rsl welfare and benevolent institution statement of ... wbi financial... · corporate sponsorship...

2015 2014$ $

CURRENT ASSETSCash and Cash Equivalents 3 2,807,911 2,631,706Inventory 540,785 231,063Receivables 4 332,875 178,314Total Current Assets 3,681,571 3,041,083

NON CURRENT ASSETSPlant and Equipment 5 202,691 280,885Available-for-Sale Financial Assets 6 3,386,725 3,533,722Other Financial Assets 7 50,782 53,672Total Non Current Assets 3,640,198 3,868,279

TOTAL ASSETS 7,321,769 6,909,362

CURRENT LIABILITIESPayables 8 190,300 170,106Total Current Liabilities 190,300 170,106

NON CURRENT LIABILITIESTrust Funds 9 893,599 557,846Total Non Current Liabilities 893,599 557,846

TOTAL LIABILITIES 1,083,899 727,952

NET ASSETS 6,237,870 6,181,410

Represented by :-Accumulated Funds 5,528,802 5,370,928Reserves 10 709,068 810,482

6,237,870 6,181,410

RSL WELFARE AND BENEVOLENT INSTITUTIONSTATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER 2015

The accompanying notes form part of these financial statements.

Notes

2015 2014$ $

INCOMEDonations: -RSL Central Council of Women’s Auxiliaries 348,551 339,393Sub-Branches 558,858 576,976District Councils 500 -Clubs 146,653 21,462Less: Amounts to RSL Charities 11 (175,043) 879,519 (141,452) 796,379Anzac Day 450,000 100,000Poppy Day 200,000 100,000Hyde Park Inn 175,000 150,000Corporate Sponsorship and Donations 69,200 22,355Sundry Donations 95,058 87,142Interest 168,992 183,082Dividends 112,179 103,404Grants 176,788 95,448Bequests 82,073 -Sundry Income 2,152 -

2,410,961 1,637,810

LESS: EXPENDITUREAdvertising and Promotion - DefenceCare 89,870 66,721Audit Fees 24,810 26,030Administration Charges 142,440 129,480Amortisation of Leasehold Improvements 58,996 58,996Annual Report 5,239 6,708Contractual Fees 99,542 108,847Depreciation 43,071 43,289Insurance 9,034 6,958Insurance - DefenceCare 16,447 22,698Legal and Consulting Fees 855 5,050Legal and Consulting Fees - DefenceCare - 5,140Long Service Leave 1,986 1,923Long Service Leave - DefenceCare 7,209 4,659Management Fees 22,800 23,738Postage, Printing & Stationery 886 1,468Postage, Printing & Stationery - DefenceCare 21,304 17,395Promotions and Events - DefenceCare 54,240 38,590Rent 2,064 2,064Rent - DefenceCare 28,176 28,176Repairs and Maintenance 1,686 1,477Repairs and Maintenance - DefenceCare 25,136 7,343Salaries 82,930 76,349Salaries - DefenceCare 871,500 741,917Sundry Expenses 19,837 17,797Sundry Expenses - DefenceCare 7,898 7,172Superannuation 7,472 7,566Superannuation - DefenceCare 78,364 67,606Subscriptions 3,970 1,451Telephone 2,781 2,743

RSL WELFARE AND BENEVOLENT INSTITUTION

RSL WELFARE AND BENEVOLENT INSTITUTIONSTATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST DECEMBER 2015

Note

2015 2014$ $

Telephone - DefenceCare 26,208 20,121Training and Development 695 -Training and Development - DefenceCare 28,141 11,320Travelling 58,780 51,148Travelling - DefenceCare 72,275 62,422TOTAL EXPENDITURE 1,916,642 1,674,362

OPERATING (DEFICIT) 494,319 (36,552)

ADD: OTHER INCOMERSL Appeals NSW Surplus 309,519 108,846

LESS: ALLOCATION OF FUNDSClient Assistance:-Support 455,802 383,440Last Post Grants 68,923 24,906Christmas Cheer 28,270 20,220Grants 23,511 31,417Welfare Activities 40,942 79,974

617,448 539,957

NET OPERATING (DEFICIT)/SURPLUS 186,390 (467,663)

ADD: NON-OPERATING INCOMEAcquisition of United Returned Soldiers’ Fund - 428,318Profit on Sale of Investments and Assets 23,804 3,862TOTAL NON-OPERATING INCOME 23,804 432,180

NET (DEFICIT)/SURPLUS 210,194 (35,483)

LESS: NON-OPERATING EXPENDITUREIntangible Asset Impairment - 49,848Loss on Disposal of Assets 371 60Reduction in the Fair Value of Available for SaleFinancial Assets - unrealised

51,949 1,243

TOTAL NON-OPERATING EXPENDITURE 52,320 51,151

(DECIFICT)/SURPLUS 157,874 (86,634)

OTHER COMPREHENSIVE INCOMEChange in fair value of available-for-sale financialassets

(77,376) 112,400

Net gains on disposals of available for sale financialassets transferred to profit or loss

(24,038) (30,357)

OTHER COMPREHENSIVE INCOME FORTHE YEAR

(101,414) 82,043

TOTAL COMPREHENSIVE (LOSS)/INCOMEFOR THE YEAR

56,460 (4,591)


STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST DECEMBER 2015

(Continued)

6 MonthsNote 2015 2014

INCOME: $ $Gross Proceeds from Poppy Day Appeal 960,407 718,557Gross Proceeds from ANZAC Day Appeal 1,533,645 -Gross Proceeds from Poppy Shop 15,284 -Donations Received 479,736 49,437Interest Received 92 15Other Income 7,379 391

2,996,543 768,400EXPENDITURE:Cost of Poppy Day Appeal Tokens 140,420 76,979Cost of ANZAC Day Appeal Tokens 191,923 -Cost of Poppy Shop Stock 7,320 -Administration Costs 238,001 100,411Advertising & Promotion 35,179 28,685ANZAC Day Appeal – Returned Stock - 1,731Audit Fees 11,075 -Bank Charges 1,638 344Depreciation 7,855 3,917Insurance - 1,467Legal Fees 15,736 -Loss on Disposal of Assets - 1,360Postage, Printing & Stationery 31,335 11,499Rent 8,154 4,077Repairs & Maintenance 2,968 2,344Stock Written Off - 5,200Sundry Expenses 23,372 7,498Telephone 4,894 1,840Travelling 2,953 1,322TOTAL EXPENDITURE 722,823 248,674Net Surplus 2,273,720 519,726Net Surplus Distributed to: -Sub-Branches, Women’s Auxiliaries etc. 1,014,016 304,191Donations 17 950,185 106,689

1,964,201 410,880SURPLUS 309,519 108,846

RSL WELFARE AND BENEVOLENT INSTITUTIONRSL APPEALS NSW

STATEMENT OF COMPREHENSIVE INCOME

FOR YEAR ENDED 31ST DECEMBER 2015


Accumulated Funds

Available-for-Sale Investment

ReserveTotal

At 1 January 2014 5,457,562 728,439 6,186,001

Net (deficit)/surplus for the year (86,634) (86,634)

Other comprehensive income

Changes in the fair value of available-for-sale financial assets

- 112,400 112,400

Reclassification - net gains on disposal of available for sale taken to profit or loss

- (30,357) (30,357)

Total comprehensive (loss)/income for the year (86,634) 82,043 (4,591)At 31 December 2014 5,370,928 810,482 6,181,410

Net (deficit)/surplus for the year 157,874 157,874

Other comprehensive income

Changes in the fair value of available-for-sale financial assets

- (77,376) (77,376)

Reclassification - net gains on disposal of available for sale taken to profit or loss

- (24,038) (24,038)

Total comprehensive (loss)/income for the year 157,874 (101,414) 56,460At 31 December 2015 5,528,802 709,068 6,237,870

RSL WELFARE AND BENEVOLENT INSTITUTIONSTATEMENT OF CHANGES IN EQUITY

FOR YEAR ENDED 31ST DECEMBER 2015


2015 2014$ $

CASH FLOWS FROM OPERATING ACTIVITIESReceipts from - Donations 2,520,206 1,427,015

- Appeal Income 2,448,096 683,082- Other 395,839 627,561

Interest 167,748 191,144Payments to Suppliers and Employees (5,679,666) (3,146,249)

Net Cash Provided By Operating Activities 12(b) (147,777) (217,447)

CASH FLOWS FROM INVESTING ACTIVITIESProceeds sale of Photocopier 100 -Proceeds sale of Motor Vehicle - 19,500Purchase of Plant and Equipment (32,199) (90,378)Proceeds/(Purchase) of Investments 356,081 (65,041)(Decrease)/Increase in Trust Fund Investments (335,753) (97,202)Increase/(Decrease) in Trust Funds Held 335,753 97,202

Net Cash Used In Investing Activities 323,982 (135,919)

NET INCREASE/(DECREASE) IN CASH HELD 176,205 (353,366)

CASH AT THE BEGINNING OF THE FINANCIAL 2,631,706 2,985,072

CASH AT THE END OF THE FINANCIAL YEAR 12(a) 2,807,911 2,631,706


RSL WELFARE AND BENEVOLENT INSTITUTIONSTATEMENT OF CASH FLOWS FOR YEAR ENDED 31ST DECEMBER 2015

Notes

RSL WELFARE AND BENEVOLENT INSTITUTION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2015 1. SIGNIFICANT ACCOUNTING POLICIES

These financial statements are a special purpose financial report prepared to meet the needs of the Trustees. The Trustees of RSL Welfare and Benevolent Institution have determined that the organisation is not a reporting entity.

These financial statements have been prepared in accordance with the recognition and

measurement principles of Australian Accounting Standards, the Australian Charities and Not-for-Profits Commission Act 2012 and other professional requirements in Australia, except for:

The prescribed format of the Statement of Comprehensive Income contained in AASB

101 “Presentation of Financial Statement” has not been adopted. AASB 136 “Impairment of Assets” value in use being determined as being the

depreciated replacement cost of an asset instead of the present value of the future cashflows expected to be derived from the asset as required for for-profit entities.

AASB 1054 “Australian Additional Disclosures.”

Basis of Preparation The financial report is for the RSL Welfare and Benevolent Institution, as an individual entity. The RSL Welfare and Benevolent Institution is a trust constituted by Deed on the 6th November, 1964 and is domiciled in Australia. The Trustees being the State President, State Honorary Treasurer and State Secretary for the time being. Under the Australian Charities and Profits Commission Act (2012) the Responsible Persons are the Trustees. The financial report has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected financial assets and liabilities for which the fair value basis of accounting has been applied. Cost is based on the fair values of the consideration given in exchange for assets. The following is a summary of the material accounting policies adopted by the Institution in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated.

(a) INCOME TAX The Institution under its Trust Deed is a not for profit organisation and as such is exempt

from income tax. (b) INVESTMENTS AND OTHER FINANCIAL ASSETS

All investments and other financial assets are initially stated at cost, being the fair value of consideration given plus acquisition costs. Purchases and sales of investments are recognised on trade date, which is the date on which the Institution commits to purchase, or sell the asset. Accounting policies for each category of investments and other financial assets subsequent to initial recognition are set out below:

Available-for-sale financial assets

Investments are designated as available-for-sale if they do not have fixed maturities and fixed or determinable payments and management intends to hold them for the medium to long term.

Shares in listed companies, listed property trusts, notes and mortgage and wholesale funds held by the Institution that are traded in an active market are classified as being available-for-sale financial assets.


FOR THE YEAR ENDED 31ST DECEMBER 2015 (Continued)

(b) INVESTMENTS AND OTHER FINANCIAL ASSETS (Continued)

After initial recognition, investments, which are classified as available for sale, are measured at fair value. Unrealised gains or losses on these investments are recognised in other comprehensive income in the Available-for-sale Investment Reserve. Where there is a significant or prolonged decline in the fair value of an available-for-sale asset (which constitutes objective evidence of impairment) the full amount including any amount previously charged to other comprehensive income is recognised in the profit or loss. On sale, the amount held in the Available-For-Sale Investment Reserves associated with that asset is recognised in profit or loss as a reclassification adjustment.

Loans and receivables Loans and receivables are non-derivative financial assets with a fixed or determinable

payment that are not quoted on an active market. They are recognised at amortised cost. Funds held in trust

Funds held in Trust are measured at cost and amounts are withdrawn from the investments to meet their specific purpose.

(c) TRUST ACCOUNTS

Trust income and expenditure is not included in the Statement of Comprehensive Income. Movements in trust account balances are set out in Note 9.

(d) EMPLOYEE BENEFITS

Provision is made for the Institution’s liability for employee benefits arising from services rendered by employees up to the end of the reporting period. Employee benefits expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled plus related on costs. Other employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits.

Contributions are made by the Institution to an employee superannuation fund and are charged as expenses when incurred.

(e) COMPARATIVE FIGURES

When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.

(f) GOODS AND SERVICES TAX (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of the item of expense. Receivables and payables on the Statement of Financial Position are shown inclusive of GST.

(g) IMPAIRMENT

The carrying amounts of plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. An impairment loss is recognised in the Statement of Comprehensive Income for the amount by which the asset’s carrying amount exceeds its recoverable amount.



(g) IMPAIRMENT (Continued) The recoverable amount is the higher of the asset’s fair value less cost to sell and value in use. For the purpose of assessing value in use, this represents depreciated current replacement cost, as the Institution is a not-for profit organisation.

(h) CASH AND CASH EQUIVALENTS

For the purposes of the Statement of Cash Flows, cash and cash equivalents includes cash on hand and at bank, deposits held at call with financial institutions, other short term, highly liquid investments with maturities of twelve months or less, that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value and bank overdrafts.

(i) REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Institution and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognised.

Interest Recognised as interest accrues, taking into account the yield on the financial asset. Revenue is recognised as interest accrues using the effective interest method. The

effective interest method uses the effective interest rate, which is the rate that exactly discounts the estimated future cash receipts over the expected life of the financial asset.

Income from Investments Revenue is recognised when the income is received. Dividends Dividends are recognised when the Institution’s right to receive payment is established. Donations / Appeals Income Revenue is recognised when monies are received by the Institution.

Grants Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and the Institution will comply with all attached conditions.

(j) PLANT AND EQUIPMENT

Each class of plant and equipment is carried at cost or fair value less, where applicable, any accumulated depreciation and any impairment in value. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Depreciation Depreciation has been calculated at annual rates to write off each asset over its effective economic life to the Trust. The rates in use are 10% to 20% straight-line. The assets’ residual values and useful lives are reviewed and adjusted, if appropriate, at each reporting date. Gains and losses on disposals are calculated as the difference between the net disposal proceeds and the asset’s carrying amount and are included in profit and loss in the year that the item is derecognised.



(k) INVENTORY

Inventories are stated at the lower of cost and net realisable value. Costs are assigned using the first in, first out cost formula. Net realisable value is the estimated selling price in the ordinary course of business less any applicable selling expenses.

(l) ACQUISTIONS

The entity applies the acquisition method in accounting for business combinations. The consideration transferred by the entity to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred and the equity interests issued by the entity, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred. The entity recognises identifiable assets acquired and liabilities assumed in a business combination regardless of whether they have been previously recognised in the acquiree’s financial statements prior to the acquisition. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair values.

2. ACCOUNTING ESTIMATES AND JUDGEMENTS

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(a) Critical accounting estimates and assumptions

The Institution makes estimates and assumptions concerning the future. The resulting accounting estimates by definition seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of asset and liabilities.

(b) Critical judgments in applying the Institution’s accounting principles There are no critical judgements that have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

3. CASH AND CASH EQUIVALENTS 2015

$ 2014

$ Cash at bank and on hand 306,811 385,319 Short term deposits 2,501,100 2,246,387 2,807,911 2,631,706 (a) Cash at bank and on hand These are non- interest bearing. (b) Short term deposits The deposits are bearing floating interest rates up to and not exceeding 3.0% (2014 – 3.8%). These deposits have maturities of up to 12 months.



4. RECEIVABLES 2015 $

2014 $

Current

Sundry Debtors 80,997 35,475

Prepayments and Accrued Income 213,457 120,053

Other loans and receivables 38,421 22,786

332,875 178,314

5. PLANT AND EQUIPMENT Furniture and Office Equipment – at cost 89,997 89,518

Less: Provision for Depreciation (42,429) (33,653)

47,568 55,865

Plant and Equipment – at cost 190,594 172,836 Less: Provision for Depreciation (89,152) (72,982)

101,442 99,854

Motor Vehicle – at cost 62,443 62,443 Less: Provision for Depreciation (23,510) (11,021)

38,933 51,422

Leasehold Improvements 339,226 339,226

Less: Provision for Amortisation (324,478) (265,482)

14,748 73,744

TOTAL PLANT AND EQUIPMENT 202,691 280,885

(a) MOVEMENT IN CARRYING AMOUNTS

2014 Furniture & Office

EquipmentPlant &

EquipmentMotor

Vehicle

Leasehold

Improvements TotalBalance 1 January 2014 64,457 66,361 53,465 132,740 317,023Additions 624 59,734 30,020 - 90,378Disposal - (1,360) (18,954) - (20,314)Depreciation/Amortisation (9,216) (24,881) (13,109) (58,996) (106,202)Balance at 31 December 2014 55,865 99,854 51,422

73,744 280,885



(a) MOVEMENT IN CARRYING AMOUNTS (Continued)

2015 Furniture & Office

EquipmentPlant &

EquipmentMotor

Vehicle

Leasehold

Improvements TotalBalance 1 January 2015 55,865 99,854 51,422 73,744 280,885Additions 479 31,720 - - 32,199Disposal - (471) - - (471)Depreciation/Amortisation (8,776) (29,661) (12,489) (58,996) (109,922)Balance at 31 December 2015 47,568 101,442 38,933

14,748 202,691

6. AVAILABLE-FOR-SALE FINANCIAL ASSETS 2015

$ 2014

$ Shares in Listed Companies 1,128,474 1,149,784 Listed Property Trusts 230,766 214,994 Notes 1,666,816 1,795,941 Mortgage and Wholesale Funds 360,669 373,003

3,386,725 3,533,722 7. OTHER FINANCIAL ASSETS

Mortgage Funds 50,782 53,672

50,782 53,672

8. PAYABLES Creditors 102,521 117,647 Staff annual and long service leave 87,779 52,459 190,300 170,106

9. MOVEMENT IN TRUST FUNDS

Balance Grant/ Expenditure Balance 01.01.15 Donations/ 31.12.15 Interest Received R.S.L. Disaster Fund 288,319 31,000 6,000 313,319 Aged/Nursing Home Project 114,488 - - 114,488 Volunteer Grants 73,389 - 236 73,153 Eastern Metropolitan District Council - 356,543 34,164 322,379 Adaptive Sports Fund 81,650 38,753 76,143 44,260 Newman’s Own Foundation - 47,194 21,343 25,851 Sundry Trust - 216,005 215,855 150

557,846 689,495 353,741 893,600



9. MOVEMENT IN TRUST FUNDS (Continued)

(a) RESTRICTED FUNDS Trust funds are amounts allocated and donated for a specific purpose and the use of those funds is

restricted to that specific purpose. 10. RESERVES 2015

$

2014

$

Available–for-Sale Investment Reserve – balance 1st January

810,482 728,439

Change in fair value during the year (129,325) 112,400 Net gains on disposals transferred to profit or loss (24,038) (30,357) Available–for-Sale Investment Reserve – balance 31st December

657,119

810,482

11. GRANTS TO OUTSIDE CHARITIES This expenditure forms part of the general revenue account.

RSL Central Council of Women’s Auxiliaries 53,273 46,645 RSL LifeCare 121,770 94,807

175,043 141,452

12. CASH FLOW INFORMATION (a) For the purposes of the Statement of Cash Flows, cash includes cash on hand, at bank and short term

deposits. Cash at Bank 306,511 385,019 Cash on Hand 300 300

Short Term Deposits 2,501,100 2,246,387

2,807,911 2,631,706 (b) Reconciliation of Net Cash provided by Operating Activities to Surplus Surplus/(Deficit) 209,823 (86,634) Non-Cash Flows in Surplus: Depreciation 50,926 47,206 Amortisation of Leasehold Improvements 58,996 58,996 Reduction in the Fair Value of Available-for-

Sale Financial Assets - 1,243

Profit on Sale of Investments (23,804) (3,862) Loss on Disposal of Equipment 371 1,360 Loss on Sale of Investments - 60 Intangible Written Off - 49,848



12. CASH FLOW INFORMATION (Continued) 2015

$

2014

$

Changes in assets and liabilities: (Increase) in Receivables (154,561) (106,052) (Increase) in Inventory (309,722) (231,063) Increase/(Decrease) in Employee Benefits 35,320 18,292 (Decrease)/Increase in Payables (15,126) 33,159

147,777 (217,447)

13. COMMITMENTS FOR EXPENDITURE

Commitments for minimum lease payments in relation to non-cancellable operating leases are payable as follows:

Not later than 1 year 7,560 30,240 Later than 1 year and not later than 5 years - 7,560

7,560 37,800 14. AUDITORS’ REMUNERATION Audit Services

The auditor of RSL Welfare and Benevolent Institution is Grant Thornton Audit Pty Limited: - Audit and review of financial report 35,885 26,030

Total Remuneration for audit services 35,885 26,030

15. KEY MANAGEMENT PERSONNEL COMPENSATION

The key management personnel are the Trustees that were in position at anytime during the reporting period.

The Trustees are not remunerated by the RSL Welfare and Benevolent Institution.

16. EVENTS AFTER REPORTING DATE

No events have occurred since the reporting date, which would have a material impact on the Financial Statements. Subsequent to the year end, the ASX 200 has fallen significantly resulting in a decrease in the Investment value from 31 December 2015 to 23 February 2016 by $141,797. This fall has not been reflected in the carrying amount of the available for sale financial assets as disclosed in the notes to the accounts.

17. FUNDRAISING ACTIVITIES

Two fundraising appeal was held during the year – ANZAC Day and Poppy Day.



17. FUNDRAISING ACTIVITIES (Continued) Statement Showing How Funds Received Were Applied For Charitable Purposes

During the year the RSL Appeals NSW received income from: * fundraising appeals of $2,494,052 (2014 $718,557); * investment of appeal monies $92 (2014 $15); * donations of $479,736 (2014 $49,437); * other $22,663 (2014 $391); Of this, * $1,014,016 distributed to sub-Branches, Women’s Auxiliaries for local welfare work and * $650,000 to RSL Welfare and Benevolent Institution; * $20,000 to RSL Adaptive Sports Fund; * $55,000 to RSL Australian Forces Overseas Fund (NSW); * $125,000 to the Defence Deployment Fund; * $100,185 to The Returned and Services League of Australia (NSW Branch).

Direct costs of the fundraising appeals were $332,343 and Administration Costs were $390,480.

Comparisons of Certain Monetary Figures and Percentages

2015

$

%

2014

$

%

a) Total cost of

fundraising/Gross income

from fundraising

332,343/2,494,052 13.33% 76,979/718,557 10.71%

b) Net surplus from

fundraising/Gross income

from fundraising

2,161,709/2,494,052 86.67% 641,578/718,557 89.29%

c) Total distribution/Total

expenditure 1,964,201/722,823 271.74% 410,880/248,674 165.23%

d) Total distribution/Total

income received 1,964,201/2,996,543 65.55% 410,880/768,400 53.47%

18. INSTITUTION INFORMATION The financial report is presented in Australian currency. The address of the registered office and principal place of business is: The RSL Welfare and Benevolent Institution ANZAC House 245 Castlereagh Street SYDNEY NSW 2000

RSL WELFARE AND BENEVOLENT INSTITUTION

Resp ons ib le E ntitie s' D e c lar ation

In the opinion ofthe Responsible Entities (Trustees of RSL Welfare and Benevolent lnstitution):-

1. The financial statements and notes of the Institution are in accordance with the AustralianCharities and Not-for-profits Commission Act 2012, including:

a. Giving a true and fair view of its financial position as at 31 December 2015 and of itsperformance for the financial year ended on that date; and

b. Complying with Australian Accounting Standards - Reduced Disclosure Requirementsand the Australian Charities and Not-for-profits Commission Regulation 2013; and.

2. There are reasonable grounds to believe the Institution will Ue aUte to pay its debts as andwhen they become due and payable.

Signed in accordance with a resolution of the Responsible Entities:

fiW edr*R.D. White AM RFD W.H. HardmanTrustee Trustee

Dated this24th Day of February 20I6x

qBA^'.$-C R:ldi;-;ii,\c R:k;i;",;ti,\Trustee l

RSL WELFARE AND BENEVOLENT INSTITUTIONDECLARATION IN RESPECT OF FUNDRAISING APPEALS

Statement by Principal Officer

n,, ($.f*ll]1..b.1(..\./l l.ffin"iputofrrcer of rhe RSL wetrare and Benevotent rnstitutiondeclare that:-

L The financial statements give a true and fair view of all income and expenditure of theInstitution with respect to fundraising appeals for the financial year ended 31 December20t5;

2. The statement of financial performance gives a true and fair view of the state of affairswith respect to fundraising appeals as at 31 Decemb er 2015;

3. The provision of the Charitable Fundraising (NSW) Act 1991 and the Regulations underthe Act and the conditions attached to the authority have been complied with by theInstitution for the period from 1 January 2015 to 31 Decemb er 2015; and

4. The internal controls exercised by the Institution are appropriate and effective inaccounting for all income received and applied from any fundraising appeals.

R.D. WhitE AM RFDPrincipal Officer

Dated this24th Day of February 2016

th

ffi GrantThornton

Level 17, 383 Kent Street

Sydney NSW 2000

Conespondence to:

Locked Bag Q800

QVB Post Office

Sydney NSW 1230

T +61 28297 2400

F +61 29299 4M5E info,[email protected],com

W www. grantthornton.com.au

Auditor's lndependence DeclarationTo the Responsible Entities of RSL Ulelfare and Benevolent lnstitution

In accordance with the tequirements of section 60-40 of the ,io.odiun Chatities and Not-for-profits Commission Act201.2, as lead auditor for the audit of RSL Welfare and

Benevolent Institution for the year ended 3L December 2015,I declare that, to the best ofmy knowledge and belief, thete have been:

no contraventions of the auditot independence tequirements of the Australian

Charities and Not-for-ptofits Commission Act 2012 in telation to the audit; and

no contravendons of any applicable code of ptofessional conduct in relation to the

audit.

G'*ekGRANT TI{ORNTON AIJDIT PTY LTDChartered Accountants

A Sheridan

Partnet - Audit & AssuranceSydney,21 February 2016

Grant Thornton Audit Pty Ltd ACN 130 913 594

a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556389

Austalian sbsidiaries and related entitios. GTIL is no{ an Austalian related entity to GrantThornton Auslralia Limited.

Liability limited by a seheme approved under Pnofessional Standards tegislation. Liability is limited in those States where a cunent

seheme applies.

ffi GrantThornton

Level 17, 383 Kent Street

Sydney NSW 2000

Correspondence to:

Locked Bag Q800

QVB Post Office

Sydney NSW 1230

T +61 28297 2400

F +61 29299 4445

E [email protected]

W www, g rantthornton,com. au

lndependent Auditor's ReportTo the Trustees of RSL Welfare and Benevolent Institution

We have audited the accompanying financial report, being a special pu{pose financial report,

of the RSL Welfare and Benevolent Institution (the "Institudon"), which comprises the

statement of financial position as at 31 Decembet 2015, the statement of comptehensive

income, statement of changes in equity and statement of cash flows for the year then ended,

notes comprising a summary of significant accounting policies and other explanatoryinformation to the financial report and the Responsible Entities' declaration.

Responsibility for the financial reportThe Responsible Entities of the Institution are responsible fot the preparation of the

ftnancial report that gives a true and fait view and have determined that the accountingpolicies used and descdbed in Note 1 to the fi.nancial report, which form part of the

financial report, are appropriate to meet the requirements of the Trust Deed, the AustralianCharities and Not-for-profits Commission Act2012, the Charitable Fundraising Act 1991

and the needs of the members. This responsibility includes such intemal controls as the

Ttustees determine are necessary to enable the pteparation of the financial report to be free

from material misstatement, whether due to fraud or error.

Auditor's responsibilityOut tesponsibility is to express an opinion on the financial report based on out audit. Weconducted our audit in accordance with Austtalian Auditing Standards. Those standards

require us to comply with televant ethical tequirements relating to audit engagements and

plan and petfotm the audit to obtain reasonable assurance whether the financial report is

ftee from matetial misstatement.

An audit involves performing procedutes to obtain audit evidence about the amounts and

disclosutes in the financial report. The procedutes selected depend on the auditor's

Grant Thornton Audit Pty Ltd ACN 130 913 594

a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389

Australjan subsidiades and lolated entities. GTIL is notan Australian related entily lo Grantlhornton Auslralia Limited.

Liability limited by a seheme approved under Pnofessional Standards Legislation. Liability is lirnited in those States where a currentscheme applies.

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judgement, including the assessment of the dsks of matedal misstatement of the financialreport, whether due to fraud or eror.

In making those risk assessmerits, the auditot considers internal control relevant to the

Responsible Entities' prepamtion of the financial repor that g4ves a true and fair view inordet to design audit procedures that are apptopriate in the circumstances, but not for the

pulpose of expressing an opinion on the effectiveness of the Institution's internal control.An audit also includes evaluating the appropriateness of accounting policies used and the

teasonableness of accounting estimates made by the Responsible Entities, as well as

evaluating the overall presentation of the Enancial teport.

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

!ndependenceIn conducting our audit, we have complied with the independence requirements of the

Accounting Professional and Ethical Standards Board and thel{.usttahan Charities and Not-for-profits Commission Act 201.2.

Auditor's opinionIn out opinion the financial report of RSL Welfare and Benevolent Institution is inaccordance with the Australian Charities and Not-for-profi.ts Commission Act201,2,

including:

a giving a true and fair view of the Institution's financial position as at 31. December2015 and of its performance for the year ended on that date; and

b complying with Australian Accounting Standards to the extent disclosed in Note L,

and the Australian Charities and Not-for-profits Commission Regulation 2013.

Basis of accountingWithout modifying our opinion, we dtaw attention to Note 1 to the financial report, whichdescribes the basis of accounting. The frnancial report has been prepared for the purpose offulfilling the Responsible Entities' financial reporting responsibilities. As a result, thefinancial report may not be suitable for another purpose.

Report on other legal and regulatory requirementsIn accordance with the requirements of the Chadtable Fundraising Act 1991, we herebyreport that in our opinion:

a the financial report shows a true and fair view of the financial results of fundraisingappeals conducted during the year;

b the frnancial report and associated tecotds have been propedy kept during the year inaccordance with the Chadtable Fun&aising Act 1991 and the regulations;

c monies received as a tesult of fundraising appeals conducted during the year ended31 December 201.5 has been ptopedy accounted for and applied in accordance withthe Charitable Fundraising Act 1,991 and its regulations; and

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there are teasonable groundsas and when they fall due.

to believe that the Institution wrll be able to pay its debts

#-**--77'*-l=''t*GRANT TI]ORNTON AUDIT PTY LTDChartered Accountants

A Shendan

Partner - Audit & Assurance

Sydney, 21 February 2016

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