2023 - 2024
ANNUAL REPORT 2023 - 2024
PRESIDENT’S REPORT
Embracing Change and Innovation
Over the past few years, our sector has undergone profound transformations, reshaping both the landscape of the Australian Cemeteries and Crematoria Association (ACCA) and the broader industry. We have navigated changing community expectations, embraced technological advancements, and adapted to evolving industry standards. These shifts have presented challenges but also opened up avenues for growth and innovation. Throughout this period, the board and I have remained committed to expanding resources for our members and strengthening partnerships with industry stakeholders, both domestically and internationally.
Leadership Transitions and New Beginnings
This past year has also seen some significant changes within ACCA. Our long-term CEO, Chris Harrington, stepped down after 11 years at the helm. Chris played a major part in not only reshaping ACCA but also in promoting a greater understanding of our sector to the wider public. We thank Chris for his dedicated service and are grateful that he will continue to contribute to the industry in his new role with the Final Touch Australia team.
We were pleased to welcome Ben Kelly to the team to continue the journey. Ben, a former board member, brings with him a wealth of knowledge from his experiences working with both private and LGAoperated cemeteries in Queensland. His insights and leadership will undoubtedly benefit ACCA as we move forward.
Additionally, this past year saw the departure of David Molloy, a long-term member, former President, and Vice President, from his role at Nudgee Catholic Cemetery after 21 years of dedicated service. David has been an exemplary advocate for the improvement of the cemetery industry in Queensland, championing positive changes and tirelessly supporting our community. We extend our heartfelt appreciation to David for his invaluable contributions and wish him the very best in his new role as CEO at K.M. Smith Funeral Directors. We look forward to seeing him at future conferences as a Life Member of ACCA.
This year also saw the addition of three new board members: Dean Mathews (Geelong Cemetery Trust), Michael Robertson (Adelaide Cemetery), and Rob Moore (Fraser Coast Cemeteries). They have already made significant contributions to ACCA’s strategic direction and have provided invaluable support to our members both in their states and nationwide.
Enhancing Member Benefits
One of our primary goals at ACCA remains to offer more to our members and the broader industry. We recognise the importance of creating connections, sharing ideas, and fostering collaboration. To this end, we have strengthened our relationships with international partners, bringing back valuable insights and experiences to share with our members through ACCA News, conference talks, and other media. These global connections enable us to stay informed about trends and best practices worldwide, ensuring our members are equipped with the latest knowledge and tools to excel in their roles.
Collaboration is crucial to our success, and we are dedicated to creating closer relationships with state associations, funeral directors’ associations, suppliers, academia, and the wider death care sector. The board, ACCA team, and I have been busy building these relationships and creating new opportunities for greater collaboration and promotion of this sector. In the coming months, there will be announcements about some exciting joint events for 2025.
Recently, the ACCA board met with the University of Melbourne Death Tech Team to explore ways to work more closely together to improve the industry. These discussions included potential research projects and strategies for disseminating the latest studies and news from across Australia and internationally. By uniting our expertise, we can advance the industry and better serve our communities.
ACCA National Advisory Committee’s Announcement
As part of our ongoing commitment to advancing the cemetery and crematoria industry in Australia, the ACCA board is pleased to announce the development of several national advisory committees. These committees will comprise representatives from within the industry, drawing on the wealth of expertise across the sector to address pressing issues such as safety, standardisation of procedures, environmental sustainability, and initiatives aimed at improving death literacy and public perceptions of our industry. These committees will provide a platform for industry professionals to collaborate, share ideas, and drive meaningful change. The work from these committees will be shared with the sector through conferences, ACCA News, and other industry publications.
The first of these national committees will be the National Safety Advisory Committee. This committee will focus on enhancing safety standards across the cemetery and crematoria industry in Australia. By working together to identify key safety risks and develop standardised guidance materials, we aim to support the industry in meeting legislated safety obligations. This initiative will leverage the collective knowledge and experience of our members, ensuring that the guidance is both contemporary and reflective of best practices. We continue to advocate on members’ behalf with State, Local, and Federal Governments. Discussions with the Australian Tax Office regarding the charging of GST are ongoing, and there are conversations in various states and local government areas about improving this industry.
ANNUAL REPORT 2023 - 2024
International Representation and Collaboration
ACCA successfully organised international study tours with OrthoMetals, showcasing the latest cremation technology in Europe, and participated in international events, including presenting at the Asia Funeral Expo and securing a position on the board of the International Cremation Federation. This provides Australia with a seat at the table in shaping the future of cremations.
ACCA was also a proud supporter of the 2024 Phoenix Excellence Awards. This year, David Welton from the Townsville City Council’s Cemetery team was the successful winner and spent a couple of weeks in Canada learning and sharing ideas. We also hosted Darren Denomme from the Ontario Association of Cemeteries and Funeral Professionals and the Canadian winner of the Phoenix Excellence Award, Kassie Hudson from Arbor Memorial. These exchanges have created strong relationships and a multinational sharing of ideas and initiatives.
Stay tuned for exciting opportunities and initiatives in the future that have come about as a result of these fantastic awards.
Launch of the Online Learning Management System
Improving the educational offerings to the sector has been high on the board’s agenda for the last few years. Recently, ACCA and our training partner, Relationships Australia – Victoria (RAV), brought together representatives from across the cemetery and funeral sector to discuss training opportunities and ways to create industryspecific training. Over the coming months, you will see some exciting and new training opportunities becoming available to the sector.
I am also pleased to announce the creation of our new online Learning Management System (LMS), which will significantly enhance the training opportunities available to our sector. The LMS will also make it easier for all our members to gain access to a range of new and exciting training options as well as industry news, research, and other related media. This platform is a testament to our commitment to providing industry-specific education that supports and invests in employees. By offering accessible, high-quality training, we aim to address some of the pressing issues facing our industry, such as staff retention, recruitment, professional development, and evolving community expectations.
Acknowledgements
I would like to take this opportunity to thank Ben Kelly, Helena Hu, Alison Tomolillo, and Natasha Ramm for all the work they have done behind the scenes in enacting the direction of the board and in enhancing the services and resources available to you as a member. I also extend our deepest gratitude to our sponsors for their unwavering support, enabling us to deliver exceptional services to you all. Finally, thank you to each and every one of you for your continued support, for sharing your stories, for assisting each other in improving the sector, and for providing a valuable service to the wider community.
Together, we are embracing change, enhancing member benefits, and shaping the future of our industry. I look forward to the year ahead and the continual growth and success of the sector and the association.
Best
Regards
Lauren Hardgrove ACCA President
ANNUAL REPORT 2023 - 2024
ACCA BOARD
Members of the ACCA Board
Lauren Hardgrove
01.07.2023 - 30.06.2024
David Molloy
01.07.2023 - 05.04.2024
Steve
01.07.2023 - 30.06.2024
01.07.2023 - 30.06.2024
24.10.2023 – 30.06.2024
24.10.2023 – 30.06.2024
ANNUAL REPORT 2023 - 2024
ANNUAL ACCA CONFERENCE & TRADE EXHIBITION
Albert Park, Victoria
The annual ACCA Conference & Trade Exhibition was a resounding success, with 230 delegates in attendance at the Pullman Hotel, Albert Park in Melbourne. This year, ACCA introduced a new format, incorporating breakout sessions where delegates broke into groups and had the opportunity to participate in a variety of topics relevant to our industry today including; Sustainable cemetery management, Master planning for cemeteries, Creating national standards for Cremation, Implementing a new cemetery management system, Headstone and monument safety, Alternative methods of disposition, Islamic, Jewish, Buddhist and Greek Orthodox burial rites and rituals, Cemetery safety, Managing stress & resilience when working with grieving clients and more. This new approach was met with positive feedback from members and key industry stakeholders, and we are thrilled with the outcome.
The exhibition kicked off on Sunday afternoon with registration and a welcome reception featuring delicious canapes and drinks in the trade exhibition area. Delegates had the opportunity to network and mingle with their peers whilst getting a sneak peek at the innovative products suppliers had on display. It’s always exciting to see so many industry leaders come together to showcase their latest products and services at the Trade Exhibition. This year did not disappoint with 18 respected suppliers on display including Arrow Bronze, Phoenix Foundry, Facultatieve Technologies, Orthometals, Final Touch Australia, Plotbox, OpusXenta, Norwalk, Relationships Australia VIC with ACCA Education, Office of Australian War Graves, Chronicle, Memories, Morello/Ashcroft, Everlon, Morgans Financial, Major Furnace & Worssell & Co Pty Ltd.
Over Monday & Tuesday, attendees enjoyed morning tea and lunch in the exhibition area, providing them with the perfect opportunity to engage with suppliers and gain valuable insight into their products and services, there was truly something for everyone at this year’s conference. We want to express our gratitude to all the suppliers who participated in the Trade Exhibition this year. Your informative and engaging displays were greatly appreciated by all our delegates, and we look forward to welcoming you back again next year. As always, the pocket program competition was in full swing and the winner of a complimentary FULL registration to next year’s conference went to Scott Pollock from Mildura Cemeteries Trust. We look forward to welcoming you to the ACCA Conference next year!
It’s always great to see so many experts and professionals come together to share their knowledge and insights. Watching the breakout sessions fill up with engaged attendees is a testament to the quality of the presenters and the relevance of the topics covered. We’re grateful for the positive feedback we’ve received from delegates, and we’re pleased to have had such a successful conference. We couldn’t have done it without the support of our sponsors and exhibitors and we’re already looking forward to making next year’s event even bigger and better.
As many of you are aware, Phoenix Foundry alongside ACCA and the OACFP (Ontario Association of Cemetery and Funeral Professionals) opened nominations earlier in the year for the Phoenix Foundry Bereavement Profession Excellence Award. Joe Campbell from Phoenix Foundry and ACCA President Lauren Hardgrove proudly announced that David Welton from Townsville City Council was the winner of this years competition. We wish David all the best as he undertakes his all-expenses paid trip to Canada and we would like to thank Joe Campbell and all the team
at Phoenix Foundry for allowing such opportunity to take place. Thank you to all who nominated, and we encourage you to keep your eyes peeled for next years competition and submit your nomination form!
The official conference dinner on Monday night, sponsored by Arrow Bronze was a huge highlight of the conference. It’s always exciting to see how a well-planned event can bring people together and create a memorable experience. We wanted to promote the importance of not only providing a great dinner and atmosphere but also creating opportunities for attendees to connect with each other. By mixing and matching attendees at tables, we encouraged networking and the formation of developing valuable connections within the industry. We wanted the night to be fun and engaging, and the “Bright & Colourful” theme for the official conference dinner was no exception. It was a wonderful way to showcase everyone’s unique personality and style, and we were thrilled to see the bold and creative outfits that our delegates brought to the event.
A massive thank you to our platinum sponsor Arrow Bronze for sponsoring the conference dinner. Delegates found coloured envelopes at their place setting when they sat down. Each delegate was given $30.00 in vouchers. Emma McGregor from Arrow Bronze announced that they would be donating on behalf of each delegate to three selected charities and delegates were advised to place a voucher in jar of their choosing which represented the three individual charities. Arrow Bronze donated $2075.00 to MND Australia, $1850.00 to the National Breast Cancer Foundation and $1565.00 to Ronald McDonald House Charities. Bunbury Cemetery Board announced that they would match the fundraised amount which was an incredible gesture. We thank Arrow Bronze and Bunbury Cemetery Board as their generous donations will go a long way in supporting those in need and making a difference in the lives of many.
Throughout the night ACCA President Lauren Hardgrove announced the induction of three new ACCA Life members –Armen Mikaelian, Bryan Elliott and David Molloy. All of whom have significantly impacted and strived for change in our industry through their dedication and commitment to not only our industry but to ACCA as well. So very well deserved as they have undoubtedly made a positive change through their hard work and dedication. It is a well-deserved honor to be inducted as Life Member.
Lauren also announced the induction of Peter O’Meara as Emeritus Fellow. Peter sadly passed away earlier this year however even after his passing, his legacy and contribution to the industry lives on and is a reminder of the importance of recognizing the achievements of those who have made a significant impact on our lives, both personally and professionally.
The ACCA Annual General Meeting was held on Tuesday morning which saw the induction of three new board members. We would like to welcome Dean Matthews – Geelong Cemeteries Trust (3-year term,) Robert Moore – Fraser Coast Regional Council (2-year term) & Michael Robertson – Adelaide Cemeteries Authorities (2-year term) to the ACCA Board. We thank all individuals that submitted a nomination to join the ACCA Board and encourage you to nominate for any future vacant board positions.
Thank you to Laz Cotsios, Con Rodas and all the team at Southern Metropolitan Cemeteries Trust for opening their cemeteries at Springvale Botanical Cemetery & Bunurong Memorial Park for our delegates to visit and be shown around during our stay in
ANNUAL REPORT
2023 - 2024
ANNUAL ACCA CONFERENCE & TRADE EXHIBITION
Melbourne and for providing a delicious lunch for all at Bunurong Memorial Park.
Delegates were given the opportunity to undertake a tour of Arrow Bronze Head office & Foundry and see first-hand the detail that goes into each individual bronze plaque, and we thank Hymie Jechilevsky and the team at Arrow Bronze for opening their factory, coordinating and running the tour for our delegates!
We would like to express our gratitude to Ben Cukier from Memories and Alex Medcalfe from Naoca for filming each of the sessions on Monday and Tuesday. We look forward to sharing this valuable content with ACCA delegates and members soon and will make an announcement via email and socials once this content will be made accessible. The conference is always a fantastic opportunity to promote the latest developments in our industry, and we are excited to continue driving innovation and growth in the years to come. Photos from the event will be uploaded to the ACCA website soon so make sure you are visiting our website regularly!
Lastly, we would like to thank our 2023 Corporate Sponsors, Platinum – Arrow Bronze, Gold – Phoenix Foundry, Silver –
Facultatieve Technologies, Bronze – Final Touch Australia, Orthometals, Plotbox, Fu Shou Yuan International, OpusXenta and General Sponsor – Norwalk Pre-Cast Burial Systems for the support and contribution over the duration of the conference. We would also like to acknowledge and thank our conference sponsors, National Granite, Austeng and Worssell & Co for their contribution and support to the ACCA Conference & Trade Exhibition this year, it is greatly appreciated.
As it was Chris Harringtons last ACCA Conference as CEO, we would like to take this opportunity to thank him for his hard work and efforts over the previous 10 years and wish him all the best as he moves onto his next adventure. We hope to welcome him as an ACCA delegate to future conferences! We look forward to welcoming you all to the 2024 ACCA Annual Conference and Trade Exhibition and will be announcing the location for this event soon!
Ben Kelly ACCA CEO
CEMETERY TRAINING DAY 2024
Toowoomba, Queensland
Education and training of our members are key to ensuring continual improvement and ongoing success in this industry. Recently, ACCA organized a Cemetery Training and Trade Day at the beautiful Drayton and Toowoomba Cemetery, which is part of the Toowoomba Regional Council.
The event, primarily aimed at frontline administration and operations staff, was well-attended, with representatives from most private and local government-run cemeteries in southern Queensland, as well as attendees from other parts of Queensland and interstate.
We had several excellent speakers covering a range of topics:
• Chrystine Smyth, one of Australia’s leading experts in Succession and Estate Law, gave a talk on burial rights and estate law.
• Helen Tuton from SMCT provided a very interesting talk on the progress of Project Cultivate and offered valuable information on how this project can be implemented in other cemeteries nearing the end of their operational life.
• Jason Lyle from Geelong Cemetery Trust and Tim Rosen from the City of Gold Coast each discussed different aspects of cemetery safety.
• Chantell Anderson and Chris Harrington from Final touch gave an informative talk on compassionate selling, which is crucial when dealing with grieving families.
• Lisa Herbert, author of The Bottom Drawer Book, conducted the first of what we hope will be many historical cemetery tours, sharing amazing stories of the residents of this historic cemetery.
The star of the show was Barry, the Cemetery Dog. You may remember Barry from the last edition of ACCA News. Kerena, who runs the Toowoomba team, gave a great talk on how Barry positively impacts the staff and families who visit the cemetery.
A big thank you to our wonderful sponsors who joined us in Toowoomba: Arrow Bronze, Phoenix Foundry, PlotBox, OpusXenta, Final Touch, and Hyqual. It was also great to see so many new trade exhibitors, including electric mowers and heavy machinery.
Thank you as well to Kerena and the team at Toowoomba for their assistance in making this a successful event. ACCA is committed to providing more training opportunities to its members. If you have any suggestions or would be keen to host an event in our region, please reach out.
ANNUAL REPORT 2023 - 2024
FINANCIAL REPORT
The ACCA Board report indicates that the association recorded a profit of $32,110 for the financial year ending 30 June 2024, down from a profit of $91,203 for the year ending 30 June 2023. This change in profit was mainly due to higher employment and industry-related expenses offset by a large increase in membership subscriptions and conference income.
The major income generating sources for ACCA include:
• Member Subscriptions - Pleasingly, the Association’s relevance within the industry remained strong, with membership subscription revenue rising for the fifth consecutive year, up by $18,667. The Association remains committed to delivering relevant and valued services to both current and prospective members across Australia. Our ongoing efforts aim to ensure that ACCA remains an important part of the cemeteries and crematoria industry in Australia and to continue the key role as the leading national industry association.
• Annual Conference – The annual ACCA Conference & Trade Exhibition was a tremendous success, with 230 delegates in attendance at the Pullman Hotel, Albert Park in Melbourne. This year’s event attracted delegates and suppliers from around the world. ACCA introduced a new format featuring breakout sessions where delegates broke into groups and had the opportunity to engage in various industry-relevant topics. The annual conference not only provided a strong financial return to the Association but also valuable educational and networking opportunities for all participants.
• Mid-Year Training and Education Seminar – In June 2024, ACCA organized a Cemetery Training and Trade Day at the beautiful Drayton and Toowoomba Cemetery, which is part of the Toowoomba Regional Council. The event, was primarily aimed at frontline administration and operations staff which was well-attended, with representatives from most private and local government-run cemeteries in southern Queensland, as well as attendees from other parts of Queensland and interstate. This year, we also had a marquee, and it was fantastic to see so many new trade exhibitors participating. A special thanks to Kerena McDonald and the team at Toowoomba for their invaluable support in making this event a success.
• ACCA Education - The Association remains committed to developing industry-specific training and education in collaboration with members and the broader sector nationwide. We are pleased to report strong interest and participation in both on-line and on-site workshops on the following topics:
o Supporting Grieving Clients
o Managing Challenging Behaviours
o Vicarious Trauma
o Manage Performance and Energy in the workplace
o Supporting Grieving Clients
o Transitioning into Leadership
Moving forward, the Association will launch a new On-line Learning Management System for its members. We anticipate that this growing interest in on-line learning will continue into the coming financial year.
Overall, total income increased by 11%, primarily due to a rise in membership subscriptions and conference revenue. All other traditional revenue sources remained steady.
Operating expenses and marketing activities remained stable even though total expenses for the year grew by 23%, mainly due to higher industry-related and employment expenses.
This year’s result ensures the cash position of the Association remains strong at $301,362.
Finally, I would like to acknowledge and thank the ACCA CEO Ben Kelly, and the ACCA office team of Helena HU, Natasha Ramm and Alison Tomolillo for their outstanding efforts and support in another particularly challenging year.
Joe Fortuna Chair - Finance & Audit Sub-Committee
ANNUAL REPORT
2023 - 2024
DIRECTOR’S REPORT
Your directors present this report on the company for the financial year ended 30 June 2024.
DIRECTORS
The names of each person who has been a director during the year and to the date of this report are:
L. Hardgrove
D. Molloy (Resigned 5 Apr. 2024)
S. Nobbs
J. Fortuna
B. Kelly (Resigned 20 Oct. 2023)
M. Robertson (Commenced from 24 Oct. 2023)
D. Matthews (Commenced from 24 Oct. 2023)
Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.
COMPANY SECRETARY
B. Kelly was appointed Chief Executive Officer, performing management and secretary duties, on 6 November 2023.
PRINCIPAL ACTIVITIES AND OBJECTIVES
The principal activities and objectives of the Association during the financial year were:
To promote the cemetery and crematorium industry in Australasia.
OPERATING RESULT
The profit of the entity amounted to $32,110.
REVIEW OF OPERATIONS
A review of operations of the Association during the financial year indicated an increase in income of 11% from previous year, and an increase of total expenses of 23% resulting in the profit result achieved.
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
No significant changes in the Association’s state of affairs occurred during the financial year.
AFTER BALANCE DATE EVENTS
No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Association.
FUTURE DEVELOPMENTS
The Association expects to maintain the present status and level of operations and hence there are no likely developments in the operations in future financial years.
ENVIRONMENTAL ISSUES
The Association’s operations are not regulated by any significant environmental regulation under a law of the Commonwealth or of a state or territory.
MEMBERS EQUITY
In accordance with the relevant provisions of the Corporations Act, the company does not have share capital. The Constitution of the Company limits liability by way of guarantee. Under the terms of that guarantee every member of the Company undertakes to contribute to the property of the Company in the event of the Company being wound up. The extent of that contribution is limited to $100 per member.
At 30 June 2024 there were 83 full members of the Company to which the above provisions would apply. The total amount the members of the company are liable to contribute if the company is wound up is $8,300.
INDEMNIFYING OFFICERS OR AUDITORS
No indemnities have been given or insurance premiums paid, during or since the end of the financial year for any person who is or has been an officer or auditor of the Association other than a premium paid for Director’s and Officer’s Liability Insurance.
PROCEEDINGS ON BEHALF OF THE ASSOCIATION
No person has applied for leave of court to bring proceedings on behalf of the Association or intervene in any proceedings to which the Association is a party for the purpose of taking responsibility on behalf of the Association for all or any part of those proceedings. The Association was not a party to any such proceedings during the year.
AUDITOR’S INDEPENDENCE DECLARATION
The auditor’s independence declaration for the year ended 30 June 2024 has been received and can be found on page 3 of the director’s report.
Signed
Joe Fortuna Director
22 August 2024
I declare that, to the best of my knowledge and belief, during the year ended 30 June 2024 there have been
i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and
ii. no contraventions of any applicable code of professional conduct in relation to the audit.
Mr Julius Sommers FCPA P O Box 37 Doncaster 3108 Registered Company Auditor 9092
22 August 2024
ANNUAL REPORT 2023 - 2024
FINANCIAL STATEMENTS
Statement of Comprehensive Income
- 2024
FINANCIAL STATEMENTS
Statement of Financial Position
Statement of Changes in Equity
ANNUAL REPORT 2023 - 2024
FINANCIAL STATEMENTS
This financial report is for the Australasian Cemeteries and Crematoria Association Ltd as an individual entity, incorporated and domiciled in Australia. Australasian Cemeteries and Crematoria Association Ltd is a company limited by guarantee.
Note 1: Summary of Significant Accounting Policies
Basis of Preparation
This financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards, (including Australian Accounting Interpretations) and the Corporations Act 2001.
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial statements containing relevant and reliable information about transactions, events and conditions. Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless otherwise stated.
The financial report has been prepared on an accruals basis and is based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities.
The financial statements were authorised for issue on the 22nd August 2024 by the directors of the company.
a. Income Tax
No provision for income tax has been raised as the entity is exempt from income tax under Div 50 of the Income Tax Assessment Act 1997.
b. Plant and Equipment
Plant and equipment are measured on the cost basis and therefore carried at cost less accumulated depreciation and any accumulated impairment. In the event the carrying amount of plant and equipment is greater than the estimated recoverable amount, the carrying amount is written down immediately to the estimated recoverable amount.
c. Depreciation
The depreciable amount of all fixed assets is depreciated on a straight-line basis over the asset’s useful life to the entity commencing from the time the asset is available for use.
The depreciation rate used for each class of depreciable asset is: Office equipment and furniture 20 - 50%
The assets residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains or losses are included in the statement of comprehensive income.
d. Employee Benefits
Provision is made for the company’s liability for employee benefits arising from services rendered by employees to the end of the reporting period.
Employee benefits have been measured at the amounts expected to be paid when the liability is settled.
e. Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, at banks and deposits.
f. Revenue
Conference Income is only recognised in the year in which the service is provided. Fees received in advance are recorded as pre-paid conference income. Income from membership fees is recognised at the time of raising a debtor invoice.
All revenue is stated net of the amount of goods and services tax (GST).
g. Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the Balance Sheet are shown inclusive of GST.
7: Retained Profits
c.
d.
8: Cash Flow Information
ANNUAL REPORT 2023 - 2024
FINANCIAL STATEMENTS
Note 9: Financial Risk Management
a. Financial Risk Management Policies
The company’s financial instruments consist mainly of deposits with banks, accounts receivable and payable.
The company does not have any derivative instruments at 30 June 2024.
i. Treasury Risk Management
This is not relevant to the company.
ii. Financial Risk Exposures and Management
The main risks the company is exposed to through its financial instruments are interest rate, liquidity and credit risk.
Interest Rate Risk
The company’s exposure to interest risk is not material as it does not have any interest bearing borrowings as at 30 June 2024. The only exposure to interest rate risk is the fall in interest rate which would reduce the interest income received from the deposits in the bank.
Foreign Currency Risk
Foreign Currency Risk arises when financial instruments are recognised in a currency that is not the company’s functional currency. The company’s exposure arises from its dealings with its overseas members and is minimal.
Credit Risk
The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date to recognised financial assets is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the Statement of Financial Position and notes to the financial statements.
There are no material amounts of collateral held as security at 30 June 2024.
Credit risk is managed and reviewed regularly by the finance committee. It arises from exposures to customers and deposits with financial institutions.
The finance committee monitors credit risk by actively assessing the rating quality and liquidity of counter parties:
- only banks and financial institutions with an “A” rating are utilised:
- all potential members are rated for credit worthiness taking into account their particular circumstances and financial standing; and
- customers who do not meet the Association’s strict credit policies may only purchase in cash or with recognised credit cards.
At the end of the financial year the company does not have any material credit risk exposure.
Liquidity risk
Liquidity risk is managed by monitoring the company’s cash flow position regularly and ensuring there are sufficient funds to meet all obligations.
Financial Risk Management Policy
The Company’s overall risk management strategy is to assist the company in meeting its financial targets whilst minimising potential adverse effects on financial performance.
b. Financial Instrument Composition and Maturity Analysis
The table below summarises the undiscounted contractual settlement terms for the financial instruments of a fixed period of maturity.
ANNUAL REPORT 2023 - 2024
FINANCIAL STATEMENTS
c. Net Fair Values
Methods and assumptions used in determining net fair value.
The net fair values of listed investments have been valued at the quoted market bid price at balance date adjusted for transaction costs expected to be incurred. For other assets and other liabilities the net fair value approximates their carrying value. No financial assets and financial liabilities are readily traded on organised markets in standardised form other than listed investments. Financial assets where the carrying amount exceeds net fair values have not been written down as the economic entity intends to hold these assets to maturity.
The aggregate net fair values are materially in line with the carrying values and the financial assets and financial liabilities amounts are disclosed in the Statement of Financial Position and in the notes to the financial statements.
Sensitivity Analysis
Interest rate risk
The company does not consider a sensitivity analysis would be relevant and has therefore not performed any analysis in this area.
Note 10: Remuneration of Auditors
Note 14: Entity Details
The registered office of the entity is:
Australasian Cemeteries and Crematoria Association Ltd
Suite North 1, 215 Bell Street
PRESTON VIC 3072
The principal place of business is:
Australasian Cemeteries and Crematoria Association Ltd
Suite North 1, 215 Bell Street
PRESTON VIC 3072
Note 15: Members Guarantee
The entity is incorporated under the Corporations Act 2001 and is an entity limited by guarantee. If the entity is wound up, the constitution states that each member is required to contribute a maximum of $100 each towards meeting any outstandings and obligations of the entity. At 30 June 2024 the number of members was 83.
Other Services provided by the Audit Firm
Note 11: Related Parties
a. Key Management Personnel
Any person having authority and responsibility for planning, directing and controlling the activities of the company, directly or indirectly, including any director (whether executive or otherwise) is considered key management personnel.
DIRECTORS’ DECLARATION
The directors of the entity declare that:
1. The financial statements and notes, as set out on pages 4 to 12, are in accordance with the Corporations Act 2001:
a. comply with Australia Accounting Standards; and
b. give a true and fair view of the financial position as at 30 June 2024 and of the performance for the year ended on that date of the entity.
2. In the directors’ opinion there are reasonable grounds to believe that the entity will be able to pay its debts as and when they become due and payable.
This declaration is made in accordance with a resolution of the Board of Directors.
During the year, no director received any benefit from the company either directly or indirectly.
Note 12: Contingent Liabilities and Contingent Assets
There were no contingent liabilities or contingent assets at balance date. (2024 – Nil).
Note 13: Subsequent Events
No events have occurred subsequent to the reporting period that required disclosure in the financial report.
President Lauren Hardgrove
Director Joe Fortuna
22 August 2024
ANNUAL REPORT 2023 - 2024
INDEPENDENT
AUDITOR’S REPORT
REPORT ON THE FINANCIAL REPORT
We have audited the accompanying financial report of Australasian Cemeteries and Crematoria Association Ltd (the company), which comprises the statement of financial position as at 30 June 2024, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration.
DIRECTORS’ RESPONSIBILITY FOR THE FINANCIAL REPORT
The directors of the company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error.
AUDITOR’S RESPONSIBILITY
Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial report that gives a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
INDEPENDENCE
In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Australasian Cemeteries and Crematoria Association Ltd, would be in the same terms if given to the directors as at the time of this auditor’s report.
OPINION
In our opinion, the financial report of Australasian Cemeteries and Crematoria Association Ltd is in accordance with the Corporations Act 2001, including:
(i) giving a true and fair view of the company’s financial position as at 30 June 2024 and of its performance for the year ended on that date; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.
Mr Julius Sommers FCPA PO Box 37 Doncaster 3108 22 August 2024