2013-2014 financial report

2013-2014 FINANCIAL report

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b 2013-2014 FINANCIAL report

b 2013-2014 FINANCIAL report st VINCeNt De pAuL soCIety VICtorIA INC. 1

2 Consolidated Statement of Profit or Loss and Comprehensive Income

3 Consolidated Statement of Financial Position

4 Consolidated Statements of Changes in Equity

5 Consolidated Statements of Cash Flows

6 Notes to the Financial Statements

31 Statement by State Council

32 Independent Auditor’s Report

CoNteNts

2 2013-2014 FINANCIAL report

Note CoNsoLIDAteD eNtIty 2014 $

CoNsoLIDAteD eNtIty 2013 $

pAreNt eNtIty 2014 $


CoNtINuINg operAtIoNsrevenueFundraising activities 2 ( a ) 9,681,520 10,277,070 9,104,866 9,097,320

Government grants 2 ( b ) 31,398,094 29,263,814 572,585 569,785

Sale of goods 2 ( c ) 32,351,414 31,029,547 31,549,383 29,974,073

Other revenue 2 ( d ) 12,257,926 12,245,807 765,823 1,322,278

Net (loss) / gain on sale of property, plant and equipment

2 ( e ) (348 ) 413,986 (79,900 ) 413,986

total revenue 85,688,606 83,230,224 41,912,757 41,377,442

Cost of sales 3 ( a ) (21,604,826 ) (22,032,935 ) (19,790,359 ) (20,215,720 )

gross surpLus 64,083,780 61,197,289 22,122,398 21,161,722

Fundraising/public relations 3 ( b ) (1,386,554 ) (1,424,135 ) (1,386,554 ) (1,424,135 )

Administration 3 ( c ) (3,154,665 ) (3,633,243 ) (4,062,984 ) (4,643,758 )

Impairment expenses 3 ( d ) - (1,855,000 ) - -

People in need services 3 ( e ) (10,664,631 ) (10,354,184 ) (10,664,631 ) (10,354,184 )

Residential aged care services 3 ( f ) (23,961,778 ) (23,502,887 ) - -

Accommodation and support services

3 ( g ) (16,003,744 ) (14,903,314 ) - -

Other support services 3 ( h ) (3,647,700 ) (3,326,861 ) (3,647,700 ) (3,326,861 )

surpLus For yeAr From CoNtINuINg operAtIoNs

5,264,708 2,197,665 2,360,529 1,412,784

other CompreheNsIVe INComeChanges in fair value of financial assets designated as at fair value through Statement of Comprehensive Income

2 ( f ) 597,067 812,346 - -

other comprehensive income for the year

597,067 812,346 - -

5,861,775 3,010,011 2,360,529 1,412,784

Surplus for the year attributable to:Owners of the organisation 5,264,708 2,197,665 2,360,529 1,412,784

Total comprehensive surplus attributable to:Owners of the organisation 5,861,775 3,010,011 2,360,529 1,412,784

The accompanying notes form part of these financial statements

CoNsoLIDAteD stAtemeNt oF proFIt or Loss AND other CompreheNsIVe INComeFor the yeAr eNDeD 30 JuNe 2014

2 2013-2014 FINANCIAL report st VINCeNt De pAuL soCIety VICtorIA INC. 3





CurreNt AssetsCash and cash equivalents 5 47,131,323 43,182,279 15,280,760 13,554,835

Trade and other receivables 6 2,637,066 2,321,673 818,134 1,485,443

Inventories 7 127,875 126,333 116,425 106,061

Financial assets 8 7,111,489 5,425,519 - 3,200

Other assets 10 1,307,587 890,399 1,079,674 700,327

58,315,340 51,946,203 17,294,993 15,849,866Assets classified as held for sale 12 234,677 - 234,677 -

total Current Assets 58,550,017 51,946,203 17,529,670 15,849,866

NoN-CurreNt AssetsFinancial assets 8 4,005,976 4,382,507 - -

Investments in controlled entities 9 - - 60,153,287 60,148,438

Property, plant & equipment 11 66,163,365 65,697,781 24,711,042 23,789,773

Intangible assets 13 8,800,850 8,730,584 95,580 56,650

total Non-Current Assets 78,970,191 78,810,872 84,959,909 83,994,861totAL Assets 137,520,208 130,757,075 102,489,579 99,844,727

CurreNt LIAbILItIesTrade and other payables 14 3,138,870 2,862,035 1,697,294 1,667,730

Provisions 15 5,276,322 5,386,955 1,531,848 1,416,538

Other liabilities 16 15,653,309 14,988,668 271,080 116,978

total Current Liabilities 24,068,501 23,237,658 3,500,222 3,201,246

NoN-CurreNt LIAbILItIesProvisions 15 1,029,198 958,683 231,940 246,593

total Non-Current Liabilities 1,029,198 958,683 231,940 246,593totAL LIAbILItIes 25,097,699 24,196,341 3,732,162 3,447,839

Net Assets 112,422,509 106,560,734 98,757,417 96,396,888

eQuItyReserves 17 7,603,261 36,394,049 1,360,333 15,727,392

Retained earnings 104,819,248 70,166,685 97,397,084 80,669,496

totAL eQuIty 112,422,509 106,560,734 98,757,417 96,396,888


CoNsoLIDAteD stAtemeNt oF FINANCIAL posItIoNAs At 30 JuNe 2014


reserVes Note 17Retained

eaRnings

$

asset Revalu-

ation ReseRve

$

Capital pRofits ReseRve

$

Bequest ReseRve

$

flood Relief

appeal ReseRve

$

fund-a-futuRe

ReseRve $

WelfaRe/asylum

assistanCe ReseRve

$

shaRe Revalu-

ation ReseRve

$

total

$

CoNsoLIDAteD eNtItyBalance at 1 July 2012 68,703,239 28,256,034 198,036 6,124,750 290,468 130,000 - (151,804 ) 103,550,723

Surplus for the year 2,197,665 - - - - - - - 2,197,665

Other Comprehensive Income - - - - - - - 812,346 812,346

total Comprehensive surplus 2,197,665 - - - - - - 812,346 3,010,011

Transfer from Flood Relief Appeal Reserve

290,468 - - - (290,468 ) - - - -

Transfer to Welfare/Asylum Assistance Reserve

(1,024,687 ) - - - - - 1,024,687 - -

balance at 30 June 2013 70,166,685 28,256,034 198,036 6,124,750 - 130,000 1,024,687 660,542 106,560,734


Other Comprehensive Income - - - - - - - 597,067 597,067

total Comprehensive surplus 5,264,708 - - - - - - 597,067 5,861,775

Transfer from Bequest Reserve 107,134 - - (107,134 ) - - - - -

Transfer from Welfare/Asylum Assistance Reserve

1,024,687 - - - - - (1,024,687 ) - -

Transfer from Asset Revaluation Reserve

28,256,034 (28,256,034 ) - - - - - - -

At 30 JuNe 2014 104,819,248 - 198,036 6,017,616 - 130,000 - 1,257,609 112,422,509

pAreNt eNtItyBalance at 1 July 2012 79,990,931 13,235,238 - 1,467,467 290,468 - - - 94,984,104


Other Comprehensive Income - - - - - - - - -

total Comprehensive surplus 1,412,784 - - - - - - - 1,412,784

Transfer from Flood Relief Appeal Reserve

290,468 - - - (290,468 ) - - - -

Transfer to Welfare/Asylum Assistance Reserve

(1,024,687 ) - - - - - 1,024,687 - -

balance at 30 June 2013 80,669,496 13,235,238 - 1,467,467 - - 1,024,687 - 96,396,888


Other Comprehensive Income - - - - - - - - -

total Comprehensive surplus 2,360,529 - - - - - - - 2,360,529

Transfer from Bequest Reserve 107,134 - - (107,134 ) - - - - -

Transfer from Welfare/Asylum Assistance Reserve

1,024,687 - - - - - (1,024,687 ) - -

Transfer from Asset Revaluation Reserve

13,235,238 (13,235,238 ) - - - - - - -

At 30 JuNe 2014 97,397,084 - - 1,360,333 - - - - 98,757,417


CoNsoLIDAteD stAtemeNt oF ChANges IN eQuItyFor the yeAr eNDeD 30 JuNe 2014






CAsh FLows From operAtINg ACtIVItIes:Receipts from operating activities 73,985,109 68,491,498 32,340,596 30,023,998

Receipts from supporters 9,994,457 10,500,709 9,994,457 10,500,709

Payments to clients, suppliers and employees

(77,364,909 ) (75,015,754 ) (38,128,033 ) (38,348,442 )

Interest received 2,231,019 2,061,848 438,041 495,805

Net cash provided by operating activities

20(b) 8,845,676 6,038,301 4,645,061 2,672,070

CAsh FLows From INVestINg ACtIVItIes:Proceeds from sale of property, plant and equipment

459,883 1,099,742 241,700 876,338

Proceeds from investments 1,917,609 1,290,081 3,200 -

Payment for property, plant and equipment

(5,389,554 ) (4,848,429 ) (3,554,977 ) (2,637,244 )

Payments for intangible assets (13,806 ) (57,461 ) - (57,461 )

Payments for investments (2,330,365 ) (4,815,730 ) - -

Capital contributed to subsidiaries - - 390,940 (2,435,469 )

Net cash (used in) investing activities

(5,356,232 ) (7,331,797 ) (2,919,137 ) (4,253,836 )

CAsh FLows From FINANCINg ACtIVItIes:Proceeds from residents’ accommodation bonds

3,631,500 3,441,074 - -

Repayment of residents’ accommodation bonds

(3,171,900 ) (4,500,783 ) - -

Net cash provided by / (used in) financing activities

459,600 (1,059,709 ) - -

Net increase / (decrease) in cash and cash equivalents

3,949,044 (2,353,206 ) 1,725,924 (1,581,766 )

Cash and cash equivalents at the beginning of the financial year

43,182,279 45,535,484 13,554,835 15,136,601

Cash and cash equivalents at the end of the financial year

20(a) 47,131,323 43,182,279 15,280,759 13,554,835


CoNsoLIDAteD stAtemeNt oF CAsh FLowsFor the yeAr eNDeD 30 JuNe 2014


Notes to the FINANCIAL stAtemeNtsFor the yeAr eNDeD 30 JuNe 2014

Note 1. summAry oF sIgNIFICANt ACCouNtINg poLICIesgeneral informationThe St Vincent de Paul Society Victoria Inc. (“the Society”) is a non government welfare agency incorporated under the Associations Incorporation Reform Act 2012 and is domiciled in Australia.

The Society’s registered office and its principal place of business are as follows:

Registered office Principal place of business43-45 Prospect Street 43-45 Prospect StreetBox Hill, VIC 3128 Box Hill, VIC 3128Tel: (03) 9895 5800 Tel: (03) 9895 5800

statement of complianceThe financial report is a general purpose financial report which has been prepared in accordance with the Australian Accounting Standards – Reduced Disclosure Requirements and the requirements of the Associations Incorporation Reform Act 2012 and complies with other requirements of the law.

The financial report covers the consolidated entity being St Vincent de Paul Society Victoria Inc., VincentCare Victoria and its subsidiary VincentCare Community Housing, St Vincent de Paul Victoria Endowment Fund and Society of St Vincent de Paul (Victoria). The consolidated entity in these financial statements will be referred to as ”the Group”. The parent entity is St Vincent de Paul Society Victoria Inc.

For the purposes of preparing the consolidated financial statements, the Group is a not-for-profit entity.

The financial report of St Vincent de Paul Society Victoria Inc. complies with Australian Accounting Standards to the extent noted above, which include Australian equivalents to International Financial Reporting Standards (AIFRS). Due to the application of Australian specific provisions for not-for-profit entities contained only within the AIFRS, the financial reports and notes thereto are not necessarily compliant with all International Accounting Standards.

The financial statements were authorised for issue by the directors on 26 September 2014.

basis of preparationThe consolidated financial statements have been prepared on the basis of historical cost, except for certain properties and financial instruments that are measured at revalued amounts or fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars, unless otherwise noted.

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, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of AASB 2, leasing transactions that are within the scope of AASB 117, and measurements that have some similarities to fair value but are not fair value, such as net realisable value in AASB 2 or value in use in AASB 136.

In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:

• Level1inputsarequotedprices(unadjusted)inactivemarketsforidenticalassetsorliabilitiesthattheentitycanaccessatthe measurement date;

• Level2inputsareinputs,otherthanquotedpricesincludedwithinLevel1,thatareobservablefortheassetorliability,either directly or indirectly; and

• Level3inputsareunobservableinputsfortheassetorliability.


Critical accounting judgements and key sources of estimation uncertaintyIntheapplicationoftheGroup’saccountingpolicies,thedirectorsarerequiredtomakejudgements,estimatesandassumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical judgements in applying accounting policiesThefollowingarethecriticaljudgementsthatthedirectorshavemadeintheprocessofapplyingtheGroup’saccountingpolicies and that have the most significant effect on the amounts recognised in the consolidated financial statements.

Doubtful debt provision Bed licencesRefer Note 6 for the doubtful debt provision disclosure. Refer Note 13 for the valuation of bed licences disclosure.

Long service leave provision PropertyRefer Note 14 for long service leave provision disclosure. Refer Note 11 for the impairment of property disclosure.

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

(a) prINCIpLes oF CoNsoLIDAtIoNThe consolidated financial statements of St Vincent de Paul Society Victoria Inc comprise St Vincent de Paul Society Victoria Inc, VincentCare Victoria and its subsidiary VincentCare Community Housing, St Vincent de Paul Victoria Endowment Fund and Society of St Vincent de Paul (Victoria).

A controlled entity is an entity controlled by St Vincent de Paul Society Victoria Inc. Control exists where St Vincent de Paul Society Victoria Inc has the capacity to dominate the decision-making in relation to the financial and operating policies of anotherentitysothattheotherentityoperateswithStVincentdePaulSocietyVictoriaInctoachievetheobjectivesof St Vincent de Paul Society Victoria Inc. A list of controlled entities is contained in Note 9.

All inter-entity balances and transactions have been eliminated on consolidation.

(b) reVeNueRevenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognised:

sale of goodsRevenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer and can be measured reliably. Risks and rewards are considered passed to the buyer at the time of delivery and/or control of the goods has passed to the buyer.

government grantsGrants are principally of a recurrent or capital nature and intended to fund ongoing operations or asset acquisitions.

Income from grants is measured at the fair value of the contributions received or receivable and only when all the following conditions have been satisfied:

• theGroupobtainscontrolofthegrantfundsortherighttoreceivethegrantfunds;

• itisprobablethattheeconomicbenefitscomprisinggrantswillflowtotheGroup;and

• theamountofthegrantcanbemeasuredreliably.

Government grants are recognised as revenue when the entity gains control of the funds.


Notes to the FINANCIAL stAtemeNts (CoNt.)For the yeAr eNDeD 30 JuNe 2014

Note 1. summAry oF sIgNIFICANt ACCouNtINg poLICIes (CoNt.)

(b) reVeNue (CoNt.)

Accommodation bondsAccommodation bonds received from incoming residents are held for each individual resident and are recognised as a current liability. Monthly retention fees are deducted from each bond account according to the statutory requirements and are recognised as revenue. Interest earned on all monies is recognised as revenue and is used in accordance with the prudential requirements.

Client contributionsClient contributions by clients who have the capacity to pay are recognised when the service is provided.

Donations and bequestsRevenue or capital assets arising from donations and bequests is recognised when control is obtained, as it is impossible for the Group to reliably measure these prior to this time. For example, cash donations are recognised when banked and other donations are recognised when title of possession transfers to the Group.

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

(c) INCome tAxThe Group is exempt under the provisions of the Income Tax Assessment Act 1997,andassuchisnotsubjecttoincometaxesat this time. Accordingly, no income tax has been provided for the Group in these financial statements.

(d) CAsh AND CAsh eQuIVALeNtsCash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertibletoknownamountsofcash,whicharesubjecttoaninsignificantriskofchangesinvalueandhaveamaturityofthree months or less at the date of acquisition.

For the purposes of the Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.

(e) FINANCIAL AssetsInvestments are recognised and derecognised on trade date where the purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at fair value, net of transaction costs.

Financial assets are classified into the following specified categories: ‘term deposits’ and ‘loans and receivables’.

term depositsInvestments in term deposits are measured on the cost basis.

Loans and receivablesTrade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as ‘loans and receivables’. Loans and receivables are measured at amortised cost using the effective interest method less impairment.

Interest income is recognised by applying the effective interest rate.

Impairment of financial assetsFinancial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are impaired wherethereisobjectiveevidencethatasaresultofoneormoreeventsthatoccurredaftertheinitialrecognitionofthefinancial asset that estimated future cash flows of the investment have been impacted.

For financial assets carried at amortised cost, the amount of the impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate.

The carrying amount of financial assets including uncollectible trade receivables is reduced by the impairment loss through the use of an allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss.


If,inasubsequentperiod,theamountoftheimpairmentlossdecreasesandthedecreasecanberelatedobjectivelytoanevent occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.

Derecognition of financial assetsThe Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

(f) gooDs AND serVICes tAx (gst)Revenues, expenses and assets are recognised net of the amount of GST, except:

i. where the amount of GST incurred is not recoverable from the taxation authority, it is recognised as part of the cost of acquisition of an asset or as part of an item of expense; or

ii. For receivables and payables which are recognised inclusive of GST.

The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables.

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

(g) property, pLANt AND eQuIpmeNtLand and buildings held for use in the production or supply of goods or services, or for administrative purposes, are carried in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Properties in the course of construction are carried at cost, less any recognised impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalised in accordance with the Group’s accounting policy. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use.

Plant and equipment and leasehold improvements are stated at cost less accumulated depreciation and impairment. Cost includes expenditure that is directly attributable to the acquisition or construction of the item. In the event that the settlement of all or part of the purchase consideration is deferred, cost is determined by discounting the amounts payable in the future to their present value as at the date of acquisition.

Depreciation is provided on property, plant and equipment, including freehold buildings but excluding land. Depreciation is calculated on a straight-line basis so as to write off the net cost or other revalued amount of each asset over its expected useful life to its estimated residual value. Leasehold improvements are depreciated over the period of the lease or estimated useful life, whichever is the shorter, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each annual reporting period, with the effect of any changes recognised on a prospective basis.

The gain or loss arising on disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.

The following depreciation rates and methods are used in the calculation of depreciation:

CLAss oF property, pLANt AND eQuIpmeNt DepreCIAtIoN rAtes AND methoD

Buildings 1% to 2.5% straight line

Building Improvements 10% straight line

Leasehold Improvements Over the term of the lease

Furniture, Plant & Equipment 7% to 20% straight line

Computer Hardware & Software 33% straight line

Motor Vehicles 15% to 20% straight line

Artwork and antiquities are not depreciated.

Land is not a depreciable asset.




(h) INtANgIbLe AssetsIntangible assets are only recognised if they meet the identifiability criteria, that it is separable from the Group and arises from contractual or other legal rights. Intangible assets acquired separately are recorded at cost less accumulated amortisation and impairment. Amortisation is charged on a straight-line basis over their estimated useful lives.

Computer softwareComputer software that is not integral to the operation of a related piece of hardware or plant is classified as an intangible asset (for example, accounting systems software), and is initially recognised at cost. Subsequent to initial recognition, computer software is carried at its cost less accumulated amortisation and impairment losses. Computer software has a finite life, and is amortised on a systematic basis over its estimated useful life, being on a straight line basis over 3 years.

Aged Care bed licencesBed licences that are purchased are initially recorded at cost. Bed licences that are received for no consideration are recognised at their fair value through the Statement of Profit or Loss and Other Comprehensive Income at the date of acquisition, having regard to recent sale activity within the industry, which the Group then uses to record the licences at deemed cost. Bed licences have an indefinite life, as long as the Group continues to comply with the terms and conditions imposed by Government. Bed licences are therefore tested annually for impairment.

Subsequent to initial recognition, bed licences continue to be carried at their original deemed cost (being the fair value at the date of acquisition), less any impairment losses.

(i) ImpAIrmeNtThe carrying values of tangible and intangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

If any such indication exists and where the carrying values exceed the estimated recoverable amount, the assets are written down to their recoverable amount.

At each reporting date, the directors review a number of factors affecting tangible and intangibles assets, including property, plant and equipment, to determine if these assets may be impaired. If an impairment indicator exists, the recoverable amount of the asset, being the higher of the asset’s ‘fair value less costs to sell’ and ‘value in use’ is compared to the carrying value. Any excess of the asset’s carrying value over its recoverable amounts is expensed in the Statement of Profit or Loss and Other Comprehensive Income as an impairment expense.

As the future economic benefits of the Group’s assets are not primarily dependent on their ability to generate net cash inflows, and if deprived of the asset, the Group would replace the asset’s remaining future economic benefits, ‘value in use’ may be determined as the depreciated replacement cost of the asset, rather than by using discounted future cash flows.

Depreciated replacement cost is defined as the current replacement cost of an asset less, where applicable, accumulated depreciation calculated on the basis of such cost to reflect the already consumed or expired future economic benefits of the asset.

The current replacement cost of an asset is its cost measured by reference to the lowest cost at which the future economic benefits of that asset could currently be obtained in the normal course of business.

Impairment losses are recognised in the Statement of Profit or Loss and Other Comprehensive Income.

(j) INVeNtorIesInventories are stated at the lower of cost and net realisable value. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale. Where inventories are held for distribution or are to be consumed by the Group in providing services or aid at no or nominal charge, they are valued at the lower of cost and replacement cost.


(k) trADe AND other reCeIVAbLesTrade receivables are recognised and carried at original invoice amount less an allowance for any uncollectible amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written off when identified.

(l) FINANCIAL LIAbILItIesFinancial liabilities, including borrowings, are initially measured at fair value, net of transaction costs.

Financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period.

(m) trADe AND other pAyAbLesTrade and other payables represent unpaid liabilities for goods received by and services provided to the Group prior to the end of the financial year. The amounts are unsecured and are normally settled within 30 days.

(n) LeAsesLeases where the lessor retains substantially all the risks and benefits of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease terms on the same basis as the lease income.

Operating lease payments are recognised as an expense in the Statement of Profit or Loss and Other Comprehensive Income on a straight-line basis over the lease term.

Finance leases, which transfer to the Group substantially all the risks and benefits included in ownership of the leased item, are capitalised at the inception of the lease at the fair value of the leased property or, if lower, at the present value of the minimum lease payments.

Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly against income.

Capitalised leased assets are depreciated over the shorter of the estimated useful life of the asset or the lease term.

(o) empLoyee beNeFItsA liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and long service leave when it is probable that settlement will be required and they are capable of being measured reliably.

Sick leave is non-vesting and has not been provided for.

Liabilities recognised in respect of employee benefits expected to be settled within 12 months, are measured at their nominal values using the remuneration rate expected to apply at the time of settlement.

Liabilities recognised in respect of employee benefits which are not expected to be settled within 12 months are measured as the present value of the estimated future cash outflows to be made by the Group in respect of services provided by employees up to reporting date.




(p) AppLICAtIoN oF New AND reVIseD ACCouNtINg stANDArDsIn the current year, the Group has applied a number of new and revised AASBs issued by the Australian Accounting Standards Board (AASB).

New and revised AAsbs affecting amounts reported and/or disclosures in the financial statements

stANDArD

AASB 1053 ‘Application of Tiers of Australian Accounting Standards’ and AASB 2010-2 ‘Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements’

AASB 1053 establishes a differential financial reporting framework consisting of two tiers of reporting requirements for general purpose financial statements, comprising Tier 1: Australian Accounting Standards and Tier 2: Australian Accounting Standards – Reduced Disclosure Requirements (RDR). AASB 2010-2 makes amendments to each Standard and Interpretation indicating the disclosures not required to be made by ‘Tier 2’ entities or inserting ‘RDR’ paragraphs requiring simplified disclosures for ‘Tier 2’ entities. The adoption of these standards has resulted in significantly reduced disclosures, largely in respect of income tax, segments, impairment, related parties, share-based payments, financial instruments and cash flows.

AASB 2011-2 ‘Amendments to Australian Accounting Standards arising from the Trans-Tasman Convergence Project–ReducedDisclosureRequirements’

AASB 2011-2 establishes reduced disclosure requirements for entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements in relation to the Australian additional disclosures arising from the Trans-TasmanConvergenceProject.Theadoptionofthisamendingstandarddoesnothaveanymaterial impact on the consolidated financial statements.

AASB 2011-6 ‘Amendments to Australian Accounting Standards – Extending Relief from Consolidation, the Equity Method and Proportionate Consolidation – Reduced Disclosure Requirements.

AASB 2011-6 extends the relief from consolidation, the equity method and proportionate consolidationtoaparententity,investororventurer,subjecttocertainrequirementsofthestandard. St Vincent de Paul Society Victoria Inc does not meet the requirements of the standard. Therefore the application of this amending standard will not have any impact on the consolidated financial statements.

AASB 2012-2 ‘Amendments to Australian Accounting Standards – Disclosures – Offsetting Financial Assets and Financial Liabilities’

The Group has applied the amendments to AASB 7 ‘Disclosures – Offsetting Financial Assets and Financial Liabilities’ for the first time in the current year. The amendments to AASB 7 require entities to disclose information about rights of offset and related arrangements (such as collateral posting requirements) for financial instruments under an enforceable master netting agreement or similar arrangement. The amendments have been applied retrospectively. As the Group does not have any offsetting arrangements in place, the application of the amendments does not have any material impact on the consolidated financial statements.

AASB 2012-5 ‘Amendments to Australian Accounting Standards arising from Annual Improvements 2009-2011 Cycle’

The Annual Improvements to AASBs 2009 - 2011 have made a number of amendments to AASBs. Amendments made to AASB 1, AASB 101, AASB 116, AASB 132 and AASB 134. The application of these amendments does not have any material impact on the consolidated financial statements.

AASB 2012-9 ‘Amendment to AASB 1048 arising from the Withdrawal of Australian Interpretation 1039’

This standard makes amendment to AASB 1048 ‘Interpretation of Standards’ following the withdrawalofAustralianInterpretation1039‘SubstantiveEnactmentofMajorTaxBillsinAustralia’. The adoption of this amending standard does not have any material impact on the consolidated financial statements.

AASB CF 2013-1 ‘Amendments to the Australian Conceptual Framework’ and AASB 2013-9 ‘Amendments to Australian Accounting Standards – Conceptual Framework, Materiality and Financial Instruments’ (Part A Conceptual Framework)

This amendment has incorporated IASB’s Chapters 1 and 3 Conceptual Framework for Financial Reporting as an Appendix to the Australian Framework for the Preparation and Presentation of Financial Statements. The amendment also included not-for-profit specific paragraphs to help clarify the concepts from the perspective of not-for-profit entities in the private and public sectors.

AsaresulttheAustralianConceptualFrameworknowsupersedestheobjectiveandthe qualitative characteristics of financial statements, as well as the guidance previously availableinStatementofAccountingConceptsSAC2‘ObjectiveofGeneralPurposeFinancial Reporting’. The adoption of this amending standard does not have any material impact on the consolidated financial statements.


New and revised standards on consolidation, joint arrangements, associates and disclosuresInAugust2011,apackageoffivestandardsonconsolidation,jointarrangements,associatesanddisclosureswasissuedcomprising AASB 10 ‘Consolidated Financial Statements’, AASB 11 ‘Joint Arrangements’, AASB 12 ‘Disclosure of Interests in Other Entities’, AASB 127 (as revised in 2011) ‘Separate Financial Statements’ and AASB 128 (as revised in 2011) ‘Investments in Associates and Joint Ventures’. Subsequent to the issue of these standards, amendments to AASB 10, AASB 11 and AASB 12 were issued to clarify certain transitional guidance on the first-time application of the standards.

In the current year, the Group has applied for the first time AASB 10, AASB 11, AASB 12 and AASB 128 (as revised in 2011) together with the amendments to AASB 10, AASB 11 and AASB 12 regarding the transitional guidance. AASB 127 (as revised in 2011) is not applicable to the Group as it deals only with separate financial statements.

The impact of the application of these standards is set out below.

stANDArD

AASB 10 ‘Consolidated Financial Statements’, AASB 2011-7 ‘Amendments to Australian Accounting Standards arising from the consolidation and Joint Arrangements standards’, and AASB 2012-11 ‘Amendments to Australian Accounting Standards – Reduced disclosure Requirements and Other Amendments’

AASB 10 replaces the parts of AASB 127 ‘Consolidated and Separate Financial Statements’ that deal with consolidated financial statements and Interpretation 112 ‘Consolidation – Special Purpose Entities’. AASB 10 changes the definition of control such that an investor controls an investee when a) it has power over an investee, b) it is exposed, or has rights, to variable returns from its involvement with the investee, and c) has the ability to use its power to affect its returns. All three of these criteria must be met for an investor to have control over an investee. Previously, control was defined as the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Additional guidance has been included in AASB 10 to explain when an investor has control over an investee. Some guidance included in AASB 10 that deals with whether or not an investor that owns less than 50 per cent of the voting rights in an investee has control over the investee is relevant to the Group.

AASB 12 ‘Disclosure of Interests in Other Entities’, AASB 2011-7 ‘Amendments to Australian Accounting Standards arising from the consolidation and Joint Arrangements standards’, and AASB 2012-7 ‘Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements’

AASB 12 is a new disclosure standard and is applicable to entities that have interests in subsidiaries,jointarrangements,associatesand/orunconsolidatedstructuredentities.In general, the application of AASB 12 has resulted in more extensive disclosures in the consolidated financial statements (please see note 9 for details).




(p) AppLICAtIoN oF New AND reVIseD ACCouNtINg stANDArDs (CoNt.)

New and revised standards on consolidation, joint arrangements, associates and disclosures (cont.)

stANDArD

AASB 13 ‘Fair Value Measurement’, AASB 2011-8 ‘Amendments to Australian Accounting Standards arising from AASB 13’, and AASB 2012-1 ‘Amendments to Australian Accounting Standards Fair Value Measurement – Reduced Disclosure Requirements’

The Group has applied AASB 13 for the first time in the current year. AASB 13 establishes a single source of guidance for fair value measurements and disclosures about fair value measurements. The scope of AASB 13 is broad; the fair value measurement requirements of AASB 13 apply to both financial instrument items and non-financial instrument items for which other AASBs require or permit fair value measurements and disclosures about fair value measurements, except for share-based payment transactions that are within the scope of AASB 2 ‘Share-based Payment’, leasing transactions that are within the scope of AASB 117 ‘Leases’, and measurements that have some similarities to fair value but are not fair value (e.g. net realisable value for the purposes of measuring inventories or value in use for impairment assessment purposes).

AASB 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market conditions. Fair value under AASB 13 is an exit price regardless of whether that price is directly observable or estimated using another valuation technique. Also, AASB 13 includes extensive disclosure requirements.

AASB 13 requires prospective application from 1 July 2013. In addition, specific transitional provisions were given to entities such that they need not apply the disclosure requirements set out in the Standard in comparative information provided for periods before the initial application of the Standard. In accordance with these transitional provisions, the Group has not made any new disclosures required by AASB 13 for the 2013 comparative period (please see notes 11, 12, 13 and 21 for the 2014 disclosures). Other than the additional disclosures, the application of AASB 13 does not have any material impact on the amounts recognised in the consolidated financial statements.

AASB 2012-10 ‘Amendments to Australian Accounting Standards – Transition Guidance and Other Amendments’

This standard amends AASB 10 and various Australian Accounting Standards to revise the transition guidance on the initial application of those Standards. This standard also clarifiesthecircumstancesinwhichadjustmentstoanentity’spreviousaccountingfor itsinvolvementwithotherentitiesarerequiredandthetimingofsuchadjustments. The adoption of this amending standard does not have any material impact on the consolidated financial statements.

AASB 119 ‘Employee Benefits’ (2011), AASB 2011-10 ‘Amendments to Australian Accounting Standards arising from AASB 119 (2011)’ and AASB 2011-11 ‘Amendments to AASB 119 (September 2011) arising from Reduced Disclosure Requirements’

In the current year, the Group has applied AASB 119 (as revised in 2011) ‘Employee Benefits’ and the related consequential amendments for the first time.

AASB 119 (as revised in 2011) changes the accounting for defined benefit plans and termination benefits. The most significant change relates to the accounting for changes in defined benefit obligations and plan assets. The amendments require the recognition of changes in defined benefit obligations and in the fair value of plan assets when they occur, and hence eliminate the ‘corridor approach’ permitted under the previous version of AASB 119 and accelerate the recognition of past service costs. All actuarial gains and losses are recognised immediately through other comprehensive income in order for the net pension asset or liability recognised in the consolidated statement of financial position to reflect the full value of the plan deficit or surplus. Furthermore, the interest cost and expected return on plan assets used in the previous version of AASB 119 are replaced with a ‘net interest’ amount under AASB 119 (as revised in 2011), which is calculated by applying the discount rate to the net defined benefit liability or asset. These changes have had an impact on the amounts recognised in profit or loss and other comprehensive income in prior years. In addition, AASB 119 (as revised in 2011) introduces certain changes in the presentation of the defined benefit cost including more extensive disclosures.


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Note 2. reVeNue AND other INCome

(a) Fundraising activities

Bequests 3,802,941 3,396,276 3,271,077 2,287,441

Donations 5,878,579 6,880,794 5,833,789 6,809,879

9,681,520 10,277,070 9,104,866 9,097,320

(b) government grants

Councils/Conferences/Centres 572,585 569,785 572,585 569,785

Residential aged care 16,120,960 14,839,281 - -

Accommodation & support services 13,882,663 12,995,718 - -

Disability employment services 821,886 859,030 - -

31,398,094 29,263,814 572,585 569,785

(c) sale of goods

Sales – retail centres 31,247,308 29,227,711 31,247,308 29,227,711

Sales – groceries - 259,959 - 259,959

Sales – piety 302,075 486,403 302,075 486,403

Sales – disability employment services 802,031 1,055,474 - -

32,351,414 31,029,547 31,549,383 29,974,073

(d) other revenue

Client/resident fees 6,342,207 5,820,465 - -

Accommodation bond retention 279,299 289,270 - -

Accommodation charge 689,609 592,778 - -

Interest/investment income – other persons 2,324,904 2,567,957 448,817 488,674

Sundry income 2,621,907 2,975,337 317,006 833,604

12,257,926 12,245,807 765,823 1,322,278

(e) Net (loss)/gain on sale of property, plant and equipment

(348 ) 413,986 (79,900 ) 413,986

totAL reVeNue 85,688,606 83,230,224 41,912,757 41,377,442

other INCome(f) Changes in fair value of financial assets designated as at fair value through statement of Comprehensive Income

597,067 812,346 - -



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Note 3. operAtINg surpLusoperAtINg expeNses(a) Cost of salesEmployee salaries & benefits 9,659,258 9,444,991 8,241,365 8,095,688

Cost of goods sold – purchases /materials 1,054,715 1,352,543 1,033,049 1,324,576

Depreciation & Amortisation 1,547,468 1,541,625 1,467,653 1,461,322

Net loss on disposal of property, plant and equipment

- 21,145 - -

Construction costs expensed - 1,000 - -

Other selling & administration costs 9,343,385 9,671,631 9,048,292 9,334,134

21,604,826 22,032,935 19,790,359 20,215,720

(b) Fundraising/public relationsEmployee salaries & benefits 693,384 605,891 693,384 605,891

Promotion 256,762 213,082 256,762 213,082

Other administration costs 436,408 605,162 436,408 605,162

1,386,554 1,424,135 1,386,554 1,424,135

(c) AdministrationEmployee salaries & benefits 1,535,061 1,883,515 1,535,061 1,953,029

Depreciation & Amortisation 331,235 298,465 331,235 298,465

Computer maintenance 55,264 71,013 55,264 71,013

Legal & Professional fees 136,892 139,708 59,467 61,519

Motor vehicle costs 50,624 68,685 50,624 68,685

Insurance 67,650 165,970 67,650 165,970

Printing/Postage/Office supplies 147,273 171,938 147,273 171,938

Repairs & Maintenance 39,666 59,606 39,666 59,606

Telephone 23,382 39,344 23,382 39,344

Training 57,985 27,167 57,985 27,167

Travel & Accommodation 55,842 6,105 55,842 6,105

Other – includes Shared Services costs 325,640 228,638 1,311,384 1,247,828

State Council 328,151 473,089 328,151 473,089

3,154,665 3,633,243 4,062,984 4,643,758

(d) Impairment expensesImpairment of Aged Care bed licences - 1,855,000 - -

- 1,855,000 - -


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(e) people in Need servicesAccommodation/Transport 1,107,469 1,062,380 1,107,469 1,062,380Food vouchers 5,005,030 4,820,244 5,005,030 4,820,244Food purchases 1,283,752 1,338,883 1,283,752 1,338,883Household goods 1,065,142 562,974 1,065,142 562,974Utilities 564,768 512,167 564,768 512,167Medical 175,783 159,789 175,783 159,789Education 513,364 504,483 513,364 504,483Compassionate 10,409 13,634 10,409 13,634Youth 78,512 78,967 78,512 78,967Flood relief - 450,401 - 450,401Overseasprojects 650,631 613,575 650,631 613,575Bursary 38,806 24,089 38,806 24,089Sundry 170,965 212,598 170,965 212,598

10,664,631 10,354,184 10,664,631 10,354,184

(f) residential Aged Care servicesEmployee salaries & benefits 15,819,587 15,188,473 - -Depreciation & Amortisation 1,474,758 1,454,042 - -Legal & Professional fees 475,971 662,021 - -Utilities 605,164 523,290 - -Occupancy costs 2,035,948 2,012,869 - -Motor vehicle costs 37,116 42,007 - -Food services 956,310 909,850 - -Resident services 1,047,570 896,611 - -Interest paid – other persons 55,904 58,570 - -Net loss on disposal of property, plant and equipment

- 138,150 - -

Construction costs expensed 1,073 18,789 - -Other administration costs 1,452,377 1,598,215 - -

23,961,778 23,502,887 - -

(g) homelessness & housing servicesEmployee salaries & benefits 10,114,492 9,226,293 - -Depreciation & Amortisation 634,894 671,463 - -Legal & Professional fees 297,947 368,937 - -Utilities 344,262 261,880 - -Occupancy costs 1,386,727 952,286 - -Motor vehicle costs 109,101 139,127 - -Food services 305,769 305,495 - -Client services 1,687,958 1,884,164 - -Net loss on disposal of property, plant and equipment

- 17,184 - -

Construction costs expensed 17,664 58,449 - -Other administration costs 1,104,930 1,018,036 - -

16,003,744 14,903,314 - -



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Note 3. operAtINg surpLus (CoNt.)

operAtINg expeNses (CoNt.)(h) support servicesAccounting & Payroll support 221,163 214,721 221,163 214,721

Conference Support – employee salaries & benefits

1,415,363 1,329,119 1,415,363 1,329,119

Conference Support – other 304,469 300,583 304,469 300,583

State, National, International Councils 636,962 563,112 636,962 563,112

Conference operating costs 1,069,743 919,326 1,069,743 919,326

3,647,700 3,326,861 3,647,700 3,326,861

80,423,898 81,032,559 39,552,228 39,964,658

(i) other ItemsSurplus from operating activities has been determined after:

(a) ExpensesDepreciation and amortisation of property, plant & equipment

- Depreciation of property, plant & equipment 4,137,183 4,087,439 1,985,056 1,935,288

- Amortisation of intangibles 78,721 118,658 41,382 64,991

Construction costs expensed 18,737 78,238 - -

Impairment of trade receivables 50,676 26,594 - -

Bad debts written off 11,575 430 - -

Rental expense on operating leases

- Minimum lease payments 4,771,920 4,772,943 4,044,313 3,896,335

Employee salaries & benefits 37,821,782 36,349,163 12,106,336 12,198,449

Remuneration of Auditor

- Audit 98,744 91,880 45,744 51,975

- Other services

46,989,338 45,525,345 18,222,831 18,147,038

(b) Net (loss) / gainNet (loss) / gain on sale of property, plant and equipment

(348 ) 237,507 (79,900 ) 413,986

Note 4. Key mANAgemeNt persoNNeL CompeNsAtIoNThe aggregate compensation made to key management personnel of the Group

2,646,428 2,642,930 1,368,106 1,404,998


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Note 5. CAsh AND CAsh eQuIVALeNtsCash on hand 38,296 51,708 23,556 36,068

Cash deposits with banksCouncils & Central Office 1,701,766 1,645,239 1,701,766 1,645,239

SVDP Victoria Endowment Fund 220,398 499,032 - -

Society of St Vincent de Paul (Victoria) 5,164 4,876 - -

VincentCare Victoria 233,832 667,214 - -

term depositsCouncils, Central Office & Conferences 13,555,438 11,873,528 13,555,438 11,873,528

VincentCare Victoria 31,376,429 28,440,682 - -

47,131,323 43,182,279 15,280,760 13,554,835

Note 6. trADe AND other reCeIVAbLesTrade debtors (i) 1,327,900 1,207,948 189,802 388,215

Allowance for doubtful debts (215,886 ) (165,210 ) - -

1,112,014 1,042,738 189,802 388,215

Other debtors 1,525,052 1,278,935 509,273 589,880

SVDP Victoria Endowment Fund - - 119,059 507,348

total Current receivables 2,637,066 2,321,673 818,134 1,485,443

(i) The average credit period on sale of goods and rendering of services is 30-60 days. No interest is charged on the trade receivables. An allowance has been made for estimated irrecoverable trade receivable amounts arising from the sale of goods and rendering of services, determined by reference to past default experience.

Movement in the allowance for doubtful debtsBalance at the beginning of the year 165,210 138,616 - -

Impairment losses recognised on receivables

59,276 54,686 - -

Impairment losses reversed (8,600 ) (28,092 ) - -

balance at the end of the year 215,886 165,210 - -

In determining the recoverability of a trade receivable, the Group considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date. The concentration of credit risk is limited due to the customer base being large and unrelated. Accordingly, the directors believe that there is no further credit provision required in excess of the allowance for doubtful debts.

Note 7. INVeNtorIesFinished goods 127,875 126,333 116,425 106,061



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Note 8. other FINANCIAL AssetsHeld-to-maturity investments carried at amortised cost:

NoN-CurreNtMedium term interest bearing securities 4,005,976 4,382,507 - -

4,005,976 4,382,507 - -

Financial assets carried at fair value through Statement of Comprehensive Income:

CurreNtShares in listed corporations 7,111,489 5,425,519 - 3,200

11,117,465 9,808,026 - 3,200

Disclosed in the financial statements as:Current financial assets 7,111,489 5,425,519 - 3,200

Non-current financial assets 4,005,976 4,382,507 - -

11,117,465 9,808,026 - 3,200

Note 9. INVestmeNts IN CoNtroLLeD eNtItIesNoN CurreNtInvestments in controlled entities - - 60,153,287 60,148,438

CouNtry oF INCorporAtIoN

perCeNtAge owNeD

perCeNtAge owNeD

pAreNt eNtIty:St Vincent de Paul Society Victoria Inc. Australia - -

CoNtroLLeD eNtItIes oF st VINCeNt De pAuL soCIety VICtorIA INC.Society of St Vincent de Paul (Victoria) Australia 100% 100%

St Vincent de Paul Victoria Endowment Fund Australia 100% 100%

VincentCare Victoria Australia 100% 100%

VincentCare Community Housing Australia 100% 100%

DurINg the FINANCIAL yeAr:

The Society contributed $nil (2013: $1,200,000) to St Vincent de Paul Victoria Endowment Fund; and

The Society received interest income of $nil (2013: $500,000) from St Vincent de Paul Victoria Endowment Fund.

The purpose of the St Vincent de Paul Endowment Fund is to provide a separate entity into which bequests or other funds may be invested over a period of time, with interest earnings flowing back to St Vincent de Paul Society Victoria Inc. or its controlled entities.


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Note 10. other Assets – CurreNtGST recoveries 395,367 239,027 417,122 235,772

Prepayments 912,220 651,372 662,552 464,555

1,307,587 890,399 1,079,674 700,327

Note 11. property, pLANt & eQuIpmeNtLANDAt cost 22,758,642 22,835,496 8,598,878 8,675,732

buILDINgsAt cost 36,394,935 36,572,651 10,894,781 11,074,353

Buildings under construction 338,526 667,694 219,897 315,243

Less accumulated depreciation (8,864,843 ) (7,954,749 ) (3,014,424 ) (2,761,477 )

27,868,618 29,285,596 8,100,254 8,628,119

buILDINg ImproVemeNtsAt cost 8,891,444 6,909,008 3,835,457 2,865,307

Less accumulated depreciation (2,589,238 ) (1,831,503 ) (885,126 ) (590,364 )

6,302,206 5,077,505 2,950,331 2,274,943

LeAsehoLD ImproVemeNtsAt cost 3,831,829 3,179,385 2,577,392 2,183,663


1,701,455 1,314,872 848,423 620,560

FurNIture, pLANt & eQuIpmeNtAt cost 13,276,985 11,621,934 5,782,300 4,689,332


5,404,074 4,843,592 2,219,782 1,598,605

motor VehICLesAt cost 4,620,656 5,304,548 4,377,390 4,339,543


1,787,120 2,047,479 1,737,103 1,844,843

Computer hArDwAreAt cost 2,109,631 1,957,819 1,408,230 1,261,684


338,270 290,261 253,816 144,516

ArtworK & ANtIQuItIesAt cost 2,980 2,980 2,455 2,455

66,163,365 65,697,781 24,711,042 23,789,773



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Note 11. property, pLANt & eQuIpmeNt (CoNt.)ReconciliationsReconciliations of the carrying amounts of each class of property, plant & equipment at the beginning and end of the current and previous financial years are set out below.

totAL LANDCarrying amount at beginning of financial year 22,835,496 22,940,496 8,675,732 8,780,732

Disposals - (105,000 ) - (105,000 )

Reclassifications (76,854 ) - (76,854 ) -

Carrying amount at end of financial year 22,758,642 22,835,496 8,598,878 8,675,732

totAL buILDINgsCarrying amount at beginning of financial year 29,285,596 29,988,144 8,628,119 8,869,558

Additions 3,318,724 2,619,223 2,225,855 1,168,524

Transfer of Capital WIP (3,626,099 ) (2,249,185 ) (2,320,000 ) (1,072,773 )

Reclassifications (157,822 ) (5,351 ) (157,822 ) (5,351 )

Disposals (1,200 ) (52,058 ) (1,200 ) (52,058 )

Construction costs expensed (18,737 ) (78,238 ) - -

Less depreciation (931,844 ) (936,939 ) (274,698 ) (279,781 )


totAL buILDINg ImproVemeNtsCarrying amount at beginning of financial year 5,077,505 3,885,185 2,274,943 1,585,562

Additions 451,164 515,318 134,073 194,393

Transfer from Capital WIP 1,538,513 1,319,758 836,077 779,091

Reclassifications (7,240 ) (40,335 ) - (40,335 )



totAL LeAsehoLD ImproVemeNtsCarrying amount at beginning of financial year 1,314,872 1,326,480 620,560 679,154

Additions 101,717 27,240 94,814 27,240

Transfer from Capital WIP 673,598 323,296 421,786 204,062

Reclassifications (27,858 ) (2,454 ) (27,858 ) (2,454 )

Disposals (7,887 ) - (7,887 ) -


Carrying amount at end of financial year 1,701,455 1,314,872 848,423 620,560


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totAL FurNIture, pLANt & eQuIpmeNtCarrying amount at beginning of financial year 4,843,592 4,909,042 1,598,605 1,537,860 Additions 844,626 967,216 391,008 576,745 Transfer from Capital WIP 1,241,212 567,476 947,745 50,963 Disposals (64,320 ) (246,176 ) (36,348 ) (24,304 )Reclassifications (92,256 ) 50,775 (99,497 ) 50,775 Less depreciation (1,368,780 ) (1,404,741 ) (581,731 ) (593,434 )Carrying amount at end of financial year 5,404,074 4,843,592 2,219,782 1,598,605

totAL motor VehICLesCarrying amount at beginning of financial year 2,047,479 2,441,788 1,844,843 1,968,185 Additions 553,097 569,207 553,097 561,690 Transfer from Capital WIP 34,079 38,659 34,079 38,659 Disposals (379,745 ) (451,766 ) (274,771 ) (280,180 )Reclassifications - (2,636 ) - (2,636 )Less depreciation (467,790 ) (547,773 ) (420,145 ) (440,875 )Carrying amount at end of financial year 1,787,120 2,047,479 1,737,103 1,844,843

totAL Computer hArDwAreCarrying amount at beginning of financial year 290,261 317,903 144,516 126,661 Additions 182,268 202,935 144,067 96,119 Transfer from Capital WIP 3,511 - - - Disposals (7,079 ) (7,234 ) (1,394 ) (809 )Reclassifications 127,356 12,533 127,356 12,533 Less depreciation (258,047 ) (235,876 ) (160,729 ) (89,988 )Carrying amount at end of financial year 338,270 290,261 253,816 144,516

totAL ArtworK & ANtIQuItIesCarrying amount at beginning and end of financial year

2,980 2,980 2,455 2,455

totAL property, pLANt & eQuIpmeNtCarrying amount at beginning of financial year 65,697,781 65,812,020 23,789,773 23,550,169 Additions 5,451,596 4,901,139 3,542,914 2,624,711 Transfer from Capital WIP (80,312 ) - (80,312 ) - Disposals (460,232 ) (862,235 ) (321,600 ) (462,352 )Reclassifications (234,677 ) 12,535 (234,677 ) 12,535 Transfer to Intangibles (54,870 ) - - - Construction costs expensed (18,737 ) (78,237 ) - - Less depreciation (4,137,183 ) (4,087,439 ) (1,985,056 ) (1,935,288 )Carrying amount at end of financial year 66,163,365 65,697,781 24,711,042 23,789,773

An independent valuation of the Group’s land and buildings is performed every three years. The latest valuation was performed in the 2012 financial year by Knight Frank Health and Aged Care Victoria. An impairment loss of $750,256 was recognised in respect of land and buildings.

In accordance with the accounting policy in Note 1(g), land and buildings have not been revalued to the current market value.



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Note 12. property CLAssIFIeD As heLD For sALeFreehold property held for sale 234,677 - 234,677 -

The Society has contracted to dispose a freehold property, located in Mildura, that is no longer required for operational purposes. Settlement occurred on 3 July 2014.

Note 13. INtANgIbLesAgeD CAre beD LICeNCesAged Care bed licences at deemed cost 8,645,000 8,645,000 - - Computer soFtwAre & It DeVeLopmeNtAt cost 1,320,345 1,174,235 480,453 403,018 Less accumulated amortisation (1,164,495 ) (1,088,651 ) (384,873 ) (346,368 )

155,850 85,584 95,580 56,650 total Intangibles 8,800,850 8,730,584 95,580 56,650

Reconciliations: Reconciliations of the carrying amounts of each class of intangible assets at the beginning and end of the current and previous financial years are set out below:

AgeD CAre beD LICeNCesCarrying amount at beginning of financial year 8,645,000 10,500,000 - - Impairment loss recognised in the Statement of Comprehensive Income

- (1,855,000 ) - -

Carrying amount at end of financial year 8,645,000 8,645,000 - -

totAL Computer soFtwAre & It DeVeLopmeNtCarrying amount at beginning of financial year 85,584 146,770 56,650 64,179 Additions 13,806 69,996 - 69,996 Transfer from Capital WIP 135,182 - 80,312 Reclassifications - (12,534 ) - (12,534 )Less amortisation (78,721 ) (118,648 ) (41,382 ) (64,991 )Carrying amount at end of financial year 155,851 85,584 95,580 56,650

totAL INtANgIbLesCarrying amount at beginning of financial year 8,730,584 10,646,770 56,650 64,179 Additions 13,806 69,996 - 69,996 Transfer from Capital WIP 135,181 - 80,312 Reclassifications - (12,534 ) - (12,534 )Impairment loss recognised in the Statement of Comprehensive Income

- (1,855,000 ) - -

Less amortisation (78,721 ) (118,648 ) (41,382 ) (64,991 )Carrying amount at end of financial year 8,800,850 8,730,584 95,580 56,650

During the year, the Group carried out a review of the recoverable amount of the Aged Care bed licences. These licences are used in the Group’s Residential Aged Care segment. The bed licences were valued at greater than the carrying amount so no impairment was recognised (2013: impairment loss of $1,855,000). The recoverable amount of the bed licences has been determined based on an independent valuation performed by Knight Frank Health and Aged Care Victoria.

The impairment loss has been included in the line item Impairment Expenses in the Statement of Comprehensive Income.


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Note 14. trADe AND other pAyAbLesUnsecured:Trade creditors (i) 1,213,942 1,098,686 716,313 631,899

Accrued creditors 1,445,737 722,003 870,225 323,476

Other creditors 479,191 1,041,346 110,756 625,886

VincentCare Victoria - - - 86,469

3,138,870 2,862,035 1,697,294 1,667,730

(i) The average credit period on purchases of goods is 30 days. No interest is charged on the trade payables. The Group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe.

Note 15. proVIsIoNsCurreNtEmployee benefits (i) 5,276,322 5,386,955 1,531,848 1,416,538

5,276,322 5,386,955 1,531,848 1,416,538

NoN-CurreNtEmployee benefits 1,029,198 958,683 231,940 246,593

Aggregate employee entitlement Liability 6,305,520 6,345,638 1,763,788 1,663,131

(i) The Group’s current provision for employee benefits includes $4,083,669 (Parent Entity: $1,531,848) of annual leave and vested long service leave entitlements accrued but not expected to be taken within 12 months (2013: Group $4,398,390; Parent Entity $1,416,538).

Note 16. other LIAbILItIesUnsecured:Refundable accommodation bonds 12,866,635 12,725,544 - -

Grants in advance 2,467,472 2,156,518 - -

Prepaid income 246,821 55,221 239,203 96,230

Deferred Lease Liability 72,381 51,385 31,877 20,748

15,653,309 14,988,668 271,080 116,978



Note 17. reserVesNature and purpose of reserves as disclosed in the statement of Changes in equity:

Asset Revaluation Reserve $nil (2013: $28,256,034) – parent entity $nil (2013: $13,235,238)Represented previous increases in valuation of land and buildings. Land and buildings are now held at deemed cost. The Group is using this reserve to keep a record of those previous revaluations. During the year, the Group decided to transfer the balance of the Asset Revaluation Reserve to Accumulated Funds. The transfer has been recognised in the Statement of Changes in Equity.

Capital Profits Reserve $198,036 (2013: $198,036) – parent entity $Nil (2013: $Nil)Represents the capital value of land and building sold.

Fund-a-Future Reserve $130,000 (2013: $130,000) – parent entity $Nil (2013: $Nil)Represents funds set aside for an accommodation and support program for homeless young people between the ages of 15 and 24.

Bequest Reserve $6,017,616 (2013: $6,124,750) – parent entity $1,360,333 (2013: $1,467,467)The Group receives bequests where the bequestor has nominated a specific purpose or service to which the funds are to be directed. In these instances the Group establishes a reserve to recognise the unapplied funds from bequests of this nature. The reserve is supported by the Donations and Bequest Register that details the breakdown of the reserve.

Welfare/Asylum Assistance Reserve $nil (2013: $1,024,687) – parent entity $nil (2013: $1,024,687)Represents funds set aside for welfare assistance including assistance to asylum seekers. During the year, the Group decided to transfer the balance of the Welfare/Asylum Assistance Reserve to Accumulated Funds. The transfer has been recognised in the Statement of Changes in Equity.

Share Revaluation Reserve $1,257,609 (2013: $660,542) – parent entity $nil (2013: $nil)Representsmarket-to-marketvalueadjustmentsofavailableforsaleinvestments.

Note 18. LeAse CommItmeNts reCeIVAbLeCommitments in relation to leases contracted for at the reporting date but not recognised as assets receivable:

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Within one year 240 - 240 50,000

Later than one year but not later than 5 years 341 - 341 -

Later than five years - - - -

581 - 581 50,000

represeNtINgNon-cancellable operating lease 581 - 581 50,000

The property leases are non cancellable leases spanning various terms with rental received monthly in advance.


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Note 19. CApItAL AND LeAse CommItmeNts(a) LeAse CommItmeNts pAyAbLeCommitments in relation to leases contracted for at the reporting date but not recognised as liabilities payable:

operating LeasesNot later than one year 4,103,467 3,386,774 3,410,635 2,946,479

Later than one year but not later than 5 years 7,928,738 6,434,534 6,788,103 5,693,821

Later than five years 565,420 842,159 306,353 476,541

12,597,625 10,663,467 10,505,091 9,116,841

The property and equipment leases are non cancellable leases spanning various terms with rental paid monthly and quarterly in advance.

(b) CApItAL CommItmeNtsCapital expenditure commitments contracted for:

Buildingworksandrefurbishmentprojects 210,333 120,324 210,333 120,324

210,333 120,324 210,333 120,324

payableNot later than one year 210,333 120,324 210,333 120,324



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Note 20. Notes to the stAtemeNt oF CAsh FLows(a) reCoNCILIAtIoN oF CAsh AND CAsh eQuIVALeNtsCash and cash equivalents at the end of the financial period as shown in the Statement of Cash Flows is reconciled to the related items in the Statement of Financial Position as follows:

Cash on hand 38,296 51,708 23,556 36,068

Cash deposits with banks 2,161,160 2,816,361 1,701,766 1,645,239

Bank term deposits 44,931,867 40,314,210 13,555,438 11,873,528

balance per statement of Cash Flows 47,131,323 43,182,279 15,280,760 13,554,835

(b) reCoNCILIAtIoN oF CAsh FLows From operAtIoNs wIth totAL CompreheNsIVe INComeTotal Comprehensive Income 5,861,775 3,010,011 2,360,529 1,412,784

Non-cash flows and non-operating activities in total comprehensive incomeDepreciation and amortisation 4,215,904 4,206,098 2,026,438 2,000,279

Construction costs expensed 18,737 78,238 - -

Net loss / (gain) on sale of property, plant and equipment

348 (237,507 ) 79,900 (413,986 )

Net gain on disposal of shares in listed corporations

(188,057 ) (157,871 )

Impairment of Aged Care Bed licences - 1,855,000 - -

Change in fair value of financial assets designated as at fair value through statement of comprehensive income

(597,067 ) (812,346 ) - -

Bequests received in the form of shares in listed corporations

(111,559 ) - (111,559 ) -

Residents’ accommodation bond retentions (267,341 ) (274,144 ) - -

Interest deducted from residents’ accommodation bonds

(51,192 ) (60,211 ) - -

Interest payable on refund of residents’ accommodation bonds

13,146 5,701 - -

Changes in assets and liabilities -

Decrease/(Increase) in receivables (471,733 ) (550,684 ) 485,959 (713,413 )

Decrease/(increase) in prepayments (260,848 ) 39,987 (197,997 ) 5,134

Decrease/(increase) in inventories (1,542 ) 100,560 (10,364 ) 100,491

Increase/(decrease) in provisions (40,118 ) 472,011 100,657 268,622

Increase/(decrease) in payables and other liabilities

725,223 (1,636,542 ) (88,502 ) 12,159

Cash flows from operations 8,845,676 6,038,301 4,645,061 2,672,070


Note 21. FINANCIAL INstrumeNts

FAIr VALuesThefairvaluesoflistedinvestmentshavebeenvaluedatthequotedmarketbidpriceatreportingdateadjustedfortransactioncosts expected to be incurred. For other assets and liabilities, the fair value approximates their carrying value. No financial assets and financial liabilities are readily traded on organised markets in standardised form other than listed investments.

The aggregate fair values and carrying amounts of the Group’s financial assets and financial liabilities are disclosed in the Statement of Financial Position and in the notes to the financial statements.

Aggregate fair values and carrying amounts of the Group’s financial assets and financial liabilities at reporting date

2014 2013

CArryINg AmouNt

$

FAIr VALue

$

CArryINg AmouNt

$

FAIr VALue

$

CoNsoLIDAteD eNtItyFinancial assets Cash 47,131,323 47,131,323 43,182,279 43,182,279

Trade and other receivables 2,852,952 2,852,952 2,486,883 2,486,883

Other financial assets 11,117,465 11,117,465 9,808,026 9,808,026

61,101,740 61,101,740 55,477,188 55,477,188

Financial liabilitiesTrade and other payables 3,138,870 3,138,870 2,862,035 2,862,035

Refundable accommodation bonds 12,866,635 12,866,635 12,725,544 12,725,544

16,005,505 16,005,505 15,587,579 15,587,579

pAreNt eNtItyFinancial assets Cash 15,280,760 15,280,760 13,554,835 13,554,835

Trade and other receivables 818,134 818,134 1,485,443 1,485,443

Other financial assets - - 3,200 3,200

16,098,894 16,098,894 15,043,478 15,043,478

Financial liabilities Trade and other payables 1,697,294 1,697,294 1,581,261 1,581,261

1,697,294 1,697,294 1,581,261 1,581,26



Note 22. reLAteD pArty DIsCLosuresTransactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated.

The parent entity is St Vincent de Paul Society Victoria Inc.

During the financial year:

• TheSocietycontributed$411,448(2013:$592,700)offundsraisedfromthe2013CEOSleepouttoVincentCareVictoriaafter deducting expenses incurred;

• TheSocietyreceivedfromVincentCareVictoria$50,000(2013:$50,000)fortherentaloftheofficepremisesatProspectStreet, Box Hill;

• TheSocietyreceivedfromVincentCareVictoria$60,628(2013:$120,347)forfundraisingservices,receptionservicesandbuilding amenities;

• TheSocietypaidVincentCareVictoria$574,296(2013:$616,354)fortheprovisionofPayrollandInformationTechnologyservices; and

• TheSocietypurchased$1,965(2013:$104,415)offixedassetsfromVincentCareVictoriaandsold$nil(2013:$12,027)offixed assets to VincentCare Victoria.

The amount receivable from VincentCare Victoria is $nil (2013: $86,469).

During the financial year:

• TheSocietycontributed$nil(2013:$1,200,000)totheStVincentdePaulVictoriaEndowmentFundforthepurposedisclosed in Note 9; and

• TheSocietyreceivedinvestmentincomeof$nil(2013:$500,000)fromStVincentdePaulVictoriaEndowmentFund.

The amount receivable from St Vincent de Paul Victoria Endowment Fund is $nil (2013: $507,348).

Note 23. eCoNomIC DepeNDeNCyA significant portion of the revenue of the subsidiary, VincentCare Victoria, is provided by the Federal and State Governments in the form of grants and subsidies.

Note 24. remuNerAtIoN oF AuDItorsThe remuneration of auditors is disclosed in Note 3. No other services were provided during the year.

The auditor of St Vincent de Paul Society Victoria Inc. is Deloitte Touche Tohmatsu.

Note 25. subseQueNt eVeNtsNo matter or circumstance has arisen since 30 June 2014 that has significantly affected, or may significantly affect:

(a) the consolidated operations in future financial years, or

(b) the results of those operations in future financial years, or

(c) the consolidated state of affairs in future financial years.


stAtemeNt by stAte CouNCIL

stAtemeNt by stAte CouNCILIn the opinion of the State Council the financial report as set out in the fully audited Financial Statements:

1. Presents a true and fair view of the financial position of the St Vincent de Paul Society Victoria Inc. as at 30 June 2014 and its performance for the year ended on that date in accordance with Australian Accounting Standards – Reduced Disclosure Requirements and the Associations Incorporation Reform Act 2012.

2. At the date of this statement, there are reasonable grounds to believe that the St Vincent de Paul Society Victoria Inc. will be able to pay its debts as and when they become due and payable.

This statement is made in accordance with a resolution of the State Council, and is signed for and on behalf of the State Council by:

michael Liddy Josef CzyzewskiState President Treasurer

Dated this 26th day of September 2014

st Vincent de paul society Victoria Inc.AbN: 28 911 702 061

rN: A0042727y

43 Prospect Street, Box Hill Vic 3128Locked Bag 4800, Box Hill Vic 3128

Telephone: (03) 9895 5800Facsimile: (03) 9895 5850

Email: [email protected]: www.vinnies.org.au


INDepeNDeNt AuDItor’s report

INDepeNDeNt AuDItor’s report to the members oF st VINCeNt De pAuL soCIety VICtorIA INC. We have audited the accompanying financial report of St Vincent de Paul Society Victoria Inc., which comprises the statements of financial position as at 30 June 2014, the statement of profit or loss and other comprehensive income, the statement of cash flows and the statement of changes in equity for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the Statement by the State Council of the consolidated entity comprising the association and the entities it controlled at the year’s end or from time to time during the financial year as set out on pages 2 to 31.

the stAte CouNCIL’s respoNsIbILIty For the FINANCIAL report The State Council is responsible for the preparation fair presentation of the financial report in accordance with Australian Accounting Standards – Reduced Disclosure Requirements and the Associations Incorporation Reform Act 2012, and for such internal control as the State Council determine is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error.

AuDItor’s respoNsIbILItyOur responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report.Theproceduresselecteddependontheauditor’sjudgement,includingtheassessmentoftherisksofmaterialmisstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the State Council, as well as evaluating the overall presentation of the financial report.

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

opINIoNIn our opinion, the financial report of St Vincent de Paul Society Victoria Inc presents fairly, in all material respects, the association’s and consolidated entity’s financial position as at 30 June 2014 and their financial performance for the year then ended in accordance with Australian Accounting Standards – Reduced Disclosure Requirements.

DeLoItte touChe tohmAtsu

Alison brownPartnerChartered Accountants

Melbourne, 26 September 2014

Deloitte Touche TohmatsuABN 74 490 121 060

550 Bourke StreetMelbourne VIC 3000

GPO Box 78Melbourne VIC 3001 Australia

DX: 111 Tel: +61 (0) 3 9671 7000Fax: +61 (03) 9671 7001

www.deloitte.com.au

Liability limited by a scheme approved under Professional Standards Legislation.Member of Deloitte Touche Tohmatsu Limited

st VINCeNt De pAuL soCIety VICtorIA INC.ABN: 28 911 702 061 RN: A0042727Y

Locked Bag 4800, Box Hill Vic 312843 Prospect Street, Box Hill Vic 3128

Phone: 03 9895 5800 Fax: 03 9895 5850Email: [email protected]

www.VINNIes.org.Au

you CAN heLp the st VINCeNt De pAuL soCIety heLp others by:

mAKINg A DoNAtIoN

Credit card donations can be made by visiting our website or calling the donation hotline. All donations of $2 or more are tax deductible.

mAKINg A reguLAr gIFt

Regular donations to assist the work of the Society can be made by credit card or direct debit from your bank account. Donating this way reduces Society expenses and can be arranged by visiting our website or calling the office. All donations of $2 or more are tax deductible.

mAKINg A beQuest

Consider remembering the St Vincent de Paul Society in your will. The Society is able to assist thousands of people because of the generosity of those who have remembered us in their will. Call us for an information booklet or to speak to our Bequest Coordinator.

VoLuNteerINg your tIme

Contact us if you are interested in becoming a member of a conference or volunteering your time to assist people in your community through any of the Society’s services.

DoNAtINg gooDs

Donations of quality clothing, furniture and household goods can be made to any Vinnies Shop.

www.VINNIes.org.Au 13 18 12

www.VINNIes.org.Au 03 9895 5800

03 9895 5800

1300 305 330 1800 621 349

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