2019 ASIAL Annual and Financial Report by ASIAL

2019 ANNUAL AND FINANCIAL REPORT

ABN 91 000 813 365 I ASIAL 2018 Annual & Financial Report

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The Australian Security Industry Association Limited (ASIAL) is the peak body representing security professionals in Australia. ASIAL provides support to members operating professional and profitable businesses that deliver quality services to their customers. Vision A safe and secure Australia

Mission To continue to be the leading security association where membership is a mark of distinction that is valued by our members, the public and government. www.asial.com.au

2019 Annual & Financial Report President’s Report

Directors’ Operating Report

Secretary’s Report

Directors’ Declaration

Operating Report

Auditor’s Independence Declaration

Director Profiles

Report Required Under Subsection 255(2A)

Independent Audit Report

Statement of Comprehensive Income

Statement of Financial Position

Statement of Changes In Equity

Statement of Cash Flows

Notes To The Financial Statements

Board of Directors President

Kevin McDonald

Vice President

John Gellel

Directors

Rod Anderson, Brian Foster, John Hadden (part), Fred Khoury (part), Suzette PoWilliams, Rachaell Saunders, Michael Smith,

National Reference Group

Chris Delaney, John Fleming, Janine Hill (part), Peter Johnson, Chevelle Millhouse (part), Neil McLean, Darryl Milling, Suzette Po-Williams and Robert Seth (in addition to the Board)

Auditor

SDJA

Solicitor/Attorney

Goldrick Farrell Mullan

Monitoring Centre Certification Inspection

Robin Burrows, ATSC

Industrial Relations

Chris Delaney, Chris Delaney & Associates

Compliance & Regulatory Affairs

Peter Johnson, Corporate Application

Special Consultant

Damien Smith, Enterprise Care Pty Ltd

Secretariat Chief Executive Officer and Secretary

Bryan de Caires

General Manager

John Fleming

Finance and Administration Manager

Sunny Moon

Marketing and Communications Officer

Anna Ho

Marketing & Communications Coordinator

Emily Caws

Member Liaison Officer

Tania Laird

Senior Membership Officer

Alexandra Firth

IT Systems Support Officer

Nadine Keady

Membership Coordinator

Leonie Fraser

Membership Coordinator

Lindsay Li

Membership Coordinator

Bev Earnshaw

Membership and Cabling Coordinator

Lisa Collier

Accounts Assistant

Louise Chan

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

President’s Report I am pleased to introduce the 2019 Annual and Financial Report for the Australian Security Industry Association Limited. The 2018-2019 year was a busy and productive one for the Association on numerous fronts. Thanks to our committed team and strong member base, the Association continues to strengthen and consolidate its position as the industry peak body. Here are some of the highlights from the past year.

ASIAL Board Following the casual vacancy that arose in June 2018, the Board on recommendation of the ASIAL Nominations Sub-Committee (comprising a current Board member and two past Board members) appointed Suzette Po-Williams to fill the role for the remainder of the term. Following on from this, the 2-yearly board elections conducted by the Australian Electoral Commission resulted in the re-election of myself as President and John Gellel as Vice President. Michael Smith, Brian Foster, Rachaell Saunders, Suzette Po-Williams, Rod Anderson and Fred Khoury were elected as Board members from a field of 10 candidates.

ASIAL 50th Anniversary In 2019 the Association celebrates its 50th anniversary, a significant milestone and achievement by any measure. The Association is financially secure and recognised as an important Industry partner by Federal and State Governments, law enforcement, State Regulators, end users and Industry providers. The Association marked its 50 anniversary with a refreshed logo. Further activities are planned, including a special Gala Dinner at Sydney Town Hall and production of a short video. th

I doubt whether those early pioneers who met in Sydney in 1969 envisaged that their fledging association would grow to become a highly respected national organisation with 2600 members. It hasn’t been easy over the past 50 years, but thanks to the perseverance and dedication of many individuals and member companies the Association has pulled through. The Association’s Board members continue to volunteer their time and expertise to ensure the Association and Secretariat provide invaluable advice and support to members and the industry as a whole. It is important to remember ASIAL is an association of member companies and it only exists because of its members. Without strong membership the Association will cease to exist. Without ASIAL, the industry would not have a voice of reason when it comes to licencing, regulation, training and many other external influences on the Industry.

ASIAL and help further strengthen the independent voice the Association provides.

Strategy Planning, industry research and codes of practice In February 2019 the Association held a Strategy Day to review the previous 12-months of activity and successes against key strategic priorities and to evaluate their ongoing relevance to the Association, its members and the Industry. Previous Strategy Days have been attended by board members, Association employees and invited representatives from member companies. This year representatives from key stakeholders included the, Australian Security Intelligence Organisation, Fair Work Ombudsman, Federal Attorney General’s Department, Queensland Office of Fair Trading, NSW Police, NSW Security licensing & Enforcement Directorate, Victorian Licensing and Regulation Division, the Australian Information Security Association and Master Locksmiths Association of Australia. It was agreed the goals of the Association were still relevant and that the Association had made headway over the previous 12-months. The five key goals agreed were:

• Drive industry research and data sharing • Promote the industry’s role and capabilities • Drive leadership, raise ethical and professional standards • Achieve nationally uniform and consistent security licensing • Forge stakeholder collaboration It is important to realise that the above goals will not be achieved quickly, but require long term planned activity, consultation, investment and networking to achieve many small wins along the way. For example, national licencing is an aspirational goal that involves working with multiple stakeholders all with vested interests in maintaining the status quo. This is a long-game, which hopefully does not take a catastrophic incident to get all parties to find a common ground. In this regard, ASIAL was instrumental in driving the successful outcome of changes to the Security Operations training package where all States and Territories agreed to implement the 14 units of competency for new entrants. Not quite national licencing, but nationally consistent training competencies. We are one small step closer to our strategic goal.

I encourage all members to play an active role in the Association and to encourage their peers who are not members to join

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

“

Thanks to our committed team and strong member base, the Association continues to strengthen and consolidate its position as the industry peak body.

”

Further the Association has funded a number of research papers where the interests of the private security industry and its position in national strategic planning are highlighted. One such paper was “Safety in Numbers” published by the Australian Strategic Policy Institute. As the report stated “The private security guarding sector is a vital piece of the national security puzzle that has not been drawn into Australia’s counter-terrorism planning.” The Association has and will continue to support independent research that explores, reviews and acknowledges the strengths, excellence and capability of our Industry. Our relationship and collaboration continues to strengthen with other Industry stakeholder groups including the Australian Medals Foundation, Security Professionals Australasia, Australian Information Security Association and the Forum of Australian Security Executives. Earlier in the year following consultation with members at all levels the Association released the Cash In Transit Code of Practice. The Code provides a helpful best practice guideline for practitioners and users of cash in transit services. The Code was presented to the Australian Banking Association Security Issues Forum and representatives of state/territory armed robbery squads. Their response to the Code was positive.

Workplace Relations One of the key benefits to members the Association provides is workplace relations advice and support. In an Industry employing large numbers of personnel the ability to successfully manage the many nuances of workplace relations, including complying with employment awards is critical. Throughout the year the Industry has grappled with the challenges of new Labour Hire Licencing regulations in Queensland and Victoria. The Association has actively lobbied for a common-sense approach given the Industry is already captured through state security licencing requirements. The introduction of the Portable Long Service Leave scheme in Victoria has posed additional challenges for security providers. To ensure an industry perspective is provided, ASIAL Board Member Rachaell Saunders was successful in her nomination as a Director of the Portable Long Service Leave Scheme Authority.

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

All of our Members have a requirement to be aware and comply with their workplace relations obligations. Through the access to ASIAL’s workplace relations service, members have access to advice and support to work their way through the complexities.

Events and communications Our continued involvement in the annual Security Exhibition and Conference and Australian Security Industry Awards for Excellence demonstrates our commitment to promote the capability, value, expertise and quality of our Industry. Year on year numbers at the exhibition have increased and the conference and dinner have been a sell out with a waiting list. A new initiative introduced this year is the ASIAL podcast series which provides members with a further channel of communication on topical industry issues. The podcasts complement ASIAL’s existing communications channels which include Security Insider magazine, First Alert e-newsletter, the ASIAL website and our growing social media channels. I encourage you to subscribe to the ASIAL Podcasts and other information channels. In closing, it has a very successful year for the Association. Whilst some of these achievements may appear to be intangible, believe me when they are aggregated they represent a significant step towards achieving our strategic goals. It has taken us 50-years to get to where we are today, but like technology with our growing momentum we will see more rapid advancements the coming years. Finally, I would like to thank Bryan de Caires and his team at the Secretariat, my fellow Board members, our customers and importantly our members for collectively being responsible for contributing to our successes.

Kevin McDonald President ASIAL

Secretary’s Report

It is with great pleasure that I provide the following Secretary’s Report. Among my responsibilities as Secretary include overall governance of the Association and compliance. This includes reporting to the Australian Securities and Investments Commission, Registered Organisations Commission and Australian Communications and Media Authority. In addition, as an approved security association in the Australian Capital Territory, Queensland and Victoria the Association has additional reporting requirements. The Association continues to provide a range of products, services and support to members and to be a vocal advocate for the industry. The past year has seen another solid performance by the Association with a surplus of $64,239 achieved for the year, with accumulated reserves rising to $4,678,506.

Total income

$4.5m

Total Expenses

$4.0m

Revenue from membership subscriptions and strategic partnerships remained steady, whilst ASIAL’s Cabling Registry posted a small increase. The Association held a number of successful events during the course of the year, these included the annual ASIAL conference, awards for excellence and industry breakfast briefings held in Adelaide, Brisbane, Canberra, Melbourne, Hobart, Perth and Sydney. The Association’s consumer awareness campaign included advertising in the Qantas inflight magazine, radio and selected cinemas, along with online advertising. The unspent portion of revenue raised through the member marketing levy will be used in the 2019-2020 year for further consumer awareness initiatives. At the 2018 ASIAL Annual General Meeting members voted to appoint SDJA as auditors of the association to replace Doug Wood of Foster Raffan who advised that he was reducing his work schedule.

5-Year Performance Summary (2015-2019) $5m

There was a very slight decrease in trading however, this was offset by a reduction in expenses.

Finally, the Association’s success has been predicated on the continuing support of the ASIAL Board of Directors, Convenors, members and commitment of the ASIAL Secretariat team.

Surplus/ Loss

$3.5m

Equity $3.0m

Bryan de Caires Chief Executive Officer and Secretary

$2.5m $2.0m $1.5m $1.0m $0.5m $0.0m

2015

2016

2017

2018

2019

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

Membership In 2019, ASIAL celebrates its 50th anniversary. From modest beginnings in 1969 when a small group of nine security companies first started meeting at Sydneyâ&#x20AC;&#x2122;s Hotel Australia, the Association has grown significantly. To mark this milestone, the Association undertook a refresh of its logo to provide a cleaner more modern look. Providing members with advice and support on a broad range of issues remains at the core of what the Association provides. As does providing the industry with a strong voice through engagement with state and territory regulators, the Fair Work Ombudsman, law enforcement agencies, Standards and through submissions on a range of issues. During the past year the Association welcomed 275 new members, whilst 343 members resigned or were expelled. Overall, membership fell slightly from 2,639 to 2,578, primarily from NSW. Despite the fall in membership in NSW, the Association experienced growth in Victoria, ACT and WA. The ASIAL Individual Professional Recognition program continues to build momentum, as a growing number of security professionals seeking to progress their careers have sought to attain the post nominal credential of either MASIAL, AFASIAL or FASIAL.

ASIAL member recognition program The Associationâ&#x20AC;&#x2122;s member recognition program has grown to 1,186 participating members. The program now recognises 29 Platinum members (25+ years), 356 Gold Members (16-24 years), 329 Silver members (11-15 years) and 472 Bronze Members (6-10 years)

Safe Workplace Management System The ASIAL Safe Workplace Management System underwent a major upgrade during the year. The new system has been tailored to meet security industry needs and features multiple access levels, enhanced reporting, improved Work, Health and Safety documents and an integrated action workflow. The System enables compliance with WHS legislation at an affordable rate for members.

ABN ABN 91 91 000 000 813 813 365 365 II ASIAL ASIAL 2019 2019 Annual Annual & & Financial Financial Report Report

OPERATING REPORT

Marketing and Communications Over the past year ASIAL’s marketing and communications team has continued to support the Association’s focus on membership acquisition and retention. Through a range of communications channels the association has provided timely updates on industry issues.

Media The Association gained 83 media mentions which included The Sydney Morning Herald, The Age, numerous national regional newspapers, trade publications, Channel 7 and the ABC. This equated to a total potential reach of 28.2 million people. The Association also contributed articles to trade publications such as Electric Communications Data, The Bursar, Australian Govlink, Clubs and Pubs Manager and security publications.

First Alert Member engagement remains a priority with First Alert (ASIAL’s bi-monthly e-newsletter) reaching an audience of 5,500 and the quarterly Cabler e-newsletter reaching an audience of approximately 6,000 subscribers.

Security 2018 Exhibition & Conference The Security 2018 Exhibition and Conference attracted more than 5,300 attendees, whilst the sold out conference program featuring a distinguished panel of local and international security experts was well received.

ABN 91 000 813 365 I ASIAL 2019 2018 Annual & Financial Report

ALWAYS USE A LICENSED SECURITY PROFESSION AL

The Gala Dinner held at the Etihad Stadium Melbourne attracted just over 400 security executives from across the country. At the dinner ASIAL President Kevin McDonald presented Vinny Lopes (pictured below right) with the inaugural Outstanding Industry Contribution Award for his service to the security industry over many decades.

Australian Security Industry Awards for Excellence In October 2018, ASIAL organised the 23rd annual Australian Security Industry Awards for Excellence in conjunction with the 4th annual Australian Outstanding Security Performance Awards. An audience of around 300 helped celebrate the many exceptional individuals and organisations working in our industry.

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28.2 million Potential Audience reached by 83 media mentions

Attendees at The Security 2018 Exhibition & Conference

With a wide range of speakers and topics, ASIAL’s Industry Breakfast Briefings attracted 730 attendees over the course of the year, a rise on the previous year.

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Consumer awareness In August 2018, ASIAL’s consumer awareness campaign took to the skies, airwaves and on to the big screen. The campaign featured content in the Qantas in-flight magazine, adverts across the Southern Cross Austereo radio network, national cinema advertising and social media, with an estimated combined audience reach of over 3 million nationally. The campaign is a continuation of the Association’s strategy to make consumers aware of the need to use licensed security professionals who are members of ASIAL.

5,300+

Industry breakfast briefings

Find an

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Security Insider magazine Security Insider is a bi-monthly magazine which turned 25 in 2019. The magazine has an online distribution of over 10,000 and a CAB Audited print circulation of 2,767. The Association continues to provide a wide range of face-toface activities to provide members with opportunities to network and undertake professional development.

Social media ASIAL’s social media following experienced strong growth over the year. The Association now has a combined Facebook, LinkedIn and Twitter following over 11,000.

ABN 91 000 813 365 I ASIAL 2018 2019 Annual & Financial Report

OPERATING REPORT

Podcasts In early 2019, the ASIAL Security Insider Podcast Series was launched. Designed to engage with the wider security community to provide insights on a range of topically issues, including discussions of Australia’s private security guard force and counterterrorism and ethical procurement practices.

Supporting health and wellbeing in the security industry During the 2018-19 year, ASIAL partnered with Lifeline to help work towards a suicide free Australia. As a member driven organisation, ASIAL’s commitment to ensuring a healthy environment, both on and off the job for all those working in the security industry was demonstrated through its partnership with Lifeline. Through the partnership a range of resources were made available to members.

Industry research The Association provided support for the report prepared by the Australian Strategic Policy Institute which identified the role of the private security sector in countering hostile threats— including terrorism - and the functions that the sector does or could provide in critical incidents and national CT planning. Senator the Hon. Linda Reynolds CSC, Assistant Minister for Home Affairs launched the ASPI ‘Safety in numbers: Australia’s private security guard force and counter-terrorism’ Report in Canberra on the 17 October.

Website

ASIAL ‘s website www.asial.com.au attracted 94,761 visitors during the year. Among the key website statistics for the year included:

94,761

Unique visitors

435,566

3.21

Pages per session

Page views

2:48 137,578

Average session time

User sessions

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

Advertise with the peak body for security professionals in Australia *Security Jobs Board is FREE for ASIAL members who can post an unlimited number of job vacancies online. Nonmembers can advertise for a small subscription fee.

www.asial.com.au/jobs

POST A JOB

Find or Post job opportunities today.

SECURITY

J BS BOARD

Australian Security Industry Association Limited

Compliance During the course of the year the Association undertook a number of compliance initiatives and actions. Among these included drafting of Code of Practice for Mobile patrols. The Code provides practical assistance to members in meeting their client responsibilities, to provide a safe environment for the delivery of the service and importantly, provide systems and communication pathways to verify the delivery of contracted services. Members were provided with access to a guideline to support the prevention of workplace discrimination, harassment, sexual harassment and bullying in the security industry. The Guideline confirms our industryâ&#x20AC;&#x2122;s commitment to providing safe, respectful, inclusive and flexible workplaces.

Queensland audit and member compliance As an approved security industry association in Queensland, ASIAL uses the services of a chartered accounting firm to conduct compliance audits of its members. During the year 211 members were issued with compliance certificates, 28 are awaiting approval, 4 resigned subsequent to audit notification, 8 surrendered their licence or let it lapse. A total of 9 ASIAL members operating in Queensland were expelled due to non-compliance with the statutory audit requirement.

Complaints and dispute resolution ASIAL actively manages complaints and disputes in accordance with its Complaints and Dispute Resolution Policy and Procedures. The number of registered complaints received during 2018/2019 totalled 24 (up from 17 in the previous year). Of these complaints, 10 related to the electronics sector, 9 to the manpower sector, 2 for incorrect invoicing, 2 for incorrect rates of pay and super and 1 for alleged unlicensed operators in a control room.

119%

Increase in media exposure

The manpower sector complaints primarily related to threatening behaviour of security guards. With the majority of complaints received, outcomes were achieved through mutual agreement between the parties. It is clear that with better communication with clients many of these issues could have been resolved before escalating to a complaint.

Electronics Report

11K

Social media followers

ASIAL has continued to engage with government in addressing a wide range of issues, providing advice to members and participating on a number of influential committees.

Standards ASIAL has participated in supporting standards development for the security industry through participation on a number of committees, including the International Electrotechnical Commission (IEC).

2,767

CAB Audited print circulation for the Insider magazine

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

A number of the complaints against electronics providers dealt with the transferring of lines between monitoring centres, namely difficulties experienced due to the failure in providing access codes to facilitate the transfer. They also dealt with faulty alarm systems and sensors.

During the year the Standards Australia electronics committee EL031 was reformed and the process of merging with the EL051 Committee commenced. EL051 is dedicated to the review of CCTV standards with the aim of adopting the IEC 62676 suite of digital CCTV standards. ASIALâ&#x20AC;&#x2122;s General Manager, J ohn Fleming was chosen to chair the EL-031 committee.

OPERATING REPORT

Training Artibus Innovation has been commissioned by the Australian government to support the Industry Reference Committees (IRCs) for the Construction and Property Services industry. The Technical Advisory Group (TAG) includes representatives from employers, industry, RTOs and regulators. ASIAL is a committee member of the Property IRC which has been tasked with reviewing and developing vocational education and training for the security Industry. Projects have focused on occupational analysis as a basis for rebuilding the qualification and unit structure to align with current and emerging work practices and to support a more consistent regulatory approach. Industry consultation has included meetings with key regulators (individually and through the Security Industry Regulators Forum (SIRF) and presentations at ASIAL industry briefings. In January 2019 the TAG completed the review of Security Operations Certificate II and Certificate III. Regulators and Registered Training Organisations are now transitioning to the new training package which offers for the first time in Australia the opportunity for a consistent national approach to training. The TAGâ&#x20AC;&#x2122;s are now underway for the review of training packages for Technical Security, Risk Management and Investigative Services. The first drafts were completed in June 2019. The objective is to update the qualifications to align with 2012 standards for training packages. These training packages are slated for completion by the end of 2019.

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

National Broadband Network ASIAL continues to engage with NBN Co to provide information to members on the deployment of the National Broadband Network (nbn). The nbn working with approved service providers will replace the existing landline phone and internet services in Australia, this is scheduled to be finalised in 2020. It is vitally important that stakeholders in the migration of back to base security and medical alarms be informed about the nbn developments and communicate with their customers to offer solutions that maintain the security systems integrity. No matter which type of technology is used to deliver the nbn, it is crucial that home and office wiring has been well planned. The Association provides information to members and advocates that security installation work must be carried out by a licenced security technician that holds an Australian Communications and Media Authority (ACMA) cablers registration card with the appropriate cabling competencies.

ASIAL advocates cable installation be carried out by ACMA registered cablers

Standards Australia has approved a case for a review of AS2201.2 Monitoring Centres

National Alarm Response Guideline ASIALâ&#x20AC;&#x2122;s ongoing engagement with the National Emergency Communications Working Group (which includes communications representatives from Police, Fire and Ambulance services across Australian and New Zealand) has resulted in the release of the national alarm response guideline. The guideline aligns police classification, requirements and response to alarms and alarm activations across all jurisdictions. The guideline provides a framework for national consistency in the way in which policing jurisdictions and security companies define and respond to alarm activations.

National Alarm Response Guideline came into effect on 1 July 2018

Monitoring Centre Certification The Association continues to operate the highly respected monitoring centre certification program in accordance with Australian Standard 2201.2. The ASIAL scheme seeks to provide customers with the reassurance that the standards applied at a monitoring centre are independently audited on a regular basis. All applications can now be managed online through ASIALâ&#x20AC;&#x2122;s updated website. Australian Standards has approved a case for a review of AS2201.2 Monitoring Centres. Updating Standards ensures the quality and consistency of products and services and gives businesses and consumers a greater piece of mind. Standards Australia hosted a kick off meeting in April 2019 to confirm acknowledgement of the new EL031 committee and an overview of the committee member code of conduct.

The Guideline came into effect on 1 July 2018, with a 12 month transitional period to enable Alarm Monitoring Providers to meet the Guidelines.

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

OPERATING REPORT

ASIAL Cabling Registry Acting on behalf of the Australian Communications and Media Authority (ACMA) ASIAL provides cablers with advice and support to comply with cabling registration requirements. ACMA is responsible for setting out the regulatory requirements for registration and installation practices of cablers. ASIAL’s cabling registry has been kept busy responding to cablers looking to update their competencies and questioning how they should go about gaining competencies to continue legally working in the industry. Registered Training Organisations have responded to the changes, offering courses to upgrade from restricted to Open registration and also gain specialised cabling competencies, Fibre, Structured and Co-axial. These qualifications have been deemed essential for the development of a skilled labour force that can work on IP technologies and the National Broadband Network. During the 2018/2019 financial year cabling registrations grew by 145 up from 6045 in 2017/2018, to reach 6190 active registrations at 30 June 2019. The majority of registrants (5626) opted to gain ‘Open’ registration as opposed to the limited ‘Restricted’ cabling registration (551), with the remaining balance (13) being for ‘Lift’ work. ASIAL continues to engage with ACMA and other cabling registrars to promote ongoing compliance and training in this sector. The registered cablers website is growing in the number of views and continues to provide vital information to industry and consumers about what to do in preparing for the nbn.

ASIAL continues to engage with ACMA and other cabling registrars to promote ongoing compliance and training

After extensive communication with ACMA and nbn both organisations are actively promoting the registered cablers website as the place to go for unbiased information on the nbn and smart cabling. ASIAL has partnered with the registered cabler committee to promote professional cabling practises at the Security Show SEC2018 at the Melbourne Convention and Exhibition Centre and the Integrate show at the International Convention Centre in Sydney. During December 2018 the ACMA called for a review of regulation of telecommunications customer cabling. The review aims are to ascertain whether the existing arrangements will continue to provide the most effective approach for managing the risks associated with customer cabling as performed by cabling providers. Also to identify whether there are any issues or concerns with the existing arrangements. ASIAL made a submission to this consultation and the ACMA received a further 31 submissions from industry.

6,190

Total cablers registered with ASIAL

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

Regulatory Affairs As a heavily regulated industry, compliance with regulatory requirements continues to place a significant burden on security providers and impacts on industry profitability.

ASIAL provides compliance support to members to assist them in meeting their obligations. Whilst legitimate security providers endeavour to meet regulatory requirements, the Association receives complaints that electricians, IT providers and facilities management providers operating without a security licence or a requirement to meet any probity requirements. The services offered by these organisations include alarm installations, CCTV surveillance and the monitoring of security equipment. Whilst security Regulators rightly undertake audits of security businesses, ASIAL continues to engage with and encourage Regulators to tackle those persons and organisations operating without a licence. Permitting individuals and organisations to operate without the appropriate licence and probity presents a risk to the end user and a broader public safety issue. The security industry has been captured by the introduction of Labour Hire Licensing in Queensland and Victoria. Following industry engagement, we are pleased to see that South Australia has provided some exemption for the security industry for those providers who hold the appropriate Security Agents licence. ASIAL supports the intent of Labour Hire legislation however the compliance requirements of the legislation could be suitably built into the appropriate jurisdiction security licence legislation to avoid unnecessary compliance duplication and costs to business.

In Victoria, the majority of security firms who provide security guards to work in a client’s premises are required to register with the Labour Hire Authority. In Queensland, providers of security personnel such as crowd controllers to licensed premises are required to register, although the provision of other security personnel may or may not be captured by the scheme. Queensland and Victoria have called upon the Federal Government to implement a national regulatory response to govern labour hire legislation. It has been stated that the Australian Taxation Office and the Australian Border Force have recommended that the security industry be included in The Federal Governments National Labour Hire Registration Scheme. ASIAL continues to monitor activity in this area to ensure the security industry is fairly treated. With a greater understanding of and the implementation of Australia’s strategy for protecting crowded places from terrorism, security organisations have increased their response and involvement with compliance requirements. Although responsibility remains with the owners and operators of crowded places, security organisations must understand their client’s duty of care to take steps to protect people that work, use or visit the sites from a range of foreseeable threats including the threat of terrorist attack. In conjunction with their clients, security organisations need to facilitate compliance and inspection measures that include;

• A risk assessment and/or vulnerability analysis of the crowded place, and implement the appropriate mitigations, monitor them for effectiveness (including through audits), and review them at appropriate junctures. • Develop, implement, and regularly test a comprehensive security plan as a matter of good business and corporate responsibility. • Understand what the current terrorist threat environment means for the security of the site, including how security arrangements and plans may need to adapt to a change in the national threat level. • Raise awareness of possible security threats among staff and patrons. • Understand the main factors that influence terrorist target selection • Report any security incidents or suspicious activity to law enforcement at the earliest opportunity. Even the most robust and thorough protective security plan may not stop a terrorist attack on a crowded place from occurring or succeeding. Hardening and improving the resilience of crowded places relies on all stakeholders taking action to apply the strategy. ASIAL continues to support the four core elements of the strategy that includes;

• Building Stronger Partnerships • Enabling Better Information Sharing and Guidance • Implementing Effective Protective Security • Increasing Resilience

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

OPERATING REPORT

Workplace Relations Little seems to change for security providers with regulators placing increasing layers of red tape and extra costs on an already overburdened industry. Clients, including government, do not think twice to push the price down to unsustainable levels and then attack the industry for alleged exploitation of workers. ASIAL’s Workplace Relations Advisor assists members every day in their attempts to have clients and governments behave responsibly in contract negotiations.

On an individual level members have sought and received information, advice, templates, tools and representation in all aspects of workplace relations including, employment contracts, Enterprise Bargaining Agreements, disciplinary and dismissal matters, retrenchment, award interpretation and wage schedules.

Major Industry Activity – 2018/19 4 yearly Modern Award Reviews The 4 yearly Modern Award Review is coming to a long-awaited conclusion. The review that commenced in 2014 looks like being finalized towards the end of 2019. As in the past a number of Fair Work Commission conferences have taken place over the year. ASIAL has filed final submissions on the casual overtime question and the Plain English Language Draft will be finalized when that matter is determined, hopefully in November 2019. The Full bench confirmed ASIAL’s position on the issue of payment of annual leave on termination of employment and varied the Award in accordance with our submissions.

Major Cases United Voice ACT Branch filed an application in the Federal Court of Australia seeking relief from alleged underpayment of wages on behalf of their member employed by a member of ASIAL.

Labour Hire Licensing – Queensland, South Australia and Victoria The Queensland Government labour hire legislation has now been in place for a year and has shown no signs of impacting positively on the Security industry or resolving exploitation of vulnerable employees. The South Australian government has exempted the security industry from labour hire licensing and Victoria has introduced legislation the application of which is confusing and requires significant clarification. ASIAL’s attempts to garner exemptions in Victoria were, unfortunately, unsuccessful.

National Labour Hire Licensing Arising out of the Migrant Workers Taskforce Report released in March 2019, Recommendation 14, urged the Federal Government to establish a National Labour Hire Registration Scheme focused on labour hire operators and hosts in four high risk industry sectors — horticulture, meat processing, cleaning and security - across Australia. ASIAL expects that if there is to be a National Labour Hire Licensing Scheme covering Private Security we will be given the opportunity to make submissions to the Government to put a case for the industry.

The claim, simply stated, was that by allocating overtime on a Sunday over the period of a roster cycle the security firm breached the Security Services Industry Award 2010 and therefore underpaid the employee. The application was overturned and United Voice filed an appeal, which also failed.

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

Portable Long Service Leave Proposal (PLSL) â&#x20AC;&#x201C; Victoria Legislation has now been passed for the introduction Portable Long Service Leave for security manpower employees in Victoria. Employers can register themselves and their employees from 1 July 2019. Contributions will be due by end October 2019. The contribution level set by the Board of the scheme is 1.8% of ordinary time earnings. There are still many questions to be resolved and ASIAL on behalf of Victorian members will continue to bring information back to the membership.

The 4 yearly Modern Award Review is coming to a longawaited conclusion

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

Annual Wage Review In June 2019, the Fair Work Commission handed down its decision in the Annual Wage Review. From the first full pay period after 1 July 2018, employees paid minimum award rates covered by modern awards were entitled to a wage increase of 3.0% and a respective increase in most allowances.

The Queensland Government labour hire legislation has now been in place for a year

1515

OPERATING REPORT

Directors/CEO Profiles PRESIDENT KEVIN MCDONALD General Manager, Business Improvement, MSS Security Pty Ltd Kevin has more than 35 years of experience in the electronics and manpower sectors. A Director since 2001, Kevin is committed to the integrity, standards and improvement of the security industry.

VICE PRESIDENT JOHN GELLEL General Manager, Kastle Systems John has more than 20 yearsâ&#x20AC;&#x2122; experience in the security industry. Prior to joining Kastle Systems as General Manager in 2016, John spent 15 years with Honeywell Security and ADI Global Distribution. John has an MBA and an Advanced Diploma of Management.

CHIEF EXECUTIVE OFFICER BRYAN DE CAIRES Chief Executive Officer and Secretary Bryan has more than 25 years of senior management experience across a range of industry sectors. He joined the Association in 2000.

DIRECTOR ROD ANDERSON Security and Training Consultant, Standsure Security Consulting Rod has more than 40 years of security experience, including a distinguished 20 year career in the Australian Regular Army. Rod has been a Director since 2010.

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

DIRECTOR

BRIAN FOSTER

FRED KHOURY

RACHAELL SAUNDERS

Consultant, E & C Security Systems Pty Ltd

Managing Director, Access Group Solutions

Chief Executive Officer, National Protective Services

Brian’s career in the security industry spans over 40 years working as a senior manager and Director. He has over 15 years of cumulative service as a Director and Vice President of ASIAL.

Fred has more than 30 years’ experience working in the security industry, specifically manpower. Fred is passionate about working with and promoting security professionals in order to achieve industry growth and influence.

Rachaell has more than 30 years of experience in the security industry. She founded National Protective Services in 1988 and was appointed to the ASIAL Board in 2015. Rachaell was appointed to the board of the Portable Long Service Leave Authority in 2019.

DIRECTOR

MICHAEL SMITH

SUZETTE PO-WILLIAMS

Access Group Solutions (QLD) Pty Ltd

Customer Service Manager, Central Monitoring Services

Michael has 20 years of experience in the security industry in the cash management sector. His drive is to create a security industry that is highly respected. He has worked for both Australian and international companies, has a Bachelor of Commerce and is a CPA.

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

Suzette has more than 20 years’ experience in the security industry which has included all aspects, from guarding, patrols, risk management, training and monitoring.

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

2019 ASIAL FINANCIAL STATEMENTS

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

FINANCIAL REPORT

FOR THE YEAR ENDED 30 JUNE 2019

Directors’ Operating Report Your board of directors submit this operating report for the year ended 30 June 2019. The names of the company’s directors in office during the financial year and until the date of this report are as follows. Directors were in office for this entire period unless otherwise stated. A brief profile of each Director is set out on pages 16 and 17 of this Annual and Financial Report.

•

Promote the industry’s role and capabilities

•

Drive leadership, raise ethical and professional standards ss

•

Achieve nationally uniform and consistent security licensing

•

Forge stakeholder collaboration

Directors

Measurement of the Association’s performance

Rod Anderson

Brian Foster

John Gellel

John Hadden (part)

The Association measures performance through member acquisition and retention rates; growth in member subscription and non-subscription revenue; event attendance; media exposure and profile; and financial performance against budget.

Fred Khoury (part)

Kevin McDonald

Corporate Structure

Rachaell Saunders

Michael Smith

The Company is limited by guarantee. The liability of each member in respect of liabilities of the company, as specified in the Constitution, is limited to $100.

Suzette Po-Williams Following Board elections conducted by the Australian Electoral Commission in October 2018, Fred Khoury replaced John Hadden on the Board. Key objectives of the Association •

To promote a positive image of the industry;

•

To promote the highest levels of professionalism and standards in the industry;

•

To provide strong advocacy acting as a respected and unified voice for the industry;

•

To provide value to members to ensure that membership continues to be viewed as a ‘mark of distinction’ valued by consumers.

Strategy for achieving these objectives Through both short and long-term measures, the Association has in place strategies to achieve its strategic priorities. These include: •

Providing advocacy through engagement with regulators, government and industry submissions;

•

Providing industry representation as a Registered Organisation of Employers under the Fair Work (Registered Organisations) Act 2009;

•

Providing media comment on industry issues;

•

Providing member services as an approved security industry association in the ACT, QLD and VIC;

•

Performing the role as a cabling registrar under the Australian Communications and Media Authority’s Cabling Provider Rules;

•

Promoting the use of ASIAL members through consumer awareness campaigns;

•

Providing professional development opportunities and industry certification schemes;

•

Ongoing development of the Association’s Customer Relationship Management system to ensure member needs are fully serviced;

•

Continuous development of the Association’s communications channels to ensure that they best serve the needs of members and the broader community;

•

Offering practical and affordable member benefits and services.

•

Drive industry research and data sharing

Nature of operations and principal activities The principal activity of the Company during the financial year was as an Industry Association serving the needs of employers and members within the Australian Security Industry. No significant change in the nature of this activity occurred during the year. Number of recorded Members The number of Members recorded in the Register of Members of the Organisation as at 30 June 2019 for the purposes of section 254 (2) (f) of the Fair Work (Registered Organisations) Act 2009 was 2,578. Employees The company employed 13 employees as at 30 June 2019 (2018:13 employees). Rights of Members to resign In accordance with section 174 of the Fair Work (Registered Organisations) Act 2009, a member may resign from membership of the Organisation by written notice addressed and delivered to the Chief Executive Officer as per rule 11 of the ASIAL Constitution. Details of Trustee of Superannuation Entities No member of the Board was: i. A trustee of a superannuation entity of an exempt public sector superannuation scheme or ii. A director of a company that is a trustee of a superannuation entity or exempt public sector superannuation scheme where the criterion for the member being a trustee or director is that the member is an officer or member of ASIAL. Operating Results for the Period and Review of Operations The Association earned a net profit for the year of $64,239 (2018: $1,101,421). The Association’s reserves grew to $4,678,506. The Association remains committed to its policy of reinvesting surpluses into the maintenance and improvement of services to members, whilst using the balance to build sufficient reserves for when they may be needed. Significant Changes in the State of Affairs No significant change in the state of affairs of the Company occurred during the financial year.

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

Significant Events after Balance Date

Directors Attendance at Board meetings

No significant events have taken place after the balance date.

Rod Anderson (1/5)

Brian Foster (5/5)

Likely Developments and Expected Results

John Gellel (5/5)

John Hadden (2/2)

Directors have budgeted for a surplus of $4,930 for the coming year. The Association’s consumer awareness campaign will continue through funding from the member marketing fee. The Association has in place a number of ongoing strategic partnerships which will support initiatives aimed at raising standards and compliance among members.

Fred Khoury (3/3)

Kevin McDonald (5/5)

Rachaell Saunders (5/5)

Michael Smith (4/5)

Loans, grants and political donations

Rod Anderson (1/1)

Brian Foster (1/1)

The Association made a donation of $25,000 to Lifeline during the course of the year.

John Hadden (1/1)

John Gellel (0/1)

Janine Hill (1/1)

Michael Smith (1/1)

Kevin McDonald (1/1)

Neil McLean (1/1)

Rachaell Saunders (1/1)

John Fleming (0/1)

Peter Johnson (1/1)

Rob Seth (1/1)

Suzette Po-Williams (1/1)

Chris Delaney (1/1)

Chevelle Millhouse (0/1)

Darryl Milling (1/1)

Proceedings on behalf of the company No person has applied for leave of Court to bring proceedings to which the person is a party for the purpose of taking responsibility on behalf of the company for all, or any part of these proceedings. Indemnification and Insurance of Directors and Officers During the year, the company has paid a premium in respect of a contract insuring directors and officers against: (a) liability arising from wrongful acts committed in their capacity as directors and officers of the company, but excluding dishonesty, fraud, malicious conduct or wilful breach of duty; and (b) the costs of legal representation in relation to such liabilities. The premium paid was $8,002, which also includes cover for the company in respect of loss it suffers as a result of wrongful, wilful or fraudulent acts of its directors, officers and employees. This contract complies with Section 199B of the Corporations Act 2001.

Suzette Po-Williams (5/5) Attendance at National Reference Group meetings

A copy of the auditor’s independence declaration, as required under section 307C of the Corporations Act 2001, is set out on page 23. This report is made in accordance with a resolution of the Directors.

Proceedings on Behalf of the Company No person has applied for leave of Court to bring proceedings on behalf of the company or intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all or any part of those proceedings. Auditors

Kevin McDonald John Gellel Director Director Crows Nest, 2 September 2019

Following a resolution at the Annual General Meeting of Members held on the 28th November 2018, SDJA were appointed to act as auditors in accordance with Section 327 of the Corporations Act 2001. Directors’ Emoluments and Transactions No emoluments have been received or are due and receivable by Directors from the company or any related body corporate. Directors Meetings Attendance by each director at board and board committee meetings, held during the period each director held office this year, is shown below. The number of meetings is in brackets.

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

FINANCIAL REPORT

FOR THE YEAR ENDED 30 JUNE 2019

Directorsâ&#x20AC;&#x2122; Declaration On 2 September 2019 the Directors of Australian Security Industry Association Limited passed the following resolution in relation to the general purpose financial report (GPFR) for the year ended 30 June 2019: The Directors declare that in their opinion: a) the financial statements and notes comply with the Australian Accounting Standards and the Corporations Regulations 2001; b) the financial statements and notes comply with any other requirements imposed by the Reporting Guidelines or Part 3 of Chapter 8 of the Fair Work (Registered Organisations) Act 2009 (the RO Act); c) the financial statements and notes give a true and fair view of the financial performance, financial position and cash flows of the reporting unit for the financial year to which they relate; d) there are reasonable grounds to believe that the reporting unit will be able to pay its debts as and when they become due and payable; and e) during the financial year to which the GPFR relates and since the end of that year: i. meetings of the Directors were held in accordance with the rules of the reporting unit concerned; and ii. the financial affairs of the reporting unit have been managed in accordance with the rules of the reporting unit concerned; and iii. the financial records of the reporting unit have been kept and maintained in accordance with the RO Act; and iv. where information has been sought in any request by a member of the reporting unit or Commissioner duly made under section 272 of the RO Act has been provided to the member or Commissioner; and v. where any order for inspection of financial records has been made by the Fair Work Commission under section 273 of the RO Act, there has been compliance. This declaration is made in accordance with a resolution of the Directors. On behalf of the Board.

Kevin McDonald John Gellel Director Director Crows Nest, 2 September 2019

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

Australian Security Industry Association Limited Auditorâ&#x20AC;&#x2122;s Independence Declaration under Section 307C of the Corporations Act 2001 to the Directors of Australian Security Industry Association Limited Australian Security Industry Association Limited For the Financial Year Ended 30 June 2019 Auditorâ&#x20AC;&#x2122;s Independence Declaration under Section 307C of the Corporations Act 2001 to the Directors of Australian Security Industry Association Limited I declare that, to the bestEnded of my knowledge and belief, during the year ended 30 June 2019, For the Financial Year 30 June 2019 there have been: I declare that, to the best of my knowledge and belief, during the year ended 30 June 2019, (i)have no contraventions of the auditor independence requirements as set out in the there been: Corporations Act 2001 in relation to the audit; and (i)

no contraventions of the auditor independence requirements as set out in the

(ii)

no contravention anyinapplicable of professional conduct in relation to the Corporations Act of 2001 relation tocode the audit; and audit.

(ii)

no contravention of any applicable code of professional conduct in relation to the

Yours sincerely, audit. [insert signature] Yours SDJA sincerely, SDJA [insert SDJA signature] [insert Simon Joyce signature] SDJA Simon Joyce [insert Simon Joyce signature] Director Sydney,Joyce New South Wales Simon Director 2 September Sydney, New 2019 South Wales 2 September 2019 Liability limited by a scheme approved under Professional Standards Legislation Liability limited by a scheme approved under Professional Standards Legislation

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

FINANCIAL REPORT

FOR THE YEAR ENDED 30 JUNE 2019

Report Required Under Subsection 255(2A) The Board of Directors presents the expenditure report as required under subsection 255(2A) on the Reporting Unit for the year ended 30 June 2019.

CATEGORIES OF EXPENDITURES

Remuneration and other employment-related costs and expenses – employees Advertising Operating costs Donations to political parties Legal costs

2019

2018

1,279,278

1,375,445

234,722

154,322

1,044,436

1,064,868

–

18,547

3,883

On behalf of the Board.

Kevin McDonald John Gellel Director Director Crows Nest, 2 September 2019

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

Independent Audit Report to the Members of Australian Security Industry Association Limited Australian Security Industry Association Limited For the Financial Year Ended 30 June 2019 Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001 to the Directors of Australian Security Industry Association Limited Report on the Audit of the Financial Report Australian Security Industry Association Limited For the Financial Year Ended 30 June 2019

Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001 accordance with the ethical requirements of the Accounting to the Directors of Australian Security Industry Association Limited Professional Standards APES 110 Code I declare that, to report the best of my knowledge and belief, duringand theEthical year ended 30 Board’s June 2019, We have audited the Financial financial ofEnded Australian For the Year 30Security June 2019 Opinion

of Ethics for Professional Accountants (the Code) that are Industry Association Limited (the Reporting Unit), which there have been: relevant to our audit of the financial report in Australia. comprises the statement of financial position as at 30 June We have also fulfilled our other ethical responsibilities in 2019, the statement of profit or loss and other comprehensive I declare that, to the best of my knowledge and belief, during thethe year ended 30 June 2019, accordance with Code. income, statement of changes in equity and statement of cash flows for the year ended 30 June 2019, notes to the (i)have no contraventions of the auditor independence as set out theobtained is there been: We believe requirements that the audit evidence we in have financial statements, including a summary of significant sufficient and appropriate to provide a basis for our opinion. Act 2001 accounting policies; the Corporations directors’ declaration and in therelation to the audit; and subsection 255(2A) report. Informationrequirements Other than theas Financial (i) no contraventions of the auditor independence set outReport in the and Auditor’s Report Thereon In our opinion, the accompanying financial report presents (ii) aspects, no contravention of anyin of professional conductfor in the relation to the Corporations Act 2001 relation tocode the andare responsible fairly, in all material the financial position ofapplicable Theaudit; directors other information. The Australian Security Industry Association Limited as at 30 June other information obtained at the date of this auditor’s report audit. 2019, and its financial performance and its cash flows for the is in the Directors’ Operating Report accompanying the year ended on that date in accordance with: financial report. (ii) no contravention of any applicable code of professional conduct in relation to the a) the Australian YoursAccounting sincerely, audit.Standards; and b) the Corporations Act 2001, including: (i) giving a trueSDJA and fair view of the entity’s financial [insert signature] Yours sincerely, position as at 30 June 2019 and of its financial performance for the year ended; and

SDJA

[insertwith SDJA (ii) complying thesignature] Corporations Regulations 2001. c) any other requirements imposed by the Reporting [insert Simon Joyce signature] SDJA Guidelines or Part 3 of Chapter 8 of the Fair Work (Registered Organisations) Act 2009 (the RO Act).

Simon Joyce

We declare [insert that management’s usesignature] of the going concern Simon Joyce basis in the Director preparation of the financial statements of the Reporting Unit is appropriate.

Sydney,Joyce New South Wales Simon

Basis for Opinion

Director We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those 2 September 2019 Sydney, New South Wales standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Reporting Unit in

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Directors for the Financial Report The Directors of the Reporting Unit are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards, the Corporations Act 2001, and the RO Act, and for such internal control as the Directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

2 September 2019 Liability limited by a scheme approved under Professional Standards Legislation Liability limited by a scheme approved under Professional Standards Legislation

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

SDJ Audit Pty Ltd t/a SDJA ABN: 11 624 245 334 P: PO Box 324 West Pennant Hills NSW 2125 SDJ Audit Pty Ltd t/a SDJA M: 0428 074 081 ABN: 11 624 245 334 E: simon@sdja.com.au P: PO Box 324 W: www.sdja.com.au West Pennant Hills NSW 2125 M: 0428 074 081 E: simon@sdja.com.au In preparing the financial report, the Directors are responsible attention in our auditor’s report to the related disclosures W: www.sdja.com.au for assessing the Reporting Unit’s ability to continue as a in the financial report or, if such disclosures are going concern, disclosing, as applicable, matters related inadequate, to modify our opinion. Our conclusions are to going concern and using the going concern basis of based on the audit evidence obtained up to the date of accounting unless the Directors either intend toSecurity liquidate the our auditor’s report. However, future events or conditions Australian Industry Association Limited Reporting Unit or to cease operations, or have no realistic may cause the Reporting Unit to cease to continue as a alternative but to do so.Independence Declaration under Section going concern. Auditor’s 307C of the Corporations Act 2001

to the Directors of Australian Security Industry Limited • Association Evaluate the overall presentation, structure and content Australian Security Industry Association Limited Auditor’s Responsibilities for theYear Audit of the 30 For the Financial Ended June 2019 of the financial report, including the disclosures, and Financial Report whether the financial report represents the underlying Auditor’s Independence Declaration 307C of the Corporations Act 2001 Our objective is to obtain reasonable assurance about under Section transactions and events in a manner that achieves fair the Directors Australian Security Industry Association Limited whether theto financial report as of a whole is free from material presentation. I declare that, to the bestEnded of my knowledge and belief, during the year ended 30 June 2019, For the Financial Year misstatement, whether due to fraud or error, and30 toJune issue 2019 • Obtain sufficient appropriate audit evidence regarding the an auditor’sthere reporthave that includes been: our opinion. Reasonable financial information of the entities or business activities assurance is a high level of assurance, but is not a within the Reporting Unit to express an opinion on the guarantee that an audit conducted in accordance with I declare that, to the best of my knowledge and belief, duringreport. the year ended 30 June financial We are responsible for2019, the direction, Australian Auditing Standards will always detect a material supervision and performance of the Unit audit. (i) have no contraventions of the auditor the misstatement when it exists. Misstatements can arise from independence requirements as set out inReporting there been: We remain solely responsible for our audit opinion. fraud or error and are considered material if, individually or in 2001 to in influence relation to the audit; and the aggregate, they couldCorporations reasonably beAct expected We communicate with the Directors regarding, among the economic decisions of users taken on the basis of the other matters, the plannedas scope no contraventions of the auditor independence requirements set and out timing in the of the audit financial report.(i) and significant audit findings, including any significant

(ii) no contravention of anyinapplicable code of professional conduct relation to the deficiencies in internal controlin that we identify during Corporations ActAustralian 2001 relation As part of an audit in accordance with the Auditing to the audit; and our audit. Standards, we exercise professional judgement and maintain audit. professional scepticism throughout the audit. We also: We declare that we are an audit firm where at least one (ii) no contravention of any applicable code of professional conduct relation to the member is a registered auditorin and an auditor registered • Identify and assess the risks of material misstatement under the RO Act. Yours report, sincerely, of the financial whether due to fraud or error, audit. design and perform audit procedures responsive to those Registration number (as registered by the RO Commissioner risks, and obtain audit evidence that is sufficient and under the RO Act): AA2017/28. appropriate to provide asignature] basis for our opinion. The risk [insert SDJA Yours sincerely, of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, SDJA SDJA misrepresentations, or signature] the override of internal control. [insert SDJA •

Obtain an understanding of internal control relevant to [insert Simon Joyce signature] the audit in order to design audit procedures that are SDJA appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Simon Joyce Reporting Unit’sSimon internalJoyce control. [insert signature]

Simon Joyce Director

•

EvaluateDirector the appropriateness of accounting policies used and the reasonableness of accounting estimates and Sydney, New South Simon Joyce related disclosures made by theWales Directors.

•

Conclude on the appropriateness of the Directors’ use Director of the going concern basis of accounting and, based 2 September 2019 Sydney, Newobtained, South Wales on the audit evidence whether a material exists related to events or conditions that uncertainty may cast significant doubt on the Reporting Unit’s ability to continue as a going concern. 2 September 2019 If we conclude that a Liability limited by a scheme approved under Professional Standards Legislation material uncertainty exists, we are required to draw

2 September 2019 Sydney, New South Wales

Liability limited by a scheme approved under Professional Standards Legislation

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

Statement of Profit or Loss and Other Comprehensive Income FOR THE YEAR ENDED 30 JUNE 2019 Notes

2019 $

2018 $

1,535,408

1,559,465

REVENUE Membership subscriptions Capitation fees and other revenue from another reporting unit

–

Levies

–

Investment income

54,390

64,553

Rental revenue

62,162

61,753

Other operating revenue

962,342

964,168

2,614,302

2,649,939

TOTAL REVENUE OTHER INCOME Grants or donations

–

Revenue from recovery of wages activity

–

Other non-operating income

26,920

–

TOTAL OTHER INCOME

26,920

–

2,641,222

2,649,939

(314,838)

(526,268)

TOTAL INCOME EXPENSES Expenses directly related to operating activities Employee expenses

(1,279,278)

(1,375,445)

Capitation fees and other expense to another reporting unit

–

Affiliation fees

–

Administration expenses

(821,898)

(633,567)

Grants or donations

(25,000)

Depreciation

(57,750)

(24,441)

Finance costs Legal costs

(18,547)

(3,883)

Audit fees

(32,936)

(34,000)

–

(26,736)

(914)

–

(2,576,983)

(2,598,518)

64,239

51,421

–

1,050,000

64,239

1,101,421

Share of net loss from associate Write-down and impairment of assets

Net losses from sale of assets Other expenses TOTAL EXPENSES SURPLUS FOR THE YEAR

Other comprehensive income Items that will not be subsequently reclassified to profit or loss - Gain on revaluation of land and buildings TOTAL COMPREHENSIVE INCOME FOR THE YEAR

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

FINANCIAL REPORT

FOR THE YEAR ENDED 30 JUNE 2019

Statement of Financial Position FOR THE YEAR ENDED 30 JUNE 2019 Notes

2019 $

2018 $

Cash and cash equivalents

2,726,638

2,572,679

Trade and other receivables

421,933

468,247

Other current assets

75,598

77,117

3,224,169

3,118,043

ASSETS CURRENT

CURRENT ASSETS NON-CURRENT Land and buildings

3,525,134

3,545,616

Plant and equipment

14,300

73,259

NON-CURRENT ASSETS

3,539,434

3,618,875

TOTAL ASSETS

6,763,603

6,736,918

LIABILITIES CURRENT Trade payables

105,091

101,156

Other payables

1,767,305

1,819,020

Employee provisions

141,353

139,460

2,013,749

2,059,636

CURRENT LIABILITIES NON-CURRENT Other payables

29,698

19,191

Employee provisions

41,650

43,824

71,348

63,015

TOTAL LIABILITIES

2,085,097

2,122,651

NET ASSETS

4,678,506

4,614,267

1,335,042

Retained earnings

3,343,464

3,279,225

TOTAL EQUITY

4,678,506

4,614,267

NON-CURRENT LIABILITIES

EQUITY Property revaluation reserve

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

Statement of Changes in Equity FOR THE YEAR ENDED 30 JUNE 2019 Property revaluation reserve

Retained Earnings

Total Equity

285,042

3,227,804

3,512,846

–

51,421

1,050,000

–

1,050,000

Total comprehensive income

1,050,000

51,421

1,101,421

BALANCE AT 30 JUNE 2018

1,335,042

3,279,225

4,614,267

BALANCE AT 1 JULY 2018

1,335,042

3,279,225

4,614,267

Profit for the year

–

64,239

Other comprehensive income:

–

Total comprehensive income

–

64,239

BALANCE AT 30 JUNE 2019

1,335,042

3,343,464

4,678,506

Notes

BALANCE AT 1 JULY 2017 Profit for the year Other comprehensive income: Revaluation of land and buildings

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

FINANCIAL REPORT

FOR THE YEAR ENDED 30 JUNE 2019

Statement of Cash Flows FOR THE YEAR ENDED 30 JUNE 2019 Notes

2019 $

2018 $

2,533,236

2,769,332

–

(2,490,784)

(2,678,573)

OPERATING ACTIVITIES CASH RECEIVED Receipts from members and others Receipt from other reporting units/controlled entities

10B

CASH USED Payments to suppliers and employees Payment to other reporting units/controlled entities

10B

–

NET CASH PROVIDED BY OPERATING ACTIVITIES

10A

42,452

90,759

Interest received

54,390

50,909

Rental income received

62,162

61,753

(5,045)

(10,764)

111,507

101,898

–

Other

–

NET CASH PROVIDED BY FINANCING ACTIVITIES

–

153,959

192,657

2,572,679

2,380,022

2,726,638

2,572,679

INVESTING ACTIVITIES CASH RECEIVED

CASH USED Purchase of plant and equipment

Net cash provided by investing activities FINANCING ACTIVITIES CASH RECEIVED Other CASH USED

Net change in cash and cash equivalents Cash and cash equivalents at beginning of financial year CASH AND CASH EQUIVALENTS AT END OF FINANCIAL YEAR

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

Notes to the Financial Statements Note 1 Summary of significant accounting policies 1.1

AASB 9 did not have significant impact on the reporting unit and there have been no changes in classification and measurement of financial assets and liabilities for the year ended 30 June 2019.

Basis of preparation of the financial statements The financial statements are general purpose financial statements and have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that apply for the reporting period, the Corporations Act 2001 and the Fair Work (Registered Organisation) Act 2009. For the purpose of preparing the general purpose financial statements, the Australian Security Industry Association Limited is a not-for-profit entity. The financial statements, other than the Statement of Cash Flows, have been prepared on an accrual basis and in accordance with the historical cost, except for certain assets and liabilities measured at fair value, as explained in the accounting policies below. Historical cost is generally based on the fair values of the consideration given in exchange for assets. Except where stated, no allowance is made for the effect of changing prices on the results or the financial position. The financial statements are presented in Australian dollars.

Future Australian Accounting Standards Requirements A number of new and revised standards have been issued but are not yet effective and have not been adopted early by the entity. Management is currently assessing the impact such standards will have on the entity.

1.5 Revenue Revenue is measured at the fair value of the consideration received or receivable. Revenue from membership subscriptions is accounted for on an accrual basis and is recorded as revenue in the year to which it relates. Receivables for services, which have 30-day terms, are recognised at the nominal amounts due less any impairment allowance account. Collectability of debts is reviewed at end of the reporting period. Allowances are made when collectability of the debt is no longer probable. Interest revenue is recognised on an accrual basis using the effective interest method.

1.2 Comparative amounts When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year. 1.3 Significant accounting judgements and estimates The following accounting assumptions or estimates have been identified that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period: • Land and buildings – refer to note 1.13 • Employee provisions – refer to note 1.7

1.4 New Australian Accounting Standards Adoption of New Australian Accounting Standard requirements Any new and revised standards that became effective for the first time in the current financial year have been adopted. The adoption of these amendments has not had a material impact on the entity. No accounting standard has been adopted earlier than the application date stated in the standard. Impact on adoption of AASB 9 (a) Initial application AASB 9 Financial Instruments (AASB 9) replaces AASB139 Financial Instruments: Recognition and Measurement (AASB 139) for annual periods beginning on or after 1 January 2018, bringing together all three aspects of the accounting for financial instruments: classification and measurement; impairment; and hedge accounting. The reporting unit has applied AASB 9 retrospectively, with an initial application date of 1 July 2018. The reporting unit has not restated the comparative information, which continues to be reported under AASB 139. The adoption of ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

Rental revenue from operating leases is recognised on a straight-line basis over the term of the relevant lease.

1.6 Gains and losses Sale of assets Gains and losses from disposal of assets are recognised when control of the asset has passed to the buyer. 1.7

Employee benefits A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave, long service leave and termination benefits when it is probable that settlement will be required and they are capable of being measured reliably. Liabilities for short-term employee benefits (as defined in AASB 119 Employee Benefits) and termination benefits which are expected to be settled within twelve months of the end of reporting period are measured at their nominal amounts. The nominal amount is calculated with regard to the rates expected to be paid on settlement of the liability. Other long-term employee benefits which are expected to be settled beyond twelve months are measured as the present value of the estimated future cash outflows to be made by the reporting unit in respect of services provided by employees up to reporting date. Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling them to the contributions. Provision is made for separation and redundancy benefit payments. The reporting unit recognises a provision for termination as part of a broader restructuring when it has developed a detailed formal plan for the terminations and has informed those employees affected that it will carry

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

out the terminations. A provision for voluntary termination is recognised when the employee has accepted the offer of termination.

1.8 Cash Cash is recognised at its nominal amount. Cash and cash equivalents includes cash on hand, deposits held at call with bank, other short-term highly liquid investments with original maturity of 3 months or less that are readily convertible to known amounts of cash and subject to insignificant risk of changes in value and bank overdrafts. Bank overdrafts are shown within short- term borrowings in current liabilities on the statement of financial position. 1.9 Financial instruments Financial assets and financial liabilities are recognised when the reporting unit becomes a party to the contractual provisions of the instrument. 1.10 Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, and subsequently measured at amortised cost, fair value through other comprehensive income (OCI), or fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the reporting unit’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, the reporting unit initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are ‘solely payments of principal and interest’ (SPPI) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The reporting unit’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the reporting unit commits to purchase or sell the asset. Subsequent measurement For purposes of subsequent measurement, financial assets are classified in five categories: • (Other) financial assets at amortised cost • (Other) financial assets at fair value through other comprehensive income • Investments in equity instruments designated at fair value through other comprehensive income • (Other) financial assets at fair value through profit or loss • (Other) financial assets designated at fair value through profit or loss

Financial assets at amortised cost The reporting unit measures financial assets at amortised cost if both of the following conditions are met: • The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The reporting unit’s financial assets at amortised cost includes trade receivables and loans to related parties. Financial assets at fair value through other comprehensive income The reporting unit measures debt instruments at fair value through OCI if both of the following conditions are met: • The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognised in profit or loss and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss. The reporting unit’s debt instruments at fair value through OCI includes investments in quoted debt instruments included under other non-current financial assets. Investments in equity instruments designated at fair value through other comprehensive income Upon initial recognition, the reporting unit can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under AASB132 Financial Instruments: Presentation and are not held for trading. The classification is determined on an instrumentby-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other income in profit or loss when the right of payment has been established, except when the reporting unit benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. The reporting unit elected to classify irrevocably its listed and non-listed equity investments under this category.

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

Financial assets at fair value through profit or loss (including designated) Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortised cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in profit or loss. Derecognition A financial asset is derecognised when: • The rights to receive cash flows from the asset have expired or • The reporting unit has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either: a) the reporting unit has transferred substantially all the risks and rewards of the asset, or b) the reporting unit has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the reporting unit has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the reporting unit continues to recognise the transferred asset to the extent of its continuing involvement together with associated liability. Offsetting Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

Impairment i) Trade receivables For trade receivables that do not have a significant financing component, the reporting unit applies a simplified approach in calculating expected credit losses (ECLs) which requires lifetime expected credit losses to be recognised from initial recognition of the receivables. Therefore, the reporting unit does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The reporting unit has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. ii) Debt instruments other than trade receivables For all debt instruments other than trade receivables and debt instruments not held at fair value through profit or loss, the reporting unit recognises an allowance for expected credit losses using the general approach. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the reporting unit expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognised in two stages: • Where there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses from possible default events within the next 12-months (a 12-month ECL). • Where there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the debt, irrespective of the timing of the default (a lifetime ECL). • The reporting unit considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the reporting unit may also consider a financial asset to be in default when internal or external information indicates that the reporting unit is unlikely to receive the outstanding contractual amounts in full. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

1.11 Financial Liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, at amortised cost unless or at fair value through profit or loss. All financial liabilities are recognised initially at fair value and, in the case of financial liabilities at amortised cost, net of directly attributable transaction costs. The reporting unit financial liabilities include trade and other payables. Subsequent measurement Financial liabilities at fair value through profit or loss (including designated) Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

liabilities designated upon initial recognition as at fair value through profit or loss. Gains or losses on liabilities held for trading are recognised in profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in AASB 9 are satisfied. Financial liabilities at amortised cost After initial recognition, trade payables and interestbearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in profit or loss. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in profit or loss.

1.12 Contingent Liabilities and Contingent Assets Contingent liabilities and contingent assets are not recognised in the Statement of Financial Position but are reported in the relevant notes. They may arise from uncertainty as to the existence of a liability or asset or represent an existing liability or asset in respect of which the amount cannot be reliably measured. Contingent assets are disclosed when settlement is probable but not virtually certain, and contingent liabilities are disclosed when settlement is greater than remote. 1.13 Land, Buildings, Plant and Equipment Asset Recognition Threshold Purchases of land, buildings, plant and equipment are recognised initially at cost in the Statement of Financial Position. The initial cost of an asset includes an estimate of the cost of dismantling and removing the item and restoring the site on which it is located. Revaluationsâ&#x20AC;&#x201D;Land and Buildings Following initial recognition at cost, land and buildings are carried at fair value less subsequent accumulated depreciation and accumulated impairment losses. Revaluations are performed with sufficient frequency such that the carrying amount of assets do not differ materially from those that would be determined using fair values as at the reporting date. Revaluation adjustments are made on a class basis. Any revaluation increment is credited to equity under the heading of asset revaluation reserve except to the extent that it reversed a previous revaluation decrement of the same asset class that was previously recognised in the surplus/deficit. Revaluation decrements for a class of

assets are recognised directly in the profit or loss except to the extent that they reverse a previous revaluation increment for that class. Any accumulated depreciation as at the revaluation date is eliminated against the gross carrying amount of the asset and the asset is restated to the revalued amount. The freehold land and buildings were independently valued at 20 June 2018 by AON Valuation Services. The valuation was based on the fair value less cost to sell. The critical assumptions adopted in determining the valuation included the location of the land and buildings, the current strong demand for land and buildings in the area and recent sales data for similar properties. The valuation resulted in a revaluation increment of $1,050,000 being recognised for the year ended 30 June 2018. Together with a revaluation of $285,042 brought forward from 2017, the accumulated reserve came to $1,335,042 at 30 June 2018. Depreciation Depreciable property, plant and equipment assets are written-off to their estimated residual values over their estimated useful life using, in all cases, the straight line method of depreciation. Depreciation rates (useful lives), residual values and methods are reviewed at each reporting date and necessary adjustments are recognised in the current, or current and future reporting periods, as appropriate. The depreciation rates applying to each class of depreciable asset are:

Buildings â&#x20AC;&#x201C; straight line basis Plant and equipment â&#x20AC;&#x201C; diminishing value basis

2019

2018

2.5%

10-66%

Derecognition An item of land, buildings, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the profit and loss.

1.14 Investment property Investment properties are properties held to earn rentals and/or for capital appreciation (including property under construction for such purposes). Investment properties are measured initially at its cost, including transaction costs. Subsequent to initial recognition, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit and loss in the period in which they arise. An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognised. ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

1.14 Impairment of non-financial assets All assets are assessed for impairment at the end of each reporting period to the extent that there is an impairment trigger. Where indications of impairment exist, the asset’s recoverable amount is estimated and an impairment adjustment made if the asset’s recoverable amount is less than its carrying amount. The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in use. Value in use is the present value of the future cash flows expected to be derived from the asset. Where the future economic benefit of an asset is not primarily dependent on the asset’s ability to generate future cash flows, and the asset would be replaced if the reporting unit were deprived of the asset, its value in use is taken to be its depreciated replacement cost.

1.15 Taxation The entity is exempt from income tax under section 50.1 of the Income Tax Assessment Act 1997 however still has obligation for Fringe Benefits Tax (FBT) and the Goods and Services Tax (GST). Revenues, expenses and assets are recognised net of GST except: • where the amount of GST incurred is not recoverable from the Australian Taxation Office; and • for receivables and payables. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables. Cash flows are included in the statement of cash flows on a gross basis. The GST component of cash flows arising from investing and financing activities which is recoverable from, or payable to, the Australian Taxation Office is classified within operating cash flows.

1.16 Fair value measurement The reporting unit measures financial instruments, such as, financial asset as at fair value through the profit and loss, available for sale financial assets, and non-financial assets such as land and buildings and investment properties, at fair value at each balance sheet date. Also, fair values of financial instruments measured at amortised cost are disclosed in Note 13A. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • In the principal market for the asset or liability, or • In the absence of a principal market, in the most advantageous market for the asset or liability The principal or the most advantageous market must be accessible by the reporting unit. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The reporting unit uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: • Level 1—Quoted (unadjusted) market prices in active markets for identical assets or liabilities • Level 2—Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable • Level 3—Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognised in the financial statements on a recurring basis, the reporting unit determines whether transfers have occurred between Levels in the hierarchy by re- assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. External valuers are involved for valuation of significant assets, such as land and buildings and investment properties. Selection criteria include market knowledge, reputation, independence and whether professional standards are maintained. For the purpose of fair value disclosures, the reporting unit has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy.

1.17 Acquisition of assets and or liabilities that do not constitute a business combination The entity did not acquire an asset or liability due to an amalgamation under Part 2 of Chapter 3 of the RO Act, a restructure of the branches of the organisation, a determination or revocation by the General Manager of the Fair Work Commission under subsections 245(1) or 249(1) of the RO Act. Note 2 Going concern The entity is not reliant on the agreed financial support of another reporting unit to continue on a going concern basis. The entity has not agreed to provide financial support to another reporting unit to ensure they can continue on a going concern basis.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

Note 3 Income

2019 $

2018 $

3A. CAPITATION FEES AND OTHER REVENUE FROM ANOTHER REPORTING UNIT Capitation fees

–

Other revenue from another reporting unit

–

54,390

64,553

54,390

64,553

62,162

61,753

62,162

61,753

Cabling providers

164,810

158,389

Events, exhibitions and sponsorships

259,270

253,113

110,800

Marketing and partnerships

336,126

270,644

Other operating revenue

202,136

171,222

962,342

964,168

Grants

–

Donations

–

Amounts recovered from employers in respect of wages

–

Interest received on recovered money

–

3B. LEVIES Compulsory or voluntary levies or appeals

3C. INVESTMENT INCOME Interest on deposits

3D. RENTAL REVENUE Properties

3E. OTHER OPERATING REVENUE

GOLDOC

3F. GRANTS OR DONATIONS

3G. REVENUE FROM RECOVERY OF WAGES ACTIVITY

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

Note 4 Expenses

2019 $

2018 $

4A. EMPLOYEE EXPENSES Holders of office 203,431

462,456

Holders of office – superannuation

21,220

51,379

Holders of office – leave and other entitlements

19,933

15,290

Holders of office – separation and redundancies

–

Holders of office – other expenses

–

8,204

244,584

537,329

820,383

625,126

Employees – superannuation

84,975

73,267

Employees – leave and other entitlements

57,075

82,616

Employees – separation and redundancies

2,208

72,261

54,899

Subtotal employee expenses employees other than office holders

1,034,694

838,116

Total employee expenses

1,279,278

1,375,445

Capitation fees

–

Other expenses from another reporting unit

–

Total paid to employers for payroll deductions of membership subscriptions

–

Compulsory levies

–

Fees/allowances – meeting and conferences

–

12,911

993

Contractors/consultants

122,091

4,716

Marketing

234,722

154,322

5,604

15,756

Office expenses

99,806

136,534

Information communications technology

117,631

96,604

229,133

224,642

821,898

633,567

Holders of office – wages and salaries

Subtotal employee expenses holders of office EMPLOYEES OTHER THAN OFFICE HOLDERS Employees – wages and salaries

Employees – other expenses

4B. CAPITATION FEES AND OTHER EXPENSE TO ANOTHER REPORTING UNIT

4C. AFFILIATION FEES Affiliation fees/subscriptions

4D. ADMINISTRATION EXPENSES

Conference and meeting expenses

Property expenses

Other

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

Note 4 Expenses (continued)

2019 $

2018 $

4E. GRANTS OR DONATIONS Grants: Total expensed that were $1,000 or less

–

Total expensed that exceeded $1,000

–

25,000

–

25,000

–

Land buildings

20,482

1,460

Plant and equipment

37,268

22,981

57,750

24,441

18,547

3,883

18,547

3,883

Land and buildings

–

Plant and equipment

–

Intangible assets

–

Other

–

Total write-down and impairment of assets

–

Donations: Total expensed that were $1,000 or less Total expensed that exceeded $1,000

4F. DEPRECIATION Depreciation

Total depreciation 4G. LEGAL COSTS Litigation Other legal costs 4H: WRITE-DOWN AND IMPAIRMENT OF ASSETS Asset write-downs and impairments of:

4I. OTHER EXPENSES Penalties – via RO Act or the Fair Work Act 2009

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

Note 5 Current Assets

2019 $

2018 $

5A. CASH AND CASH EQUIVALENTS Cash at bank Short-term deposits

618,181

790,730

2,108,457

1,781,949

2,726,638

2,572,679

$7,197 (2018: $7,091) of the short-term bank deposits are bonds paid to the company by tenants. 2019 $

2018 $

5B. TRADE AND OTHER RECEIVABLES Current Receivables from other reporting units

–

Less allowance for expected credit losses

–

Receivable from other reporting units

–

421,933

478,247

–

(10,000)

Receivable from non-reporting units

421,933

468,247

Total trade and other receivables (net)

421,933

468,247

10,000

(10,000)

–

Write-off

–

At 30 June

–

10,000

75,598

77,117

75,598

77,117

Receivables from non-reporting units Less provision for doubtful debts

The movement in the allowance for expected credit losses of trade and other receivables is as follows: At 1 July Provision for expected credit losses

5C. OTHER CURRENT ASSETS Prepayments

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

2019 $

Note 6 Non-current Assets

2018 $

6A. LAND AND BUILDINGS Freehold land and building at revaluation Freehold land and building accumulated depreciation

3,550,000

(24,866)

(4,384)

3,525,134

3,545,616

2,497,076

Reconciliation of opening and closing balances of land and buildings Balance as at start of year Additions 1,050,000

Revaluations Disposals Depreciation Balance as at end of year

(20,482)

(1,460)

3,525,134

3,545,616

The revalued land and buildings is the principal place of business at 41 Hume Street, Crows Nest, NSW, 2065. Management determined that these constitute one class of asset under AASB 13, based on the nature, characteristics and risks of the property. Fair value of the properties was determined by using market comparable method. This means that valuations performed by the valuer are based on active market prices, significantly adjusted for the difference in the nature, location or condition of the specific property. As at the date of revaluation, 20 June 2018, the propertyâ&#x20AC;&#x2122;s fair value is based on valuation performed by AON Valuation Services, an accredited independent valuer.

2019 $

2018 $

6B. PLANT AND EQUIPMENT 117,177

303,422

(102,877)

(230,163)

14,300

73,259

85,476

Additions

5,045

10,764

Disposals

(26,736)

â&#x20AC;&#x201C;

Depreciation

(37,268)

(22,981)

14,300

73,259

Office equipment, furniture and fittings at cost Office equipment, furniture and fittings accumulated depreciation

Reconciliation of opening and closing balances of office equipment furniture and fittings Balance as at start of year

Balance as at end of year

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

Note 7 Current Liabilities

2019 $

2018 $

7A. TRADE PAYABLES 105,091

101,156

–

105,091

101,156

Payable to employers for making payroll deductions of membership subscriptions

–

Legal costs

–

1,686,198

1,723,946

Net GST payable

86,171

83,674

Centre for compliance fund

17,577

7,057

13,014

1,797,003

1,838,211

1,767,305

1,819,020

29,698

19,191

1,797,003

1,838,211

Trade creditors and accruals Payables to other reporting units

Settlement is usually made within 30 days. 7B. OTHER PAYABLES

Prepayments received/unearned revenue

Other current payables

Total other payables are expected to be settled in: No more than 12 months More than 12 months Total other payables

Note 8 Provisions

2019 $

2018 $

8A. EMPLOYEE PROVISIONS Office Holders: Annual leave

25,922

55,915

Long service leave

59,958

77,513

Separations and redundancies

–

Other

–

85,880

133,428

Annual leave

43,520

25,032

Long service leave

53,603

24,824

Separations and redundancies

–

Other

–

97,123

49,856

183,003

183,284

141,353

139,460

41,650

43,824

183,003

183,284

Subtotal employee provisions – office holders Employees other than office holders:

Subtotal employee provisions – employees other than office holders Total employee provisions – office holders and employees Current employee provisions Non current employee provisions

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

2019 $

Note 9 Equity

2018 $

9A. PROPERTY REVALUATION RESERVE Balance as at start of year

1,335,042

285,042

Transferred to reserve

–

Transferred out of reserve

–

Other comprehensive income

–

1,050,000

1,335,042

Compulsory levy/voluntary contribution fund – if invested in assets

–

Other funds required by rules

–

Balance as at start of year

–

Transferred to reserve

–

Transferred out of reserve

–

Balance as at end of year

–

Balance as at end of year 9B. EQUITY - OTHER SPECIFIC DISCLOSURES - FUNDS

9C. SHARE CAPITAL There are no issued shares. The company is limited by guarantee. The liability of each member in respect of liabilities of the company is limited to $100.

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

Note 10 Cash Flow

2019 $

2018 $

10A. CASH FLOW RECONCILIATION Reconciliation of cash and cash equivalents as per Balance Sheet to Cash Flow Statement: Cash and cash equivalents as per: Cash flow statement

2,726,638

2,572,679

Balance sheet

2,726,638

2,572,679

–

64,239

51,421

Depreciation/amortisation

57,750

24,441

Net losses from sale of assets

26,736

914

Interest received

(54,390)

(50,909)

Rental income

(62,162)

(61,753)

46,314

(7,617)

(Increase)/decrease in other assets

1,519

21,463

Increase/(decrease) in trade payables

3,935

25,054

Increase/(decrease) in other payables

(41,208)

65,139

Increase/(decrease) in employee provisions

(281)

22,606

Net cash provided by operating activities

42,452

90,759

Cash inflows:

–

Total cash inflows

–

Cash outflows:

–

Total cash outflows

–

Difference Reconciliation of profit to net cash from operating activities: Surplus for the year Adjustments for non-cash/non-operating items:

Changes in assets/liabilities (Increase)/decrease in net receivables

10B. CASH FLOW INFORMATION Receipts from/payments to other reporting units/controlled entities

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

Note 11 Related Party Disclosures 11A. RELATED PARTY TRANSACTIONS FOR THE REPORTING PERIOD The following table provides the total amount of transactions that have been entered into with related parties for the relevant year. 2019 $

2018 $

Amounts received from related parties includes the following:

–

Expenses paid to related parties include the following:

–

Amounts owed by related parties include the following:

–

Amounts owed to related parties include the following:

–

Loans from/to related parties include the following:

–

Assets transferred from/to related parties include the following:

–

491,964

462,456

40,823

55,915

–

532,787

518,371

Superannuation

46,737

51,379

Total post-employment benefits

46,737

51,379

Long-service leave

75,870

77,513

Total other long-term benefits

75,870

77,513

–

655,394

647,263

Loans to/from key management personnel

–

Other transactions with key management personnel

–

11B. KEY MANAGEMENT PERSONNEL REMUNERATION FOR THE REPORTING PERIOD Short-term employee benefits Salary (including annual leave taken) Annual leave accrued Performance bonus Total short-term employee benefits Post-employment benefits:

Other long-term benefits:

Termination benefits Total 11C: TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL AND THEIR CLOSE FAMILY MEMBERS

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

Note 12 Financial Instruments

2019 $

2018 $

12A. CATEGORIES OF FINANCIAL INSTRUMENTS Financial Assets Cash and bank balances: 618,181

790,730

618,181

790,730

–

2,108,457

1,781,949

2,108,457

1,781,949

–

421,933

468,247

421,933

468,247

3,148,571

3,040,926

–

105,091

101,156

86,171

83,674

7,057

13,014

Employee provisions

183,003

183,284

Total

381,322

381,128

Carrying amount of financial liabilities

381,322

381,128

Interest revenue

54,390

64,553

Bank charges and merchant fees

(1,309)

(1,505)

Net gain from held-to-maturity

53,081

63,048

–

Net gain from assets designated as fair value through profit and loss

–

Net gain at fair value through profit and loss

–

53,081

63,048

Cash at bank

Fair value through profit or loss Held-to-maturity investments: Short term deposits Available-for-sale assets Loans and receivables: Trade receivables Carrying amount of financial assets Financial Liabilities Fair value through profit or loss: Other financial liabilities: Trade creditors and accruals GST payable Other current payables

12B. NET INCOME AND EXPENSE FROM FINANCIAL ASSETS Held-to-maturity

Loans and receivables Net gain from loans and receivables Available-for-sale Net gain from available-for-sale Fair value through profit and loss Held for trading Net gain from held for trading Designated as fair value through profit and loss

Net gain from financial assets The net income from financial assets not at fair value from profit and loss is $53,081 (2018: $63,048). ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

2019 $

Note 12 Financial Instruments (continued)

2018 $

12C. NET INCOME AND EXPENSE FROM FINANCIAL LIABILITIES At amortised cost Net gain financial liabilities – at amortised cost

–

Total designated as fair value through profit and loss

–

Net gain at fair value through profit and loss

–

Net gain from financial liabilities

–

Fair value through profit and loss Held for trading Total held for trading Designated as fair value through profit and loss:

The net income from financial liabilities not at fair value from profit and loss is $nil (2018: $nil). 12D. CREDIT RISK The following table illustrates the entity’s gross exposure to credit risk, excluding any collateral or credit enhancements. 2019 $

2018 $

Financial assets Held-to-maturity investments Loans and receivables

2,108,457

1,781,949

421,933

468,247

2,530,390

2,250,196

105,091

101,156

86,171

83,674

7,057

13,014

183,003

183,284

381,322

381,128

Financial liabilities Trade payables GST payable Other current payables Employee provisions

In relation to the entity’s gross credit risk the following collateral is held: nil. Credit quality of financial instruments not past due or individually determined as impaired No financial asset, individually, was past its due date and there were no other recoverability issues identified. Therefore, no financial asset was assessed as being impaired. 12E. LIQUIDITY RISK The entity does not have any financial liabilities that are subject to contractual maturities. 12F. MARKET RISK Interest rate risk The entity earns interest on the cash transaction accounts as well as short-term deposits. Interest rates on the transactions accounts are minimal, while the interest rate on short-term deposits are fixed at the beginning of the term. The entity earned an average of 2.62% on cash accounts held during the year. Accounts receivable and accounts payable do not attract any interest. Therefore, the entity’s exposure to interest rate risk is nil to low. Price risk The entity does not hold any financial assets nor liabilities that are sensitive to price risk. 12G. ASSET PLEDGED/OR HELD AS COLLATERAL The entity does not have any assets pledged nor held as collateral. 12H. CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES The entity does not have any liabilities arising from financing activities.

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

13 Fair Value Measurement 13A. FINANCIAL ASSETS AND LIABILITIES Management of the reporting unit assessed that cash, trade receivables, trade payables, and other current liabilities approximate their carrying amounts largely due to the short term maturities of these instruments. See Note 12A for a list of these financial assets and liabilities. 13B. FINANCIAL AND NON-FINANCIAL ASSETS AND LIABILITIES FAIR VALUE HIERARCHY The following tables provide an analysis of financial and non-financial assets and liabilities that are measured at fair value, by fair value hierarchy. Date of valuation

Level 1 $

Level 2 $

Level 3 $

Cash and bank balances

30-Jun-19

2,726,638

–

Loans and receivables

30-Jun-19

421,933

–

Other current assets

30-Jun-19

75,598

–

Land and buildings

30-Jun-19

–

3,525,134

–

Plant and equipment

30-Jun-19

14,300

–

3,238,469

3,525,134

–

FAIR VALUE HIERARCHY – 30 JUNE 2019 Assets measured at fair value

Liabilities measured at fair value Trade payables

30-Jun-19

105,091

–

Other payables

30-Jun-19

1,767,305

–

Employee provisions

30-Jun-19

183,003

–

2,055,399

–

Date of valuation

Level 1 $

Level 2 $

Level 3 $

Cash and bank balances

30-Jun-18

2,572,679

–

Loans and receivables

30-Jun-18

468,247

–

Other current assets

30-Jun-18

77,117

–

Land and buildings

30-Jun-18

–

3,545,616

–

Plant and equipment

30-Jun-18

73,259

–

3,238,469

3,545,616

–

Total

FAIR VALUE HIERARCHY – 30 JUNE 2018 Assets measured at fair value

Total Liabilities measured at fair value Trade payables

30-Jun-18

101,156

–

Other payables

30-Jun-18

1,819,020

–

Employee provisions

30-Jun-18

183,284

–

2,103,460

–

Total

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

2019 $

Note 14 Remuneration of auditors

2018 $

Value of the services provided Financial statement audit services Other services Total remuneration of auditors

25,000

28,000

7,936

6,000

32,936

34,000

No other services were provided by the auditors of the financial statements.

Note 15 Commitments The reporting unit has no lease, capital nor expenditure commitments for the year ended 30 June 2019.

Note 16 Administration of financial affairs by a third party The reporting unit did not have another entity administer the financial affairs of the reporting unit for the year ended 30 June 2019 (2018: None).

Note 17 Payments to former related parties The reporting unit did not make a payment to a former related party of the reporting unit during the year ended 30 June 2019 (2018: None).

Note 18 Events after the reporting period There were no events that occurred after 30 June 2019, and/or prior to the signing of the financial statements, that would affect the ongoing structure and financial activities of the reporting unit.

Note 19 Section 272 Fair Work (Registered Organisations) Act 2009 In accordance with the requirements of the Fair Work (Registered Organisations) Act 2009 , the attention of members is drawn to the provisions of subsections (1) to (3) of section 272, which reads as follows: Information to be provided to members or Commissioner: (1) A member of a reporting unit, or the Commissioner, may apply to the reporting unit for specified prescribed information in relation to the reporting unit to be made available to the person making the application. (2) The application must be in writing and must specify the period within which, and the manner in which, the information is to be made available. The period must not be less than 14 days after the application is given to the reporting unit. (3) A reporting unit must comply with an application made under subsection (1).

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

ASIAL Code of Professional Conduct 1

For the purposes of ASIALâ&#x20AC;&#x2122;s Code of Professional Conduct (the Code), Members shall include, as applicable, any of their employees and contractors.

Members shall conduct their activities in a professional and competent manner with respect for the public interest, maintaining the privacy and confidentiality in their dealings, and shall at all times act with integrity in dealing with clients, employees or sub-contractors, past and present, with their fellow Members and with the general public. The objective of the Code is for Members to adopt best practice industry standards.

Members shall not intentionally disseminate false or misleading information, whether written, spoken or implied, nor engage in false, misleading or deceptive conduct or otherwise bring the security industry into disrepute. Members have a duty to maintain truth, accuracy and good taste in advertising and sales promotion.

Members shall not represent conflicting or competing interests except with the express consent of those concerned given only after full disclosure of the facts to all interested parties.

Members shall refrain from knowingly associating with any enterprise, which uses improper or illegal methods for obtaining business.

Members shall not intentionally injure the professional reputation or practice of another Member.

Members shall comply with all applicable State and Federal legislation covering security providers and in particular statutory obligations, including but not limited to matters relating to consumer laws, occupational health and safety and workplace relations laws.

ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

ASIAL is to be informed when the Memberâ&#x20AC;&#x2122;s attention has been drawn to any breach by that Member of the Code.

Members shall help to improve the body of knowledge of the profession by exchanging information and experience with fellow Members, participating in industry related programs designed to raise the standard of service delivery, and by applying their special skill and training for the benefit of others.

10 Members shall refrain from using their relationship with the Association in such a manner as to state or imply an official accreditation or approval beyond the scope of membership of the Association and its aims, rules and policies.

11 Members shall cooperate with fellow Members in

upholding and enforcing the ASIAL Code of Professional Conduct.

12 Members shall have in place procedures to deal

appropriately and promptly with complaints about the provision of its services and actively engage in the resolution of complaints raised via ASIALâ&#x20AC;&#x2122;s Dispute Resolution Policy and Procedure.

13 Members shall maintain appropriate and accurate records in accordance with all relevant statutory requirements.

14 Where an alleged breach of this Code is appropriately

brought to the attention of ASIAL, then ASIAL will in the first instance raise this matter in writing with the Member. ASIAL will provide the Member with the opportunity to take remedial action, if that is appropriate under the circumstances, or where remedial action should have been but has not been carried out by the Member, then ASIAL is to inform the Member that it will take the appropriate disciplinary action by way of a show cause notice why their membership should not now be cancelled.

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ABN 91 000 813 365 I ASIAL 2019 Annual & Financial Report

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