General information The financial report covers FSG Australia as an individual entity. The financial report is presented in Australian dollars, which is FSG Australia’s functional and presentation currency. The financial report consists of the financial statements, notes to the financial statements and the directors’ declaration. FSG Australia is a not-for-profit unlisted public company. The financial report was authorised for issue, in accordance with a resolution of directors, on the 28th August 2013. The directors have the power to amend and reissue the financial report. Contents .................................................................................................................. Page Statement of comprehensive income .................................................................................................................2 Statement of financial position............................................................................................................................2 Statement of changes in equity ..........................................................................................................................3 Statement of cash flow .......................................................................................................................................3 Notes to the financial statements .......................................................................................................................3 Directors’ declaration ........................................................................................................................................ 11 Directors Report ...............................................................................................................................................12 Auditor’s Independence Declaration ................................................................................................................14 Independent auditor’s review report to the members of FSG Australia ...........................................................15 Financial Report For The Year Ended 30th June 2013
Transcript
General information The financial report covers FSG Australia as an individual entity. The financial report is presented in Australian dollars, which is FSG Australia’s functional and presentation currency. The financial report consists of the financial statements, notes to the financial statements and the directors’ declaration. FSG Australia is a not-for-profit unlisted public company. The financial report was authorised for issue, in accordance with a resolution of directors, on the 28th August 2013. The directors have the power to amend and reissue the financial report.
Statement of comprehensive income .................................................................................................................2
Statement of financial position............................................................................................................................2
Statement of changes in equity ..........................................................................................................................3
Statement of cash flow .......................................................................................................................................3
Notes to the financial statements .......................................................................................................................3
Total Operating Expenditure $47,281 $44,961 Operating Surplus before Financing $1,385 $2,660 Financial Income 8 84 61
Financial Expenses 9 339 330
Operating Surplus $1,130 $2,391
Current AssetsCash and Cash Equivalents 10 144 459
Trade and Other Receivables 11 283 406
Other Current Assets 12 235 203
Total Current Assets $662 $1,068 Non-Current AssetsProperty Plant and Equipment 13 19,940 19,928
Other Non-Current Assets 14 125 59
Total Non-Current Assets 20,065 19,987 Total Assets $20,727 $21,055 Current LiabilitiesTrade and Other Payables 15 $3,771 4,962
Short Term Provisions 16 $609 517
Total Current Liabilities $4,380 $5,479 Non-Current LiabilitiesLong Term Borrowings 17 7,566 8,191
Long Term Provisions 16 482 352
Total Non-Current Liabilities 8,048 8,543 Total Liabilities 12,428 14,022
Net Assets $8,299 $7,033 EquityReserves 18 398 263
Retained Earnings 7,901 6,770
Total Equity $8,299 $7,033
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3FSG Australia 2012-2013 Financial Report
2013 2012Notes $'000 $'000
Balance of Retained Earnings as at 1 July 6,770 4,379 Total Comprehensive Income for the period 1,130 2,391
Total Retained Earnings as at 30 June $7,901 $6,770 Balance of Asset Revaluation Reserve as at 1 July 263 263
Movement in Reserves 135 -
Balance of Asset Revaluation Reserve as at 30 June 398 263
Total Equity as at 30 June $8,299 $7,033
Cash Flows from Operating ActivitiesReceipts from Members and Clients 3,154 3,713
Receipts from Grants 45,635 40,823
Payments to Suppliers and Employees (47,328) (41,120)
Interest Received 84 61
Financial Expenses (339) (330)
Net Cash Provided by Operating Activities 19 $1,206 $3,147
Cash Flows from Investing ActivitiesProceeds from Sale of Fixed Assets - $20
Acquisition of Fixed Assets (896) (4,075)
Net Cash Provided by Investing Activities $(896) $(4,055)
Cash Flows from Financing ActivitiesProceeds of Borrowings (625) 199
Net Increase in Cash Held (315) (709)Cash Held at the beginning of the year 459 1,168
Closing Cash Carried Forward 10 $144 $459
Note1 Summary of Significant Accounting Policies
The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board and the Corporations Act 2001. FSG Australia is a not for profit entity for the purpose of preparing the financial statements.
New, revised or amending Accounting Standards and Interpretations adoptedThe company has adopted all of the new, revised or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (“AASB”) that are mandatory for the current reporting period.
The company has early adopted AASB 1053 ‘Application of Tiers of Australian Accounting Standards’ and AASB 2010-02 ‘Amendments to Australian Accounting Standards from Reduced Disclosure Requirement.’ No other new, revised or amended Accounting Standards or Interpretations that are not yet mandatory have been early adopted.
Any significant impact on the accounting policies of the company from the adoption of these Accounting Standards and Interpretation are disclosed in the relevant accounting policy.
The adoption of these Accounting Standards and Interpretations did not have any impact on the financial performance or position of the company. The following Accounting Standards and Interpretationa are most relevant to the company:
AASB 1053 Application of Tiers of Australian Accounting Standards
The company has early adopted AASB 1053 from 1 July 2010. This standard establishes a differential financial reporting framework consisting of two Tiers of reporting requirements for preparing general purpose financial statements, being Tier 1 Australian Accounting standards and Tier 2 Australian Accounting Standards - Reduced Disclosure Requirements. The company being classed as Tier 2 continues to apply the full recognition and measurements requirements of Australian Accounting Standards with substantially reduced disclosure in accordance with AASB 2010-2.
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4FSG Australia 2012-2013 Financial Report
Financial NotesNote1 Summary of Significant Accounting Policies Continued
AASB 2010-02 Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirement.
The company has early adopted AASB 2010-2 from 1 July 2010. These amendments make numerous modifications to a range of Australian Accounting Standards and Interpretations, to introduce Reduced Disclosure Requirements to the pronouncements for application by certain types of entities in preparing general purpose financial statements. The adoption of these amendments has significantly reduced the company's disclosure requirements.
The format of the statement of Comprehensive Income has changed from 2011 to allow the Business Units to be shown as separate cost centres.
Historical Cost Convention The financial statements have been prepared on an accruals basis and are based on historical costs modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities.
Critical Accounting Estimates and JudgementsThe management of the company evaluates estimates and judgements incorporated in the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the company.
Accounting PoliciesRevenueGrant revenue is recognised when it is probable that the economic benefit will flow to the company and the revenue can be reliably measured and the company will comply with all attached conditions. Revenue is measured at the fair value of the consideration received or receivable.
Donations and bequests are recognised as revenue when received.
Interest and dividend income are recognised on receipt.
Other revenue is recognised when it is received or when the right to receive payment is established.
Income TaxAs the company is a charitable institution in terms of subsection 50-5 of the Income Tax Assessment Act 1997, as amended, it is exempt from paying income tax.
Cash and cash equivalentsCash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities 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.
Trade and other receivablesTrade and other receivables are recognised at amortised cost, less any provision for impairment.
InventoriesInventories are measured at the lower of cost and net realisable value. Costs are assigned on a specific identification basis and include direct costs and appropriate overheads, if any. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.
Property, Plant and Equipment Property, plant and equipment is stated at historical cost less accumulated depreciation and impairment losses or at fair value. The company's policy is to revalue all of its fixed assets to fair value every five years. Assets purchased in the interim periods are shown at historical value, unless otherwise stated.
The carrying amount of plant and equipment is reviewed periodically by the directors to ensure it is not in excess of the recoverable amount from those assets. The recoverable amount is assessed on the basis of the expected net cash flows which will be received from the assets employment and subsequent disposal. The expected net cash flows have not been discounted to present values in determining recoverable amounts.
5FSG Australia 2012-2013 Financial Report
Financial NotesNote1 Summary of Significant Accounting Policies Continued
Depreciation
Leasehold improvements are depreciated at a rate of 2.5%. The lease term of Orana expires on the 30th June, 2018 but the Directors have determined that the Gold Coast City Council will probably renew the lease. The lease term of Demand Ave expires on the July, 2015 and the lease term of Sonia Court in Ipswich expires in December, 2016 but FSG are very likely to renew the leases. The lease terms of Centreview Drive, Biggera Waters and Edith Street, Wynnum expire in July, 2018 and at this stage these terms are likely to be renewed.The asset improvements at these properties have been depreciated at 2.5%.
Property plant and equipment that has been contributed at no cost or for nominal cost are valued and recognised at the fair value of the asset at the date it is acquired.
The depreciation rates used for each class of depreciable asset are:
Class of Fixed Asset Depreciation Rate (%)
Type
Buildings 2.5 Diminishing Value
Plant and Equipment 20 Diminishing Value
Motor Vehicles 18.75 Diminishing Value
Capital CommittmentsThere were no capital commitments up to 30 June 2013
Leases Lease payments under operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses in the periods in which they are incurred.
Future non-cancellable operating lease payments are as follows:
within in 12 months
12 months or longer and not
longer than 5 years
longer than 5 years
Motor Vehicles $217,604 $66,908 $0
Property Leases $868,778 $674,989 $1,543,767
Photocopier Leases $85,560 $185,380 $0
Impairment of non-financial assets Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. 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. The value-in-use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit.
Trade and other payables These amounts represent liabilities for goods and services provided to the company prior to the end of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and not discounted. The amounts are unsecured and are usually paid within 30 days of recognition.
Employee Benefits Wages and salaries and annual leave Liability for wages and salaries, including non-monetary benefits, and annual leave expected to be settled within 12 months of the reporting date are recognised in current liabilities in respect of employees' services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled.
6FSG Australia 2012-2013 Financial Report
Financial Notes
Note1 Summary of Significant Accounting Policies Continued
Long service leaveThe liability for long service leave is recognised in current and non-current liabilities, depending on the unconditional right to defer settlement of the liability for at least 12 months after the reporting date. The liability is 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 national government bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows.
Employee Entitlements have been recognised on pay periods and not to the end of financial year, however in 2013 the pay period ended on the 30th June, 2013. Management are aware of the requirement to match income and expenditures and will record significant differences in the notes. The timing difference of financial year 2013 is $998,587. In future accounting periods employee entitlements will be accrued to the end of the financial year.
Goods and Service Tax (GST) and other similar taxes Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.
2013 2012$’000 $’000
2 Revenue from Grants and Government FundingGrants Received - by SourceState 27,200 28,331
State - Child Safety 5,483 5,356
State - Dept of Health 2,718 -
Commonwealth 6,265 6,046
Other Grants 411 470
Committed grants Funds B/Fwd 3,487 3,740
$45,564 $43,943 Grants received - by purposeRecurrent Program Funding 43,077 40,563
Non-recurrent Program Funding 2,487 2,173
Non-recurrent Capital Funding - 1,207
$45,564 $43,943 3 Business Sales Revenue
Business Subsidies 347 703
Brokerage Income 627 889
Training Fees 125 82
Business Income 482 561
Total Sales Revenue $1,581 $2,235 4 Other Revenue
Sundry Income 26 30
Program Participation Fees 229 279
Donations 61 45
Total Other Revenue $316 $354
7FSG Australia 2012-2013 Financial Report
Financial Notes2013 2012
Note $'000 $'0005 Employees Expenses
Salaries and Wages 30,852 26,546 Superannuation 2,248 1,953 Workcover 1,161 866 Fringe Benefits Tax 14 9 Annual, Sick, Long Service Leave 331 209 Total Employee Expenses $34,606 $29,583
6 DepreciationPlant and Equipment 311 296 Motor vehicles 119 95 Commercial Properties 215 203 Houses 240 237 Total Depreciation $885 $831
10 Cash and Cash EquivalentsCash on Hand 6 5 Operating Accounts 138 454 Total Cash and Cash Equivalents $144 $459
11 Trade and Other ReceivablesTrade Receivables 283 335 Grant Funding Receivable - 71 Total Trade and Other Receivables $283 $406
12 Other Current AssetsStock on Hand 235 203 Total Other Current Assets $235 $203
13 Property, Plant and EquipmentFSG Owned Properties 10,701 10,542 Deduct Provision for Depreciation (828) (567)Department of Communities Funded Properties 3,289 3,260 Deduct Provision for Depreciation (238) (157)Stimulus Houses 4,588 4,577 Deduct Provision for Depreciation (248) (138)Plant and Equipment 3,262 2,624 Deduct Provision for Depreciation (1,121) (810)Motor Vehicles 879 823 Deduct Provision for Depreciation (344) (226)Total Property, Plant and Equipment $19,940 $19,928
14 Other Non-Current AssetsSecurity Deposits Held with Vendors 100 55 Prepaid Expenses 25 - Unexpired Borrowing Costs - 4 Total Other Non-Current Assets $125 $59
8FSG Australia 2012-2013 Financial Report
Financial Notes2013 2012
Note $'000 $'000 15 Trade and Other Payables
Trade Payables 1,143 915 GST Liabilities 44 (108)Committed Funds Carried Forward 1,806 3,487 Accrued Annual leave 778 668 Total Trade and Other Payables $3,771 $4,962
16 ProvisionsMovements during the year
Long Service LeaveOpening balance 869 711 Additional Provisions 222 158 Balance at the end of the year $1,091 $869
Analysis of Total ProvisionsCurrent 609 517 Non-Current 482 352 Total Provisions $1,091 $869 A provision has been recognised for employee entitlements relating to long service leave. In calculating the current pay rates in respect to long service leave, the probability of long service leave being taken is based on historical data. The measurement and recognition criteria relating to employee benefits has been included in Note 1 of the financial statements.
17 Long Term BorrowingsSecured LiabilitiesMortgage - Department of Communities 4,270 4,405 NAB Interest Only Home Loan 900 900 NAB - Commercial Bills 2,100 2,260 Vendor Finance Loan 75 375 Chattel Mortgages 221 251 Total Long term Borrowings $7,566 $8,191 Total Current and Non-Current Secured LiabilitiesNAB Facilities 3,221 3,411 Department of Communities 4,270 4,405
The carrying amount of assets pledged as security are:First Mortgage and Floating Charges over assets 13,343 13,515 The borrowings are secured by registered first mortgages over all the freehold properties and a floating charge over all assets and undertakings of the company. The unused credit limit at 30th June, 2013 with NAB was $3.6M.
18 ReservesAsset revaluation 263 263 Sinking Fund 135 - Total reserves $398 $263
Movements during the year and description of the nature and purpose of each reserve. Asset revaluation reserve - records revaluations of Non-Current assetsOpening Balance 263 263 Revaluation Increment 135 - Closing Balance $398 $263
19 Reconciliation of Cash FlowsSurplus from Ordinary Activities 1,130 2,391Non Cash Flows in Surplus from ordinary activities Depreciation and Amortisation 885 831Changes in Assets and Liabilities (Increase)/Decrease in Trade and Other receivables 123 653 (Increase)/Decrease in Inventories (32) (173)(Increase)/Decrease in Other Assets (66) (1)(Increase)/Decrease in Trade and Other Payables (1,191) (712)(Increase)/Decrease in Provisions 357 $158 Cash Flow from Operations $1,206 $3,147
20 Members Guarantee The company is limited by guarantee. If the company is wound up, the Constitution states that each member is required to contribute a maximum of $1 towards meeting any outstanding obligations of the company. At 30th June, 2013 the number of members was 164.
9FSG Australia 2012-2013 Financial Report
Financial Notes2013 2012
Note $'000 $'000 21 Company Details
The registered office of the company is: 20 Railway Street,Southport QLD 4215.
The principal place of business of the company is: 20 Railway Street, Southport QLD 4215.
22 Financial Risk ManagementThe company's financial instruments consist of:Financial AssetsCash and cash equivalents 144 459 Receivables and loans 283 406
$427 $865 Financial LiabilitiesTrade and other payables 3,771 4,962 Borrowings - Department of Communities 4,270 4,405 Borrowings - Bank and Vendor Finance 3,296 3,786
The board of directors has retained responsibility for the monitoring and management of the company's financial risk exposures. The board monitors and reviews risk management policies and exposures, approves financial transactions, and reviews the effectiveness of internal controls relating to pricing risk, counter party credit risk, financial risk and interest rate risk.
The company's overall risk management strategy seeks to assist in meeting financial targets whilst minimising the adverse effects on financial performance. Functions include the review of the use of financial instruments, credit risk policies and cash flow requirements.
Specific Financial Risk Exposures and Management
The main risks the company is exposed to through its financial instruments are interest rate risk, liquidity risk and credit risk.
a. Interest rate risk
Exposure to interest rate risk arises on financial assets and financial liabilities recognised at reporting date whereby a future change in interest rate will affect future cash flows or the fair value of fixed rate financial instruments. The company is also exposed to earnings volatility on floating rate instruments.
Normally interest rate risk is managed using a mix of fixed and floating rate debt, however at balance date approximately none of the company debt was fixed due the the company changing banks and all debt was placed on floating rates until the transactions were completed which was in the 2014 financial year. The directors are monitoring interest rates because floating rates are below fixed rates at present and can fix rates on loans upon notice to the bank at any time.
The board has assessed the risk of exposure to fluctuating interest rates and determined that changing rates will not have a material effect on either future cash flows or values and have decided that no specific processes are necessary to manage the risk.
The net effective variable interest rate borrowings exposes the company to interest rate risk will may impact future cash flows and interest charges and is indicated by the following floating interest rate liabilities.Floating rate instrumentsBank Bills - Fixed rate - 2,100 Bank Bills - Variable Rate 5,700 3,600 Variable rate term loans 900 900
$6,600 $6,600
10FSG Australia 2012-2013 Financial Report
Financial NotesNote
22 Financial Risk Management Continued
b. Liquidity risk
Liquidity risk arises from the possibility that the company might encounter difficulty in settling its debts or otherwise meeting its obligations related to financial liabilities. The company manages this risk through the following mechanisms:- preparing cash flow budgets in relation to its operational investing and financing activities;- monitoring undrawn credit facilities;- obtaining funding from a variety of sources;- maintaining a reputable credit profile;- comparing the maturity profile of financial liabilities with the realisation profile of financial assets;- investing only in surplus cash with major financial institutions.
The tables below reflect an undiscounted contracted maturity analysis for financial liabilities. Cash flows realised from financial assets reflect management’s expectation as to the timing of realisation. Actual timing may therefore differ from that disclosed.
Bank loans from NAB were paid out in full in August, 2013 with Westpac borrowings of $6.7M available from that date and shown as an inflow in the table below. From past history 90% of Long Service Leave entitlements are not expected to be taken in the next 12 months so have been shown as expected in the next five years.
Financial Liabilities due for payment Within 1 year 1 to 5 years Over 5 yearsBank overdrafts and loans 3,214 82 -
Bills of exchange and promissory notes - - -
Trade and other payables 2,026 1,030 -
Amounts payable to related parties - - -
Finance lease liabilities - - -
Financial guarantees - - -
Committed Funds Carried Forward 1,806 - -
Total contractual outflows $7,046 $1,112 - less bank overdrafts - - -
Total expected outflows $7,046 $1,112 - Financial Assets - cash flows realisableCash and cash equivalents 6,844 - -
Trade, term and loans receivable 283 - -
Held-for-trading investments - - -
Held-to-maturity investments - - -
Other investments - - -
Total anticipated inflows $7,127 - - Net inflow/(outflow) on financial instruments
Certain financial assets have been pledged as security for debt and their realisation into cash may be restricted subject to the terms and conditions attached to the relevant debt contracts.
c. Credit risk
Exposure to credit risk relating to financial assets arises from the potential non-performance by counter parties of contract obligations that could lead to a financial loss to the company.
Credit risk is managed through the maintenance of procedures (including for the approval, granting and renewal of credit limits, monitoring of exposure against such limits and monitoring of the stability of significant customers and counter parties) ensuring to the extent possible that customers and counter parties to transactions are of sound credit worthiness. Such monitoring is used in assessing receivables for impairment.
Credit Risk Exposures
The maximum exposure to credit risk by class of recognised financial assets at balance date, excluding the value of any collateral or other security held, is equivalent to the carrying value and classification of those financial assets (net of any provisions) as presented in the statement of financial position.
The following table illustrates sensitivities to the company's exposures to changes in interest rates. The table indicates the impact on how profit and equity would have been affected by changes in the relevant risk variable that management considers to be reasonably possible. These sensitivities assume that the movement in a particular variable is independent of other variables.
Profit
+/- 2.0% in interest rates 70 77
Equity+/- 2.0% in interest rates 70 77
23 Key Management Personnel CompensationShort Term BenefitsSalary and Fees 778 544
Superannuation 87 73
Non-cash benefits 207 185
Directors Reimbursements 10 10
$1,082 $812 24 Events after the Balance Sheet Date
The company decided to change its banking facilities from National Australia Bank to Westpac Banking Corporation, which was completed in early August, 2013.
25 Economic DependencyA significant portion of the revenue of the company is grants received from State and Commonwealth Government departments and agencies. See Note 2.
26 Segment ReportingThe company operates predominantly in one business and geographical segment, being the not for profit health and community services sector providing services to people with a disability or mental illness, people who are frail or aged and their carers throughout South-east Queensland.
Directors’ Declaration The directors of the company declare that:
1 The financial statements and notes as set out on pages 2 - 11 are in accordance with the Corporations Act 2001 and :
a. comply with Accounting Standards and the Corporations Regulations 2001; and
b. give a true and fair view of the financial position as at 30th June 2013 and of the performance for the year ended on that date of the company;
2 In the directors’ opinion there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.
This declaration is made in accordance with a resolution of the Board of Directors.
……………………………………….. ………………………………………..
Director John Jones OAM Director Dr Robert Stephens
Dated 28th August 2013
12FSG Australia 2012-2013 Financial Report
Director’s ReportYour directors present their report on the company for the year ended 30th June, 2013. Directors The names of directors in office at any time during or since the end of the year are: John Jones OAM Paul Lunney Vicki Batten Lady Barbara Hickey Alexander Bell OAM Paul Teefy Dr Robert Stephens Robert Boardman David Bradford Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.
Review of Operations A review of the company’s operations during the financial year and the results of those operations are as follows: The company increased Gross Revenue by 2.2% in 2013, depreciation of $885,185 was charged during the year to leave a net surplus of $1,129,871 which equates to 2.3% of Gross revenue. Significant Changes in State of Affairs There are no significant changes in the state of affairs for the company. Principal Activities The principal activities of the association during the year were: - provision of services to people with a disability, mental illness, people who are frail or aged and their carers. No significant changes in the nature of these activities occurred during the year.
Environmental Regulation The company’s operations are not regulated by any significant environmental regulation under a law of the Commonwealth or a state or territory. Future Developments FSG Australia will focus on developing innovative and sustainable housing models to enhance the supported accomodation models already in operation in South East Queensland. These models will mesh with our unfunded STEP programs to allow participants to gain training opportunities, employment opportunities and to enrich the lives of their choice. FSG Australia will also be working closely with interested parties to educate, train and facilitate the NDIS in our region. Operating Result The surplus from ordinary activities after providing for income taxes amounted to $1,129,871. Events Subsequent to Balance Date The company has agreed to change its banking facilities to Westpac Banking Corporation in the new financial year. Options As the company is limited by guarantee, no options exist over any shares or interests in the company. Information on Directors Robert Boardman Qualifications Masters of Business (Philanthropy & Non Profit Studies) Experience Past Chair of FSG Australia, Director/CEO of Rosies Youth Mission for 9 years, experience in governance, strategic
planning, management and working with disadvantaged young people.
Vicki Batten Qualifications Bachelor of Social Sciences (Physc Major), Dip of Professional Counselling , Dip of Workplace Counselling, Cert 4
in Training and Development. Advanced Diploma Management. Experience Current Chief Executive Officer of FSG Australia (7 years)and former Senior employee of Gold Coast Family
Support Group since 1995. 36 years experience in the Disability Field. Qualified practising Family and Workplace Counsellor, Trainer, Author and Presenter of “Putting the Joy back into Parenting” seminars.
Dr Robert Stephens Qualifications Doctor of Business Administration, MBA, Diploma in Financial Services, Graduate Diploma in Hotel Management.
Experience Current Treasurer of FSG Australia. Former CEO of Intrust Super Fund and financial controller of Southern Pacific
Hotel Corporation. Bob is a member of the Australian Institute of Company Directors, and a Fellow of the Australian Institute of Management. He has broad Management, Marketing and Corporate Governance knowledge.
John Jones OAM Qualifications Certified Practicing Marketer, Fellow of the Australian Marketing Institute. Fellow of the Logistics Association of
Australia, Justice of the Peace (Qualified). Experience With an Accountancy Certificate and Post Graduate qualifications in Marketing, John has held senior marketing and
business development positions with MIM, James Hardie & Coy and Boral as well as a board position with Kinnears Ltd. Currently, John is Chairman of FSG Australia Ltd, a member of the Queensland Government Mentoring 4 Growth Panel, a member of the Queensland Community Justices Program, and an Australian Business Volunteer (Completed two overseas assigntments in developing countries), Life Member of Surf Lifesaving Queensland and Life Member of Surf Life Saving Australia. John has recently been appointed by the Federal Government to the Regional Development Australia Committee for the Gold Coast. John was awarded the Order of Australia Medal for his 60 year contribution to all facets of Surf Life Saving in Australia and for his contribution to the community in the fields of vocational education and training.
FSG Australia - A.C.N. 112 839 184
13FSG Australia 2012-2013 Financial Report
Director’s ReportFSG Australia - A.C.N. 112 839 184
David Bradford Qualifications CDC Diploma AICD, FAICD ( Fellow Australian Institute of Company Directors, FAIM ( Fellow Australian Institute
of Management), Engineering Certificate, Marine(RAN), Engine Room Artificer(RAN), Arcorus Management Development Program Diploma, Member TEC to Sept 2010, Partial Completion Certificate of Management (APESMA), University of Queensland Qld Enterprise Workshop - Management Studies.
Experience An accomplished Senior Executive with wellover 10 years experience in a Director role building sucessful businesses. David posseses key skills in leadership, customer focus, strategic alliances, strategic planning and business acumen.
Paul Teefy Qualifications Member of Australian Society of CPA’s, Bachelor of Business and Registered Company Auditor.Experience Current Secretary and Chief Financial Offficer of FSG Australia from 1994 to present. Experience as a practicing
CPA in the areas of taxation, audit and management.
Paul Lunney Qualifications Masters of Business Administration, Diploma of Financial Services, Cert IV Financial Planning, Justice of the Peace
(Qual) Experience Currently State Business Manager for Westpac Bank, Paul has over 23 years experience in the Finance Industry.
Paul has worked extensively across three of Australias largest financial institutions in capacities covering Corporate, SME, Private Client Services, Financial Planning and Strategy.
Lady Hickey, Barbara Qualifications Fellow Australian Institute of Company Directors Experience Current Deputy Chair of FSG Australia. Lady Hickey has in-depth board experience across the education sector
(private and public) and has been an active contributor to not for profit organisations. Barbara has key skills in board governance, marketing, stakeholder and media communication and fund raising strategy.
Alexander Bell OAM Qualifications Master of Law Degree and Order of Australia Medal for community service. Experience Solicitor with 40 years experience, former Mayor of Gold Coast City, current Councillor for Surfers Paradise, former
member of Queensland Parliament, former Government appointee to Gold Coast Hospital Foundation, Gold Coast Waterways Authority and Jupiters Casino Community Benefit Trust, President/Board member of numerous Gold Coast organisations.
The directors form sub-committees from time to time in response to specific need, however there are no formal directors committees and no directors have been assigned special responsibilities with the exception of the Chair, Vice-Chair, Secretary and Treasurer. Meetings of Directors During the financial year 11 meetings of directors were held. Attendance by each director during the year were as follows: Meetings eligible to attend Meetings attended Meetings eligible to attend Meetings attended John Jones OAM 11 11 Paul Lunney 11 10 Dr Robert Stephens 11 10 Alexander Bell OAM 11 9 Lady Hickey, Barbara 11 10 Vicki Batten 11 10 Robert Boardman 11 10 Paul Teefy 11 11 David Bradford 11 10 Indemnities During or since the end of the financial year the company has given an indemnity or entered into an agreement to indemnify, or paid or agreed to pay insurance premiums as follows: The company has paid premiums to insure each director and officer of the company against liabilities for costs and expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in the capacity of director or officer of the company, other than conduct involving a wilful breach of duty in relation to the company. The amount of the premium was $16,758 in total. The directors and officers covered are: Robert Boardman Alexander Bell John Jones Lady Hickey, Barbara Vicki Batten Paul Teefy Paul Lunney Dr Robert Stephens David Bradford Court Proceedings No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all or any part of those proceedings. The company was not a party to any such proceedings during the year. Auditor’s Independence Declaration The auditor’s independence declaration has been received for the year ended 30th June 2013 and can be found on page 14 of the Annual Report. Signed in accordance with a resolution of the Board of Directors:
……………………………………….. ……………………………………….. Director John Jones OAM Director Dr Robert Stephens
