2014 RiAus AGM Documentation

30 October 2014

Dear Member, RE: Royal Institution of Australia Inc Enclosed for your information is notification and agenda of the next RiAus Annual General Meeting scheduled for Thursday 20 November 2014.

In addition to the notification and agenda please find herewith:  Draft Minutes from the last AGM meeting held 29 November 2013  2014 Annual Report  Copy of the 2013/14 Financial Statements To assist in numbers for catering, could you advise of your attendance to the Membership Executive at jlemessurier@riaus.org.au by Wednesday 12 November 2014.

Any queries in relation to the meeting can be made to the Secretary (08) 7120 8600.

Yours sincerely

Bradley Abraham Secretary

NOTICE ROYAL INSTITUTION OF AUSTRALIA INC ANNUAL GENERAL MEETING

Notice is hereby given to the Members of the RiAus that the Annual General Meeting of RiAus will be held at The Science Exchange, 55 Exchange Place, Adelaide, on Thursday 20 November 2014 commencing at 10.30am.

Agenda: 1.

Welcome and Apologies

2.

Confirmation of Minutes

3.

Appointment of the Auditor

4.

Financial accounts and statements 4.1 Reports of the Council – Chairperson and Director 4.2 Auditor’s Report – Financial Reports 2013/14

5.

Election of Members to Council (If required)

6.

Any other business

7.

Next AGM

By order of the RiAus Council

Immediately following the AGM, morning tea will be served to those Members present.

To assist in numbers for catering, could you advise of your attendance to the Membership Executive at jlemessurier@riaus.org.au by Wednesday 12 November 2014.

MEETING OF THE COUNCIL of the Royal Institution of Australia Inc (RiAus) ANNUAL GENERAL MEETING Friday 29 November 2013 at 11.30am The Science Exchange, 55 Exchange Place, Adelaide

MINUTES Attendees Chairperson

Mr Peter Yates AM

Council Members

Mr David Knox Prof Peter Andrews AO Prof John Yovich AM

In Attendance

Ms Pamela Martin - Secretary Dr Paul Willis - Director Mr Bradley Abraham – General Manager

RiAus Staff Members

Ms Alyssa Stockwell Ms Bianca Attard Dr Ben Lewis Mr Peter Sansom Ms Francene Connor Mr James Byrne Dr S Kern

Members

Mr Ronald Dickens Ms Ruth Carter Dr Mary Reiger

Guests

Ms Bronwyn Wundersitz Ms Bobbie Matthews

Ms Kiran Groom Ms Julie LeMessurier Ms Tammi Parsons Dr Tania Meyer Ms Carol Perkins

1. WELCOME AND APOLOGIES The Chairperson welcomed those in attendance and introduced Council Members who were present.

The Chairperson summarised the activities of the past year. Further details of the Chairperson’s address are printed in the 2012/13 Annual Report.

Apologies were received from the following Council Members; Sir Rod Eddington AO, Baroness Professor Susan Greenfield, Mr Javier Moll, Hon. Mike Rann CNZM, Dr Greg Clarke and Mr Martyn MyerAO. Apologies were also received from Bragg Members : Prof Max Brennan AO, Prof Ian Frazer AC, Prof Suzanne Cory AC and Prof Brian Schmidt AC.

2. CONFIRMATION OF MINUTES The Minutes from the previous Annual General Meeting held on 15 November 2012 were confirmed.

3. APPOINTMENT OF AUDITOR The General Manager spoke to the meeting about the process to appoint Grant Thornton as auditors for the 2012-13 year, and that it was the recommendation of Management that they be appointed for the 2013-14 year.

RESOLUTION The Members appoint firm, Grant Thornton, to act as auditor for the Royal Institution of Australia Inc., in accordance with Section 16.3.2 and Section 22 of the Constitution for the Financial Year 1 July 2013 to 30 June 2014.

Moved J Yovich, Seconded D Knox – carried The Chairperson welcomed Bronwyn Wundersitz representing Grant Thornton to the meeting.

4. FINANCIAL ACCOUNTS AND STATEMENTS 4.1. REPORTS OF THE COUNCIL The Chairperson invited the Director to provide a verbal report, details of which are printed in the 2012/13 Annual Report.

The Chairperson noted that during the audit process, Grant Thornton had recommended to the Council the adoption of a change in accounting policy in relation to the recognition of the funds received from Foundation Partners in the first year of the Association’s operations. These had initially been allocated on a year by year basis against the programs of RiAus. However, as RiAus was a not for profit organization, Grant Thornton determined that these should have been recognised in the year of receipt. This was accepted by the Council, and as such, figures for the previous years had been restated and provided members in the report.

4.2. AUDITOR’S REPORT The Auditor’s Report was presented as attached to the 2012/13 Annual Accounts.

5. ELECTION OF MEMBERS TO COUNCIL The Chairperson addressed the Members present, and informed them that the composition of the Council was a combination of those members appointed by the Premier of South Australia, and those elected by the Bragg Members. The Chairperson confirmed that the following Council Members had recently been reappointed by The Premier for a further three year term : -

Sir Rod Eddington Prof John Yovich Mr Javier Moll Mr Martyn Myer

Council had reviewed its requirements in relation to elected Council Members. All relevant Council Members had indicated their intention to seek re-election. As there were no other nominations, the following Council Members were elected for a further three year term : -

Professor Peter Andrews AO Dr Gregory Clark Baroness Professor Susan Greenfield Mr David Knox Mr Peter Yates AM

6. ANY OTHER BUSINESS The Chairperson drew the meeting’s attention to the notification by Secretary, Mrs Pamela Martin, who had advised the Council of her intention to step down as Secretary at the conclusion of the meeting. The Chairperson recorded the sincere thanks of all Council and Bragg Members, all general members, staff and other supporters, for the outstanding service provided by Mrs Martin in the establishment and early growth of the Institution.

There was no other business.

7. NEXT AGM The Chairperson thanked everyone for their attendance, and advised that the next AGM would be held in Adelaide during November 2014 at a date to be announced.

Meeting Closed (12.10pm)

The Royal Institution of Australia Incorporated ABN 98 638 459 658 Financial Statements For the year ended 30 June 2014

The Royal Institution of Australia Incorporated 2014 Financial Statements Table of Contents

Council's Report Statement of Financial Position Statement of Profit or Loss & Other Comprehensive Income Statement of Changes in Equity Notes to the Financial Statements Statement by Members of the Council Independent Auditor's Report to the Members Auditors Independence Declaration

3 4 5 6 7 13 14 17

The Royal Institution of Australia Incorporated Council 's Report For the year ended 30 June 2014

Your Council members submit the fi nancial accounts of The Royal institution of Australia Incorporated for the financial year ended 30 June 2014.

Council Members

The names of Council members at the date of this report are: Peter Yates AM Inaugural Chair Martyn Myer AO Javier Moll Sir Rod Eddingto n Prof John Yovich AM Prof Peter Andrews AO Baroness Prof Susan Greenfield CBE David Knox Mike Rann Gregory Clark Council Members' Benefits

A member of the Council has been engaged to undertake specific activities for RiAus in addit ion to their normal duties as a Council member. It was agreed by the Council that any travel & secret arial expenses involved in undertaking this engagement are reimbursed by RiAus. Other t han above, no m ember of council has received or become entitled to receive, during or since the fina ncial yea r, a benefit as a result of a cont ract made by The Royal institution of Aust ra lia Inc. with a member, a firm of which a member is involved or an entity in w hich a m ember has a substantial financial interest.

Principal Activities

Th e pri ncipal activities of the association during the financial yea r were: To operate for the public benefit by advancing science and science related matters.

The Royal Institution of Aust ralia Incorporated has been granted Concession Charity st atus and Deductible Gift Recipient (DGR) status by the Austra lian Taxation Office.

The Association has Income Tax Exem ption from 20th Sept ember 2007.

Significant Changes

No significant change in t he nature of these activities occurred during the year.

Operating Result

The deficit from ordinary activit ies after providing for income tax amounted to: Yea r en ded

Year ended

June 2014

30 June 2013

$

$ (1,385,644)

3

The Royal Institution of Australia Incorporated

Statement of Financial Position as at 30 June 2014

Notes

2014

2013

$

$

Current Assets Cash & cash equival ents

3

4,911,144

5,963,594

Receivables

4

243,549

485,090

Items held for Resale Prepaym ents

6

Total Current Assets

1,286

1,094

118,235

58,383

5,274,214

6,508,161

Non-Current Assets Long term Receivables

4

2,925

2,925

Investment s

5

6,920,998

6,036,859

Property, plant and equipm ent

7

Total Non-Current Assets Total Assets

1,822,694

2,102,259

8,746,617

8,142,043

14, 020,831

14,650,204

196,659

256,984

40,773

47,412

Current liabilities Payables

8

2,774

Financial liabilities FBT & PAYG payable Provisions Unearned Income

9

6 2, 582

46,393

10

218,322

307,761

518,336

661,324

Total Current Liabilities Non-Current liabilities Provisions

9

68,198 68,198

Total Non-Current Liabilities Total Liabilities Net Assets

34,634 34, 634

586,534

695,958

13,434,297

13,954,246

11,252,619

11,802,94 1

Equity Reserves Retained surpl us Total Associations' Funds

11

2, 181,678

2,151,305

13,434,297

13,954, 246

4

The Royal Institution of Australia Incorporated

Statement of Profit or Loss and Other Comprehensive Income For the year ended 30 June 2014

Notes

2013

2014

$ Revenues from ordinary activities

2

$ 2,177,182

1,719,726

(299,424)

(322,388)

Other expenses from ordinary activities

(2,924,801)

(2,782,982)

Surplus (deficit) from before income tax

{1,047,043)

{1,385,644)

{1,047,043)

{1,385,644)

Depreciation and amortisation expenses

Income tax expense Surplus (deficit) for the year Other comprehensive income: Items that will be reclassified subsequently to profit or lass Asset revaluation reserve Total other comprehensive income for the year, net of tax Total comprehensive income for the year

527,093

894,534

527,093

894,534

{519,950)

{491,110)

5

The Royal Institution of Australia Incorporated Statement of Changes in Equity for the year ended 30 June 2014

Notes

Retained Profits

$ Balance at 30/06/2012

2,646,746 (1,385,644)

Surplus/( deficit) for the year Transfers to and from reserves Other comprehensive income Total other comprehensive income for the year Balance at 30/06/2013

11

$ (490,782)

General Reserve

$ 12,289,393

894,534 894,534 403,752

11,399,190

(1,047,043) 11

$ 14,445,357 (1,385,644) 894,534 894,534 13,954,247 (1,047,043)

(1,077,416)

1,077,416

2,181,678

Total

(890,203)

890,203

2,151,305

Surplus/(deficit) for the year Transfers to and from reserves Other comprehensive income Tota l other comprehensive income for the year Balance at 30/06/2014

Asset Revaluation Reserve

527,093 527,093 930,845

10,321,774

527,093 527,093 13,434,297

6

The Royal Institution of Australia Incorporated Notes to the Financial Statements For the year ended 30 June 2014

Note 1: Statement of Significant Accounting Policies

The financial report is a specia l purpose financial report that has been prepared in accordance with Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board and the requirements of the Associations Incorporations Act SA and the Australian Charities and Not-for-profits Commission Act 2012.

The financial report covers The Royal In stitution of Australia Incorporated as an individual entity. The Royal Institution of Australia Incorporated is an association incorporated in South Australia under the Associations Incorporations Act 1985. The Council have determined that the association is not a reporting entity.

The financial report has been prepared on an accruals basis and is based on historical costs and does not take into account changing money va lues or, except where stated, current valuations of non-current assets. Cost is based on the fair values of the consideration given in exchange for assets.

The following is a summary ofthe material accounting policies adopted by the economic entity in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated.

New and amended standards adopted by the Association

The entity has adopted all the amendments to the Australian Accounting Standards issued by the Austra lian Accounting Standards Board, which are relevant to and effective for the entity's financial statements for the annual period beginning 1 Ju ly 2013.

None of the amendments have had a significant impact on the company.

Income tax

No provision for income tax has been raised as the Royal Institution of Australia Incorporated has income tax exemption from 20th September 2007.

The Royal Institution of Australia Inc. has Concession Charity Status and is listed by name as a Deductible Gift Recipient (DGR) from 16 April 2009.

The association is registered to receive a refund of franking credits derived from investment income.

Inventories

Inventories are measured at the lower of cost and net realisable value.

Property, Plant and Equipment

Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any accumulated depreciation. a) Plant and equipment The carrying amount of plant and equipment is reviewed annually to ensure it is not in excess of the recoverable amount from those assets. The recoverable amount is assessed on the basis of the expected net cash flows that will, be received from the assets employment and subsequent disposal. The expected net cash f lows have not been discounted to present values in determining the recoverable amounts. b) Depreciation The depreciable amount of all fixed assets including buildings and capitalised leased assets, but excluding freehold 'land, is depreciated on a straight line basis over their useful lives to The Royal Institution of Australia Incorporated commencing from the time the asset is held ready for use. Assets va lued at $5000 or under are fully depreciated in the year of acquisition. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements. Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the statement of financial performance.

7

The Royal Institution of Australia Incorporated

Notes to the Financial Statements For the year ended 30 June 2013 Leases Lease payments under operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses in the periods in which they are incurred.

Investments Non-current investments are classified as available-for-sale and are measured at market value. Unrealised gains and losses arising from changes in market value are recognised directly in the Associations Funds w ith the exemption of impairment losses. Where the asset is disposed of or is determined to be impaired, part (or all) of the cumulative gain or loss previously recognised in the Associations Funds is included in the operating result for the period . The expected net cash flows from investments have not been discounted to their present value in determining the recoverable amounts.

Employee entitlements Provision is made for the liability for employee entitlements arising from services rendered by employees to balance date.

Employee entitlements expected to be settled within one year together with entitlements arising from wages and salaries, annual leave and sick leave which will be settled after one year, have been measured at their nominal amount. Other employee entitlements payable later than one year have been measured at the present value of the estimated future cash out flows to be made for those entitlements.

Contributions are made by The Royal Institution of Australia Incorporated to an employee superannuation fund and are charged as expenses when incurred.

Cash Cash includes cash on hand and in all call deposits with banks or financial institutions, investments in money market instruments maturing within less than two months, net of bank overdrafts.

Comparative Figures Where required by Accounting Standards comparative figures have been adjusted to conform with changes in presentation for the current financial year.

Revenue Revenue from the sale of goods is recognised upon the delivery of goods to customers.

Grant revenue is recognised in the statement of comprehensive income when it is controlled. Where there are conditions attached to the grant revenue relating to the use of those grants for specific purpose it is recognised in the statement of financial position as a liability until such conditions are met or services provided.

Interest revenue is recognised on a proportional basis taking in to account the interest rates applicable to the financial assets.

Dividend & imputation credit revenue is recognised when the right to receive a dividend has been established.

Revenue from the rendering of a service is recognised upon the delivery of the service to the customers.

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

Reserves Other components of equity include the following: Asset Revaluation Reserve- comprises of gains and losses on available-for-sale investments. These investments are intially measured at fair value, and after this intial recognition they are measured at market value with any gains or losses being recognised as a seperate component of equity until the investment is realised. At this time the cumulative gain or loss previously reported in equity is recognised in profit or loss.

General Reserve- comprises of the foundation funding received for the establishment and operations of RiAus. These funds were received in the form of grants from both Government and non-government entities. An annual transfer from reserves to retained surplus is made as the fund s are utilised as per the conditions set out in the funding agreements.

8

The Royal Institution of Australia Incorporated

Notes to the Financial Statements For the year ended 30 June 2014

Note 2: Revenue and Other Income

2014

2013

$

$

Revenue from services rendered: Venue hire

272,966

282,251

Investment Revenue: Interest revenue

207,251

292,430

Dividends & options

311,631

336,716

Imputation credits receivable

102,223

119,688

Realised capital gains/ {losses)

228,237

-334,937

404,334

601,327

Other income: Government grants Fundraising 路 Donations received Memberships Sponsorship

4,773

8,469

55,009

88,428

66,123

45,957

149,490

173,725

Adverti sing

77,186

Ticket sales

263,187

6,727

34,772

98,945

2,177,182

1,719,726

Other income

Note 3: Cash & Cash Equivalents

2014

$ Cash at bank and on hand

211,144

2013

$ 413, 594

Term deposits

4,700,000

5,550,000

Total Cash and Cash Equivalents

4,911,144

5,963,594

Note 4: Receivables

2014

2013

$

$

Current Trade debtors

100,230

Other debtors

35,271

59,540

102,223

119,978

Imputation credits receivable GST Receivable

305,572

5,825 243,549

485,090

Non-Current Amounts receivable from - Related parties

2,925

2,925

2,925

2,925

9

The Royal Institution of Australia Incorporated

Notes to the Financial Statements For the year ended 30 June 2014

Note 5: Investments

2014

2013

$

$

Available-for-sale financial assets -Opening balance

6,036,859

4,367,501 1,000,000

- Cont ributions - Income received & accrued

311,631

336,716

-Realised gains/(losses)

228,237

{334,937)

- Unrealised gains/(losses)

527,093

894,534

- Fees

{29,265)

(37,776)

-Distributions

(153,557)

{189,179)

Portfolio Investments at market value

6,920,998

6,036,859

Note 6: Other Assets

2014

2013

$

$

Current Prepayments

Note 7: Property, Plant and Equipment

118,235

58, 383

118,235

58, 383

2014

2013

$

$

93,395

93,395

(10,938)

{9,427 )

82,457

83,968

Leasehold improvements: -At cost - Less: Accumulated depreciation Plant and equipment: -At cost - Less: Accumu lated depreciation

3,790,3 11

3,770,453

(2,209,302)

(1,940,749)

1,581,009

1,829,704

276,090

276,090

(276,090)

(276,090)

Software: -At cost - Less: Accumulated depreciation Art wor k: -At cost - Less: Accumulated depreciation

362,827

362,827

(203,599)

(174,240)

159,228

188,587

1,822,694

2,102,259

10

The Royal Institution of Australia Incorporated

Notes to the Financial Statements For the year ended 30 June 2014

Note 8: Payables

2014

2013

$

$

Unsecured: -Trade creditors

118,373

- Oth er creditors

78,286

50,857

196,659

256,984

Tot al Payables Note 9: Provisions

206, 127

2014

2013

$

$

62,582

46,393

62,582

46, 393

68, 198

34,634

68,198

34,634

130,780

81,027

Current Employee entitlement s- An nual leave Non Current Employee entitlement s - Long service leave

* Aggregat e employee entitlements liability There were 20 em ployees at t he end of t he year Note 10: Unearned Income

2014

2013

$

$

Current Membership

37,761

3,195

Grants

91,3 16

283,319

Venue hire

18,034

21,247

Sponsorship

71,210 218,322

Note 11: Reserves

307,761

2014

2013

$

$

Balance at the begi nning of t he repo rting period: Asset revaluat ion reserve Gene ra l reserve

403,752

(490,782)

11,399,190

12,289,393

11,802,942

11,798,611

527,093

894,533

(1,077,416)

(890, 203)

(550,323)

4,330

Increase/Decrease in reserves during th e reporting period : Asset revaluation reserve General reserve Balance at t he report ing date: Asset revaluation reserve General reserve

930,845

403,75 2

10,321,774

11,399,190

11,252,619

11,802,942

11

The Royal Institution of Australia Incorporated

Notes to the Financial Statements For the year ended 30 June 2014

Note 12: lease Commit ments

2014

2013

$

$

Within 1 year

21,801

14,872

1- 5 years

74,610

9,310

96,411

24,182

After 5 years

Increases in lease commit ments may occur in line with CPI or market rent reviews in accordance with t he agreements.

12

The Royal Institution of Australia Incorporated Statement by Members of the Council For the year ended 30 June 2014

The Council has determined that the association is not a reporting entity and that this special purpose financial report should be prepared in accordance with the accounting policies outlined in Note 1 to the financial statements.

In the opinion of the Council the Statement of Financial Position, Statement of Financial Performance and Notes to the Financial Statements: 1. Presents a true and fair view of the financial position of The Royal Institution of Australia Incorporated as at 30 June 2014 and its performance for the year ended on that date.

2. At the date of this statement, there are reasonable grounds to believe that the association will be able to pay its debts as and when they fall due.

This statement islrnad in accor a

e with a resolution of the Council and is signed for and on behalf of the Council by:

13

Level 1, 67 Greenhill Rd Wayville SA 5034 Correspondence to: GPO Box 1270 Adelaide SA 5001 T 61 8 8372 6666 F 61 8 8372 6677 E info.sa@au.gt.com W www.grantthornton.com.au

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ROYAL INSTITUTION OF AUSTRALIA INCORPORATED

We have audited the accompanying financial report, being a special purpose financial report, of The Royal Institution of Australia Incorporated (the “Association”), which comprises the statement of financial position as at 30 June 2014, and the statement of comprehensive income, statement of changes in equity for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information to the financial report and the Statement by the Members of the Council.

Responsibility of the Council for the financial report

The Council of the Association is responsible for the preparation and fair presentation of the financial report and have determined that the accounting policies used and described in Note 1 to the financial report, which form part of the financial report, are appropriate to meet the requirements of the Australian Charities and Not-for-profits Commission Act 2012, the Associations Incorporation Act 1985 (SA) and the needs of the Members. This responsibility includes such internal controls as the Council determines is necessary to enable the preparation of the financial report to be 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 which require us to 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.

Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389 ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited.

Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current scheme applies.

14

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 judgement, 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 Association’s preparation and fair presentation of the financial report 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 Association’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Council, 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 applicable independence requirements of the Accounting Professional and Ethical Standards Board and the Australian Charities and Not-for-profits Commission Act 2012.

Auditor’s Opinion

In our opinion, a

the financial report of The Royal Institution of Australia Incorporated, i

presents fairly, in all material respects, the Association’s financial position as at 30 June 2014 and of its performance for the year then ended in accordance with the accounting policies described in Note 1.

ii

complies with Australian Accounting Standards, the Australian Charities and Notfor-profits Commission Act 2012 and the Australian Charities and Not-for-profits Commission Regulation 2013.

15

Basis of accounting and Restriction on Distribution

Without modifying our opinion, we draw attention to Note 1 to the financial report, which describes the basis of accounting. The financial report has been prepared for the purpose of the reporting requirements of the Australian Charities and Not-for-profits Commission Act 2012 and the Association Incorporation Act 1985 (SA). As a result, the financial report may not be suitable for another purpose. Our report is intended solely for The Royal Institution of Australia Incorporated and should not be distributed to parties other than The Royal Institution of Australia Incorporated.

GRANT THORNTON AUDIT PTY LTD Chartered Accountants

S K Edwards Partner – Audit & Assurance Adelaide, 30 September 2014

16

Level 1, 67 Greenhill Rd Wayville SA 5034 Correspondence to: GPO Box 1270 Adelaide SA 5001 T 61 8 8372 6666 F 61 8 8372 6677 E info.sa@au.gt.com W www.grantthornton.com.au

AUDITOR’S INDEPENDENCE DECLARATION TO THE DIRECTORS OF THE ROYAL INSTITUTION OF AUSTRALIA INCORPORATED

In accordance with the requirements of section 60-40 of the Australian Charities and Not-forprofits Commission Act 2012, as lead auditor for the audit of The Royal Institution of Australia Incorporated for the year ended 30 June 2014, I declare that, to the best of my knowledge and belief, there have been: a

no contraventions of the auditor independence requirements of section 60-40 of the Australian Charities and Not-for-profits Commission Act 2012, in relation to the audit; and

b

no contraventions of any applicable code of professional conduct in relation to the audit.

GRANT THORNTON AUDIT PTY LTD Chartered Accountants

S K Edwards Partner – Audit & Assurance Adelaide, 30 September 2014

Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389 ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited.

Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current scheme applies.

17