FamilyVoice Australia 2019cw0000002TCWIF... · FamilyVoice Australia Incorporated ABN: 57 479 058...

FamilyVoice Australia IncorporatedABN: 57 479 058 057

Financial Statements

For the Year Ended 30 June 2019

FamilyVoice Australia Incorporated

ABN: 57 479 058 057

ContentsFor the Year Ended 30 June 2019

Page

Financial StatementsStatement of Profit or Loss and Other Comprehensive Income 1

Statement of Financial Position 2

Statement of Changes in Equity 3

Statement of Cash Flows 4

Notes to the Financial Statements 5

Statement by Members of the Governing Board 16

Auditors Independence Declaration 17

Independent Audit Report 18


ABN: 57 479 058 057

Statement of Profit or Loss and Other Comprehensive IncomeFor the Year Ended 30 June 2019

Note

2019

$

2018

$

Operating income 4 923,876 1,188,524

Other income 4 135,768 66,674

Net gain/(loss on disposal and revalution of investments (28,510) (31,799)

Marketing expenses (4,917) (25,151)

Occupancy costs (33,356) (39,587)

Administrative expenses (701,882) (1,019,622)

Event expenses (5,270) (18,405)

Purchases of stock (2,560) (355)

Other expenses (280,730) (277,318)

Surplus/(Deficit) for the year 2,419 (157,039)

Other comprehensive income - -

Total comprehensive loss for the year 2,419 (157,039)

The accompanying notes form part of these financial statements.1


ABN: 57 479 058 057

Statement of Financial PositionAs At 30 June 2019

Note

2019

$

2018

$

ASSETS

CURRENT ASSETS

Cash and cash equivalents 5 95,682 124,104

Trade and other receivables 6 46,293 25,172

Inventories 7 5,930 9,941

TOTAL CURRENT ASSETS 147,905 159,217

NON-CURRENT ASSETS

Other financial assets 8 927,491 890,245

Property, plant and equipment 9 27,443 32,825

Intangible assets 10 78,021 97,526

TOTAL NON-CURRENT ASSETS 1,032,955 1,020,596

TOTAL ASSETS 1,180,860 1,179,813

LIABILITIES

CURRENT LIABILITIES

Trade and other payables 11 100,354 78,572

Current tax liabilities 700 327

Employee benefits 13 57,776 83,899

Other financial liabilities 12 38,374 35,778

TOTAL LIABILITIES 197,204 198,576

NET ASSETS 983,656 981,237

EQUITY

Reserves 507,835 353,497

Retained Earning/profit 475,821 627,740

TOTAL EQUITY 983,656 981,237


FamilyVoice Australia Incorporated ABN: 57 479 058 057

Statement of Changes in EquityFor the Year Ended 30 June 2019

2019

AccumulatedSurplus

$

MembersBequest &Donations

Reserve

$

Total

$

Balance at 1 July 2018 627,740 353,497 981,237

Surplus/(deficit) attributable to members of the entity 2,419 - 2,419

Transfers (CPI Adjustment) (154,338) 154,338 -

Balance at 30 June 2019 475,821 507,835 983,656

2018

AccumulatedSurplus

$

MembersBequest &Donations

Reserve

$

Total

$

Balance at 1 July 2017 784,779 353,497 1,138,276

Surplus/(deficit) attributable to members of the entity (157,039) - (157,039)

Balance at 30 June 2018 627,740 353,497 981,237



ABN: 57 479 058 057

Statement of Cash FlowsFor the Year Ended 30 June 2019

Note

2019

$

2018

$

CASH FLOWS FROM OPERATING ACTIVITIES:

Receipts from customers 906,509 1,199,899

Payments to suppliers and employees (1,065,790) (1,316,273)

Dividends received 135,297 64,916

Interest received 471 1,758

Net cash provided by/(used in) operating activities 18 (23,513) (49,700)

CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from sale of investments - 14,296

Purchase of property, plant and equipment (12,529) -

Purchase of intangibles - (97,526)

Net cash provided/(used) by investing activities (12,529) (83,230)

Net increase/(decrease) in cash and cash equivalents held (36,042) (132,930)

Cash and cash equivalents at beginning of year 124,104 257,034

Cash and cash equivalents at end of financial year 5 88,062 124,104



ABN: 57 479 058 057

Notes to the Financial StatementsFor the Year Ended 30 June 2019

The financial report covers FamilyVoice Australia Incorporated (the Association). FamilyVoice Australia Incorporated is anot-for-profit Association, registered and domiciled in Australia.

The principal activities of the Association for the year ended 30 June 2019 were advocating Christian values focusing onthe importance of family through permanence of marriage, sanctity of human life, primacy of parenthood and limitedgovernment. Advocacy was achieved by provision of publications and other reference material to the association'ssubscriber base as well as preparing submissions on government policies and the meeting of members of parliament on afederal and state basis. The Association also ran and participated in public forums and workshops around the topics asoutlined above.

The financial statements are presented in Australian dollars which is the entity’s functional and presentation currency.

Comparatives are consistent with prior years, unless otherwise stated.

1 Basis of Preparation

In the opinion of those charged with Governance the Association is not a reporting entity since there are unlikely toexist users of the financial statements who are not able to command the preparation of reports tailored so as to satisfyspecifically all of their information needs. These special purpose financial statements have been prepared to meet thereporting requirements of the Australian Charities and Not-for-profits Commission Act 2012.

The financial statements have been prepared in accordance with the recognition and measurement requirements ofthe Australian Accounting Standards and Accounting Interpretations, and the disclosure requirements of AASB 101Presentation of Financial Statements , AASB 107 Statement of Cash Flows, AASB 108 Accounting Policies, Changesin Accounting Estimates and Errors and AASB 1054 Australian Additional Disclosures .

2 Summary of Significant Accounting Policies

(a). Income Tax

The Association is exempt from income tax under Division 50 of the Income Tax Assessment Act 1997 .

(b). Leases

Lease payments for operating leases, where substantially all of the risks and benefits remain with the lessor,are charged as expenses on a straight-line basis over the life of the lease term.

(c). Goods and services tax (GST)

Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), exceptwhere the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).

Receivables and payable are stated inclusive of GST.

The net amount of GST recoverable from, or payable to, the ATO is included as part of receivables or payablesin the statement of financial position .

Cash flows in the statement of cash flows are included on a gross basis and the GST component of cash flowsarising from investing and financing activities which is recoverable from, or payable to, the taxation authority isclassified as operating cash flows.

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ABN: 57 479 058 057



(d). Revenue and other income

Revenue is recognised when the amount of the revenue can be measured reliably, it is probable that economicbenefits associated with the transaction will flow to the Association and specific criteria relating to the type ofrevenue as noted below, has been satisfied.

Revenue is measured at the fair value of the consideration received or receivable and is presented net ofreturns, discounts and rebates.

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

Sale of goods

Revenue is recognised on transfer of goods to the customer as this is deemed to be the point in time whenrisks and rewards are transferred and there is no longer any ownership or effective control over the goods.

Donations

Donations and bequests are recognised as revenue when received.

Interest revenue

Interest is recognised using the effective interest method.

Dividend revenue

Dividends are recognised when the entity’s right to receive payment is established.

Rendering of services

Revenue in relation to rendering of services is recognised depending on whether the outcome of the servicescan be estimated reliably. If the outcome can be estimated reliably then the stage of completion of the servicesis used to determine the appropriate level of revenue to be recognised in the period.

If the outcome cannot be reliably estimated then revenue is recognised to the extent of expenses recognisedthat are recoverable.

Subscriptions

Revenue from the provision of membership subscriptions is recognised on a straight line basis over thefinancial year.

Other income

Other income is recognised on an accruals basis when the Association is entitled to it.

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ABN: 57 479 058 057



(e). Inventories

Inventories acquired at no cost, or for nominal consideration are valued at the current replacement cost as atthe date of acquisition, which is the deemed cost.

(f). Property, plant and equipment

Each class of property, plant and equipment is carried at cost or fair value less, where applicable, anyaccumulated depreciation and impairment.

Items of property, plant and equipment acquired for nil or nominal consideration have been recorded at theacquisition date fair value.

Where the cost model is used, the asset is carried at its cost less any accumulated depreciation and anyimpairment losses. Costs include purchase price, other directly attributable costs and the initial estimate of thecosts of dismantling and restoring the asset, where applicable.

Plant and equipment

Plant and equipment are measured using the cost model.

Depreciation

Property, plant and equipment, excluding freehold land, is depreciated on a straight-line basis over the assetsuseful life to the Association, commencing when the asset is ready for use.

Leased assets and leasehold improvements are amortised over the shorter of either the unexpired period of thelease or their estimated useful life.

At the end of each annual reporting period, the depreciation method, useful life and residual value of each assetis reviewed. Any revisions are accounted for prospectively as a change in estimate.

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ABN: 57 479 058 057



(g). Financial instruments

Financial instruments are recognised initially using trade date accounting, i.e. on the date that the Associationbecomes party to the contractual provisions of the instrument.

On initial recognition, all financial instruments are measured at fair value plus transaction costs (except forinstruments measured at fair value through profit or loss where transaction costs are expensed as incurred).

Financial Assets

Financial assets are divided into the following categories:

loans and receivables;

financial assets at fair value through profit or loss;

available-for-sale financial assets; and

held-to-maturity investments.

Financial assets are assigned to the different categories on initial recognition, depending on the characteristicsof the instrument and its purpose. A financial instrument’s category is relevant to the way it is measured andwhether any resulting income and expenses are recognised in profit or loss or in other comprehensive income.

All income and expenses relating to financial assets are recognised in the statement of profit or loss and othercomprehensive income in the ‘finance income’ or ‘finance costs’ line item respectively.

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are notquoted in an active market. They arise principally through the provision of goods and services to customers butalso incorporate other types of contractual monetary assets.

After initial recognition these are measured at amortised cost using the effective interest method, less provisionfor impairment. Any change in their value is recognised in profit or loss.

The Association’s trade and other receivables fall into this category of financial instruments.

Significant receivables are considered for impairment on an individual asset basis when they are past due atthe reporting date or when objective evidence is received that a specific counterparty will default.

The amount of the impairment is the difference between the net carrying amount and the present value of thefuture expected cash flows associated with the impaired receivable.

In some circumstances, the Association renegotiates repayment terms with customers which may lead tochanges in the timing of the payments, the Association does not necessarily consider the balance to beimpaired, however assessment is made on a case-by-case basis.

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ABN: 57 479 058 057



(g). Financial instruments

Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss include financial assets:

acquired principally for the purpose of selling in the near future

designated by the entity to be carried at fair value through profit or loss upon initial recognition or

which are derivatives not qualifying for hedge accounting.

Assets included within this category are carried in the statement of financial position at fair value with changesin fair value recognised in finance income or expenses in profit or loss.

Any gain or loss arising from financial instruments is based on changes in fair value, which is determined bydirect reference to active market transactions or using a valuation technique where no active market exists.

Financial liabilities

Financial liabilities are classified as either financial liabilities ‘at fair value through profit or loss’ or other financialliabilities depending on the purpose for which the liability was acquired.

The Association‘s financial liabilities include trade and other payables, which are measured at amortised costusing the effective interest rate method.

Impairment of financial assets

At the end of the reporting period the Association assesses whether there is any objective evidence that afinancial asset or group of financial assets is impaired.

Financial assets at amortised cost

If there is objective evidence that an impairment loss on financial assets carried at amortised cost has beenincurred, the amount of the loss is measured as the difference between the asset’s carrying amount and thepresent value of the estimated future cash flows discounted at the financial assets original effective interestrate.

Impairment on loans and receivables is reduced through the use of an allowance accounts, all other impairmentlosses on financial assets at amortised cost are taken directly to the asset.

Subsequent recoveries of amounts previously written off are credited against other expenses in profit or loss.

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ABN: 57 479 058 057



(h). Impairment of non-financial assets

At the end of each reporting period the Association determines whether there is an evidence of an impairmentindicator for non-financial assets.

Where an indicator exists the recoverable amount of the asset is estimated.

Where assets do not operate independently of other assets, the recoverable amount of the relevant cash-generating unit (CGU) is estimated.

The recoverable amount of an asset or CGU is the higher of the fair value less costs of disposal and the valuein use. Value in use is the present value of the future cash flows expected to be derived from an asset or cash-generating unit.

Where the recoverable amount is less than the carrying amount, an impairment loss is recognised in profit orloss.

Reversal indicators are considered in subsequent periods for all assets which have suffered an impairmentloss.

(i). Intangibles

Website software has a finite life and is carried at cost less any accumulated amortisation and impairmentlosses. It has an estimated useful life of between thre and five years.

(j). Cash and cash equivalents

Cash and cash equivalents comprises cash on hand, demand deposits and short-term investments which arereadily convertible to known amounts of cash and which are subject to an insignificant risk of change in value.

(k). Employee benefits

Provision is made for the Association's liability for employee benefits arising from services rendered byemployees to the end of the reporting period. Employee benefits that are expected to be wholly settled withinone year have been measured at the amounts expected to be paid when the liability is settled .

Employee benefits expected to be settled more than one year after the end of the reporting period have beenmeasured at the present value of the estimated future cash outflows to be made for those benefits. Indetermining the liability, consideration is given to employee wage increases and the probability that theemployee may satisfy vesting requirements. Cashflows are discounted using market yields on high qualitycorporate bond rates incorporating bonds rated AAA or AA by credit agencies, with terms to maturity that matchthe expected timing of cashflows. Changes in the measurement of the liability are recognised in profit or loss.

(l). Adoption of new and revised accounting standards

The Association has adopted all standards which became effective for the first time at 30 June 2019, theadoption of these standards has not caused any material adjustments to the reported financial position,performance or cash flow of the Association.

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ABN: 57 479 058 057


2019

$

2018

$

3 Critical Accounting Estimates and Judgments

Those charged with governance make estimates and judgements during the preparation of these financial statementsregarding assumptions about current and future events affecting transactions and balances.

These estimates and judgements are based on the best information available at the time of preparing the financialstatements, however as additional information is known then the actual results may differ from the estimates.

4 Revenue and Other Income

Sales revenue

- sale of goods 4,261 12,991

- provision of services 10,679 35,671

- member subscriptions 64,062 105,170

- donations 835,782 1,042,988

914,784 1,196,820

Other revenue

- dividend income 135,297 64,916

- sponsorship and promotion 9,091 6,000

- interest and other income 2,624 1,758

147,012 72,674

Total Revenue 1,061,796 1,269,494

5 Cash and Cash Equivalents

Cash at bank and in hand 95,682 124,104

6 Trade and Other Receivables

Trade receivables 7,388 7,198

Other receivables 38,905 17,974

46,293 25,172

The carrying value of trade receivables is considered a reasonable approximation of fair value due to the short-termnature of the balances.

The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable in the financialstatements.

7 Inventories

At cost:

Merchandise 5,930 9,941

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ABN: 57 479 058 057


2019

$

2018

$

8 Other Financial Assets

Financial assets at fair value through profit or loss Listed shares 927,491 890,245

9 Property, Plant and Equipment

Office equipment

At cost 22,891 22,891

Accumulated depreciation (22,445) (22,135)

Total office equipment 446 756

Computer equipment

At cost 218,850 206,320

Accumulated depreciation (199,773) (183,030)

Total computer equipment 19,077 23,290

Leasehold Improvements

At cost 29,250 29,250

Accumulated amortisation (21,330) (20,471)

Total leasehold improvements 7,920 8,779

Total property, plant and equipment 27,443 32,825

Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the endof the current financial year:

OfficeEquipment

$

ComputerEquipment

$

LeaseholdImprovements

$

Total

$

Year ended 30 June 2019

Balance at the beginning of year 756 23,290 8,779 32,825

Additions - 12,530 - 12,530

Depreciation expense (310) (16,743) (859) (17,912)

Balance at the end of the year 446 19,077 7,920 27,443

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ABN: 57 479 058 057


2019

$

2018

$

10 Intangible Assets

Website software

At cost 97,526 97,526

Computer software

Accumulated amortisation andimpairment (19,505) -

11 Trade and Other Payables

Trade payables 100,355 78,571

Trade and other payables are unsecured, non-interest bearing and are normally settled within 30 days. The carryingamounts are considered to be a reasonable approximation of fair value.

12 Other Financial Liabilities

Deferred donations 25,384 22,788

Deposits at call 12,990 12,990

38,374 35,778

13 Employee Benefits

Long service leave 28,948 41,379

Provision for employee benefits 28,828 42,520

57,776 83,899

14 Capital and Leasing Commitments

Operating Leases Minimum lease payments under non-cancellable operating leases:

- not later than one year 19,110 22,938

- between one year and five years - 19,110

19,110 42,048

Operating leases are in place for rental of premises and normally have a term between 1 and 5 years. Leasepayments are increased on an annual basis to reflect market rentals.

13


ABN: 57 479 058 057


15 Key Management Personnel Disclosures

FamilyVoice Australia have engaged the services of the Cockatoo Trading Company, to supply a suitably qualifiedperson (under the Boards approval) to fulfil the role of the National Director until a suitable candidate can be sourcedand employed into the position.

The agreement between the two parties was entered into by Mr Charles Newington on behalf of the Cockatoo TradingCompany and by Mr Peter Downie on behalf of FamilyVoice Australia. It was agreed that the Cockatoo TradingCompany would supply Mr Newington to undertake the role of the National Director whilst the service agreement is inplace, which is to be reviewed annually.

A monthly fee is charged to FamilyVoice Australia by the Cockatoo Trading Company for Mr Newington's services withall out of pocket costs incurred by Mr Newington in the fulfilment of his role being directly reimbursed to him byFamilyVoice Australia.

The expenses incurred by the association over the reportable period in relation to Mr Newington’s services as NationalDirector whist being a member of the governing board are as follows:

Fees from Cockatoo Trading Company 72,000

Direct costs reimbursed to Mr Newington 27,955

Total expense associated with the service 99,955

16 Auditors' Remuneration

2019

$

2018

$

Remuneration of the auditor:

- auditing or reviewing the financial statements 11,200 7,560

17 Contingencies

In the opinion of those charged with governance, the Association did not have any contingencies at 30 June 2019 (30June 2018: None).

14


ABN: 57 479 058 057


2019

$

2018

$

18 Cash Flow Information

Reconciliation of net income to net cash provided by operating activities:

Surplus/(Deficit) for the year 1,521 (157,039)

Cash flows excluded from profit attributable to operating activities

Non-cash flows in profit:

- depreciation 37,416 18,081

- net (gain)/loss on disposal of investments (37,246) 31,799

Changes in assets and liabilities:

- (increase)/decrease in trade and other receivables (21,121) 6,805

- (increase)/decrease in inventories 4,011 1,500

- increase/(decrease) in income in advance - (41,525)

- increase/(decrease) in trade and other payables 14,162 53,118

- increase/(decrease) in tax liabilities 373 -

- increase/(decrease) in other liabilities 3,494 -

- increase/(decrease) in employee benefits (26,123) 37,561

Cashflows from operations (23,513) (49,700)

19 Statutory Information

The registered office of and principal place of business of the association is:


Fourth Floor

68 Grenfell Street

Adelaide SA 5000

15


ABN: 57 479 058 057

Statement by Members of the Governing Board

The Governing Board members declare that in the Governing Board's opinion:

• there are reasonable grounds to believe that the registered entity is able to pay all of its debts, as and when they become due and payable; and

• the financial statements and notes satisfy the requirements of the Australian Charities and Not-for-profits Commission Act 2012.

Signed in accordance with subsection 60.15(2) of the Australian Charities and Not-for-profit Commission Regulation 2013.

Boa,d Memb~ Ll ~ Peter Downie

Dated this ........... 1-.6...:I.~ ..... day of ... s..~e.l~.~'-.(.r. .. 2019

16


ABN: 57 479 058 057

Auditors Independence Declaration under Section 60-40 Australian Charities and Not-for-profits

Commission Act 2012 to the Directors of FamilyVoice Australia Incorporated

I declare that, to the best of my knowledge and belief, during the year ended 30 June 2019, there have been no

contraventions of any applicable code of professional conduct in relation to the audit.

MOORE STEPHENS

Graeme Rodda

Director

14 October 2019

Adelaide

17

Moore Stephens Audit (SA & NT) Pty Ltd

GPO Box 1171

Adelaide SA 5001

T +61 (0)8 8224 3300

F +61 (0)8 8224 3311

www.moorestephens.com.au

Level 2, 180 Flinders Street

Adelaide SA 5000

Moore Stephens Audit (SA & NT) Pty Ltd ABN (34 144 550 461) Authorised Audit Company Registered Number (374246). Liability limited by a scheme approved under Professional Standards Legislation. An independent member of Moore Global Network Limited - members in principal cities all throughout the world.


Independent Audit Report to the members of FamilyVoice Australia Incorporated

Report on the Audit of the Financial Report

Qualified Opinion

We have audited the accompanying financial report, being a special purpose financial report of FamilyVoice Australia

Incorporated (the Association), which comprises the statement of financial position as at 30 June 2019, the statement

of profit or loss and other comprehensive income, the statement of changes in equity and the statement of cash flows

for the year then ended, and notes to the financial statements, including a summary of significant accounting policies,

and the statement by the members of the governing board.

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion section of our report, theaccompanying financial report presents fairly, in all material respects, including:

(i) giving a true and fair view of the Association's financial position as at 30 June 2019 and of its financial

performance for the year ended; and

(ii) complying with Division 60 of the Australian Charities and Not-for-profits Commission Regulation 2013 .

Basis for Qualified Opinion

As is common for organisations of this type, it is not practicable for FamilyVoice Australia Incorporated to maintain aneffective system of internal control over donations, subscriptions and other income raising activities until their initial entryin the accounting records. Accordingly, our audit in relation to income raising was limited to amounts recorded.

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards

are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of our report. We are

independent of the Association in accordance with the auditor independence requirements of Division 60 of the

Australian Charities and Not-for-profits Commission Act 2012 and the ethical requirements of the Accounting

Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (the Code) that are

relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in

accordance with the Code.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified

opinion.

18

Moore Stephens Audit (SA & NT) Pty Ltd

GPO Box 1171

Adelaide SA 5001

T +61 (0)8 8224 3300

F +61 (0)8 8224 3311

www.moorestephens.com.au

Level 2, 180 Flinders Street

Adelaide SA 5000

Moore Stephens Audit (SA & NT) Pty Ltd ABN (34 144 550 461) Authorised Audit Company Registered Number (374246). Liability limited by a scheme approved under Professional Standards Legislation. An independent member of Moore Global Network Limited - members in principal cities all throughout the world.

Emphasis of Matter - Basis of Accounting

We draw attention to Note 1 to the financial report, which describes the basis of accounting. The financial report has

been prepared to assist the Association to meet the requirements of Division 60 of the Australian Charities and Not-for-

profits Commission Act 2012. As a result, the financial report may not be suitable for another purpose. Our opinion is

not modified in respect of this matter.

Responsibilities of Management and Those Charged with Governance

Management is responsible for the preparation and fair presentation of the financial report in accordance with

Australian Accounting Standards and Division 60 of the Australian Charities and Not-for-profits Commission Act 2012

and for such internal control as management determines is necessary to enable the preparation of the financial report

that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the financial report, management is responsible for assessing the the Association's ability to continue as a

going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of

accounting unless management either intends to liquidate the Association or to cease operations, or has no realistic

alternative but to do so.

Those charged with governance are responsible for overseeing the Association's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material

misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable

assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian

Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or

error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence

the economic decisions of users taken on the basis of the financial report.

A further description of our responsibilities for the audit of the financial report is located on the Auditing and AssuranceStandards Board website at: www.auasb.gov.au/auditors_responsibilities/ar4.pdf. This description forms part of ourauditor’s report.

MOORE STEPHENS

Graeme Rodda

Director

Adelaide

14 October 2019

19

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