F61 Financial Statements 2020 - Foundation 61 · eoP,Nou,7uo9fP,nJJocfrPfo-26MouPNot-FrPfo-iAs-ca...

Not-For-Profit - Association ReportFoundation 61 Inc.ABN 79 079 178 867For the year ended 30 June 2020

Not-For-Profit - Association Report Foundation 61 Inc. of 14

Contents3 Committee's Report

5 Income and Expenditure Statement

6 Assets and Liabilities Statement

7 Notes to the Financial Statements

11 Movements in Equity

12 Statement of Cash Flows - Direct Method

13 True and Fair Position

14 Auditor's Report


Committee's ReportFoundation 61 Inc.For the year ended 30 June 2020

Committee's Report

Your committee members submit the financial report of Foundation 61 Inc. for the financial year ended 30 June 2020.

Committee Members

The names of committee members throughout the year and at the date of this report are:

Committee Member Position Date Started Experience Qualification

Hal Bisset Chairperson 2008 AM, BSc(hons), DipEd BD

Colin Bell Deputy Chairperson 28/11/2017 BSc(hons), MSc, PhD, GCHELD

Brenda Lyons Treasurer 16/12/2014 BCom BSc

Michael Brugman Committee Member 2016 BA, LLB

Kaye Ward Committee Member 2015 BA, BSW, Dip Ed, Grad Dip in FamilyTherapy, Grad Dip in SpiritualDirection

Meetings of Committee Members

During the financial year, a number of committee meetings were held. Attendances by each committee member during the yearwere as follows:

Committee Members Name Number Eligible to Attend Number Attended

Hal Bisset 9 9

Colin Bell 9 8

Michael Brugman 9 9

Brenda Lyons 9 8

Kaye Ward 9 9

Melissa Lovell On leave of absence then resigned 27/11/2019

Principal Activities

Not-for-profit community based charity that seeks to • provide healing and hope for people affected by addiction and• provide long stay residential based drug and alcohol rehabilitation centre.

Committee's Report


Significant Changes

Foundation 61 Inc has previously

• entered a funding agreement with the Commonwealth for $169,543 for Stage 1 of a project to develop a Women's Drugand alcohol rehabilitation facility;

• entered a Contract of Sale with the Uniting Church of Australia to purchase the property at 120 Russells Road, Mt Duneedconditional upon obtaining planning approval; and

• lodged a submission with the City of Greater Geelong to develop the Women's Rehabilitation facility on the land

In 2020-21 Foundation 61 Inc expects:

• planning approval to be granted which will trigger a second Funding Agreement with the Commonwealth government for$1,330,466;

• settlement on the purchase of the land at 120 Russells Road; and• the commencement of construction of the facility. Completion of construction is anticipated to occur in 2021-22

Operating Result

The surplus after providing for income tax for the financial year amounted to $337,252

Going Concern

This financial report has been prepared on a going concern basis which contemplates continuity of normal business activitiesand the realisation of assets and settlement of liabilities in the ordinary course of business. The ability of the association tocontinue to operate as a going concern is dependent upon the ability of the association to generate sufficient cashflows fromoperations to meet its liabilities. The members of the association believe that the going concern assumption is appropriate.

Signed in accordance with a resolution of the Members of the Committee on:

_______________________

Brenda Lyons - committee member (Treasurer)

Date / /17 11 2020

The accompanying notes form part of these financial statements. These statements should be read in conjunction with the attachedcompilation report.


Income and Expenditure StatementFoundation 61 Inc.For the year ended 30 June 2020

2020 2019

Total IncomeCapital Gain/(Loss) on Disposal of Asset 7,545 -

Training Income 85,939 117,833

Sponsorship Rooms 22,050 23,500

Client Fees 209,804 210,827

Gifts and Donations 415,977 210,002

Miscellaneous Income 6,179 50,536

Grants 190,620 73,093

Cash Flow Boost 10,000 -

Job Keeper Receipts 48,000 -

Total Total Income 996,115 685,792

ExpenditureDepreciation 19,199 19,286

Motor Vehicles 36,723 31,083

Mens Program Costs 299,293 33,554

Womens Program Costs 4,357 3,639

Employment Expenses 151,254 344,349

Occupancy Expenses 78,867 63,144

Insurance 16,540 14,895

Social Enterprise Projects 17,699 9,780

Other Expenses 34,929 28,680

Total Expenditure 658,862 548,410

Current Year Surplus/ (Deficit) Before Income Tax Adjustments 337,252 137,382

Current Year Surplus/(Deficit) Before Income Tax 337,252 137,382

Net Current Year Surplus After Income Tax 337,252 137,382

The accompanying notes form part of these financial statements. These statements should be read in conjunction with the attachedcompilation report.


Assets and Liabilities StatementFoundation 61 Inc.As at 30 June 2020

NOTES 30 JUN 2020 30 JUN 2019

AssetsCurrent Assets

Cash and Cash Equivalents 2 360,894 151,314

Trade and Other Receivables 3 - 26,758

GST Receivable 9,697 -

Fringe Benefits Tax Payable 1,440 1,214Total Current Assets 372,032 179,287

Non-Current AssetsPlant and Equipment and Vehicles 5 60,897 11,688

Land and Buildings 4 684,411 574,853

Other Non-Current AssetsBond - Transition House 1,474 -Total Other Non-Current Assets 1,474 -

Total Non-Current Assets 746,782 586,542

Total Assets 1,118,814 765,828

LiabilitiesCurrent Liabilities

Trade and Other Payables 6 16,948 5,102

GST Payable - 3,479

Client Petty Cash Payable 4,886 2,726

Employee Entitlements 7 41,407 36,202Total Current Liabilities 63,242 47,509

Total Liabilities 63,242 47,509

Net Assets 1,055,572 718,320

Member's FundsOpening Balance 718,320 580,937

Current Year Earnings 337,252 137,382

Total Member's Funds 1,055,572 718,320

These notes should be read in conjunction with the attached compilation report.


Notes to the Financial StatementsFoundation 61 Inc.For the year ended 30 June 2020

1. Summary of Significant Accounting Policies

The financial statements are special purpose financial statements prepared in order to satisfy the financial reporting requirements of the Australian Charities and Not-for-profits Commission Act 2012. The committee has determined that the association is not a reporting entity. No Australian Accounting Standards or other pronouncements of the Australian Accounting Standards have been applied.

a) Statement of Compliance

The financial report has been prepared in accordance with the mandatory Australian Accounting Standards applicable to entities reporting under the Australian Charities and Not-for-profits Commission Act 2012, the basis of accounting specified by all Australian Accounting Standards and Interpretations, and the disclosure requirements of Accounting Standards AASB 101: Presentation of Financial Statements, AASB 107: Cash Flow Statements, AASB 108: Accounting Policies, Changes in Accounting Estimates and Errors, AASB 1031: Materiality and AASB 1054: Australian Additional Disclosures.

The Entity has concluded that the requirements set out in AASB 10 and AASB 128 are not applicable as the initial assessment on its interests in other entities indicated that it does not have any subsidiaries associates or joint ventures. Hence, the financial statements comply with all the recognition and measurement requirements in Australian Accounting Standards.

The financial statements, except the cash flow information have been prepared on an accrual basis and are based on historical costs unless otherwise stated in the notes. Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless stated otherwise. The amounts presented in the financial statements have been rounded to the nearest dollar.

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

b) Fixed Assets

Plant and equipment are brought to account at cost. The depreciable amount of all fixed assets (excluding buildings) are depreciated over the useful lives of the assets to the association commencing from the time that asset is held ready for use.

c) Depreciation

All assets except land & buildings are depreciated over their estimated useful lives using the straight-line method. The depreciation rate used for Plant & Equipment is the applicable Australian Taxation Office rate.

Employee Provisions

Provision is made for the association’s liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee provisions have been measured at the amounts expected to be paid when the liability is settled.

Provisions

Provisions are recognised when the association has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions are measured at the best estimate of the amounts required to settle the obligation at the end of the reporting period.

Notes to the Financial Statements



Cash on Hand

Cash on hand includes cash on hand, deposits held at call with banks, and other short-term highly liquid investments withoriginal maturities of three months or less.

Accounts Receivable and Other Debtors

Accounts receivable and other debtors include amounts due from members as well as amounts receivable from donors.Receivables expected to be collected within 12 months of the end of the reporting period are classified as current assets. Allother receivables are classified as non-current assets.

Revenue and Other Income

Revenue is measured at the fair value of the consideration received or receivable after taking into account any trade discountsand volume rebates allowed. For this purpose, deferred consideration is not discounted to present values when recognisingrevenue.

Interest revenue is recognised using the effective interest method, which for floating rate financial assets is the rate inherent inthe instrument. Dividend revenue is recognised when the right to receive a dividend has been established.

Grant and donation income is recognised when the entity obtains control over the funds, which is generally at the time ofreceipt.

If conditions are attached to the grant that must be satisfied before the association is eligible to receive the contribution,recognition of the grant as revenue will be deferred until those conditions are satisfied.

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

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 notrecoverable from the Australian Taxation Office (ATO). Receivables and payables are stated inclusive of the amount of GSTreceivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables orpayables in the assets and liabilities statement.

Financial Assets

Investments in financial assets are initially recognised at cost, which includes transaction costs, and are subsequently measuredat fair value, which is equivalent to their market bid price at the end of the reporting period. Movements in fair value arerecognised through an equity reserve.

2020 2019

2. Cash on HandBank & Petty Cash

Bank - Gift Account 70,025 3,211

Bank - Holding Account 180,087 112,182




Bank - Working Account 108,207 35,169

Petty Cash 2,575 752

Total Cash on Hand 360,894 151,314

2020 2019

3. Trade and Other ReceivablesTrade Receivables - 26,758

Total Trade and Other Receivables - 26,758

2020 2019

4. Land and BuildingsLand

Land at Cost 150,000 150,000

Land & Buildings - Russells Road 56,818 38,636Total Land 206,818 188,636

BuildingsBuildings at Cost 329,779 329,779

Accumulated Depreciation of Buildings (55,355) (47,120)Total Buildings 274,424 282,659

Russells Road ProjectRussells Road Project 201,222 103,561

Russells Road Project - Accumulated Depreciation - (2)Total Russells Road Project 201,222 103,559

Buildings - Fixture & Fittings 1,970 -

Buildings Fixture & Fittings Accum Depreciation (23) -

Total Land and Buildings 684,411 574,853

2020 2019

5. Plant and Equipment, Motor VehiclesPlant and Equipment

Plant & Equipment at CostRehab Equipment 13,684 20,017

Office Equipment 17,229 6,035

Workshop Equipment 39,880 40,319Total Plant & Equipment at Cost 70,793 66,372

Accumulated Depreciation of Plant and EquipmentLess Accumulated Depreciation - Rehab Equipment (11,561) (17,216)

Less Accumulated Depreciation on Office Equipment (4,785) (1,965)

Less Accumulated Depreciation on Workshop equipment (38,161) (37,474)Total Accumulated Depreciation of Plant and Equipment (54,507) (56,655)

Total Plant and Equipment 16,286 9,717


2020 2019



Motor VehiclesMotor Vehicles at Cost 63,332 39,350

Accumulated Depreciation of Motor Vehicles (18,721) (37,379)Total Motor Vehicles 44,611 1,971

Total Plant and Equipment, Motor Vehicles 60,897 11,688

2020 2019

6. Trade and Other PayablesTrade Payables

Accounts Payable 3,811 -Total Trade Payables 3,811 -

Other PayablesPAYG Withholding Payable 13,137 5,102Total Other Payables 13,137 5,102

Total Trade and Other Payables 16,948 5,102

2020 2019

7. Employee EntitlementsAccrued Salaries 11,783 -

Provision for Annual Leave 17,248 20,766

Provision for Long Service Leave 12,376 8,975

Superannuation Payable - 6,461

Total Employee Entitlements 41,407 36,202

8. Subsequent Events

a. 120 Russells Road

It is expected planning approval to be granted in 2020-21 which will trigger a second Funding Agreement with the Commonwealth Government for $1,330,466 and settlement on the purchase of the land at 120 Russells Road.

b. Covid-19

The spread of novel coronavirus ("COVID-19") was declared a public health emergency by the World Health Organisation on 31 January 2020 and upgraded to a global pandemic on 11 March 2020. The rapid spread of the virus has seen an unprecedented global response by governments, regulators and numerous industry sectors. The Australian Federal Government enacted its emergency plan on 29 February 2020 and this was followed by State government regulations and restrictions. The timing and lifting of the remaining restrictions remain uncertain at the date of this report and the overall financial impact cannot be reliably determined.

Other than stated above no matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of Foundation 61 Inc., the results of the operations, or the state of affairs of Foundation 61 Inc. in future financial years.


Movements in EquityFoundation 61 Inc.For the year ended 30 June 2020

2020 2019

Retained EarningsRetained Earnings 718,320 580,937

Profit for the Period 337,252 137,382

Total Retained Earnings 1,055,572 718,320


Statement of Cash Flows - Direct MethodFoundation 61 Inc.For the year ended 30 June 2020

2020

Operating ActivitiesPayments to Suppliers and Employees (174,306)

Finance Costs (10,618)

Cash Receipts From Other Operating Activities 996,115

Cash Payments From Other Operating Activities (473,938)

Net Cash Flows from Operating Activities 337,252

Investing ActivitiesProceeds From Sales of Property, Plant and Equipment 18,514

Payment for Property, Plant and Equipment (175,334)

Other Cash Items From Investing Activities 23,337

Net Cash Flows from Investing Activities (133,482)

Other ActivitiesOther Activities 5,810

Net Cash Flows from Other Activities 5,810

Net Cash Flows 209,580

Cash and Cash EquivalentsCash and cash equivalents at beginning of period 151,314

Cash and cash equivalents at end of period 360,894

Net change in cash for period 209,580


True and Fair PositionFoundation 61 Inc.For the year ended 30 June 2020

Annual Statements Give True and Fair View of Financial Position and Performance of the Association

I, Brenda Lyons, being a member of the committee of Foundation 61, certify that –

The statements attached to this certificate give a true and fair view of the financial position and performance of Foundation 61during and at the end of the financial year of the association ending on 30 June 2020

The Financial statements and notes are in accordance with the requirements of the Australian Charities and Not-for-profitsCommission Act 2012.

At the date of this statement, there are reasonable grounds to believe that Foundation 61 Inc. will be able to pay its debts as andwhen they full due.

This statement is made in accordance with a resolution of the Committee of Management made pursuant with subsection 60.15(2) of the Australian Charities and Not-for-profits Commission Regulations 2013.

Signed:

Dated: / / 17 11 2020

F61 Financial Statements 2020 - Foundation 61 · eoP,Nou,7uo9fP,nJJocfrPfo-26MouPNot-FrPfo-iAs-ca...

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