2008-2009 Financial Report

Tomorrowcan be different 2008-2009 Financial Report

St Vincent de Paul Society Victoria Inc. 1

ContentsIncome Statement • 2Balance Sheet • 3Statement of Changes in Equity • 4Cash Flow Statement • 5Notes to the Financial Statements • 6Statement by State Council • 34Independent Auditor’s Report • 35

2 Tomorrow can be different 2008-2009 Financial Report

Income Statementfor the year ended 30 June 2009

Consolidated Consolidated Parent Parent Entity Entity Entity Entity Note 2009 2008 2009 2008 $ $ $ $

RevenueFundraising 2 (a) 11,468,229 8,414,631 10,507,262 7,559,695Government grants 2 (b) 21,208,495 19,231,125 774,703 520,444Sale of goods 2 (c) 23,359,047 19,861,514 22,463,723 18,893,509Other revenue 2 (d) 7,851,170 7,717,922 1,373,160 1,214,664Changes in fair value of fi nancial assets 2 (e) 12,320 (10,607) 12,320 (10,607)designated as at fair value through profi t or lossTotal Revenue 63,899,261 55,214,585 35,131,168 28,177,705

Other IncomeNet gain on sale of property, plant and equipment 2 (f) 189,945 1,555,417 188,668 711,897

Operating ExpensesCost of sales 3 (a) (15,926,587) (12,406,749) (14,215,667) (10,822,719) Fundraising/public relations 3 (b) (1,167,599) (936,243) (1,167,599) (936,243)Administration 3 (c) (3,044,020) (2,805,824) (3,041,950) (2,804,228)Impairment of held-to-maturity investments 3 (d) (5,942,560) - - -carried at amortised costLoss on sale of non-current assets 3 (e) (37,315) - - -classifi ed as held for sale (26,118,081) (16,148,816) (18,425,216) (14,563,190)

Total Funds Available for Client Activities 37,971,125 40,621,186 16,894,620 14,326,412

Client Services ExpensesPeople in Need Services 3 (f) (10,216,481) (8,964,095) (10,277,632) (8,984,305)Aged Care Services 3 (g) (16,099,392) (13,985,492) - -Homelessness & Housing Services 3 (h) (10,511,730) (8,936,212) - -Support Services 3 (i) (3,059,598) (2,712,535) (3,059,598) (2,712,535) (39,887,201) (34,598,334) (13,337,230) (11,696,840)

Total Expenses (66,005,282) (50,747,150) (31,762,446) (26,260,030)

(Defi cit)/Surplus for the period (1,916,076) 6,022,852 3,557,390 2,629,572

The accompanying notes form part of these fi nancial statements


Balance Sheetas at 30 June 2009


Current AssetsCash and cash equivalents 5 23,673,171 13,514,804 7,878,680 4,620,797Trade and other receivables 6 1,220,510 1,428,283 760,244 1,192,354Inventories 7 203,433 138,684 176,132 118,910Financial assets 8 3,125,462 4,027,344 2,192,772 523,914Other assets 10 903,514 514,222 690,315 462,250 29,126,090 19,623,337 11,698,143 6,918,225Non-current assets classifi ed as held for sale 11 - 1,200,000 - -Total Current Assets 29,126,090 20,823,337 11,698,143 6,918,225

Non-Current AssetsFinancial assets 8 8,057,440 16,000,000 6,000,000 8,000,000Investments in controlled entities 9 - - 53,354,343 52,406,043Property, plant & equipment 12 62,712,975 61,139,507 22,972,662 22,144,345Intangible assets 13 14,115,009 14,143,322 90,659 89,057Total Non-Current Assets 84,885,424 91,282,829 82,417,664 82,639,445

Total Assets 114,011,514 112,106,166 94,115,807 89,557,670

Current LiabilitiesTrade and other payables 14 2,787,105 2,023,047 2,123,572 1,226,936Provisions 15 4,032,320 3,888,249 1,044,820 1,007,338Other liabilities 16 13,539,592 10,724,913 396,980 331,694Total Current Liabilities 20,359,017 16,636,209 3,565,372 2,565,968

Non-Current LiabilitiesProvisions 15 564,270 465,654 89,491 88,148Total Non-Current Liabilities 564,270 465,654 89,491 88,148

Total Liabilities 20,923,287 17,101,863 3,654,863 2,654,116

Net Assets 93,088,227 95,004,303 90,460,944 86,903,554

EquityContributed equity 100 100 - -Reserves 17 35,944,624 33,430,326 17,010,356 14,537,286Retained earnings 57,143,503 61,573,877 73,450,588 72,366,268Total parent entity interest 93,088,227 95,004,303 90,460,944 86,903,554

Total Equity 93,088,227 95,004,303 90,460,944 86,903,554



Statement of Changes in Equityfor the year ended 30 June 2009

Consolidated Entity Reserves (Note 17)

Contributed Retained Asset Capital Bequest Bushfi re Fund-a Total Equity Earnings Revaluation Profi ts Reserve Appeal -Future Reserve Reserve Reserve Reserve $ $ $ $ $ $ $ $

Balance at 1 July 2007 - 53,588,524 30,860,734 198,036 4,538,557 - 130,000 89,315,851Surplus - 6,022,852 - - - - - 6,022,852Transfer to Bequest Reserve - (307,699) - - 307,699 - - -Transfer from Asset Revaluation Reserve - 2,270,200 (2,270,200) - - - - -Write-down against Asset Revaluation Reserve - - (334,500) - - - - (334,500)Settled sum contributed by the trustee of St Vincent de Paul 100 - - - - - - 100Victoria Endowment FundBalance at 30 June 2008 100 61,573,877 28,256,034 198,036 4,846,256 - 130,000 95,004,303

Defi cit - (1,916,076) - - - - - (1,916,076)Transfer to Bequest Reserve - (41,228) - - 41,228 - - -Transfer to Bushfi re Appeal Reserve - (2,473,070) - - - 2,473,070 - -

At 30 June 2009 100 57,143,503 28,256,034 198,036 4,887,484 2,473,070 130,000 93,088,227

Parent Entity Reserves (Note 17)

Contributed Retained Asset Capital Bequest Bushfi re Fund-a Total Equity Earnings Revaluation Profi ts Reserve Appeal -Future Reserve Reserve Reserve Reserve $ $ $ $ $ $ $ $

Balance at 1 July 2007 - 69,902,115 13,235,238 - 1,136,629 - - 84,273,982Surplus - 2,629,572 - - - - - 2,629,572Transfer to Bequest Reserve - (165,419) - - 165,419 - - -Balance at 30 June 2008 - 72,366,268 13,235,238 - 1,302,048 - - 86,903,554

Surplus - 3,557,390 - - - - - 3,557,390Transfer to Bushfi re Appeal Reserve - (2,473,070) - - - 2,473,070 - -

At 30 June 2009 - 73,450,588 13,235,238 - 1,302,048 2,473,070 - 90,460,944



Cash Flow Statementfor the year ended 30 June 2009


Cash fl ows From Operating Activities:Receipts from operating activities 50,549,703 44,981,203 22,900,185 18,165,798Receipts from supporters 11,985,217 8,406,676 11,985,217 8,406,676Payments to clients, suppliers and employees (56,954,534) (48,199,575) (29,829,026) (24,627,406)Interest received 1,709,902 2,128,422 682,228 888,126Net cash provided by operating activities 21 (b) 7,290,288 7,316,726 5,738,604 2,833,194

Cash fl ows From Investing Activities:Proceeds from sale of plant and equipment 1,462,702 4,773,560 1,269,146 1,293,972Proceeds from sale of non-current assets 1,162,685 - - -classifi ed as held for saleProceeds from investments 4,003,430 2,000,000 500,000 -Payment for property, plant and equipment (5,613,483) (10,092,228) (3,253,656) (2,446,612)Payments for intangible assets (47,911) (86,836) (47,911) (50,762)Payments for investments (932,690) (984,350) - (480,920)Capital contributed to subsidiaries - - (948,300) (600,304)Net cash provided by/(used in) investing activities 34,733 (4,389,854) (2,480,721) (2,284,626)

Cash fl ows From Financing Activities:Proceeds from residents’ accommodation bonds 5,515,288 3,160,419 - -Repayment of residents’ accommodation bonds (2,681,942) (2,674,036) - -Settled sum contributed by the trustee of - 100 - -St Vincent de Paul Victoria Endowment FundNet cash provided by fi nancing activities 2,833,346 486,483 - -

Net increase in cash and cash equivalents 10,158,367 3,413,355 3,257,883 548,568Cash and cash equivalents at the beginning 13,514,804 10,101,449 4,620,797 4,072,229of the fi nancial year

Cash and cash equivalents at the end 21 (a) 23,673,171 13,514,804 7,878,680 4,620,797of the fi nancial year



Note 1. Summary of Signifi cant Accounting PoliciesThe St Vincent de Paul Society Victoria Inc. is a non government welfare agency incorporated under the Associations Incorporations Act (Vic) 1981 and is domiciled in Australia. The Society operates a separate company limited by guarantee to run its aged care, community services and disability employment services.

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

Registered offi ce43 - 45 Prospect StreetBox Hill VIC 3128Tel: (03) 9895 5800

Principal place of business43 - 45 Prospect StreetBox Hill VIC 3128Tel: (03) 9895 5800

Statement of complianceThe fi nancial report is a general purpose fi nancial report which has been prepared in accordance with the Australian Accounting Standards and Interpretations and the requirements of the Associations Incorporations Act (Vic) 1981 and complies with other requirements of the law.

The fi nancial report covers the consolidated entity being St Vincent de Paul Society Victoria Inc., St Vincent de Paul Aged Care and Community Services, St Vincent de Paul Victoria Endowment Fund and Society of St Vincent de Paul (Victoria). The consolidated entity in these fi nancial statements will be referred to as “the Group”. The parent entity is St Vincent de Paul Society Victoria Inc.

The fi nancial 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 specifi c provisions for not-for-profi t entities contained only within the AIFRS, the fi nancial reports and notes thereto are not necessarily compliant with all International Accounting Standards.

The fi nancial statements were authorised for issue by State Council on 19 September 2009.

Basis of preparationThe fi nancial report has been prepared on an accruals basis and is based on historic costs modifi ed by the revaluations of selected non-current assets and fi nancial assets and liabilities, for which the fair value basis of accounting has been applied. Cost is based on the fair value of the consideration given in exchange for assets. The fi nancial report is presented in Australian dollars. The following specifi c accounting policies have been consistently applied, unless otherwise stated.

Critical accounting judgements and key sources of estimation uncertaintyIn the application of the Group’s accounting policies, management is required to make judgements, estimates and assumptions 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.

Adoption of new and revised Accounting StandardsIn the current year, the Group has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (the AASB) that are relevant to its operations and effective for the current annual reporting period. There were no material impacts from the adoption of these new and revised Standards and Interpretations on the fi nancial statements.

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

(a) Principles of consolidationThe consolidated fi nancial statements of St Vincent de Paul Society Victoria Inc. comprises the consolidated fi nancial reports of St Vincent de Paul Society Victoria Inc., St Vincent de Paul Aged Care and Community Services, St Vincent de Paul Victoria Endowment Fund and Society of St Vincent de Paul (Victoria).

A controlled entity is any 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 fi nancial and operating policies of another entity so that the other entity operates with St Vincent de Paul Society Victoria Inc. to achieve the objectives of St Vincent de Paul Society Victoria Inc. A list of controlled entities is contained in Note 9.

All inter-entity balances and transactions between entities in the economic entity have been eliminated on consolidation.

Notes to the Financial Statementsfor the year ended 30 June 2009


(b) RevenueRevenue is recognised to the extent that it is probable that the economic benefi ts will fl ow to the Group and the revenue can be reliably measured. All revenue is stated net of the amount of goods and services tax (GST).

The St Vincent de Paul Society Victoria Inc. is a non-profi t organisation and receives a principal part of its income from donations, as cash or in kind. Amounts donated can be recognised only as revenue when the entity gains control, economic benefi ts are probable and the amount of the contribution can be measured reliably. State Council has the responsibility for ensuring that all voluntary and other revenues to which the Society gains control are accounted for properly. This involves establishing controls to ensure that voluntary revenue is recorded in the fi nancial records; however at times it is impractical to maintain controls over the collection of such revenue prior to its initial entry into the fi nancial records or to ensure that any economic benefi t can be measured reliably. Therefore, voluntary revenue is recognised in these accounts when control, benefi t and reliable measurement can be achieved.

Sale of goodsRevenue from the sale of goods is recognised upon delivery of the goods to customers.

Government grantsGovernment grants 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 satisfi ed:• the Group obtains control of the grant

funds or the right to receive the grant funds;

• it is probable that the economic benefi ts comprising grants will fl ow to the Group; and

• the amount of the grant can be measured reliably.

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

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 from donations and bequests is recognised when received into the Gift Account.

Interest revenueInterest revenue from banks and from residents with outstanding bonds, is recognised on a time proportionate basis that takes into account the effective yield on the fi nancial asset.

Revenue on sale of non-current assetsRevenue on sale of non-current assets is recognised when an unconditional sale contract is signed and the risks and rewards of ownership have transferred to the purchaser.

(c) Income taxThe Group is exempt under the provisions of the Income Tax Assessment Act (as amended), and as such is not subject to income taxes at this time. Accordingly, no income tax has been provided for the economic entity in these fi nancial statements.

(d) Cash and cash equivalentsCash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash, which are subject to an insignifi cant risk of changes in value and have a maturity

of three months or less at the date of acquisition.

For the purposes of the Cash Flow Statement, cash and cash equivalents consist of cash and cash equivalents as defi ned 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, except for those fi nancial assets classifi ed as at fair value through profi t or loss which are initially measured at fair value.

Financial assets are classifi ed into the following specifi ed categories: fi nancial assets ‘at fair value through profi t or loss’, ‘held-to-maturity investments’, ‘loans and receivables’ and ‘term deposits’.

Effective interest methodThe effective interest method is a method of calculating the amortised cost of a fi nancial asset and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees on points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the fi nancial asset, or, where appropriate, a shorter period.

Held to maturity investmentsCollateralised debt obligations, fl oating rate notes and units in equity linked investments with fi xed or determinable payments and fi xed maturity dates where that the Group has the positive intent and ability to hold to maturity are classifi ed as held-to-maturity investments. Held-to-maturity invesments are recorded at amortised cost using the effective interest method less impairment, with revenue recognised on an effective yield basis.


Note 1. Summary of Signifi cant Accounting Policies (cont.)

(e) Financial assets (cont.)Financial assets at fair value through profi t and lossA fi nancial asset is classifi ed in this category if it is held for trading; that is principally with the objective of selling in the short-term with a profi t making intention. In addition, any other fi nancial assets so designated by management on initial recognition are included in this category. Realised and unrealised gains and losses arising from changes in the fair value of these assets are included in the income statement in the period in which they arise.

Loans and receivablesTrade receivables, loans and other receivables that have fi xed or determinable payments that are not quoted in an active market are classifi ed 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.

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

Impairment of fi nancial assetsFinancial assets are assessed for indicators of impairment at each balance sheet date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the fi nancial asset, the estimated future cash fl ows of the investment have been impacted.

For fi nancial 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 fl ows, discounted at the original effective interest rate.

The carrying amount of fi nancial 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 profi t or loss.

If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profi t 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 fi nancial assetsThe Group derecognises a fi nancial asset only when the contractual rights to the cash fl ows from the asset expire, or it transfers the fi nancial 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 fi nancial asset, the Group continues to recognise the fi nancial asset and also recognises a collateralised borrowing for the proceeds received.

(f) 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.

(g) Assets held in trustThe Company, Society of St Vincent de Paul (Victoria), holds various properties in trust for St Vincent de Paul Society Victoria Inc.

(h) 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 fl ows are included in the cash fl ow statement on a gross basis. The GST component of cash fl ows arising from investing and fi nancing activities which is recoverable from, or payable to, the taxation authority is classifi ed within operating cash fl ows.

Notes to the Financial Statements (cont.)for the year ended 30 June 2009


(i) 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 balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Properties in the course of construction for production, rental or administrative purposes, or for purposes not yet determined, 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, leasehold improvements are stated at cost less accumulated depreciation and impairment. Construction in progress is stated at cost. 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 profi t or loss.

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

Class of property, Depreciation ratesplant and and methodequipment

Buildings 1% to 2.5% straight lineBuilding 10% straight lineImprovementsLeasehold Over the term of improvements the leaseFurniture, Plant 7% to 20% & Equipment straight lineComputer 33% straight lineHardwareMotor Vehicles 15% to 20% straight line

Artwork and antiquities are not depreciated.

Land is not a depreciable asset.

(j) IntangiblesIntangible assets are only recognised if they meet the identifi ability 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 classifi ed as an intangible (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 fi nite 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 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 indefi nite 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 their fair value on acquisition), less any impairment losses.

(k) 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, State Council reviews a number of factors affecting tangible and intangible assets (which includes property, plant and equipment) including their carrying values, 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 Income Statement as an impairment expense.

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


Note 1. Summary of Signifi cant Accounting Policies (cont.)

(k) Impairment (cont.)Depreciated replacement cost is defi ned as the current replacement cost of an asset less, where applicable, accumulated depreciation calculated on the basis of such cost to refl ect the already consumed or expired future economic benefi ts 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 benefi ts of that asset could currently be obtained in the normal course of business.

Impairment losses are recognised in the Income Statement.

(l) 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.

(m) 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 identifi ed.

(n) 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 fi nancial 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 fi nancial liability, or, where appropriate, a shorter period.

(o) 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 fi nancial year. The amounts are unsecured and are normally settled within 30 days.

(p) LeasesLeases where the lessor retains substantially all the risks and benefi ts of ownership of the asset are classifi ed 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 term on the same basis as the lease income.

Operating lease payments are recognised as an expense in the Income Statement on a straight-line basis over the lease term.

Finance leases, which transfer to the Group substantially all the risks and benefi ts 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 fi nance 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.

(q) Employee Benefi tsA liability is recognised for benefi ts 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 benefi ts 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 benefi ts which are not expected to be settled within 12 months are measured as the present value of the estimated future cash outfl ows to be made by the Company in respect of services provided by employees up to reporting date.

(r) Standards and Interpretations issued not yet effectiveAt the date of authorisation of the fi nancial report, the relevant Standards and Interpretations listed below were in issue but not yet effective.

Initial application of the following Standards will not affect any of the amounts recognised in the fi nancial report, but will change the disclosures presently made in relation to the Group’s fi nancial report:



Standard Effective for annual reporting Expected to be initially applied periods beginning on or after in the fi nancial year ending

AASB 101 ‘Presentation of Financial Statements’ (revised September 1 January 2009 30 June 2010 2007), AASB 2007-8 ‘Amendments to Australian Accounting Standards arising from AASB 101’, AASB 2007-10 ‘Further Amendments to Australian Accounting Standards arising from AASB 101’

Initial application of the following Standards and Interpretations is not expected to have any material impact to the fi nancial report of the Group: AASB 123 ‘Borrowing Costs’ (revised), AASB 2007-6 ‘Amendments 1 January 2009 30 June 2010 to Australian Accounting Standards from AASB 123’ AASB 3 ‘Business Combinations’ (revised), AASB 127 ‘Consolidated AASB 3 (business 30 June 2010 and Separate Financial Statements’ (revised) and AASB 2008-3 combinations occurring ‘Amendments to Australian Accounting Standards arising from AASB 3 after the beginning of and AASB 127’ annual reporting periods beginning 1 July 2009), AASB 127 and AASB 2008-3 (1 July 2009) AASB 2008-1 ‘Amendments to Australian Accounting Standard – 1 January 2009 30 June 2010 Share-based Payments: Vesting Conditions and Cancellations’ AASB 2008-2 ‘Amendments to Australian Accounting Standards – 1 January 2009 30 June 2010 Puttable Financial Instruments and Obligations arising on Liquidation’ AASB 2008-5 ‘Amendments to Australian Accounting Standards arising 1 January 2009 30 June 2010 from the Annual Improvements Project’ AASB 2008-6 ‘Further Amendments to Australian Accounting Standards 1 July 2009 30 June 2010 arising from the Annual Improvements Project’ AASB 2008-7 ‘Amendments to Australian Accounting Standards – Cost 1 January 2009 30 June 2010 of an Investment in a Subsidiary, Jointly Controlled Entity or Associate’ AASB 2008-8 ‘Amendments to Australian Accounting Standards 1 July 2009 30 June 2010 – Eligible Hedged Items’ AASB Interpretation 15 ‘Agreements for the Construction of Real Estate’ 1 January 2009 30 June 2010 AASB Interpretation 16 ‘Hedges of a Net Investment in a Foreign Operation’ 1 October 2008 30 June 2010 AASB Interpretation 17 ‘Distributions of Non-cash Assets to Owners’, 1 July 2009 30 June 2010 AASB 2008-13 ‘Amendments to Australian Accounting Standards arising from AASB Interpretation 17 - Distributions of Non-cash Assets to Owners’

The initial application of the expected issue of an Australian equivalent accounting Standard/Interpretation to the following Standard/Interpretation is not expected to have a material impact on the fi nancial report of the Group: IFRIC 18 ‘Transfers of Assets from Customers’ 1 July 2009 30 June 2010

(s) Comparative fi guresWhen required by Accounting Standards, comparative fi gures have been adjusted to conform to changes in presentation for the current fi nancial year.


Consolidated Consolidated Parent Parent Entity Entity Entity Entity 2009 2008 2009 2008 $ $ $ $

Note 2. Revenue and Other Income(a) Fundraising activitiesBequests 2,777,683 2,732,180 2,350,955 2,591,179Donations 8,690,546 5,682,451 8,156,307 4,968,516 11,468,229 8,414,631 10,507,262 7,559,695

(b) Government grantsCouncils/Conferences/Centres 774,703 520,444 774,703 520,444Community Services 9,576,876 8,838,257 - -Aged Care 10,182,721 9,230,063 - -Ozanam Enterprises 674,195 642,361 - - 21,208,495 19,231,125 774,703 520,444

(c) Sale of goodsSales - Centres of Charity 21,860,548 18,477,981 21,860,548 18,477,981Sales - Groceries 284,926 90,578 284,926 90,578Sales - Piety 318,249 324,950 318,249 324,950Sales - Ozanam Enterprises 895,324 968,005 - - 23,359,047 19,861,514 22,463,723 18,893,509

(d) Other revenueClient rent/fees 4,710,057 4,531,266 - -Accomodation bonds retention 317,903 301,175 - -Interest received - other persons 1,838,336 2,300,393 682,228 877,520Sundry income 984,874 585,088 690,932 337,144 7,851,170 7,717,922 1,373,160 1,214,664

(e) Change in fair value of fi nancial assets 12,320 (10,607) 12,320 (10,607)designated as at fair value through profi t or loss

Total Revenue 63,899,261 55,214,585 35,131,168 28,177,705

Other Income(f) Net gain on sale of property, plant and equipment 189,945 1,555,417 188,668 711,897




Note 3. Operating (Defi cit)/Surplus

Operating expenses

(a) Cost of salesEmployee salaries & benefi ts 6,897,068 5,856,316 5,569,062 4,567,442Cost of goods sold - purchases/materials 1,250,062 837,515 1,147,133 713,630Selling & Administration 7,779,457 5,712,918 7,499,472 5,541,647 15,926,587 12,406,749 14,215,667 10,822,719

(b) Fundraising/public relationsEmployee salaries & benefi ts 481,650 330,667 481,650 330,667Promotion 160,802 238,405 160,802 238,405Other 525,147 367,171 525,147 367,171 1,167,599 936,243 1,167,599 936,243

(c) AdministrationComputer maintenance 23,057 16,538 23,057 16,538Legal & Audit 66,879 134,723 64,879 133,127Employee salaries & benefi ts 956,813 1,013,243 956,813 1,013,243Depreciation & amortisation 340,894 274,103 340,894 274,103 Insurance 190,779 123,621 190,779 123,621Motor vehicle running costs 59,681 97,443 59,681 97,443Printing/Postage/Offi ce supplies 236,587 227,225 236,587 227,225Repairs & maintenance 109,837 8,712 109,837 8,712Telephone 36,241 39,098 36,241 39,098Training 119,875 29,847 119,875 29,847Travel & accommodation 6,528 18,404 6,528 18,404Other - includes Shared Services costs 401,667 479,393 401,597 479,393State Council 495,182 343,474 495,182 343,474 3,044,020 2,805,824 3,041,950 2,804,228

(d) Signifi cant expenseImpairment of held-to-maturity investments carried at amortised cost 5,942,560 - - -

(e) Loss on sale of non-current assets classifi ed as held for sale 37,315 - - -

(f) People in Need ServicesAccommodation/Transport 923,520 847,297 923,520 847,297Cash 37,640 63,075 37,640 63,075Food vouchers 4,364,911 3,879,486 4,364,911 3,879,486Food purchases 1,320,373 1,260,845 1,320,373 1,260,845Whitegoods 417,561 456,847 417,561 456,847Utilities 401,196 399,481 401,196 399,481Medical 149,717 126,236 149,717 126,236Education 656,219 852,845 656,219 852,845Compassionate 10,773 19,085 10,773 19,085Youth 43,858 10,385 43,858 10,385Bushfi re relief 1,046,326 - 1,046,326 -Overseas 580,717 570,523 580,717 570,523Bursary 35,359 31,866 35,359 31,866Sundry 228,311 446,124 289,462 466,334 10,216,481 8,964,095 10,277,632 8,984,305



Note 3. Operating (Defi cit)/Surplus (cont.)

Operating expenses (cont.)

(g) Aged Care ServicesCatering & Food 786,123 729,224 - -Cleaning 329,033 298,652 - -Depreciation 991,181 593,125 - -Employee salaries & benefi ts 10,783,089 9,955,462 - -Occupancy 92,252 93,212 - -Medical & other supplies 302,891 218,614 - -Legal & Audit 470,673 152,650 - -Motor vehicle running 46,046 50,364 - -Repairs & maintenance 417,328 281,625 - -Resident amenities 211,066 183,923 - -Telephone 39,412 43,190 - -Utilities 464,653 423,002 - -Workcover 219,140 188,870 - -Interest paid - other persons 39,055 82,209 - -Other 907,450 691,370 - - 16,099,392 13,985,492 - -

(h) Homelessness & Housing ServicesCleaning/Waste removal 329,033 298,652 - -Client support/Emergency accommodation 1,314,315 1,310,368 - -Depreciation 404,686 364,991 - -Employee salaries & benefi ts 6,954,260 5,887,026 - -Occupancy 105,490 50,889 - -Legal & Audit 245,694 90,110 - -Motor vehicle running 153,127 155,323 - -Repairs & maintenance 176,579 159,658 - -Telephone 93,180 89,089 - -Utilities 193,542 163,510 - -Interest paid - other persons 5 - - -Other 541,819 366,596 - - 10,511,730 8,936,212 - -

(i) Support ServicesAccounting & payroll support 190,777 185,220 190,777 185,220Conference Support - Employee salaries & benefi ts 1,034,042 932,377 1,034,042 932,377Conference Support - Other 261,611 232,913 261,611 232,913State, National, International Councils 617,566 476,620 617,566 476,620Conference operating 955,602 885,405 955,602 885,405 3,059,598 2,712,535 3,059,598 2,712,535

66,005,282 50,747,150 31,762,446 26,260,030




(j) Other items(Defi cit)/surplus from operating activities has been determined after:

(i) ExpensesDepreciation and amortisation of property, plant & equipment- Buildings 851,093 608,142 262,751 260,611- Building Improvements 148,536 73,115 38,848 14,735- Leasehold Improvements 193,599 50,445 193,599 46,420- Furniture, Plant and Equipment 789,587 518,251 311,428 192,606- Motor Vehicles 629,442 620,230 432,994 435,509- Computer Equipment 155,001 95,858 105,242 44,152 2,767,258 1,966,041 1,344,862 994,033

Amortisation of Computer Software 76,224 61,274 46,309 20,657Construction costs expensed - 26,228 - -Impairment of trade receivables 2,651 (1,544) - -Bad debts written off 2,099 - - -Rental expense on operating leases- Minimum lease payments 3,006,359 2,095,623 2,856,088 2,003,686Remuneration of Auditor- Audit 95,872 102,777 44,000 65,511- Other Services - 10,344 - 10,344 95,872 113,121 44,000 75,855

5,950,463 4,260,743 4,291,259 3,094,231

(ii) Net gainsNet gain on sale of property, plant and equipment 189,945 1,555,417 188,668 711,897Loss on sale of non-current assets classifi ed as held for sale (37,315) - - - 152,630 1,555,417 188,668 711,897

Note 4. Key Management Personnel CompensationShort-term employee benefi ts- Salary & Fees 1,594,760 1,489,250 854,260 785,000- Non-Cash Benefi ts 112,800 100,800 60,000 48,000- Other 26,400 48,310 - 6,910

Post-employment benefi ts- Superannuation 143,528 134,062 76,883 70,680

Total 1,877,488 1,772,422 991,143 910,590

Key management personnel are defi ned as those offi cers that report to a Chief Executive Offi cer.



Note 5. Cash and Cash EquivalentsCash on hand 57,039 55,991 41,049 38,301Cash deposits with banks Councils & Central Offi ce 455,467 35,189 455,467 35,189 Centres 145,028 198,059 145,028 198,059 Aged Care & Community Services 1,434,175 973,643 - - SVDP Victoria Endowment Fund 26,946 483,569 - - Society of St Vincent de Paul (Victoria) 4,873 4,873 - -Term Deposits Councils, Central Offi ce & Conferences 7,237,136 4,349,248 7,237,136 4,349,248 Aged Care & Community Services 13,212,507 7,414,232 - - SVDP Victoria Endowment Fund 1,100,000 - - - 23,673,171 13,514,804 7,878,680 4,620,797

Note 6. Trade and Other ReceivablesTrade debtors (i) 527,039 470,404 169,750 300,534Allowance for doubtful debts (25,807) (23,156) - - 501,232 447,248 169,750 300,534

Other debtors 719,278 981,035 535,169 740,639Amount receivable from subsidiary - - 55,325 151,181

Total Current Receivables 1,220,510 1,428,283 760,244 1,192,354

(i) The average credit period on sale of goods and rendering of services is 30 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.

Included in the Group’s trade receivable balance are debtors with a carrying amount of $113,525 (2008: $38,407) which are past due at the reporting date for which the Group has not provided as there has not been a signifi cant change in credit quality and the amounts are still considered recoverable. The Group does not hold any collateral over these balances. The average age of these receivables is 109 days (2008: 103 days).

Ageing of past due debtors61 - 90 days 51,220 35,291 12,679 23,040Over 90 days 88,112 26,272 189 1,592 139,332 61,563 12,868 24,632

Movement in the allowance for doubtful debtsBalance at the beginning of the year 23,156 24,700 - -Impairment losses recognised on receivables 4,870 4,000 - -Amounts written off as uncollectible - - - -Impairment losses reversed (2,219) (5,544) - -Balance at the end of the year 25,807 23,156 - -

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, State Council believes that there is no further credit provision required in excess of the allowance for doubtful debts.




Note 7. InventoriesFinished goods - average cost 203,433 138,684 176,132 118,910

Note 8. Other Financial AssetsHeld-to-maturity investments carried at amortised cost:

CurrentMedium term notes 2,932,690 4,003,430 2,000,000 500,000

Non-CurrentMedium term notes 6,000,000 8,000,000 6,000,000 8,000,000Collateralised debt obligations 339,000 6,000,000 - -Units in equity linked investment 1,718,440 2,000,000 - - 8,057,440 16,000,000 6,000,000 8,000,000

Financial assets carried at fair value through profi t or loss:

CurrentShares in listed corporations 192,772 23,914 192,772 23,914 11,182,902 20,027,344 8,192,772 8,523,914

Disclosed in the fi nancial statements as:Current fi nancial assets 3,125,462 4,027,344 2,192,772 523,914Non-current fi nancial assets 8,057,440 16,000,000 6,000,000 8,000,000

11,182,902 20,027,344 8,192,772 8,523,914

Maturity Consolidated Consolidated Parent Entity Parent Entity Date 2009 2008 2009 2008

Units $ Units $ Units $ Units $

Medium term notesFloating rate note Colonial Finance (i) 2 Dec 2008 - - 3,000,000 3,000,000 - - - -Floating rate note CBA Subordinate Debt (ii) 10 Feb 2009 - - 1,000,000 1,003,430 - - 500,000 500,000Floating rate note CFS Retail 31 Jul 2009 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000Property Trust (iii)Floating rate note CBA 16 Feb 2010 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000Subordinate Debt (iii)Floating rate note CBA 10 Nov 2010 1,000,000 932,690 - - - - - -Subordinate Debt (iii)Floating rate note Colonial Finance (iii) 24 Mar 2011 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000Floating rate note HSBC (iii) 19 May 2011 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000Floating rate note Macquarie (iii) 31 May 2012 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 9,000,000 8,932,690 12,000,000 12,003,430 8,000,000 8,000,000 8,500,000 8,500,000

Collateralised debt obligationsCorsair Pure (CBA) (iv) (v) 20 Jun 2011 3,000,000 339,000 3,000,000 3,000,000 - - - -Prelude Euro CDO (ANZ) (iv) (vi) 30 Jun 2012 3,000,000 - 3,000,000 3,000,000 - - - - 6,000,000 339,000 6,000,000 6,000,000 - - - -

Equity linked investmentAsprit II (ANZ) (iv) (vii) 30 Mar 2013 2,000,000 1,718,440 2,000,000 2,000,000 - - - - 2,000,000 1,718,440 2,000,000 2,000,000 - - - -


Note 8. Other Financial Assets (cont.)(i) The Colonial Finance fl oating rate note was redeemed at maturity on 2 December 2008. Proceeds were re-invested into term deposits.(ii) The CBA Subordinated Debt fl oating rate notes were redeemed at maturity on 10 February 2009. Proceeds were re-invested

into term deposits.(iii) The Group holds medium term notes returning a variable rate of interest. The weighted average rate on these securities is 3.44%

(2008: 7.98%). The notes are redeemable at face value at maturity dates ranging between 1 to 36 months from reporting date.(iv) Collateralised debt obligations and equity linked fi nancial instruments were re-stated to their revised amortised cost at 30 June 2009.

The instruments are linked to an underlying portfolio of fi nancial institutions and other stocks worldwide. At the time of the initial investment, the portfolios had a AAA credit rating and were paying a coupon. Due to severity of the fi nancial markets downturn in late 2008/2009 a large number of underlying stocks in the portfolio had lost their AAA credit ratings and had a number of credit default events. The valuation of the collateralised debt obligations and equity linked instruments ultimately depends on the number of credit defaults in the underlying portfolio, credit spreads and credit ratings. If a certain number of credit defaults is progressively reached within a portfolio, the instrument is affected through the principal becoming progressively impaired and/or the coupon payments ceasing.

(v) Corsair Pure Based on the number of credit defaults in the underlying portfolio and other valuation considerations the instrument’s principal

has been impaired by $2,661,000. The instrument continues to pay coupon interest. As such the fair value represents discounted future coupon payments (BBSW + 90 bps). As discussed in Note 27 to the fi nancial statements, the Corsair investment was subsequently valued at nil as at 31 August 2009. The ultimate partial or full recovery of the principal at maturity will depend on the underlying portfolio performance. Such recovery would represent a reversal of the impairment loss through profi t and loss.

(vi) Prelude Euro Based on the number of credit defaults in the underlying portfolio and other valuation considerations the instrument’s principal

has been impaired by $3,000,000. The instrument has ceased paying coupon interest as of 1 July 2008. The ultimate partial or full recovery of the principal at maturity will depend on the underlying portfolio performance. Such recovery would represent a reversal of the impairment loss through profi t and loss.

(vii) Asprit II The principal of the instrument is guaranteed by the issuer (Bank of Australia and New Zealand – credit rating AA-). Due to the

underlying portfolio performance, the instrument has ceased paying coupon interest as of 1 July 2008. As such the instrument has been impaired by $281,560.


Note 9. Investments in Controlled EntitiesNon-CurrnetInvestments in controlled entities - - 53,354,343 52,406,043

Country of Incorporation Percentage Owned

Parent Entity:St Vincent de Paul Society Victoria Inc. Australia - -

Controlled entities of St Vincent de Paul Society Victoria Inc.St Vincent de Paul Aged Care and Community Services Australia 100% 100%Society of St Vincent de Paul (Victoria) Australia 100% 100%St Vincent de Paul Victoria Endowment Fund Australia 100% 100%St Vincent de Paul Community Housing Australia 100% -

During the fi nancial year, St Vincent de Paul Society Victoria Inc. contributed a further $948,300 (2008: $600,304) to the St Vincent de Paul Victoria Endowment Fund.The purpose of the fund is to provide a separate entity into which a percentage of the bequests will be channelled over a period of time, and remain within the fund with interest earnings fl owing back to St Vincent de Paul Society Victoria Inc. or its controlled entities. It is the trustee’s intention that the principal of each bequest will remain within the fund in perpetuity.




Note 10. Other Assets – CurrentGST recoveries 364,227 185,567 364,227 185,567Prepayments 539,287 328,655 326,088 276,683 903,514 514,222 690,315 462,250

Note 11. Non-Current Assets Classifi ed as Held for SaleLand held for sale (i) - 789,300 - -Building held for sale (i) - 410,700 - - - 1,200,000 - -

(i) On 15 October 2008, the property at 24 St David Street, Geelong North was sold at the agreed price of $1,200,000 less costs to sell of $37,315. The loss on sale is disclosed in Note 3(e) to the fi nancial statements.

Note 12. Property, Plant & EquipmentLandAt cost 22,089,125 22,439,125 8,808,114 9,158,114

BuildingsAt cost 33,850,598 34,077,437 10,121,409 10,366,257Buildings under construction 1,355,826 672,942 417,068 403,084Less accumulated depreciation (4,420,130) (3,658,364) (1,778,433) (1,605,009) 30,786,294 31,092,015 8,760,044 9,164,332

Building ImprovementsAt cost 1,864,620 1,182,753 510,169 311,319Less accumulated depreciation (311,654) (163,117) (54,070) (15,222) 1,552,966 1,019,636 456,099 296,097

Leasehold ImprovementsAt cost 1,220,659 460,148 1,181,490 428,306Less accumulated depreciation (262,707) (69,108) (240,019) (46,420) 957,952 391,040 941,471 381,886

Furniture, Plant & EquipmentAt cost 7,362,555 6,134,224 2,648,222 1,968,695Less accumulated depreciation (3,327,888) (2,543,242) (1,004,151) (692,723) 4,034,667 3,590,982 1,644,071 1,275,972



Note 12. Property, Plant & Equipment (cont.)Motor VehiclesAt cost 5,464,941 5,051,016 4,003,463 3,754,190Less accumulated depreciation (2,799,687) (2,596,049) (2,195,337) (1,967,807) 2,665,254 2,454,967 1,808,126 1,786,383

Computer HardwareAt cost 1,203,205 575,684 882,945 306,982Less accumulated depreciation (579,468) (424,467) (330,663) (225,421) 623,737 151,217 552,282 81,561

Artwork & AntiquitiesAt cost 2,980 525 2,455 - 62,712,975 61,139,507 22,972,662 22,144,345

ReconciliationsReconciliations of the carrying amounts of each class of property, plant & equipment at the beginning and end of the current and previous fi nancial year are set out below and in the following page.

Total LandCarrying amount at beginning of fi nancial year 22,439,125 25,169,125 9,158,114 9,398,114Additions - - - -Disposals (350,000) (1,740,000) (350,000) (240,000)Classifi ed as held for sale - (789,300) - -Impairment loss recognised against Asset Revaluation Reserve - (200,700) - -Carrying amount at end of fi nancial year 22,089,125 22,439,125 8,808,114 9,158,114

Total BuildingsCarrying amount at beginning of fi nancial year 31,092,015 27,492,522 9,164,332 9,213,117Additions 1,918,939 7,256,493 1,032,443 741,312Transfer Capital WIP (1,189,893) (1,525,816) (990,306) (403,353)Disposals (183,674) (952,314) (183,674) (126,133)Classifi ed as held for sale - (410,700) - -Impairment loss recognised against Asset Revaluation Reserve - (133,800) - -Construction costs expensed - (26,228) - -Less depreciation (851,093) (608,142) (262,751) (260,611)Carrying amount at end of fi nancial year 30,786,294 31,092,015 8,760,044 9,164,332

Total Building ImprovementsCarrying amount at beginning of fi nancial year 1,019,636 442,757 296,097 52,498Additions 475,097 602,829 190,890 208,793Transfer Capital WIP 206,769 49,541 7,960 49,541Disposals - (2,376) - -Less depreciation (148,536) (73,115) (38,848) (14,735)Carrying amount at end of fi nancial year 1,552,966 1,019,636 456,099 296,097




Total Leasehold ImprovementsCarrying amount at beginning of fi nancial year 391,040 4,026 381,886 -Additions 264,034 125,285 257,485 116,132Transfer Capital WIP 496,477 312,174 495,699 312,174Less depreciation (193,599) (50,445) (193,599) (46,420)Carrying amount at end of fi nancial year 957,952 391,040 941,471 381,886

Total Furniture, Plant & EquipmentCarrying amount at beginning of fi nancial year 3,590,983 2,247,900 1,275,972 946,083Additions 1,117,806 819,312 561,314 482,058Transfer Capital WIP 118,213 1,164,101 118,213 41,638Disposals (2,748) (122,079) - (1,202)Less depreciation (789,587) (518,252) (311,428) (192,606)Carrying amount at end of fi nancial year 4,034,667 3,590,983 1,644,071 1,275,972

Total Motor VehiclesCarrying amount at beginning of fi nancial year 2,454,967 2,282,568 1,786,383 1,597,172Additions 1,576,065 1,189,042 1,001,540 835,892Disposals (736,336) (396,413) (546,803) (211,172)Less depreciation (629,442) (620,230) (432,994) (435,509)Carrying amount at end of fi nancial year 2,665,254 2,454,967 1,808,126 1,786,383

Total Computer HardwareCarrying amount at beginning of fi nancial year 151,217 151,438 81,561 65,525Additions 259,087 99,265 207,529 62,423Transfer Capital WIP 368,434 - 368,434 -Disposals - (3,628) - (2,235)Less depreciation (155,001) (95,858) (105,242) (44,152)Carrying amount at end of fi nancial year 623,737 151,217 552,282 81,561

Total Artwork & AntiquitiesCarrying amount at beginning of year 525 525 - -Additions 2,455 - 2,455 -Carrying amount at end of fi nancial year 2,980 525 2,455 -

Total Property, Plant & EquipmentCarrying amount at beginning of fi nancial year 61,139,507 57,790,859 22,144,345 21,272,509Additions 5,613,483 10,092,228 3,253,656 2,446,612Disposals (1,272,758) (3,216,810) (1,080,477) (580,742)Classifi ed as held for sale - (1,200,000) - -Impairment loss recognised against Asset Revaluation Reserve - (334,500) - -Construction costs expensed - (26,228) - -Less depreciation (2,767,258) (1,966,041) (1,344,862) (994,033)Carrying amount at end of fi nancial year 62,712,974 61,139,507 22,972,662 22,144,345

An independent valuation of land and buildings was performed in 2009 fi nancial year by Charter Keck Cramer. Total current market value of land and buildings is $88,235,000 for the Group and $36,595,000 for the parent entity, which is greater than the carrying amount of $52,875,419 for the Group and $17,568,158 for the parent entity.

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



Note 13. IntangiblesAged Care Bed LicencesAged Care Bed Licences at cost 14,000,000 14,000,000 - -

Computer Software & IT DevelopmentAt cost 791,692 743,781 176,127 128,216Less accumulated amortisation (676,683) (600,459) (85,468) (39,159) 115,009 143,322 90,659 89,057

Total Intangibles 14,115,009 14,143,322 90,659 89,057

ReconciliationsReconciliations of the carrying amounts of each class of intangible assets at the beginning and end of the current and previous fi nancial year are set out below:

Aged Care Bed LicencesCarrying amount at beginning and end of fi nancial year 14,000,000 14,000,000 - -

Total Computer Software & IT DevelopmentCarrying amount at beginning of fi nancial year 143,322 119,095 89,057 60,287Additions 47,911 86,836 47,911 50,762Disposals - (1,335) - (1,335)Less amortisation (76,224) (61,274) (46,309) (20,657)Carrying amount at end of fi nancial year 115,009 143,322 90,659 89,057

Total IntangiblesCarrying amount at beginning of fi nancial year 14,143,322 14,119,095 89,057 60,287Additions 47,911 86,836 47,911 50,762Disposals - (1,335) - (1,335)Less amortisation (76,224) (61,274) (46,309) (20,657)Carrying amount at end of fi nancial year 14,115,009 14,143,322 90,659 89,057

Note 14. Trade and Other PayablesUnsecured:Trade creditors (i) 1,776,209 818,246 642,946 241,812Accrued creditors 489,516 466,770 197,448 230,926Other creditors 377,772 331,052 218,365 146,141Amount payable to subsidiary - - 948,300 600,304GST payable 143,608 406,979 116,513 7,753 2,787,105 2,023,047 2,123,572 1,226,936

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




Note 15. ProvisionsCurrentEmployee benefi ts (i) (a) 4,032,320 3,888,249 1,044,820 1,007,338

Non-CurrentEmployee benefi ts (a) 564,270 465,654 89,491 88,148

(a) Aggregate Employee Entitlement Liability 4,596,590 4,353,903 1,134,311 1,095,486

(i) The current provision of employee benefi ts includes $3,424,539 (parent entity: $1,044,820) of annual leave and vested long service leave entitlements accrued but not expected to be taken within 12 months (2008: $3,469,749 and $1,007,338 for the Group and for the parent entity respectively).

Note 16. Other LiabilitiesUnsecured:Refundable accommodation bonds 12,072,066 9,673,705 - -Grants in advance 1,301,276 996,989 - -Prepaid income 146,980 31,694 396,980 331,694Other liabilities 19,270 22,525 - - 13,539,592 10,724,913 396,980 331,694

Note 17. Reserves

Nature and purpose of reserves as disclosed in the Statement of Changes in Equity:Asset revaluation reserve $28,256,034 (2008: $28,256,034)Represents previous increases in valuation of land and buildings. Land and buildings are now held at deemed cost, however the entity is using this reserve to keep a record of those previous revaluations.

Capital profi ts reserve $198,036 (2008: $198,036)Represents the capital value of land and building sold.

Fund-a-Future reserve $130,000 (2008: $130,000)Represents funds set aside for an accommodation and support program to homeless young people between the ages of 15 and 24.

Bequest reserve $4,887,484 (2008: $4,846,256)The Group receives bequests where the bequestor has nominated a specifi c 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.

Bushfi re Appeal reserve $2,473,070 (2008: Nil)Represents funds set aside to assist Bushfi re survivors as they return to re-establish their homes and livelihood within their communities.

During the fi nancial year, St Vincent de Paul Society Victoria Inc. raised $3.5 million in donations and received another $200,000 from government grants, a total of $3.7 million. As at 30 June 2009, $1.2 million of these funds have been spent, leaving a balance of $2.5 million.



Note 18. Lease Commitments ReceivableCommitments in relation to a lease contracted for at the reporting date but not recognised as assets receivable:Within one year - - 50,000 50,000Later than one year but not later than 5 years - - 200,000 200,000Later than fi ve years - - - 50,000 - - 250,000 300,000

RepresentingNon-cancellable operating lease - - 250,000 300,000

Note 19. Contingent LiabilitiesSt Vincent de Paul Aged Care and Community Services engaged Chargold Project Management Pty Ltd (“Chargold”) to construct the new Aged Care Facility in Geelong in 2008. A subsequent dispute arose between the Company and Chargold in relation to the construction work. This matter has been settled and the Company is waiting for the determination of legal costs. The total amount is not expected to be material.

Note 20. Captial and Lease Commitments

(a) Lease Commitments Payable

Commitments in relation to leases contracted for at the reporting date but not recognised as liabilities payable:Operating LeasesNot later than one year 3,135,317 1,084,889 3,003,898 1,076,132Later than one year but not later than 5 years 7,663,187 1,501,617 7,355,028 1,483,354Later than fi ve years 1,783,081 740 1,782,345 - 12,581,585 2,587,246 12,141,272 2,559,486

The property and equipment leases are non cancellable leases spanning various terms with rental paid monthly and quarterly in advance. This covers property leases for Centres and Community Services and equipment leases for the Group.

(b) Capital Commitments

Capital expenditure commitments contracted for:Building works and refurbishment projects - 296,001 - - - 296,001 - -

PayableNot later than one year - 296,001 - -




Note 21. Notes to the Statement of Cash Flows

(a) Reconciliation of cash and cash equivalents

Cash and cash equivalents at the end of the fi nancial period as shown in the Cash Flow Statement is reconciled to the related items in the Balance Sheet as follows:Cash on hand 57,039 55,991 41,049 38,301Cash deposits with banks 2,066,489 1,695,333 600,495 233,248Bank term deposits 21,549,643 11,763,480 7,237,136 4,349,248

Balance per Cash Flow Statement 23,673,171 13,514,804 7,878,680 4,620,797

(b) Reconciliation of cash fl ow from operations with operating defi cit/surplus

Operating (defi cit)/surplus (1,916,076) 6,022,852 3,557,390 2,629,572

Non-cash fl ows and non-operating activities in operating defi cit/surplusDepreciation and amortisation 2,843,482 2,027,315 1,391,171 1,014,690Construction costs expensed - 26,228 - -Impairment of held-to-maturity investments carried at amortised cost 5,942,560 - - -Change in fair value of fi nancial assets designated (12,630) 10,606 (12,630) 10,606as at fair value through profi t or lossNet gain on sale of property, plant and equipment (189,945) (1,555,417) (188,668) (711,897)Loss on sale of non-current assets classifi ed as held for sale 37,315 - - -Bequests received in the form of shares in listed corporations (156,228) - (156,228)Residents’ accommodation bond retentions (306,800) (287,906) - -Interest deducted from residents’ accommodation bond (166,710) (166,788) - -Interest paid and payable on refund of residents’ accommodation bond 38,525 40,473 - -

Changes in assets and liabilitiesDecrease/(increase) in receivables 207,773 (407,344) 362,209 (587,057)Increase in inventories (64,749) (20,901) (57,222) (21,720)Increase/(decrease) in prepayments (210,632) 57,021 (49,405) (24,050)Increase in payables and other liabilities 1,001,716 1,345,069 853,162 560,242Increase/(decrease) in provisions 242,687 225,518 38,825 (37,192)

Cash Flows from operations 7,290,288 7,316,726 5,738,604 2,833,194


Note 22. Financial Instruments

(a) Financial risk managementThe Group’s fi nancial instruments consist mainly of deposits with banks, short-term investments, bank notes, equity linked investments, accounts receivable and payable, and refundable accommodation bonds.

The Group’s investment strategies and associated risk profi le is set out in the Treasury Policy, and is reviewed by the Finance Committee. Membership of the Finance Committee consists of representatives from State Council and the St Vincent de Paul Aged Care and Community Services Board as well as external members selected for their particular fi nancial and legal expertise.

(i) Treasury risk managementThe Finance Committee has the responsibility of determining the spread of investments across available fi nancial investment options within the confi nes of the Group’s Treasury Policy and analysing interest rate exposure in the context of the most recent economic conditions and forecasts. The Finance Committee meet on a regular basis to monitor movement in the fi nancial investments and make recommendations to State Council and the Board of Directors.

(ii) Financial risksThe main risks the Group is exposed to through its fi nancial instruments are interest rate risk, liquidity risk and credit risk.

Interest rate risk

The Group is subject to normal commercial interest rate fl uctuations on its bank accounts and money market instruments. For further details on interest rate risk, refer to Note 22(b).

Foreign currency risk

The Group is not exposed to fl uctuations in foreign currencies.

Liquidity risk

Ultimate responsibility for liquidity risk management rests with the State Council and the Board of Directors. The Finance Committee has built an appropriate liquidity risk management framework for the management of the Group’s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by monitoring forecast cash fl ows and ensuring that adequate unutilised borrowing facilities are maintained. For further details on liquidity risk, refer to Note 22(c).

Price risk

The Group is not exposed to any material commodity price risk.

Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in fi nancial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties and obtaining suffi cient collateral where appropriate, as a means of mitigating the risk of fi nancial loss from defaults. The Group only transacts with entities that are rated the equivalent of investment grade and above. This information is supplied by independent rating agencies where available and, if not available, the Group uses publicly available fi nancial information and its own trading record to rate its major customers. The Group’s exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread amongst approved counterparties. Credit exposure is controlled by counterparty limits that are reviewed and approved by the Finance Committee annually.

Trade receivables consist of a large number of customers, including Aged Care residents, Community Services clients and other customers spread across diverse industries and geographical areas. Ongoing credit evaluation is performed on the fi nancial condition of accounts receivable.

The Group does not have any signifi cant credit risk exposure to any single

counterparty or any group of counterparties having similar characteristics.

The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date to recognised fi nancial assets, is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the balance sheet and notes to the fi nancial statements.

(b) Interest rate riskThe Group’s exposure to interest rate risk, which is the risk that a fi nancial instrument’s value will fl uctuate as a result of changes in market interest rates, and the effective weighted average interest rates on those fi nancial assets and fi nancial liabilities, are presented in the schedule on the following page.

Exposures arise predominantly from assets bearing variable interest rates as the Group intends to hold fi xed interest rate assets to maturity.

Interest rate sensitivityThe sensitivity analysis below has been determined based on the exposure to interest rates for both derivative and non-derivative instruments at the reporting date and the stipulated change taking place at the beginning of the fi nancial year and held constant throughout the reporting period. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the possible change in interest rates.

At reporting date, if interest rates had been 50 basis points higher or lower and all other variables were held constant, the Group’s net defi cit would respectively decrease or increase by $173,000 (2008: net surplus would respectively increase or decrease by $167,000). The parent entity’s net surplus would respectively increase or decrease by $79,000 (2008: increase or decrease by $65,000). This is mainly attributable to the Group’s exposure to interest rates on its variable rate instruments.



Financial Weighted Floating Fixed interest rate Non Interest Total carryingInstruments average Interest maturing in: bearing amount as per effective Rate the statement interest rate of fi nancial position 1 year or less Over 1 to 5 years 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 $ $ $ $ $ $ $ $ $ $

(i) Financial AssetsCash -SVDP Inc. 3.11% 7.36% 5,143,072 1,719,254 2,094,064 2,629,994 - - 641,544 271,549 7,878,680 4,620,797 -ACCS 3.40% 7.06% - - 14,643,200 8,385,081 - - 19,472 20,484 14,662,672 8,405,565 -SVDP VIC 4.15% 7.29% - - 1,126,946 483,569 - - - - 1,126,946 483,569 Endowment Fund -Society of 0.00% 0.00% - - - - - - 4,873 4,873 4,873 4,873 SVDP (Victoria)

Trade and Other Receivables -SVDP Inc. - - - - - - - - 704,919 1,041,173 704,919 1,041,173 -ACCS - - - - - - - - 525,218 406,718 525,218 406,718 -SVDP VIC - - - - - - - - 16,180 3,548 16,180 3,548 Endowment Fund

Other Financial Assets -SVDP Inc. 3.44% 8.08% 8,000,000 8,500,000 - - - - 192,772 23,914 8,192,772 8,523,914 -ACCS 0.68% 7.18% 2,057,440 11,000,000 - - - - - - 2,057,440 11,000,000 -SVDP VIC 3.39% 8.14% 932,690 503,430 - - - - - - 932,690 503,430 Endowment Fund

Total Financial - - 16,133,202 21,722,684 17,864,210 11,498,644 - - 2,104,978 1,772,259 36,102,390 34,993,587Assets

(ii) Financial Liabilities

Trade and Other Payables -SVDP Inc. - - - - - - - - 1,175,272 626,632 1,175,272 626,632 -ACCS - - - - - - - - 1,609,833 1,396,415 1,609,833 1,396,415 -SVDP VIC - - - - - - - - 2,000 - 2,000 - Endowment Fund

RefundableAccommodation Bonds -ACCS - - - - - - - - 12,072,066 9,673,705 12,072,066 9,673,705

Total Financial - - - - - - - - 14,859,171 11,696,752 14,859,171 11,696,752Liabilities

Non-interest bearing other fi nancial assets consist of shares in listed entities, carried at fair value.


Note 22. Financial Instruments (cont.)

(c) Liquidity RiskThe following tables detail the Group’s remaining contractual maturity for its non-derivative fi nancial liabilities. The table has been drawn up based on the undiscounted cash fl ows of fi nancial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash fl ows.

Consolidated Weighted average Less than 1-5 years 5+ years interest rate 1 year % $ $ $

2009Non-interest bearing 0.00% 14,859,171 - -


Parent Entity Weighted average Less than 1-5 years 5+ years interest rate 1 year % $ $ $



The following tables detail the Group’s remaining contractual maturity for its non-derivative fi nancial assets. The table has been drawn up based on the undiscounted contractual maturities of the fi nancial assets including interest that will be earned on those assets except where the Group anticipates that the cash fl ow will occur in a different period.

Consolidated Weighted average Less than 1-5 years 5+ years interest rate 1 year % $ $ $

2009Non-interest bearing 0.00% 2,104,978 - -Variable interest rate instruments 2.90% 2,390,575 9,435,630 -Fixed interest rate instruments 3.35% 23,724,217 - - 28,219,770 9,435,630 -




Parent Entity Weighted average Less than 1-5 years 5+ years interest rate 1 year % $ $ $



(d) Net Fair ValuesThe net fair values of listed investments have been valued at the quoted market bid price at balance date adjusted for transaction costs expected to be incurred. For other assets and liabilities, the net fair value approximates their carrying value. No fi nancial assets and fi nancial liabilities are readily traded on organised markets in standardised form other than listed investments.

The aggregate net fair values and carrying amounts of the Group’s fi nancial assets and fi nancial liabilities are disclosed in the Balance Sheet and in the notes to the fi nancial statements.

Aggregate net fair values and carrying amounts of the Group’s fi nancial assets and fi nancial liabilities at balance date

2009 2008

Carrying Net Fair Carrying Net Fair Amount Value Amount Value $ $ $ $

Consolidated

Financial assetsCash 23,673,171 23,673,171 13,514,804 13,514,804Trade and other receivables 1,246,317 1,220,510 1,451,439 1,428,283Other fi nancial assets 11,182,902 10,681,332 20,027,344 15,137,654 36,102,390 35,575,013 34,993,587 30,080,741

Financial liabilitiesTrade and other payables 2,787,105 2,787,105 2,023,047 2,023,047Refundable accommodation bonds 12,072,066 12,072,066 9,673,705 9,673,705 14,859,171 14,859,171 11,696,752 11,696,752

Parent Entity

Financial assetsCash 7,878,680 7,878,680 4,620,797 4,620,797Trade and other receivables 760,244 760,244 1,192,354 1,192,354Other fi nancial assets 8,192,772 7,660,712 8,523,914 7,121,834 16,831,696 16,299,636 14,337,065 12,934,985

Financial liabilitiesTrade and other payables 1,175,272 1,175,272 626,632 626,632 1,175,272 1,175,272 626,632 626,632

Fair values are materially in line with carrying values.


Note 23. 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.

The amount receivable from St Vincent de Paul Aged Care and Community Services is disclosed in Note 6 to the fi nancial statements.

St Vincent de Paul Aged Care and Community Services received the following revenue from the Society during the fi nancial year:• sales totalling $61,151 (2008:

$20,210); and• $219,252 (2008: $346,175) for the

management of shared services.

During the fi nancial year, St Vincent de Paul Aged Care and Community Services paid the Society $50,000 (2008: $50,000) for the rental of the offi ce premises at Prospect Street, Box Hill.

During the fi nancial year, St Vincent de Paul Society Victoria Inc. contributed a further $948,300 (2008: $600,304) to the St Vincent de Paul Victoria Endowment Fund for the purpose disclosed in Note 9.

Note 24. Segment Reporting

St Vincent de Paul Society Victoria Inc.For management purposes, the parent entity is organised into two major operating divisions, being centres of charity and conferences and councils. The divisions are the basis on which the parent entity reports its primary segment information.

The centres of charity segment provides material aid free of charge to those in need and sells surplus donated goods.

The conferences and councils segment provides assistance to those in need.

Financial information about the parent entity’s business segments is presented in the schedule on the following page.

St Vincent de Paul Aged Care and Community ServicesFor management purposes, the Company is organised into three major operating divisions, being Aged Care Services, Community Services and Disability Employment Services. The divisions are the basis on which the Company reports its primary segment information.

The Residential Aged Care Services segment provides care and accommodation for elderly citizens and disadvantaged citizens through a mix of hostels and nursing homes.

The Community Services segment operates a range of accommodation and support initiatives for people who experience homelessness; providing help with issues such as general health concerns, drug and alcohol abuse, employment education and training options, social exclusion and isolation, and supporting victims of family violence. This segment also includes managing the delivery of care to the elderly in their homes, also known as the Community Aged Care Packages program, the management of independent living units and a day therapy centre.

The Disability Employment Services segment provides supported employment for people with a disability.

During the fi nancial year, the day therapy centre was transferred from the Residential Aged Care Services segment to the Community Services segment. The prior year’s comparative fi gures have been reclassifi ed to refl ect this transfer and conform to changes in presentation for the current fi nancial year.

There are no inter-segment transactions.

Financial information about the Company’s business segments is presented in the schedule on the following page.



Primary reporting – business segments

Centres of Conferences Residential Community Disability Elimination Consolidated Charity & Councils Aged Care Services Employment Services $ $ $ $ $ $ $

2009

RevenueFundraising activities - 10,892,762 193,083 351,632 30,752 11,468,229Government grants - 774,703 10,182,721 9,576,876 674,195 21,208,495Sale of goods 21,915,536 548,187 - - 956,475 (61,151) 23,359,047Client / resident fees - - 4,007,869 701,888 300 4,710,057Accommodation bond retentions - - 317,903 - - 317,903Accommodation charge - - 108,568 - - 108,568Interest received 273,559 508,203 863,191 167,497 25,886 1,838,336Funds transferred from Centres - 7,300,500 - - - (7,300,500) -Sundry income 313,294 377,638 16,442 191,722 27,210 (50,000) 876,306Changes in value of investment - 12,320 - - - 12,320Total segment revenue 22,502,389 20,414,313 15,689,777 10,989,615 1,714,818 (7,411,651) 63,899,261

Other IncomeNet (loss)/gain on sale of property, (204,643) 393,311 (11,204) 13,615 (1,134) 189,946plant & equipment

ResultSegment (defi cit)/surplus (1,047,334) 5,087,688 (485,037) 472,189 (1,022) 4,026,484Unallocated defi cit (5,942,560)Consolidated total defi cit (1,916,076)

AssetsSegment assets 26,214,628 17,575,825 41,641,772 11,007,633 995,478 (1,253,625) 96,181,711Unallocated Group assets 17,829,803Consolidated total assets 114,011,514

LiabilitiesSegment liabilities 1,874,833 1,782,032 14,452,181 2,079,073 235,021 (1,253,625) 19,169,515Unallocated Group liabilities 1,753,772Consolidated total liabilities 20,923,287

Depreciation and amortisation 933,377 457,794 991,181 404,686 56,444 2,843,482of segment assetsLoss on sale of non-current assets - - 37,315 - - 37,315classifi ed as held for saleAcquisition of non-current 2,115,873 1,185,693 914,160 1,386,678 58,990 5,661,394segment assets


Note 24. Segment Reporting (cont.)

Primary reporting – business segments (cont.)

Centres of Conferences Residential Community Disability Elimination Consolidated Charity & Councils Aged Care Services Employment Services $ $ $ $ $ $ $

2008

RevenueFundraising activities - 7,559,695 562,720 284,083 8,133 8,414,631Government grants 4,695 515,749 8,921,589 9,146,731 642,361 19,231,125Sale of goods 18,534,599 358,910 - - 988,215 (20,210) 19,861,514Client / resident fees - - 3,844,418 686,848 - 4,531,266Accommodation bond retentions - - 301,175 - - 301,175Accommodation charge - - 74,394 - - 74,394Interest received 391,127 537,399 1,153,634 190,555 27,679 2,300,394Funds transferred from Centres - 6,461,900 - - - (6,461,900) -Sundry income 49,515 287,629 14,353 205,930 3,266 (50,000) 510,693Changes in value of investment - (10,607) - - - (10,607)Total segment revenue 18,979,936 15,710,675 14,872,283 10,514,147 1,669,654 (6,532,110) 55,214,585

Other IncomeNet gain/loss on sale of property, 713,921 (2,024) 845,569 (793) (1,256) 1,555,417plant & equipment

ResultSegment surplus 868,681 1,810,301 2,029,155 1,234,131 80,583 6,022,852

AssetsSegment assets 23,454,292 15,293,060 42,842,854 10,275,075 879,631 (1,051,485) 91,693,427Unallocated Group assets 20,412,739Consolidated total assets 112,106,166

LiabilitiesSegment liabilities 1,476,260 1,177,856 11,868,017 1,687,723 190,744 (1,051,485) 5,349,115Unallocated Group liabilities 1,752,748Consolidated total liabilities 17,101,863Depreciation and amortisation 630,600 384,090 590,262 367,854 54,509 2,027,315of segment assetsAcquisition of non-current 2,085,713 411,661 7,014,977 602,683 64,030 10,179,064segment assets

Secondary reporting – geographic segmentSt Vincent de Paul Society Victoria Inc. operates within Australia.

St Vincent de Paul Aged Care and Community Services operates within Australia.



Note 25. ECONOMIC DEPENDENCYA signifi cant portion of the revenue of the subsidiary, St Vincent de Paul Aged Care and Community Services, is provided by the Commonwealth and State Governments in the form of grants and subsidies.

Note 26. 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 27. SUBSEQUENT EVENTSSubsequent to year end, based on investment valuation reports from the bank, the Corsair Pure instrument’s principal has been impaired by a further $339,000 in comparison with the balance at 30 June 2009.

No other matter or circumstance has arisen since 30 June 2009 that has signifi cantly affected, or may signifi cantly affect:(a) the consolidated operations in future

fi nancial years, or(b) the results of those operations in

future fi nancial years, or(c) the consolidated state of affairs in

future fi nancial years.


Statement by State CouncilIn the opinion of the State Council the fi nancial report as set out on pages 2 to 33:

1. Presents a true and fair view of the fi nancial position of the St Vincent de Paul Society Victoria Inc. as at 30 June 2009 and its performance for the year ended on that date in accordance with Accounting Standards, Urgent Issues Group Interpretations and the Associations Incorporations Act (Vic) 1981.

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:

Jim Grealish Peter JacksonState President Treasurer

Dated this 19th day of September 2009

St Vincent de Paul Society Victoria Inc.

ABN: 28 911 702 061RN: 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/vic


Independent Auditor’s Report to the members of St Vincent de Paul Society Victoria Inc.

We have audited the accompanying fi nancial report of the St Vincent de Paul Society Victoria Inc. and its consolidated entities, which comprises the balance sheet as at 30 June 2009, and the income statement, cash fl ow statement and statement of changes in equity for the year ended on that date, a summary of signifi cant accounting policies, other explanatory notes and the Statement by State Council of the consolidated entity comprising the entity and the entities it controlled at the year’s end or from time to time during the fi nancial year as set out on pages 2 to 34.

The responsibility of State Council for the Financial Report

The State Council of the entity is responsible for the preparation and fair presentation of the fi nancial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Associations Incorporation Act (Vic) 1981. This responsibility also includes establishing and maintaining internal control relevant to the preparation and fair presentation of the fi nancial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor’s Responsibility

Our responsibility is to express an opinion on the fi nancial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. These Auditing 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 fi nancial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fi nancial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the fi nancial 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 fi nancial 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 fi nancial report.

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

Deloitte Touche TohmatsuABN 74 490 121 060

550 Bourke StreetMelbourne VIC 3000

GPO Box 78Melbourne VIC 3001 Australia

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

www.deloitte.com.au


Auditor’s Independence Declaration

In conducting our audit, we have complied with the independence requirements of the Australian professional accounting bodies.

Auditor’s Opinion

In our opinion, the fi nancial report of the St Vincent de Paul Society Victoria Inc. presents a true and fair view, in all material respects, of the fi nancial position of St Vincent de Paul Society Victoria Inc. and its consolidated entities as at 30 June 2009, and of their fi nancial performance, their cash fl ows and their changes in equity for the year ended on that date in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Associations Incorporation Act (Vic) 1981.

DELOITTE TOUCHE TOHMATSU

A M BrownPartnerChartered Accountants

Melbourne, 19 September 2009

Tomorrowcan be different

St Vincent de Paul Society Victoria Inc.

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

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

ABN: 28 911 702 061

RN: A0042727Y

St Vincent de Paul Aged Care & Community Services

Locked Bag 4700, Box Hill Vic 312843 Prospect Street, Box Hill Vic 3128

Phone: 03 9895 5900 Fax: 03 9895 5950Email: [email protected]

ABN: 530 9480 7280

ACN: 094 807 280

www.vinnies.org.au

2008-2009 Financial Report

Documents

Transcript of 2008-2009 Financial Report