over their useful lives to the Association commencing from the time the asset

is held ready for use. Leasehold improvements are depreciated over the shorter

of either the unexpired period of the lease or the estimated useful lives of the

improvements.

The depreciation rates used for each class of depreciable assets are:

Class of Fixed Asset Depreciation RatePlant and equipment 20-33%

The assets residual values and useful lives are reviewed, and adjusted if

appropriate, at each reporting date. Asset classes carrying amount is written down

immediately to its recoverable amount if the assets carrying amount is greater than

its estimated recoverable amount. Gains and losses on disposals are determined

by comparing proceeds with the carrying amount. These gains or losses are

included in the statement of comprehensive income. When revalued assets are

sold, amounts included in the revaluation reserve relating to that asset are

transferred to retained profits.



ENDED 30 JUNE 2011


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1.4 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 eight months or

less, and bank overdrafts.

1.5 Leases

Leases of property, plant and equipment where substantially all the risks and

benefits incidental to the ownership of the asset but not the legal ownership are

transferred to the Association are classified as finance leases.

Finance leases are capitalised by recording an asset and a liability at the lower

of the amounts equal to the fair value of the leased asset or the present value ofthe minimum lease payments, including any guaranteed residual values. Lease

payments are allocated between the reduction of the lease liability and the lease

interest expense for the period.

Leased assets are depreciated on a straight-line basis over the shorter of their

estimated useful lives or the lease term.

Lease payments for operating leases, where substantially all the risks and benefits

remain with the lessor, are charged as expenses in the periods in which they are

incurred.

Lease incentives under operating leases are recognised as a liability and amortised

on a straight-line basis over the life of the lease term.

1.6 Computer software and information technology support

Expenditure incurred on acquiring computer software and the utilization of

information technology support is expensed in the financial year.

1.7 Provision for Employee Benefits

Provision is made for the entitys liability for employee benefits arising from services

rendered by employees to reporting date. Employee benefits expected to be settled

within one year together with benefits arising from wages, salaries and annual leave

which may be settled after one year, have been measured at the amounts expected

to be paid when the liability is settled plus related on costs. Other employee

benefits payable later than one year have been measured at the net present value.

Contributions are made by the entity to an employee superannuation fund and are

charged as expenses when incurred.

1.8 Grant Revenue Recognition

Grant revenue is recognised in the statement of comprehensive income when it is

controlled. When there are conditions attached to grant revenue relating to the use

of those grants for specific purposes it is recognised in the statement of financial

position as a liability until such conditions are met or services provided.

Donations and bequests are recognised as revenue when received unless theyare designated for a specific purpose, where they are carried forward as liabilities

on the statement of financial position.


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financialreport

NOTE 1: SUMMARY OF SIGNIFICANTACCOUNTING POLICIES (Continued)

Interest revenue and distribution income from investments is recognised on

a proportional basis taking into account the interest rates applicable to the

financial assets.

Revenue from the rendering of a service is recognised upon the delivery of the

service to the customers.

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

1.9 Unexpended GrantsThe entity receives grant monies to fund projects either for contracted periods

of time or for specific projects irrespective of the period of time required to

complete those projects. It is the policy of the Association to treat grants monies

as unexpended grants in the statement of financial position where the Association

is contractually obliged to provide the services in a subsequent financial period to

when the grant is received or in the case of specific project grants where the project

has not been completed.

1.10 Comparative Figures

Where required by Accounting Standards comparative figures have been adjusted to

conform to changes in presentation for the current year.

1.11 Economic Dependence

Crisis Support Services Inc is dependent on the Department of Families, Housing,

Community Services and Indigenous Affairs for the majority of its revenue used

to operate the business. At the date of this report the Board of Directors has no

reason to believe the Department will not continue its current relationship with Crisis

Support Services Inc.



ENDED 30 JUNE 2011


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2011$

2010$

NOTE 2: CASH ANDCASH EQUIVALENTS

Cash in hand and at bank 803,451 1,129,858

Term deposit 2,500,000 2,000,000

3,303,451 3,129,858

NOTE 3: TRADE ANDOTHER RECEIVABLES

Trade debtors 344,838 305,465

Accrued income 232,536 148,220

Prepayments and deposits 116,133 64,748

693,507 518,433

NOTE 4: PLANTAND EQUIPMENT

Computer equipment at cost 255,276 301,485

Less accumulated depreciation (228,592) (258,787)

26,684 42,698

Office equipment at cost 353,142 366,769

Less accumulated depreciation (295,013) (261,300)

58,129 105,469

Total Plant and Equipment 84,813 148,167

Plant and equipment movement:

Computer

Equipment

$

Office

Equipment

$

Total

$

Balance at the beginning

of the year 42,698 105,469 148,167

Additions 9,120 7,833 16,953

Disposals/Written off (10) (1,777) (1,787)

Depreciation (25,124) (53,396) (78,520)

Carrying amount at

the end of the year 26,684 58,129 84,813


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financialreport

2011$

2010$

NOTE 5: AUDITORSREMUNERATION

Remuneration of the auditor ofthe parent entity for:

Auditing Services 12,255 15,430

12,255 15,430

NOTE 6: TRADEAND OTHER PAYABLES

CURRENT

Trade creditors 298,470 199,790

GST payable 45,556 27,694

Sundry including accruals 169,279 158,736

Short term provisions 547,683 443,417

Total 1,060,988 829,637

NOTE 7: PROVISIONS

NON CURRENT

Long service leave 58,783 53,860

58,783 53,860

NOTE 8: GRANTSRECEIVED IN ADVANCE

CURRENT

Unexpended grants 729,232 986,893

NOTE 9: RESERVES

General Reserve 248,371 248,371

The general reserve records funds set asidefor employee redundancies which may arisein the future.



ENDED 30 JUNE 2011


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2011$

2010$

NOTE 10: LEASINGCOMMITMENTS

Payable:

- not later than 1 year 279,900 208,657

- later than 1 year but not later than 5 years 288,138 285,494

- later than 5 years - -

568,038 494,151

The first property lease is a non-cancelable lease with a 4-year term, withrent payable monthly in advance. Contingent rental provisions within the leaseagreement require that the minimum lease payments shall be increased by3% per annum. The 4-year term ended during 2009 and the first option wasexercised to renew the lease for a 4-year term. An additional 1 term of4 years exists.

The second property lease is for a 3-year term with rent payable monthly inadvance. Contingent rental provisions within the lease agreement require that theminimum lease payments shall increase annually by the CPI all groups rate at theend of years 1, 2, 4, 5, 7, 8 and be subject to a market rental review at the end

of the 3rd and 6th year of the lease. The 3-year term ended during 2010 andthe first option was exercised to renew the lease for a 3-year term. An additional1 term of 3 years exists.

NOTE 11: OTHERCOMMITMENTS

Payable:

- not later than 1 year 228,240 -

- later than 1 year but not later than 5 years 362,600 -

- later than 5 years - -

590,840 -

The first is a Master Service Agreement for the provision of IT maintenancesupport services with 24/7 coverage for a 3 year term. Provision within theagreement requires that the minimum service payments shall increase annually bythe CPI in Melbourne or Australia, whichever is lesser. An option exists to renewthe agreement at the end of the 3-year term for an additional 1 term of 2 years.

The second is a Value Added Network Services Agreement fo r the provision ofnetwork infrastructure services for a 2 year term.


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financialreport

2011$

2010$

NOTE 12:RECONCILIATIONOF NET CASH FLOWS

Surplus/(Deficit) after income tax 306,700 (51,131)

Cash flows excluded from profitattributable to operating activities

Non-cash flows in profit

Depreciation 78,520 126,233

Plant & equipment written off 1,787 -

Changes in assets and liabilities, net ofthe effects of purchase and disposal ofsubsidiaries

Increase in trade and other payables 127,085 61,034

Increase/(Decrease) in provisions 109,189 (22,793)

(Increase)/Decrease in trade and

other receivables

(175,074) 205,376

(Decrease)/Increase inunexpended operating grants (257,661) 262,866

190,546 581,585

NOTE 13: NEW AND REVISED STANDARDSAdoption of New and Revised Accounting StandardsDuring the current year, the company has adopted all of the new and revised

Australian Accounting Standards and Interpretations applicable to its operationswhich became mandatory.

The adoption of these Standards has not had a significant impact on the financialstatements of the Association.

New Accounting Standards for Application in Future PeriodsThe AASB has issued new and amended Accounting Standards and Interpretationsthat have mandatory application dates for future reporting periods and whichthe Association has decided not to early adopt. A discussion of those futurerequirements and their impact on the Association is as follows:

AASB 200912: Amendments to Australian Accounting Standards [AASBs 5, 8,108, 110, 112, 119, 133, 137, 139, 1023 & 1031 and Interpretations 2, 4, 16,1039 & 1052] (applicable for annual reporting periods commencing on or after 1

January 2011).



ENDED 30 JUNE 2011


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This Standard makes a number of editorial amendments to a range of AustralianAccounting Standards and Interpretations, including amendments to reflectchanges made to the text of IFRSs by the IASB. The Standard also amends AASB8 to require entities to exercise judgment in assessing whether a governmentand entities known to be under the control of that government are considered asingle customer for the purposes of certain operating segment disclosures. Theamendments are not expected to impact the Association.

AASB 20104: Further Amendments to Australian Accounting Standards arising

from the Annual Improvements Pro ject [AASB 1, AASB 7, AASB 101 & AASB

134 and Interpretation 13] (applicable for annual reporting periods commencing on

or after 1 January 2011).

This Standard details numerous non-urgent but necessary changes to AccountingStandards arising from the IASBs annual improvements project. Key changesinclude:

clarifying the application of AASB 108 prior to an entitys first Australian-Accounting-Standards financial statements;

adding an explicit statement to AASB 7 that qualitative disclosures should bemade in the context of the quantitative disclosures to better enable users toevaluate an entitys exposure to risks arising from financial instruments;

amending AASB 101 to the effect that disaggregation of changes ineach component of equity arising from transactions recognised in othercomprehensive income is required to be presented, but is permitted to bepresented in the statement of changes in equity or in the notes;

adding a number of examples to the list of events or transactions that requiredisclosure under AASB 134; and

making sundry editorial amendments to various Standards and Interpretations.

This Standard is not expected to impact the Association.

AASB 20105: Amendments to Australian Accounting Standards [AASB 1, 3, 4,5, 101, 107, 112, 118, 119, 121, 132, 133, 134, 137, 139, 140, 1023 & 1038and Interpretations 112, 115, 127, 132 & 1042] (applicable for annual reportingperiods beginning on or after 1 January 2011).

This Standard makes numerous editorial amendments to a range of AustralianAccounting Standards and Interpretations, including amendments to reflectchanges made to the text of IFRSs by the IASB. However, these editorial

amendments have no major impact on the requirements of the respectiveamended pronouncements.

AASB 20107: Amendments to Australian Accounting Standards arising fromAASB 9 (December 2010) [AASB 1, 3, 4, 5, 7, 101, 102, 108, 112, 118, 120,121, 127, 128, 131, 132, 136, 137, 139, 1023 & 1038 and Interpretations 2, 5,10, 12, 19 & 127] (applies to periods beginning on or after 1 January 2013).

This Standard makes amendments to a range of Australian Accounting Standardsand Interpretations as a consequence of the issuance of AASB 9: FinancialInstruments in December 2010. Accordingly, these amendments will only apply ifthe entity adopts AASB 9.

The Association has not yet determined any potential impact on the financialstatements from adopting AASB 9.


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financialreport

NOTE 14: RELATED PARTY TRANSACTIONSThe financial transactions between Board of Directors, members and the

Association were of a minor nature and related to reimbursement of expenditurenecessarily incurred on behalf of the Association.

NOTE 15: EVENTS AFTER THEREPORTING PERIODNo matters or circumstances have arisen since the end of the financial year whichsignificantly affected or may significantly affect the operations of the Association,the results of those operations, or the state of affairs of the Association in futurefinancial years.

NOTE 16: REGISTERED AND PRINCIPALPLACE OF BUSINESSThe registered and principal place of business is at:

88 Maribyrnong StreetFootscray VICTORIA



ENDED 30 JUNE 2011


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The Board has determined that the Association is not a reporting entity and thatthese special purpose financial statements should be prepared in accordance withthe Associations Incorporation Act (Victoria) 1981 and the accounting policiesoutlined in Note 1 to the financial statements.

In the opinion of the Board the financial report as set out on pages 4 to16:

1. Presents a true and fair view of the financial position of Crisis Support ServicesInc. as at 30 June 2011 and its performance and cash flows for the year endedon that date in accordance with Note 1 to the financial statements.

2. At the date of this statement, there are reasonable grounds to believe thatCrisis Support Services Inc. will be able to pay its debts as and when theyfall due.

This statement is made in accordance with a resolution of the Board of Directors

and is signed for and on behalf of the Board by:

Nicholas Voudouris Lynette OLoughlinCHAIR CHAIR OF FINANCE COMMITTEE

Dated this 26th day of September 2011

statementby the boarDof Directors



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financialreport


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crisissupportservices

PO Box 2335Footscray Vic 301103 8371 [email protected]

CSS Financial Report Web 10-11

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