CRUNCHING THE NUMBERS
FINANCIAL REPORT 2016
Acknowledgements: Annual Review design by L+L Design | www.l-ldesign.com.au
Contents Directors’ report 2 Auditor independence declaration 11 Financial statements 12 Statement of profit or loss and other comprehensive income
12
Statement of financial position
13
Statement of changes in funds
14
Statement of cash flows
15
Notes to the financial statements 16 Directors’ declaration 29 Independent auditor’s report 30
Directors’ report For the year ended 30 June 2016 Your directors submit their report for the year ended 30 June 2016.
Directors The names and details of the Company’s directors in office during the financial year and until the date of this report are set out below. Directors were in office for this entire period unless otherwise stated.
»»Richard John Gibbs »»Anna Maree Ainsworth »»Craig Stuart Davis »»Rebecca Monica »»Grace Lynch »»Richard John (Rick) Millen
(Resigned: 18 November 2015)
»»Christopher Keith Riley, AM »»Nicholas James Spooner »»Julie Cleary
(Appointed: 20 January 2016)
Richard John Gibbs GAICD Chairperson Richard has been a Director since 2006. He was appointed Chairperson in February 2011. Richard holds a Bachelor of Economics (Hons) and a Master of International Economics and Finance specialising in macroeconomic policy, finance and public policy administration. He also holds a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia, a Master of Business Administration and a Graduate Diploma in Executive Performance Management. Richard is a member of the Australian Business Economists and the National Association of Business Economics (NABE) in the United States. He is a member of the Advisory Board for the Australian National University, School of Arab and Islamic Studies, a Trustee for the Committee for the Economic Development of Australia (CEDA), a Member of the Australia-Oman Business Council, a Fellow of the Financial Services Institute of Australasia (FINSIA) and Graduate Member of the Australian Institute of Company Directors. Committee membership:
»»Development Committee – Chair from October 2007 »»Audit, Finance and Risk Committee »»Nomination Committee
2 YOTS FINANCIAL REPORT 2016
Anna Maree Ainsworth
Craig Stuart Davis
GAICD Director
Director
Anna has been a Director since 2002. She served as Chairperson of the Board from 2008 to February 2011.
Craig Davis has been a Director since 1998. He was elected Deputy Chairman in 2000 and served as Chair of the Board from 2002 to September 2008. He was also elected a Youth Off The Streets Ambassador in August 2009.
Anna is the Community Development Manager of Eden Gardens and Garden Centre, North Ryde and a Director of the Eden Foundation. Anna’s earlier career was in Public Health Practice where she worked as a Paediatric physiotherapist. Anna is a member of the Development Advisory Committee of the Botanic Gardens and Domain Trust and a member of Philanthropy Australia through the Eden Foundation. Anna holds a postgraduate Diploma in Physiotherapy from Cumberland College of Health Services and a Bachelor of Science from the University of New South Wales. Anna is a graduate Member of the Australian Institute of Company Directors and a graduate of the Benevolent Society Sydney Leadership Program. Committee membership:
»»Services Committee – Chair
After a successful career playing Australian Football League (AFL) for Carlton, Kangaroos, Collingwood and Sydney Swans, Craig works in sport at the University of New South Wales. Craig was honoured with the Australian Sports Medal and Life Membership for AFL New South Wales (NSW)/ Australian Capital Territory (ACT) in 2000 and brings with him vast experience in Board membership. Craig was the Chief Executive Officer of the NSW Australian Football League (1990 – 1998), the Chairman of Selectors Sydney Swans (1986 – 1987) and Deputy Chairman of the NSW Sports Federation (1996 – 2003) as well as Chairman of the Non-Olympic Sports Task Force (1996 – 2000). Craig holds a Surveying Certificate from the Royal Melbourne Institute of Technology. Youth Off The Streets Craig Davis College at Cordeaux Heights Centre for Youth was named for him in 2013.
Directors’ report 3
Rebecca Monica Grace Lynch
Nicholas James Spooner
Director
Director
Rebecca has been a Director since 2005. Rebecca is a solicitor and brings with her a great deal of experience in the legal profession. Rebecca has practised in national law firms in the area of commercial litigation for over 30 years including as a partner at DLA Phillips Fox until she retired from the partnership in May 2007 and most recently as special counsel at Thomson Geer Lawyers.
Nick joined the Youth Off The Streets board as a Director in 2015 having supported the Development Committee since 2009.
She holds a LLB (Bachelor of Laws) from the University of Sydney. Rebecca was admitted as a Solicitor of the Supreme Court of New South Wales (1979), Northern Territory (1992) and South Australia (1994). Rebecca also received official accreditation as a mediator by LEADR (1994). Rebecca is a member of the Law Society of NSW. Committee membership:
»»Services Committee »»Nomination Committee – Chair
Nick is the National Leader for PwC’s Digital Services practice having joined in 2013. Nick has also held a number of executive roles with some of Australia’s leading businesses and has a wealth of commercial experience in leading and running digital enterprises. With close to 20 years within the digital industry, Nick’s experience spans across a range of disciplines including commercial sales, marketing, product, operations, technology and program delivery across consulting, telecommunications, government, media and marketing services. Prior to his current role, Nick championed and executed a significant business and structural transformation, successfully integrating eight separate businesses to form what is now Salmat Digital. He also played an integral role in the digital success of ninemsn as its Chief Operating Officer and Network TEN as its Chief Digital Officer. In addition to this Nick has held senior roles with Singtel Optus and global consulting group Accenture. And as Chairman of the Interactive Advertising Bureau (IAB) Australia, he sought to promote the convergence and growth of the local digital industry. Nick’s interest in digital extends beyond his professional life and he is passionate about the opportunities that digital offers to enable transformation beyond the business realm. Nick is a dual British and Australian citizen and holds a First Class Honours Degree in Business and Technology (Industrial Studies). Committee membership:
»»Development Committee
4 YOTS FINANCIAL REPORT 2016
Julie Cleary
Father Christopher Keith Riley, AM
Director
Founder and CEO
Julie was appointed to the board during the current financial year. Julie has a Bachelor of Commerce and is a member of the Institute of Chartered Accountants in Australia.
Father Chris Riley AM, Founder and CEO of Youth Off The Streets, has worked with disadvantaged youth for more than 35 years in a variety of roles including teacher, youth worker, probation officer, residential carer and principal. Father Riley officially founded Youth Off The Streets in 1991.
Julie has been a Partner within KPMG’s Audit practice for over 10 years. She has over 22 years of experience in auditing public and private companies in Australia. She also brings international experience to Youth Off The Streets after working for two years in the KPMG US office. Julie’s focus has been primarily in the consumer markets and the energy sectors. As an audit partner she is responsible for understanding the risks that underpin her client businesses, the drivers underpinning financial results and the economic conditions that impact her clients. As the People, Performance and Culture Partner for the KPMG Sydney audit group (leading approximately 250 people), Julie was responsible for all matters impacting people including remuneration, working environment, work/life balance and diversity matters. She has also been the operations partner for the Energy line of business audit group (leading approximately 70 people) and was responsible for driving efficiency and growth. Julie is the Vice President for the Tara Anglican School for Girls Parents and Friends Association and is interested in utilising her skills to give back to the community and working in an environment that services the needs of children and young Australians. Committee membership:
»»Audit and Risk Committee – Chair
As Chief Executive Officer of Youth Off The Streets, Father Chris oversees the operation of over 35 programs that employ over 200 staff and involve more than 400 volunteers. He has implemented innovative behaviour modification strategies to help young people deal with a history of trauma, abuse and neglect. He has grown the organisation from a single food van delivering meals to young homeless people on the streets of Kings Cross to a major youth specific agency providing a wide range of services such as crisis accommodation, independent schools, residential treatment programs, centres for youth, Aboriginal programs, and early intervention and prevention programs into troubled suburbs through an outreach service. Many of these strategies have been adopted by schools across Australia and by Government agencies. Father Chris believes there is no such thing as a “child born bad”, but acknowledges that there are bad environments, circumstances and families that impact negatively on our young. Qualifications:
»»Diploma of Teaching (3 years trained) Australian Catholic University, Chadstone, Victoria, 1975
»»Secondary Teachers Certificate of Registration No. 37378, 1975
»»Primary Teachers Registration Board, 1976 »»Bachelor of Theology, Melbourne College of Divinity, Clayton, Victoria, 1982
Directors’ report 5
»»Bachelor of Arts (major Sociology and English) Monash University, Clayton, Victoria, 1984
»»Diploma of Abuse Counselling, Australian Institute of Professional Counsellors, Queensland, 1996
»»Diploma of Psychology, Applied School of Psychology, Sydney, 1997
»»Diploma of Aboriginal Studies, TAFE NSW OTEN, 2010 »»Certificate IV in Alcohol and Other Drugs, TAFE NSW OTEN, 2010
»»Honorary Doctorate of Letters, University of
Western Sydney. “This award is in recognition of your outstanding humanitarian service to the community, especially youth,” 2010
»»Masters of Special Education, University of Southern Queensland, 2010
»»Diploma of Life Coaching, Registered Training Australia, 2014
»»Diploma of Youth Work »»Master of Science in Restorative Practices,
International Institute for Restorative Practices Graduate School (current)
Committee Membership:
»»Services Committee »»Nominations Committee
We must have the courage to demand greatness from our youth. Father Chris Riley
Dividends The Company is a non-profit organisation and the Constitution of the Company prohibits the payment of a dividend.
Principal activities Youth Off The Streets Limited was incorporated in New South Wales on 30 April 2002. The principle activity of the Company is the provision of rehabilitation services to youth affected by drugs, alcohol and homelessness. Youth Off The Streets Limited commenced operating as a company, limited by guarantee, on 1 April 2003. There have been no significant changes in the nature of these activities during the year.
Operational and financial review Principle activities to meet objectives
»»For the year ended 30 June 2016, Youth Off The
Streets Limited reported a surplus of $821,849 (2015 surplus $1,241,116), which represented a 34 per cent decrease on the previous financial year.
»»Income received from government decreased by
7.7 per cent from $11,487,008 in 2015 to $10,602,105 in 2016, attributable to a reduction in the National Crime Prevention Funding from the Federal government partially offset by growth in funding from the Federal government’s six year commitment to the new needs-based school funding arrangements.
»»Income from government represents 42.3 per cent (2015: 48.5 per cent) of total revenue.
»»Income from donations grew 20.3 per cent to
$11,905,291 reflecting a substantial increase in bequests which rose to $5,669,719 (2015 $2,885,748)
»»Funding for capital works is included in government
income. The total amount received for capital projects was $283,564 received from the Commonwealth Block Grant Authority through the Association of Independent Schools which represented the final tranche of funds for the vocational trade training centre at Key College, Merrylands Campus.
Operating results for the year The operating result for the year ended 30 June 2016 was a surplus of $821,849 (2015: surplus $1,241,117). 6 YOTS FINANCIAL REPORT 2016
Short term and long term objectives and strategy Youth Off The Streets will continue to provide services consistent with our mission of helping disconnected young people discover greatness within, by engaging, supporting and providing opportunities to encourage and facilitate positive life choices. Our 35 services include homelessness services, alcohol and other drug services, counselling, Aboriginal services, accredited high schools, centres for youth, outreach programs and specialised residential programs. This is in accordance with our renewed three year strategic plan which is reviewed annually to ensure that the organisation is well positioned to meet new challenges in our key focus areas. As outlined in our annual report, Youth Off The Streets has continued to outline the external and internal factors which will impact our organisation for the next three years, as part of our focus on providing a framework for a sustainable future through accountable, professional and collaborative practice. Youth Off The Streets will continue to adapt to the changes in funding requirements and opportunities from: the various federal, state and local governments provided through relevant grants; the generosity of individuals; and private and corporate donors. The Board continues to set clear expectations about the number and quality of programs provided to young people. The Board has agreed, in line with the Chief Executive Officer, to review the measurable outputs for each service including performance reports noting the progress made towards achieving these outputs at the monthly Board meeting.
Performance measurement Donation revenue of $11,905,291 (2015: $9,900,054) increased by 20.3 per cent largely from donations by individuals as well as bequests. This represented 47.5 per cent of total revenue.
Likely developments and expected results Change in government funding models based on outsourcing social services A consistent theme over the course of the last two years has been the reliance on forming partnerships with other community organisations to deliver the services needed by young people. The Inner West Youth Homelessness Service remains a highlight. Youth Off The Streets, YWCA NSW and Wesley Mission have worked effectively in delivering programs to assist disadvantaged young people in the Inner West area. Aboriginal Services have partnered with Juvenile Justice to deliver various programs to young offenders, helping them re-integrate with the community and unlock their full potential. The various levels of government continue to update funding models and Youth Off The Streets responds in kind. The latest example of this would be the federal government’s welfare proposal, where funds will be directed to services offering employment and training opportunities for young people. Youth Off The Streets continues to track potential opportunities and changes to funding models in order to deliver the programs that young people need.
Implement planned business growth Youth Off The Streets has continued to implement the strategic plan developed in 2014 by the Executive Team and the Board. The plan lists nine outcomes to be achieved from 2014 to 2017. The outcomes are aligned with the focuses detailed in this Annual Review. The outcomes and plan are written in a way to be flexible enough to adapt to changes in funding models and political environments.
Expenditure for the year was $24,225,079 (2015: $22,464,014) attributed to award increases, an increase in staffing and related costs to support the Out Of Home Care program and Specialist Homelessness Service (SHS) funding for the Inner West Youth Homelessness Service as well as the increase in school operations due to growing enrolments.
Directors’ report 7
From the moment I made a connection with Youth Off The Streets, I had youth workers that believed in me. Adam, 17
Continue to review the viability and impact of our programs and services As part of the framework for a sustainable future for our organisation, Youth Off The Streets reviews the viability and impact of our programs and services. In 2015/2016, Youth Off The Streets began the implementation of an organisation-wide minimum data set. The minimum data set will allow accurate analysis of the benefits of our programs and services. The roll out is set to continue for the next 12 months.
Continuing the brand refresh In 2014/15, Youth Off The Streets refreshed its brand image. A new logo and marketing collateral were adopted in 2015. To continue the brand overhaul, Youth Off The Streets had a new website developed which was launched on 1 September 2015. Youth Off The Streets is continuing to update and upgrade the new website. The new website has seen a significant increase in individual donations received online, rising to 26% of individual donations compared to 18% the previous year. Improvements are expected to be carried out on the new website over the next 12 months which will focus on back-end processes and the front-end journey of our regular giver donors. Once the design is complete, maintenance of the software and systems will be required on a yearly basis to ensure that the website operates as efficiently as possible.
8 YOTS FINANCIAL REPORT 2016
Directors’ meetings The number of meetings of directors held during the year and the number of meetings attended by each director were as follows: Name of Directors
Number of meetings held while in office
Number of meetings attended
Christopher Keith Riley
10
9
Craig Stuart Davis
10
9
Anna Maree Ainsworth
10
9
Rebecca Monica Grace Lynch
10
10
Richard John Gibbs
10
10
4
3
10
10
6
6
Number of meetings held while in office
Number of meetings attended
10
10
4
3
Christopher Keith Riley*
10
4
Anna Maree Ainsworth
10
8
6
6
Number of meetings held while in office
Number of meetings attended
Rebecca Monica Grace Lynch
2
2
Christopher Keith Riley
2
2
Richard John Gibbs
2
2
Richard John (Rick) Millen (resigned November 2015) Nicholas James Spooner Julie Cleary (joined January 2016)
Committee membership Directors acting on the committees of the Board and the meetings attended are as follows:
Audit and Risk Committee Meetings Name of Directors Richard John Gibbs Richard John (Rick) Millen (resigned November 2015)
Julie Cleary (joined January 2016) * Attendance by invitation only
Nominations Committee Meetings Name of Directors
Directors’ report 9
Services Committee Meetings Name of Directors
Number of meetings held while in office
Number of meetings attended
Anna Maree Ainsworth
10
9
Rebecca Monica Grace Lynch
10
9
Christopher Keith Riley
10
9
Number of meetings held while in office
Number of meetings attended
Richard John Gibbs
9
7
Richard John (Rick) Millen (resigned November 2015)
4
3
Nicholas James Spooner
9
9
Development Committee Meetings Name of Directors
Member’s guarantee The Company is a public company limited by guarantee that is incorporated and domiciled in Australia. If the Company is wound up, its Constitution states that each member is required to contribute a maximum of $20 each towards meeting any outstanding obligations of the Company. The total liability of members in the event of winding up the Company is $400 (2015: $400). At 30 June 2016, the number of members was 20 (2015: 20 members). The maximum number of members allowed under the Company’s Constitution is 100 members.
Indemnification of auditors To the extent permitted by law, the Company has agreed to indemnify its auditors, Ernst & Young, as part of the terms of its audit engagement agreement against claims by third parties arising from the audit (for an unspecified amount). No payment has been made to indemnify Ernst & Young during or since the financial year.
Auditor independence The directors received an independence declaration from the auditor, Ernst & Young. A copy has been included on page 10 of the report. Signed in accordance with a resolution of the directors.
Richard John Gibbs Chairman Sydney 19 October 2016
10 YOTS FINANCIAL REPORT 2016
Christopher Keith Riley, AM Director Sydney 19 October 2016
Auditor independence declaration Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001
Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au
Auditor’s Independence Declaration to the Directors of Youth Off The Streets Limited In relation to our audit of the financial report of Youth Off The Streets Limited for the financial year ended 30 June 2016, and in accordance with the requirements of Subdivision 60-C of the Australian Charities and Not-for profits Commission Act 2012, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Australian Charities and Not-for profits Commission Act 2012 or any applicable code of professional conduct.
Ernst & Young
Daniel Cunningham Partner 20 October 2016
A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation
Auditor independence declaration 11
Financial statements Statement of profit or loss and other comprehensive income For the year ended 30 June 2016 Notes
2016 $
2015 $
Government grants
10,602,105
11,487,008
Donations
11,905,291
9,900,054
1,869,822
1,794,090
Fundraising Finance revenue
4.1
607,412
434,141
Other income
4.2
62,298
101,838
25,046,928
23,717,131
Revenue Employee benefits expense
4.3
(15,616,026)
(14,366,703)
Depreciation expense
4.4
(1,108,663)
(1,168,194)
Other expenses
4.5
(7,500,390)
(6,941,117)
821,849
1,241,117
–
–
Surplus before income tax Income tax expense Surplus for the year
Other comprehensive income Total comprehensive income for the year
821,849
–
821,849
–
The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.
12 YOTS FINANCIAL REPORT 2016
1,241,117
1,241,117
Statement of financial position As at 30 June 2016 Notes
2016 $
2015 $
Assets Current assets Cash and cash equivalents
5
7,231,829
6,866,626
Other receivables
6
75,939
31,008
Other assets
7
5,733,809
4,365,511
13,041,577
11,263,145
Total current assets Non-current assets Investments
8
4,234,289
4,177,228
Property, plant and equipment
9
15,565,022
16,049,883
Total non-current assets
19,799,311
20,227,111
Total assets
32,840,888
31,490,256
Liabilities and funds Current liabilities Trade and other payables
10
2,734,402
2,365,857
Employee benefit liabilities
11
1,183,395
1,065,880
3,917,797
3,431,737
238,575
195,852
238,575
195,852
4,156,372
3,627,589
4,295,888
4,295,888
Retained surplus
24,388,628
23,566,779
Total funds
28,684,516
27,862,667
Total funds and liabilities
32,840,888
31,490,256
Total current liabilities Non-current liabilities Employee benefit liability
11
Total non-current liabilities Total liabilities Funds Contributed funds
The above statement of financial position should be read in conjunction with the accompanying notes.
Financial statements 13
Statement of changes in funds For the year ended 30 June 2016 Contributed funds $
Retained surplus $
Total funds $
4,295,888
23,566,779
27,862,667
Surplus for the year
–
821,849
821,849
Other comprehensive income
–
–
–
Total comprehensive income for the year
–
821,849
821,849
At 30 June 2016
4,295,888
24,388,628
28,684,516
As at 1 July 2014
4,295,888
22,325,662
26,621,550
Surplus for the year
–
1,241,117
1,241,117
Other comprehensive income
–
–
–
Total comprehensive income for the year
–
1,241,117
1,241,117
4,295,888
23,566,779
27,862,667
As at 1 July 2015
At 30 June 2015
The above statement of changes in funds should be read in conjunction with the accompanying notes.
14 YOTS FINANCIAL REPORT 2016
Statement of cash flows For the year ended 30 June 2016 Notes
2016 $
2015 $
24,168,227
24,491,143
(22,488,983)
(22,607,637)
Interest received
405,916
378,617
Dividends received
201,496
55,524
2,275,984
2,317,647
112,266
2,076,985
(776,341)
(801,544)
Purchase of other financial assets
(96,325)
(273,833)
Proceeds from disposal of other financial assets
213,882
82,611
Purchase of short-term deposits
(1,364,263)
(631,060)
Net cash flows (used in)/from investing activities
(1,910,781)
453,159
–
–
365,203
2,770,806
6,866,626
4,095,820
7,231,829
6,866,626
Operating activities Receipts from customers Payments to suppliers and employees
Net cash flows from operating activities
Investing activities Proceeds from sale of property, plant and equipment Purchase of property, plant and equipment
Financing activities Net cash flows from/(used in) financing activities
Net increase in cash and cash equivalents Cash and cash equivalents at opening balance date Cash and cash equivalents at 30 June
5
The above statement of cash flows should be read in conjunction with the accompanying notes.
Financial statements 15
Notes to the financial statements For the year ended 30 June 2016
1. Corporate information
2.2 Changes in accounting policy, disclosures, standards and interpretations
The financial statements of Youth Off The Streets Limited for the year ended 30 June 2016 were authorised for issue in accordance with a resolution of the directors on 19 October 2016.
The accounting policies adopted are consistent with those of the previous financial reporting.
Youth Off The Streets Limited (the Company) is a not for profit company limited by guarantee incorporated and domiciled in Australia. The registered office and principal place of business of the Company is 133 O’Riordan Street, Mascot NSW 2020. The nature of the operations and principal activities of the Company are described in the directors’ report.
2. Summary of significant accounting policies 2.1 Basis of preparation The financial report is a general purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001 – Reduced Disclosure Requirements, other authoritative pronouncements of the Australian Accounting Standards Board and Australian Charities and Not-for-Profits Commission Regulation 2013. The financial report has also been prepared on a historical cost basis, except for investments and other financial assets, which have been measured at fair value. The financial report is presented in Australian dollars. The financial statements of the Company comply with Australian Accounting Standards – Reduced Disclosure Requirements as issued by the Australian Accounting Standards Board (AASB).
16 YOTS FINANCIAL REPORT 2016
New and amended standards and interpretations The new and amended Australian Accounting Standards and AASB Interpretations that apply for the first time in 2015/2016 do not impact the financial statements of the Company.
a) Cash and cash equivalents Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand and shortterm deposits with an original maturity of three months or less, that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and cash equivalents as defined above.
b) Other receivables Other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less an allowance for impairment. Collectibility of other receivables is reviewed on an ongoing basis. Individual debts that are known to be uncollectible are written off when identified. An impairment provision is recognised when there is objective evidence that the Company will not be able to collect the receivable.
c) Investments and other financial assets
d) Property, plant and equipment
Investments and financial assets in the scope of AASB 139 Financial Instruments: Recognition and Measurement are categorised as either financial assets at fair value through profit or loss, loans and receivables, held-to-maturity investments, or availablefor-sale financial assets. The classification depends on the purpose for which the investments were acquired. Designation is re-evaluated at each reporting date, but there are restrictions on reclassifying to other categories.
Buildings, plant and equipment are stated at historical cost less accumulated depreciation and any impairment losses. Such cost includes the cost of replacing parts that are eligible for capitalisation when the cost of replacing the parts is incurred. All other repairs and maintenance are recognised in the statement of profit or loss and other comprehensive income as incurred.
When financial assets are recognised initially, they are measured at fair value, plus, in the case of assets not at fair value through profit or loss, directly attributable transaction costs. Recognition and derecognition All regular way purchases and sales of financial assets are recognised on the trade date i.e., the date that the Company commits to purchase the asset. Regular way purchases or sales are purchases or sales of financial assets under contracts that require delivery of the assets within the period established generally by regulation or convention in the market place. Financial assets are derecognised when the right to receive cash flows from the financial assets have expired or when the entity transfers substantially all the risks and rewards, it derecognises the asset if it has transferred control of the assets. Subsequent measurement FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Financial assets are classified as ‘financial assets designated at fair value through profit or loss’ as the group of financial assets is managed and its performance is evaluated on a fair value basis, in accordance with a documented risk management strategy and information about the group is provided internally on that basis to the entity’s key management personnel. Gains or losses on financial assets at fair value through profit or loss are recognised in profit or loss and the related assets are classified as non-current assets in the statement of financial position.
Land is stated at historical cost less any impairment in value. Property, plant and equipment acquired at no cost or for a nominal amount, is recognised at fair value as at the date of acquisition. Subsequent to initial recognition, such property, plant and equipment is measured at cost, being the fair value at acquisition. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:
»»Buildings »»Computer »»Furniture and fittings »»Motor vehicles »»Plant and equipment
over 25 to 40 years 3 to 4 years 4 to 5 years over 5 years 4 to 5 years
An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss and other comprehensive income when the asset is derecognised. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.
e) Leases The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement.
Notes to the financial statements 17
A lease is classified at the inception date as a finance lease or an operating lease. A lease that transfers substantially all the risks and rewards incidental to ownership to the Company is classified as a finance lease. An operating lease is a lease other than a finance lease. Operating lease payments are recognised as an operating expense in the statement of profit or loss and other comprehensive income on a straight-line basis over the lease term.
f) Impairment of non-financial assets Non-financial assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
h) Provisions and employee benefit liabilities Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Company expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the statement of profit or loss and other comprehensive income net of any reimbursement. Wages and salaries
The Company conducts an internal review of asset values, which is used as a source of information to assess for any indicators of impairment. External factors, such as changes in expected future processes, technology and economic conditions, are also monitored to assess for indicators of impairment. If any indication of impairment exists, an estimate of the asset’s recoverable amount is calculated.
Liabilities for wages and salaries, including nonmonetary benefits which are expected to be settled within 12 months of the reporting date are recognised in respect of employees’ services up to the reporting date. They are measured at the amounts expected to be paid when the liabilities are settled.
An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. Recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows that are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets that suffered an impairment are tested for possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed.
The Company does not expect its long service leave or annual leave benefits to be settled wholly within 12 months of each reporting date. The Company recognises a liability for long service leave and annual leave measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures, and periods of service. Expected future payments are discounted using market yields at the reporting date on corporate bonds with terms to maturity and currencies that match, as closely as possible, the estimated future cash outflows.
g) Trade and other payables Trade and other payables are recognised initially at their fair value and subsequently measured at amortised cost and due to their short-term nature they are not discounted. They represent liabilities for goods and services provided to the Company prior to the end of the financial year that are unpaid and arise when the Company becomes obliged to make future payments in respect of the purchase of these goods and services. The amounts are unsecured and are usually paid within 30 days of recognition.
18 YOTS FINANCIAL REPORT 2016
Long service leave and annual leave
i) Revenue recognition Revenue is recognised and measured at the fair value of the consideration received or receivable to the extent it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. The specific recognition criteria described below must also be met before revenue is recognised. (i) Government grants Government grants are recognised when there is reasonable assurance that the Company will comply with the conditions attaching to them, and that the grants will be received. (ii) Donations and fundraising income Donations and fundraising income are recognised as income when received and when the Company is entitled to receive the contribution. (iii) Donations-in-kind
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority. Cash flows are included in the statement of cash flows on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority is classified as part of operating cash flows.
k) Self-generating and regenerating assets Livestock assets are valued at cost at each reporting date.
l) Fair value measurement The Company measures investments and other financial assets at fair value at each reporting date.
Donations-in-kind of assets or other services are recorded as revenue at the fair value to the Company where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services provided by volunteers.
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:
(iv) Interest revenue
»»In the principal market for the asset or liability, or »»In the absence of a principal market, in the most
Revenue is recognised on a cash receipts basis.
advantageous market for the asset or liability.
j) Taxes Youth Off The Streets Limited has approved status as an income tax exempt charitable entity and therefore incurs no liability to pay income tax. Goods and services tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except:
»»When the GST incurred on a sale or purchase of
assets or services is not payable to or recoverable from the taxation authority, in which case the GST is recognised as part of the revenue or the expense item or as part of the cost of acquisition of the asset, as applicable.
The principal or the most advantageous market must be accessible by the Company. 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. The Company 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.
»»When receivables and payables are stated with the amount of GST included.
Notes to the financial statements 19
3. Significant accounting judgements, estimates and assumptions The preparation of the Company’s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and
assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.
Impairment of non-financial assets The Company assesses impairment of non-financial assets at each reporting date by evaluating conditions specific to the Company and to the particular asset that may lead to impairment. These include technology, economic and political environments and future expectations. If an impairment trigger exists the recoverable amount of the asset is determined. Management does not consider that the triggers for impairment testing have been significant enough and as such these assets have not been tested for impairment in this financial period.
Valuation of donations-in-kind The estimation of donations-in-kind valuation is based on discussions with the third party donor of the goods or services, or, where required, expert valuation.
4. Revenue and expenses 2016 $
2015 $
Interest received
405,916
378,617
Dividends
201,496
55,524
Total finance revenue
607,412
434,141
Other income
62,298
101,838
Total other income
62,298
101,838
14,065,536
12,841,093
114,353
384,625
1,268,084
1,140,985
15,447,973
14,366,703
4.1 Finance revenue
4.2 Other income
4.3 Employee benefits expense Wages and salaries Workers' compensation costs Defined contribution superannuation expense Total employee benefits expense
20 YOTS FINANCIAL REPORT 2016
2016 $
2015 $
456,974
522,152
59,203
81,740
Furniture and fittings
119,288
121,707
Plant and equipment
56,355
56,902
416,843
385,693
1,108,663
1,168,194
813,688
781,990
1,272,215
1,120,575
Premises outgoings
319,686
355,068
Motor vehicles
322,711
310,183
Advertising
477,457
575,935
Repairs and maintenance
697,791
618,972
Travel expense
345,713
335,565
2,864,688
2,221,776
40,273
178,569
445,170
381,853
69,051
60,631
7,668,443
6,941,117
2016 $
2015 $
7,231,829
6,866,626
4.4 Depreciation expense Depreciation of non-current assets Land and buildings Computer equipment and software
Motor vehicles Total depreciation expense
4.5 Other expenses Communication and general office expenses Residential expenses – food, housing, education
Other expenses Net losses on disposal of property, plant and equipment Minimum lease payments – operating lease Fair value loss on investments Total other expenses
5. Cash and cash equivalents Cash at bank and in hand
Cash at bank earns interest at floating rates based on daily bank deposit rates. The carrying amounts of cash and cash equivalents represent fair value. Reconciliation to the statement of cash flows For the purposes of the statement of cash flows, cash and cash equivalents comprise of the above.
Notes to the financial statements 21
6. Other receivables 2016 $
2015 $
75,939
31,008
75,939
31,008
2016 $
2015 $
225,489
221,453
2,920
2,920
5,505,400
4,141,138
5,733,809
4,365,511
No.
No.
2
2
Current Other receivables
7. Other assets Current Prepayments and other assets Livestock Term deposit
(a) Physical quantity of livestock Number of horses owned
(b) Nature of assets The livestock is used at the residential properties for the enjoyment of the children in the care of Youth Off The Streets Limited.
(c) Term deposit Included in the term deposit is reserved cash of $472k (2015: $414k) representing the deferred revenue from the Attorney General’s Office (“AG”) funding it received during the year. The cash is restricted for use solely for the activities as mandated by the agreement entered into by and between the Company and AG.
8. Investments 2016 $
2015 $
4,234,289
4,177,228
Non-current Financial assets at fair value through profit or loss investments
22 YOTS FINANCIAL REPORT 2016
9. Property, plant and equipment 2016 $
2015 $
At cost
16,470,563
16,323,950
Accumulated depreciation
(2,258,698)
(1,886,548)
Net carrying amount
14,211,865
14,437,402
524,196
428,304
(383,183)
(335,739)
141,013
92,565
812,082
846,385
(662,331)
(579,673)
149,751
266,712
590,986
660,776
(481,420)
(535,504)
109,566
125,272
2,153,931
2,051,317
(1,201,104)
(923,385)
952,827
1,127,932
At cost
20,551,758
20,310,732
Accumulated depreciation
(4,986,736)
(4,260,849)
Net carrying amount
15,565,022
16,049,883
Land and buildings
Computer equipment At cost Accumulated depreciation Net carrying amount Furniture and fittings At cost Accumulated depreciation Net carrying amount Plant and equipment At cost Accumulated depreciation Net carrying amount Motor vehicles At cost Accumulated depreciation Net carrying amount Total property, plant and equipment
Notes to the financial statements 23
Reconciliation of carrying amounts at the beginning and the end of the year 2016 $
2015 $
14,437,402
14,586,695
Additions
306,321
372,986
Disposals
(74,884)
(127)
(456,974)
(522,152)
14,211,865
14,437,402
92,565
117,271
Additions
110,085
57,948
Disposals
(2,434)
(914)
(59,203)
(81,740)
Land and buildings At 1 July
Depreciation charge for the year Net carrying amount at 30 June Computer equipment At 1 July
Depreciation charge for the year Net carrying amount at 30 June
141,013
92,565
Furniture and fittings At 1 July
266,712
371,659
Additions
4,054
17,699
Disposals
(1,727)
(939)
(119,288)
(121,707)
Depreciation charge for the year Net carrying amount at 30 June
149,751
266,712
Plant and equipment At 1 July
125,272
167,244
Additions
41,427
15,204
Disposals
(778)
(274)
(56,355)
(56,902)
Depreciation charge for the year Net carrying amount at 30 June
109,566
125,272
Motor vehicles At 1 July
1,127,932
1,217,952
Additions
314,454
337,707
Disposals
(72,716)
(42,034)
(416,843)
(385,693)
Depreciation charge for the year Net carrying amount at 30 June
952,827
1,127,932
Total property, plant and equipment At 1 July
16,049,883
16,460,821
Additions
776,341
801,544
Disposals
(152,539)
(44,288)
Depreciation charge for the year
(1,108,663)
(1,168,194)
Net carrying amount at 30 June
15,565,022
16,049,883
24 YOTS FINANCIAL REPORT 2016
10. Trade and other payables 2016 $
2015 $
Trade payables
416,857
307,508
Other payables
2,317,545
2,058,349
2,734,402
2,365,857
Current
Fair value Due to the short-term nature of these payables, their carrying value is assumed to approximate their fair value.
11. Employee benefit liabilities 2016 $
2015 $
Annual leave
909,205
866,199
Long service leave
274,190
199,681
1,183,395
1,065,880
238,575
195,852
Current
Non-current Long service leave
Nature and timing of provisions Long service leave Refer to note 2 for the relevant accounting policy and a discussion of the significant estimations and assumptions applied in the measurement of this provision.
12. Commitments and contingencies 12.1 Commitments Operating lease commitments – Company as lessee The Company has entered into commercial leases on certain motor vehicles and rental properties. These leases have a term between 1 to 8 years with some leases having a renewal option included in the contracts. There are no restrictions placed upon the lessee by entering into these leases. Future minimum rentals payable under non-cancellable operating leases as at 30 June are as follows: 2016 $
2015 $
Within one year
270,079
209,196
After one year but not more than five years
228,877
50,700
Total minimum lease payments
498,956
259,896
12.2 Contingencies No contingent liabilities exist as at the date of this financial report (2015: none).
Notes to the financial statements 25
13. Related party disclosures Amounts owed from/(to) related parties Year
$
2016
6,678
2015
6,926
Related party Christopher Keith Riley, AM
Christopher Keith Riley, AM is a director of Youth Off The Streets – Overseas Relief Fund Limited, to which the Company owes $41 (2015: $69 owed to the Company). Terms and conditions of transactions with related parties Outstanding balances at year-end are unsecured, interest free and settlement occurs in cash. Allowance for impairment loss on related party receivables For the year end 30 June 2016, the Company has not made any allowance for impairment loss relating to amounts owed by related parties as there has been a good payment history (2015: $nil). An impairment assessment is undertaken each financial year by examining the financial position of the related party and the market in which the related party operates to determine whether there is objective evidence that a related party receivable is impaired. When such objective evidence exists, the Company recognises an allowance for the impairment loss.
14. Key management personnel 14.1 Compensation key management personnel
Total compensation
2016 $
2015 $
1,177,227
1,034,614
The compensation to key management personnel includes compensation to all the directors and the executive management of the Company. During the current financial year, a number of senior managers were appointed to the executive committee which was newly formed and all members of the executive committee are identified as key management personnel.
14.2 Other transactions and balances with key management personnel and their related parties There were no other transactions and balances with key management personnel or their related parties.
15. Events after the reporting date There have been no significant events occurring after the reporting date which may affect either the Company’s operations or results of those operations or the Company’s state of affairs.
16. Economic dependency Youth Off The Streets Limited is dependent upon funding in the form of government grants, corporate and individual donations and funds received through various fundraising events.
26 YOTS FINANCIAL REPORT 2016
17. Information and declaration to be furnished under the Charitable Fundraising Act 1991 The Company is registered under the Charitable Fundraising Act to conduct fundraising activities.
17.1 Details of aggregated gross income and total expenses of fundraising appeals 2016 $
2015 $
818,451
808,776
Individuals/benefactors
1,509,698
1,472,453
Bequests
5,699,719
2,885,748
725,296
1,033,601
Masses donations
27,650
345
Anonymous
13,098
33,175
312,600
290,850
2,194,048
2,323,103
School fundraising
37,421
42,817
Funerals/weddings/birthdays
92,276
68,189
Other groups
131,665
394,504
Payroll giving
232,476
259,558
Gifts in kind
110,893
108,171
–
178,764
11,905,291
9,900,054
724,843
724,874
–
183
Event – Internal
413,865
370,773
Event – External
694,827
656,287
36,287
41,973
1,869,822
1,794,090
13,775,113
11,694,144
Gross proceeds from donations and fundraising appeals Corporate
Foundations and trust
Registered clubs Newsletters
Net community online Total revenue from donations Op shop sales Service learning kits
Merchandise Total revenue from fundraising Total revenue from donations and fundraising
Notes to the financial statements 27
2016 $
2015 $
(1,362,018)
(1,086,258)
Transport
(36,217)
(5,727)
Communication and office expenses
(58,177)
(145,247)
Administration costs
(67,558)
(58,580)
Advertising and promotion
(921,632)
(938,158)
Op shop costs
(537,902)
(482,130)
(2,983,504)
(2,716,100)
Net surplus from fundraising appeals
10,791,609
8,978,044
Government grants
10,602,104
11,487,008
(21,300,302)
(19,520,519)
Finance revenue and other income
837,763
535,979
Net losses on disposal of property, plant and equipment
(40,273)
(178,764)
Fair value gains on investments
(69,051)
(60,631)
Surplus for the year
821,850
1,241,117
Staffing expenses
Total expenses
Expenses attributable to provision of services
17.2 Statement showing how funds received were applied to charitable purposes Funds were used for the provision of services to youth affected by drugs, alcohol and homelessness. Our core services included aboriginal services, education, residential services and community development.
17.3 Fundraising appeals conducted during the financial year The following fundraising appeals were conducted: four Direct Mail appeals, the Macsim Sydney to Surfers Charity Bike Ride, the Annual Cooley Classic Golf Day, two Eden Garden morning teas, the Campbelltown Catholic Club Golf Day, the Gala Dinner, and Lipstick Lunch.
17.4 Comparison by monetary figures and percentages 2016 $
2015 $
Total cost of fundraising
2,983,504
2,716,100
Gross income from fundraising
13,775,112
11,694,144
22%
23%
Net surplus from fundraising
10,791,608
8,978,044
Gross income from fundraising
13,775,112
11,694,144
78%
77%
Total cost of services
21,300,302
19,520,519
Total expenditure
24,225,079
22,476,014
88%
87%
Total cost of services
21,300,302
19,520,519
Total income received
25,046,928
23,717,131
85%
82%
%
%
%
%
28 YOTS FINANCIAL REPORT 2016
Directors’ declaration In accordance with a resolution of the directors of Youth Off The Streets Limited, We state that: In the opinion of the directors: (a)
the financial statements and notes of Youth Off The Streets Limited for the financial year ended 30 June 2016 are in accordance with the Corporations Act 2001 and the Australian Charities and Not-for-Profits Commission Act 2012, including: (i)
giving a true and fair view of the entity’s financial position as at 30 June 2016 and of its performance for the year ended on that date; and
(ii)
complying with Accounting Standards – Reduced Disclosure Requirements and the Corporations Regulations 2001 and the Australian Charities and Not-for-Profits Commission Regulation 2013;
(b)
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable;
(c)
the statement of financial position gives a true and fair view of the state of the affairs of the Company with respect to fundraising appeals;
(d)
the provisions of the Charitable Fundraising Act 1991, the regulations under the Charitable Fundraising Act 1991 and the conditions attached to the fundraising authority have been complied with by the Company; and
(e)
the internal controls exercised by the Company are appropriate and effective in accounting for all income received and applied by the Company from any of its fundraising appeals.
On behalf of the Board
Richard John Gibbs Chairman Sydney 19 October 2016
Christopher Keith Riley, AM Director Sydney 19 October 2016
Directors’ declaration 29
Independent auditor’s report Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001
Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au
Independent auditor's report to the members of Youth Off The Streets Limited Report on the financial report We have audited the accompanying financial report of Youth Off The Streets Limited, which comprises the statement of financial position as at 30 June 2016, the statement of profit or loss and other comprehensive income, statement of changes in funds 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 – Reduced Disclosure Requirements, the Corporations Act 2001 and the Australian Charities and Not-for-Profits Commission Act 2012 and for such internal controls as the directors determine are 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 about 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 controls relevant to the 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 company's internal controls. 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 and the Australian Charities and Not-for-Profits Commission Act 2012. We have given to the directors of the company a written Auditor’s Independence Declaration, a copy of which is included in the directors’ report.
Opinion In our opinion the financial report of Youth Off The Streets Limited is in accordance with the Corporations Act 2001 and the Australian Charities and Not-for-Profits Commission Act 2012, including: (a)
giving a true and fair view of the financial position of Youth Off The Streets Limited at 30 June 2016 and of its performance for the year ended on that date; and
(b)
complying with Australian Accounting Standards – Reduced Disclosure Requirements, the Corporations Regulations 2001 and the Australian Charities and Not-for-Profits Commission Regulation 2013.
A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation
30 YOTS FINANCIAL REPORT 2016
Report on the requirements of the NSW Charitable Fundraising Act 1991 and the NSW Charitable Fundraising Regulations 2015 We have audited the financial report as required by Section 24(2) of the NSW Charitable Fundraising Act 1991. Our procedures included obtaining an understanding of the internal control structure for fundraising appeal activities and examination, on a test basis, of evidence supporting compliance with the accounting and associated record keeping requirements for fundraising appeal activities pursuant to the NSW Charitable Fundraising Act 1991 and the NSW Charitable Fundraising Regulations 2015. Because of the inherent limitations of any assurance engagement, it is possible that fraud, error or non-compliance may occur and not be detected. An audit is not designed to detect all instances of non-compliance with the requirements described in the above-mentioned Acts and Regulations as an audit is not performed continuously throughout the period and the audit procedures performed in respect of compliance with these requirements are undertaken on a test basis. The audit opinion expressed in this report has been formed on the above basis.
Opinion In our opinion: a)
b)
the financial report of Youth Off The Streets Limited has been properly drawn up and associated records have been properly kept during the financial year ended 30 June 2016, in all material respects, in accordance with: i
sections 20(1), 22(1-2), 24(1-3) of the NSW Charitable Fundraising Act 1991; and
ii
sections 10(6) and 11 of the NSW Charitable Fundraising Regulations 2015.
the money received as a result of fundraising appeals conducted by the company during the financial year ended 30 June 2016 has been properly accounted for and applied, in all material respects, in accordance with the above mentioned Acts and Regulations.
Ernst & Young
Daniel Cunningham Partner Sydney 20 October 2016
A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation
Independent auditor’s report 31
Youth Off The Streets is accredited as a Designated Agency and maintains policies and procedures that comply with the benchmark standards as defined by the Office for Children the Children’s Guardian. All donations over $2.00 are tax deductible. Charitable Fund Raising No. 12611. Youth Off The Streets Limited ABN 29 100 388 412. Phone: 1800 062 288 | Email: info@youthoffthestreets.com.au Facebook: www.facebook.com/youthoffthestreetsaustralia Twitter: @YOTSAustralia | Instagram: @youthoffthestreets Pinterest: www.pinterest.com/youthoffstreets Youtube: YOTS011 www.youthoffthestreets.com.au