2009-2010 Financial Report

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2009-2010 FINANCIAL RepoRt

Contents

Statement of Comprehensive Income 2

Statement of Financial Position 3

Statement of Changes in Equity 4

Consolidated Cash Flow Statement 5

Notes to the Financial Statements 6

Statement by State Council 34

Independent Auditor’s Report 35

St Vincent de Paul Society Victoria Inc. I 1

2 I You should know this I 2009-2010 Financial Report

Statement of Comprehensive Incomefor the year ended 30 June 2010

Consolidated Consolidated Parent Parent Entity Entity Entity Entity Note 2010 2009 2010 2009 $ $ $ $Continuing OperationsRevenueFundraising 2(a) 10,736,673 11,468,229 7,755,147 10,507,262Government grants 2(b) 23,627,560 21,208,495 824,714 774,703Sale of goods 2(c) 26,048,605 23,359,047 25,269,749 22,463,723Other revenue 2(d) 8,040,265 7,851,170 1,106,868 1,373,160Net gain on sale of property, plant and equipment 2(e) 833,282 189,945 851,560 188,668Total Revenue 69,286,385 64,076,886 35,808,038 35,307,516

Cost of salesCost of sales 3(a) (17,582,054) (15,926,587) (16,014,476) (14,215,667)Gross Surplus 51,704,331 48,150,299 19,793,562 21,091,849

Fundraising/public relations 3(b) (1,375,563) (1,167,599) (1,375,563) (1,167,599)Administration 3(c) (2,706,483) (3,044,020) (2,704,413) (3,041,950) (4,082,046) (4,211,619) (4,079,976) (4,209,549)

Total Funds Available for Client Activities 47,622,285 43,938,680 15,713,586 16,882,300

Client Services ExpensesPeople in Need Services 3(f) (14,452,868) (10,216,481) (14,540,874) (10,277,632)Aged Care Services 3(g) (16,797,043) (16,099,392) - -Homelessness & Housing Services 3(h) (11,407,092) (10,511,730) - -Support Services 3(i) (3,120,394) (3,059,598) (3,120,394) (3,059,598) (45,777,397) (39,887,201) (17,661,268) (13,337,230)

Changes in fair value of financial assets designated as at 2(f) (24,629) 12,320 21,752 12,320 fair value through Statement of Comprehensive IncomeImpairment of held-to-maturity investments 3(d) (391,902) (5,942,560) - - carried at amortised costLoss on sale of non-current assets classified 3(e) - (37,315) - - as held for saleSurplus/(Deficit) for year from continuing operations 1,428,357 (1,916,076) (1,925,930) 3,557,390Other comprehensive income - - - -

Total Comprehensive Surplus/(Deficit) for year 1,428,357 (1,916,076) (1,925,930) 3,557,390The accompanying notes form part of these financial statements


Statement of Financial Positionas at 30 June 2010

Consolidated Consolidated Parent Parent Entity Entity Entity Entity Note 2010 2009 2010 2009 $ $ $ $Current AssetsCash and cash equivalents 5 26,846,883 23,673,171 4,876,620 7,878,680Trade and other receivables 6 1,231,438 1,220,510 555,066 760,244 Inventories 7 235,552 203,433 213,367 176,132 Financial assets 8 6,206,477 3,125,462 4,245,804 2,192,772 Other assets 10 809,800 903,514 565,227 690,315 Total Current Assets 35,330,150 29,126,090 10,456,084 11,698,143

Non-Current AssetsFinancial assets 8 2,000,000 8,057,440 2,000,000 6,000,000 Investments in controlled entities 9 - - 55,555,537 53,354,343 Property, plant & equipment 11 64,697,023 62,712,975 24,419,288 22,972,662 Intangible assets 12 14,477,188 14,115,009 204,795 90,659 Total Non-Current Assets 81,174,211 84,885,424 82,179,620 82,417,664

Total Assets 116,504,361 114,011,514 92,635,704 94,115,807

Current LiabilitiesTrade and other payables 13 1,997,594 2,787,105 2,384,223 2,123,572 Provisions 14 4,355,776 4,032,320 1,158,457 1,044,820 Other liabilities 15 15,053,414 13,539,592 404,353 396,980 Total Current Liabilities 21,406,784 20,359,017 3,947,033 3,565,372

Non-Current LiabilitiesProvisions 14 580,993 564,270 153,657 89,491 Total Non-Current Liabilities 580,993 564,270 153,657 89,491

Total Liabilities 21,987,777 20,923,287 4,100,690 3,654,863

Net Assets 94,516,584 93,088,227 88,535,014 90,460,944

EquityContributed equity 100 100 - -Reserves 16 34,029,707 35,944,624 14,702,705 17,175,775 Retained earnings 60,486,777 57,143,503 73,832,309 73,285,169 Total Parent Entity Interest 94,516,584 93,088,227 88,535,014 90,460,944

Total Equity 94,516,584 93,088,227 88,535,014 90,460,944The accompanying notes form part of these financial statements


Statement of Changes in Equityfor the year ended 30 June 2010

Reserves (Note 16) Contributed Retained Asset Capital Bequest Bushfire Fund-a- Total Equity Earnings Revaluation Profits Reserve Appeal Future Reserve Reserve Reserve Reserve $ $ $ $ $ $ $ $Consolidated EntityBalance at 1 July 2008 100 61,573,877 28,256,034 198,036 4,846,256 - 130,000 95,004,303 Deficit for the year - (1,916,076) - - - - - (1,916,076) Total Comprehensive Deficit - (1,916,076) - - - - - (1,916,076) Transfer to Bequest Reserve - (41,228) - - 41,228 - - - Transfer to Bushfire Appeal Reserve - (2,473,070) - - - 2,473,070 - - Balance at 30 June 2009 100 57,143,503 28,256,034 198,036 4,887,484 2,473,070 130,000 93,088,227

Surplus for the year - 1,428,357 - - - - - 1,428,357 Total Comprehensive Surplus - 1,428,357 - - - - - 1,428,357 Transfer to Bequest Reserve - (558,153) - - 558,153 - - - Transfer from Bushfire Appeal Reserve - 2,473,070 - - - (2,473,070) - -

Balance at 30 June 2010 100 60,486,777 28,256,034 198,036 5,445,637 - 130,000 94,516,584

Parent EntityBalance at 1 July 2008 - 72,366,268 13,235,238 - 1,302,048 - - 86,903,554 Surplus for the year - 3,557,390 - - - - - 3,557,390 Total Comprehensive Surplus - 3,557,390 - - - - - 3,557,390 Transfer to Bequest Reserve - (165,419) - - 165,419 - - - Transfer to Bushfire Appeal Reserve - (2,473,070) - - - 2,473,070 - -

Balance at 30 June 2009 - 73,285,169 13,235,238 - 1,467,467 2,473,070 - 90,460,944

Deficit for the year - (1,925,930) - - - - - (1,925,930) Total Comprehensive Deficit - (1,925,930) - - - - - (1,925,930) Transfer from Bushfire Appeal Reserve - 2,473,070 - - - (2,473,070) - -

Balance at 30 June 2010 - 73,832,309 13,235,238 - 1,467,467 - - 88,535,014 The accompanying notes form part of these financial statements


Consolidated Cash Flow Statementfor the year ended 30 June 2010

Consolidated Consolidated Parent Parent Entity Entity Entity Entity Note 2010 2009 2010 2009 $ $ $ $Cash flows From Operating Activities:Receipts from operating activities 57,607,731 50,549,703 24,443,265 22,900,185Receipts from supporters 9,224,882 11,985,217 9,224,882 11,985,217Payments to clients, suppliers and employees (65,116,505) (56,954,534) (36,322,070) (29,829,026)Interest received 1,363,325 1,709,902 483,599 682,228Net cash provided by/(used in) 19(b) 3,079,433 7,290,288 (2,170,324) 5,738,604 operating activities

Cash flows From Investing Activities:Proceeds from sale of plant and equipment 1,298,729 1,462,702 1,241,544 1,269,146Proceeds from sale of non-current assets - 1,162,685 - - classified as held for saleProceeds from investments 3,680,538 4,003,430 3,000,000 500,000Payment for property, plant and equipment (6,070,856) (5,613,483) (3,581,804) (3,253,656)Payments for intangible assets (378,483) (47,911) (165,588) (47,911)Payments for investments (5,429) (932,690) - -Capital contributed to subsidiaries - - (1,325,888) (948,300)Net cash provided (used in)/by investing activities (1,475,501) 34,733 (831,736) (2,480,721)

Cash flows From Financing Activities:Proceeds from residents’ accommodation bonds 3,965,197 5,515,288 - -Repayment of residents’ accommodation bonds (2,395,417) (2,681,942) - -Net cash provided by financing activities 1,569,780 2,833,346 - -

Net increase/(decrease) in cash and cash equivalents 3,173,712 10,158,367 (3,002,060) 3,257,883Cash and cash equivalents at the beginning 23,673,171 13,514,804 7,878,680 4,620,797 of the financial year

Cash and cash equivalents at the end 19(a) 26,846,883 23,673,171 4,876,620 7,878,680 of the financial yearThe accompanying notes form part of these financial statements


Notes to the Financial Statementsfor the year ended 30 June 2010

Note 1 Summary of Significant 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 office and its principal place of business are as follows:Registered office Principal place of business43-45 Prospect Street, Box Hill VIC 3128 43-45 Prospect Street, Box Hill VIC 3128Tel: (03) 9895 5800 Tel: (03) 9895 5800

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

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

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

The financial statements were authorised for issue by State Council on 24 September 2010.

Basis of measurementThe financial report has been prepared on an accruals basis and is based on historic costs modified by the revaluations of selected non-current assets and financial 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 following specific accounting policies have been consistently applied, unless otherwise stated.

Functional and presentation currencyThe financial report is presented in Australian dollars which is the charity’s functional currency.

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 financial statements.

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

(a) Principles of consolidationThe consolidated financial statements of St Vincent de Paul Society Victoria Inc. comprises the consolidated financial 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 financial 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 Group have been eliminated on consolidation.


(b) RevenueRevenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. 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-profit 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 benefits 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 financial records; however at times it is impractical to maintain controls over the collection of such revenue prior to its initial entry into the financial records or to ensure that any economic benefit can be measured reliably. Therefore, voluntary revenue is recognised in these accounts when control, benefit 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 satisfied:• theGroupobtainscontrolofthegrantfundsortherighttoreceivethegrantfunds;• itisprobablethattheeconomicbenefitscomprisinggrantswillflowtotheGroup;and• theamountofthegrantcanbemeasuredreliably.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 financial 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 financial statements.

(d) Cash and cash equivalentsCash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash, which are subject to an insignificant 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 defined above, net of outstanding bank overdrafts.

(e) Financial assetsInvestments are recognised and derecognised on trade date where the purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at fair value, net of transaction costs, except for those financial assets classified as at fair value through profit or loss which are initially measured at fair value.

Financial assets are classified into the following specified categories: financial assets ‘at fair value through profit 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 financial 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 financial asset, or, where appropriate, a shorter period.



Note 1 Summary of Significant Accounting Policies (cont.)(e) Financial assets (cont.)Held to maturity investmentsCollateralised debt obligations, floating rate notes and units in equity linked investments with fixed or determinable payments and fixed maturity dates where that the Group has the positive intent and ability to hold to maturity are classified as held-to-maturity investments. Held-to-maturity investments are recorded at amortised cost using the effective interest method less impairment, with revenue recognised on an effective yield basis.

Financial assets at fair value through Statement of Comprehensive IncomeA financial asset is classified in this category if it is held for trading; that is principally with the objective of selling in the short-term with a profit making intention. In addition, any other financial 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 Statement of Comprehensive Income in the period in which they arise.

Financial assets at fair value through Statement of Comprehensive Income include shares in listed corporations.

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

Interest income is recognised by applying the effective interest rate.

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

Impairment of financial assetsFinancial assets are assessed for indicators of impairment at each reporting 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 financial asset, the estimated future cash flows of the investment have been impacted.

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

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

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

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

(f) 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.

St Vincent de Paul Victoria Endowment Fund holds various financial assets 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; orii. for receivables and payables which are recognised inclusive of GST.

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

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

(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 profit or loss.

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

Class of property, plant and equipment Depreciation rates and methodBuildings 1% to 2.5% straight lineBuilding Improvements 10% straight lineLeasehold improvements Over the term of the leaseFurniture, Plant & Equipment 7% to 20% straight lineComputer Hardware 33% straight lineMotor Vehicles 15% to 20% straight line

Artwork and antiquities are held at cost and not depreciated. Land is not a depreciable asset.

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

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

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

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



Note 1 Summary of Significant Accounting Policies (cont.)

(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 Statement of Comprehensive Income as an impairment expense.

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

Depreciated replacement cost is defined as the current replacement cost of an asset less, where applicable, accumulated depreciation calculated on the basis of such cost to reflect the already consumed or expired future economic benefits of the asset. The current replacement cost of an asset is its cost measured by reference to the lowest cost at which the future economic benefits of that asset could currently be obtained in the normal course of business.

Impairment losses are recognised in the Statement of Comprehensive Income.

(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 identified.

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

(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 financial year. The amounts are unsecured and are normally settled within 30 days.

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

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

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

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

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


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

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

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

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

(r) Standards and Interpretations affecting amounts reported in the current period (and/or prior periods)The following new and revised Standards and Interpretations have been adopted in the current period and have effected the amounts reported in these financial statements. Details of other Standards and Interpretations adopted in these financial statements but that have no effect on the amounts reported are set out in paragraph (s).

Standards effecting presentation and disclosure

Standard

AASB 101 ‘Presentation of Financial Statements’ (revised AASB 101(September 2007) has introduced terminology changes September 2007), AASB 2007-8 ‘Amendments to Australian (including revised titles for the financial statements) and changes in Accounting Standards arising from AASB 101’, AASB 2007-10 the format and content of the financial statements. In addition, the ‘Further Amendments to Australian Accounting Standards revised Standard has required the presentation of a third statement arising from AASB 101’ of financial position at 1 July 2008, because the entity has applied new accounting policies retrospectively.AASB 2009-2 Amendments to Australian Accounting Standards The amendments to AASB 7 expand the disclosures required in – Improving Disclosures about Financial Instruments respect of fair value measurements and liquidity risk. The Group has elected not to provide comparative information for these expanded disclosures in the current year in accordance with the transitional reliefs offered in these amendments.Amendments to AASB 5 Non-Current Assets Held for Sale and Disclosures in these financial statements have been modified Discontinued Operations (adopted in advance of effective date to reflect the clarification in AASB 2009-5 Further Amendments of 1 January 2010) to Australian Accounting Standards arising from the Annual Improvements Project that the disclosure requirements in Standards other than AASB 5 do not generally apply to non- current assets classified as held for sale and discontinued operations.Amendments to AASB 107 Statement of Cash Flows (adopted The amendments (part of AASB 2009-5 Further Amendments in advance of effective date of 1 January 2010) to Australian Accounting Standards arising from the Annual Improvements Project) specify that only expenditures that result in a recognised asset in the statement of financial position can be classified as investing activities in the statement of cash flows. Consequently, cash flows in respect of development costs that do not meet the criteria in AASB 138 Intangible Assets for capitalisation as part of an internally generated intangible asset (and, therefore, are recognised in profit or loss as incurred) have been reclassified from investing to operating activities in the statement of cash flows. Prior year amounts have been restated for consistent presentation.



Note 1 Summary of Significant Accounting Policies (cont.)

(s) Standards and Interpretations adopted with no effect on financial statementsThe following new and revised Standards and Interpretations have also been adopted in these financial statements. Their adoption has not had any significant impact on the amounts reported in these financial statements but may affect the accounting for future transactions or arrangements.

StandardAASB 2008-7 Amendments to Australian Accounting Standards The amendments deal with the measurement of the cost of - Cost of an Investment in a Subsidiary, Jointly Controlled Entity investments in subsidiaries, jointly controlled entities and associates or Associate when adopting A-IFRS for the first time and with the recognition of dividend income from subsidiaries in a parent’s separate financial statements.

AASB 2008-5 ‘Amendments to Australian Accounting Standards In addition to the amendments to AASB 5 and AASB 107 and the arising from the Annual Improvements Project’ amendments to AASB 117, the amendments have led to a number of changes in the detail of the Group’s accounting policies – some of which are changes in terminology only, and some of which are substantive but have had no material effect on amounts reported. Except as noted, the changes in AASB 2009-5 have been adopted in advance of their effective dates of 1 January 2010.

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 financial report of the Group:

Standard Effective for annual reporting Expected to be initially applied periods beginning on or after in the financial year endingAASB 2009-5 Further Amendments to Australian Accounting 1 January 2010 30 June 2011 Standards arising from the Annual Improvements ProjectAASB 124 Related Party Disclosures (revised December 2009), 1 January 2011 30 June 2012 AASB 2009-12 Amendments to Australian Accounting StandardsAASB 9 Financial Instruments, AASB 2009-11 Amendments 1 January 2013 30 June 2014 to Australian Accounting Standards arising from AASB 9

(t) Comparative figuresWhen required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.


Consolidated Consolidated Parent Parent Entity Entity Entity Entity 2010 2009 2010 2009 $ $ $ $

Note 2 Revenue and Other Income(a) Fundraising activitiesBequests 2,807,567 2,777,683 2,249,415 2,350,955Donations 7,929,106 8,690,546 5,505,732 8,156,307 10,736,673 11,468,229 7,755,147 10,507,262

(b) Government grantsCouncils/Conferences/Centres 824,714 774,703 824,714 774,703Community Services 11,457,818 9,576,876 - -Aged Care 10,651,283 10,182,721 - -Ozanam Enterprises 693,745 674,195 - - 23,627,560 21,208,495 824,714 774,703

(c) Sale of goodsSales - Centres of Charity 24,723,554 21,860,548 24,723,554 21,860,548Sales - Groceries 226,485 284,926 226,485 284,926Sales - Piety 319,710 318,249 319,710 318,249Sales - Ozanam Enterprises 778,856 895,324 - - 26,048,605 23,359,047 25,269,749 22,463,723

(d) Other revenueClient rent/fees 5,131,680 4,710,057 - -Accommodation bonds retention 355,094 317,903 - -Accommodation charge 213,987 108,568 - -Interest received - other persons 1,538,567 1,838,336 483,599 682,228Sundry income 800,937 876,306 623,269 690,932 8,040,265 7,851,170 1,106,868 1,373,160

(e) Net gain on sale of property, plant and equipment 833,282 189,945 851,560 188,668

Total Revenue 69,286,385 64,076,886 35,808,038 35,307,516

Other Income(f) Changes in fair value of financial assets (24,629) 12,320 21,752 12,320 designated as at fair value through Statement of Comprehensive Income

Note 3 Operating Surplus/(Deficit)Operating expenses(a) Cost of salesEmployee salaries & benefits 7,423,726 6,897,068 6,206,601 5,569,062Cost of goods sold – purchases/materials 1,347,803 1,250,062 1,241,690 1,147,133Depreciation and amortisation 54,850 56,445 - -Construction costs expensed 11,266 - - -Selling & Administration 8,744,409 7,723,012 8,566,185 7,499,472 17,582,054 15,926,587 16,014,476 14,215,667




Note 3 Operating Surplus/(Deficit) (cont.)Operating expenses (cont.)(b) Fundraising/public relationsEmployee salaries & benefits 626,179 481,650 626,179 481,650Promotion 165,500 160,802 165,500 160,802Other 583,884 525,147 583,884 525,147 1,375,563 1,167,599 1,375,563 1,167,599

(c) AdministrationComputer maintenance 36,833 23,057 36,833 23,057Legal & Audit 81,536 66,879 79,536 64,879Employee salaries & benefits 1,071,659 956,813 1,071,659 956,813Depreciation & amortisation 364,693 340,894 364,693 340,894Insurance 214,387 190,779 214,387 190,779Motor vehicle running costs 47,921 59,681 47,921 59,681Printing/Postage/Office supplies 193,787 236,587 193,787 236,587Repairs & maintenance 14,718 109,837 14,718 109,837Telephone 43,224 36,241 43,224 36,241Training 82,181 119,875 82,181 119,875Travel & accommodation 10,258 6,528 10,258 6,528Other - includes Shared Services costs 202,486 401,667 202,416 401,597State Council 342,800 495,182 342,800 495,182 2,706,483 3,044,020 2,704,413 3,041,950

(d) Significant expenseImpairment of held-to-maturity investments carried 391,902 5,942,560 - - at amortised cost

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

(f) People in Need ServicesAccommodation/Transport 1,078,946 923,520 1,078,946 923,520Cash 50,806 37,640 50,806 37,640Food vouchers 5,502,159 4,364,911 5,502,159 4,364,911Food purchases 1,383,078 1,320,373 1,383,078 1,320,373Whitegoods 629,326 417,561 629,326 417,561Utilities 541,100 401,196 541,100 401,196Medical 187,615 149,717 187,615 149,717Education 1,146,788 656,219 1,146,788 656,219Compassionate 15,928 10,773 15,928 10,773Youth 94,512 43,858 94,512 43,858Bushfire relief 2,801,287 1,046,326 2,801,287 1,046,326Overseas 576,558 580,717 576,558 580,717Bursary 50,754 35,359 50,754 35,359Sundry 394,011 228,311 482,017 289,462 14,452,868 10,216,481 14,540,874 10,277,632



Note 3 Operating Surplus/(Deficit) (cont.)Operating expenses (cont.)

(g) Aged Care ServicesCatering & Food 777,465 786,123 - -Cleaning 325,670 329,033 - -Depreciation 1,054,970 991,181 - -Employee salaries & benefits 11,175,298 10,783,089 - -Occupancy 122,161 92,252 - -Medical & other supplies 369,001 302,891 - -Legal & Audit 162,185 470,673 - -Motor vehicle running costs 48,699 46,046 - -Repairs & maintenance 445,680 417,328 - -Resident amenities 243,061 211,066 - -Telephone 37,737 39,412 - -Utilities 470,417 464,653 - -Workcover 251,873 219,140 - -Interest paid – other persons 51,805 39,055 - -Other 1,261,021 907,450 - - 16,797,043 16,099,392 - -

(h) Homelessness & Housing ServicesCleaning/Waste removal 257,255 329,033 - -Client support/Emergency accommodation 1,287,531 1,314,315 - -Depreciation 498,493 404,686 - -Employee salaries & benefits 7,286,019 6,954,260 - -Occupancy 465,964 105,490 - -Legal & Audit 97,928 245,694 - -Motor vehicle running costs 174,514 153,127 - -Repairs & maintenance 251,482 176,579 - -Telephone 102,356 93,180 - -Utilities 208,540 193,542 - -Interest paid – other persons - 5 - -Other 777,010 541,819 - - 11,407,092 10,511,730 - -

(i) Support ServicesAccounting & payroll support 196,500 190,777 196,500 190,777Conference Support – employee salaries & benefits 1,126,221 1,034,042 1,126,221 1,034,042Conference Support – other 284,871 261,611 284,871 261,611State, National, International Councils 748,000 617,566 748,000 617,566Conference operating costs 764,802 955,602 764,802 955,602 3,120,394 3,059,598 3,120,394 3,059,598

67,833,399 66,005,282 37,755,720 31,762,446




Note 3 Operating Surplus/(Deficit) (cont.)Operating expenses (cont.)(j) Other items(Deficit)/surplus from operating activities has been determined after:(i) ExpensesDepreciation and amortisation of property, plant & equipment - Buildings 866,758 851,093 264,896 262,751 - Building Improvements 237,845 148,536 75,642 38,848 - Leasehold Improvements 394,147 193,599 335,893 193,599 - Furniture, Plant and Equipment 929,739 789,587 399,680 311,428 - Motor Vehicles 585,591 629,442 402,133 432,994 - Computer Equipment 296,523 155,001 246,168 105,242

3,310,603 2,767,258 1,724,412 1,344,862

Amortisation of Computer Software 73,574 76,224 51,452 46,309Construction costs expensed 253,488 - 20,782 -Impairment of trade receivables 6,912 2,651 - -Bad debts written off - 2,099 - -Rental expense on operating leases - Minimum lease payments 3,560,504 3,006,359 3,364,700 2,856,088 Remuneration of Auditor - Audit 101,649 95,872 39,650 44,000 101,649 95,872 39,650 44,000

7,306,730 5,950,463 5,200,996 4,291,259

(ii) Net gainsNet gain on sale of property, plant and equipment 833,282 189,945 851,560 188,668Loss on sale of non-current assets classified as held for sale - (37,315) - -

833,282 152,630 851,560 188,668

Note 4 Key Management Personnel CompensationShort-term employee benefits - Salary & Fees 1,649,200 1,594,760 904,700 854,260 - Non-Cash Benefits 127,000 112,800 61,000 60,000 - Other - 26,400 - -Post-employment benefits - Superannuation 148,500 143,528 81,500 76,883

Total 1,924,700 1,877,488 1,047,200 991,143



Note 5 Cash and Cash EquivalentsCash on hand 62,154 57,039 44,914 41,049Cash deposits with banks Councils & Central Office 692,280 455,467 692,280 455,467 Centres - 145,028 - 145,028 Aged Care & Community Services 801,168 1,434,175 - - SVDP Victoria Endowment Fund 110,399 26,946 - - Society of St Vincent de Paul (Victoria) 4,873 4,873 - -Term Deposits Councils, Central Office & Conferences 4,139,426 7,237,136 4,139,426 7,237,136 Aged Care & Community Services 19,936,583 13,212,507 - - SVDP Victoria Endowment Fund 1,100,000 1,100,000 - -

26,846,883 23,673,171 4,876,620 7,878,680

Note 6 Trade and Other ReceivablesTrade debtors (i) 492,203 527,039 106,062 169,750Allowance for doubtful debts (32,719) (25,807) - - 459,484 501,232 106,062 169,750

Other debtors 771,954 719,278 449,004 535,169Amount receivable from subsidiary - - - 55,325

Total Current Receivables 1,231,438 1,220,510 555,066 760,244

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

Included in the Group’s trade receivable balance are debtors with a carrying amount of $48,770 (2009: $113,525) which are past due at the reporting date for which the Group has not provided as there has not been a significant 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 99 days (2009: 109 days).

Ageing of past due debtors61 - 90 days 56,456 51,220 - 12,679Over 90 days 25,033 88,112 - 189

81,489 139,332 - 12,868

Movement in the allowance for doubtful debtsBalance at the beginning of the year 25,807 23,156 - -Impairment losses recognised on receivables 14,500 4,870 - -Impairment losses written off against allowance (753) - - - for doubtful debtsImpairment losses reversed (6,835) (2,219) - -

Balance at the end of the year 32,719 25,807 - -

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 235,552 203,433 213,367 176,132

Note 8 Other Financial AssetsHeld-to-maturity investments carried at amortised cost:CurrentMedium term notes 4,932,690 2,932,690 4,000,000 2,000,000

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

Financial assets carried at fair value through Statement of Comprehensive Income:CurrentShares in listed corporations 1,273,787 192,772 245,804 192,772

8,206,477 11,182,902 6,245,804 8,192,772

Disclosed in the financial statements as:Current financial assets 6,206,477 3,125,462 4,245,804 2,192,772Non-current financial assets 2,000,000 8,057,440 2,000,000 6,000,000

8,206,477 11,182,902 6,245,804 8,192,772


Note 8 Other Financial Assets (cont.) Consolidated Entity Consolidated Entity Parent Entity Parent Entity 2010 2009 2010 2009 Maturity Date Units $ Units $ Units $ Units $Medium term notesFloating rate note CFS Retail Property Trust (i) 31 Jul 2009 - - 1,000,000 1,000,000 - - 1,000,000 1,000,000Floating rate note CBA Subordinate Debt (i) 16 Feb 2010 - - 1,000,000 1,000,000 - - 1,000,000 1,000,000Floating rate note CBA Subordinate Debt (i) 10 Nov 2010 1,000,000 932,690 1,000,000 932,690 - - - -Floating rate note Colonial Finance (i) 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 (i) 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 (i) 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

7,000,000 6,932,690 9,000,000 8,932,690 6,000,000 6,000,000 8,000,000 8,000,000

Collateralised debt obligationsCorsair Pure (CBA) (ii) 20 Jun 2014 3,000,000 - 3,000,000 339,000 - - - -Prelude Euro CDO (ANZ) (iii) 30 Jun 2012 - - 3,000,000 - - - - -

3,000,000 - 6,000,000 339,000 - - - -

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

- - 2,000,000 1,718,440 - - - -

(i) The Group holds medium term notes returning a variable rate of interest. The weighted average rate on these securities is 5.14% (2009: 3.44%). The notes are redeemable at face value at maturity dates ranging between 1 to 24 months from reporting date.

(ii) Corsair Pure This collateralised debt obligation was re-stated to its revised amortised cost at 30 June 2010. The instrument is linked to an underlying portfolio of financial institutions

and other stocks worldwide. At the time of the initial investment, the portfolio had a AAA credit rating and was paying a coupon. Due to severity of the financial 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 obligation 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 the portfolio, the instrument is affected through the principal becoming progressively impaired and/or the coupon payments ceasing.

Based on the number of credit defaults in the underlying portfolio and other valuation considerations, the instrument’s principal has been fully impaired by $3,000,000 and the maturity date extended from 20 June 2011 to 20 June 2014. However, the instrument continues to pay coupon interest based on the remaining face value which was reduced to $1,393,282 on 21 June 2010. The remaining face value is the amount of the original investment less losses from underlying credit events on the PURE reference portfolio up to that date. Future losses from underlying credit events will affect the remaining face value and hence, coupon amounts. 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 profit and loss.

(iii) Prelude Euro Based on the number of credit defaults in the underlying portfolio and other valuation considerations, the instrument’s principal was fully impaired by $3,000,000. The instrument

ceased paying coupon interest as of 1 July 2008. The Prelude Euro collateralised debt obligation was redeemed on 18 February 2010 for a settlement consideration of $15,000.

(iv) Asprit II The principal of the instrument was guaranteed by the issuer (Bank of Australia and New Zealand - credit rating AA-). Due to the underlying portfolio performance, the

instrument ceased paying coupon interest as of 1 July 2008 and the instrument was impaired by $281,560 at 30 June 2009. The Asprit II equity linked investment was redeemed on 7 April 2010 for a settlement consideration of $1,665,538.




Note 9 Investments in Controlled EntitiesNon-CurrentInvestments in controlled entities - - 55,555,537 53,354,343

Country of Incorporation Percentage OwnedParent 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 financial year:• StVincentdePaulSocietyVictoriaInc.contributedafurther$1,674,642(2009:$1,047,834)totheStVincentdePaulVictoria

Endowment Fund;• StVincentdeSocietyVictoriaInc.receivedinterestincomeof$130,174(2009:$99,534)fromStVincentdePaulVictoriaEndowment

Fund; and• StVincentdePaulSocietyVictoriaInc.contributed$656,726(2009:Nil)toStVincentdePaulAgedCareandCommunityServicesto

fund the development of 9 independent living units in Red Cliffs.

The purpose of the St Vincent de Paul Victoria Endowment 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 flowing 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 249,682 364,227 249,682 364,227Prepayments 560,118 539,287 315,545 326,088

809,800 903,514 565,227 690,315



Note 11 Property, Plant & EquipmentLandAt cost 22,247,852 22,089,125 8,966,841 8,808,114

BuildingsAt cost 35,160,328 33,850,598 11,278,295 10,121,409Buildings under construction 1,356,916 1,355,826 417,269 417,068 Less accumulated depreciation (5,264,139) (4,420,130) (2,020,580) (1,778,433) 31,253,105 30,786,294 9,674,984 8,760,044

Building ImprovementsAt cost 2,579,178 1,864,620 846,775 510,169Less accumulated depreciation (549,499) (311,654) (129,712) (54,070) 2,029,679 1,552,966 717,063 456,099

Leasehold ImprovementsAt cost 2,693,058 1,220,659 1,831,517 1,181,490Less accumulated depreciation (656,854) (262,707) (575,912) (240,019) 2,036,204 957,952 1,255,605 941,471

Furniture, Plant & EquipmentAt cost 8,627,912 7,362,555 3,324,367 2,648,222Less accumulated depreciation (4,252,436) (3,327,888) (1,401,630) (1,004,151) 4,375,477 4,034,667 1,922,737 1,644,071

Motor VehiclesAt cost 5,415,737 5,464,941 3,871,576 4,003,463Less accumulated depreciation (3,205,911) (2,799,687) (2,450,927) (2,195,337) 2,209,826 2,665,254 1,420,649 1,808,126

Computer HardwareAt cost 1,417,891 1,203,205 1,035,785 882,945Less accumulated depreciation (875,991) (579,468) (576,831) (330,663) 541,900 623,737 458,954 552,282

Artwork & AntiquitiesAt cost 2,980 2,980 2,455 2,455

64,697,023 62,712,975 24,419,288 22,972,662




Note 11 Property, Plant & Equipment (cont.)ReconciliationsReconciliations of the carrying amounts of each class of property, plant & equipment at the beginning and end of the current and previous financial year are set out below and in the following page.

Total LandCarrying amount at beginning of financial year 22,089,125 22,439,125 8,808,114 9,158,114Additions 314,727 - 314,727 -Disposals (156,000) (350,000) (156,000) (350,000)

Carrying amount at end of financial year 22,247,852 22,089,125 8,966,841 8,808,114

Total BuildingsCarrying amount at beginning of financial year 30,786,294 31,092,015 8,760,044 9,164,332Additions 2,628,145 1,918,939 1,281,868 1,032,443Transfer of Capital WIP (959,838) (1,189,893) - (990,306)Disposals (81,250) (183,674) (81,250) (183,674)Construction costs expensed (253,488) - (20,782) -Less depreciation (866,758) (851,093) (264,896) (262,751)


Total Building ImprovementsCarrying amount at beginning of financial year 1,552,966 1,019,636 456,099 296,097Additions 637,137 475,097 336,606 190,890 Transfer from Capital WIP 77,421 206,769 - 7,960Less depreciation (237,845) (148,536) (75,642) (38,848)

Carrying amount at end of financial year 2,029,679 1,552,966 717,063 456,099

Total Leasehold ImprovementsCarrying amount at beginning of financial year 957,952 391,040 941,471 381,886Additions 651,789 264,034 650,027 257,485Transfer from Capital WIP 820,610 496,477 - 495,699Less depreciation (394,147) (193,599) (335,893) (193,599)

Carrying amount at end of financial year 2,036,204 957,952 1,255,605 941,471

Total Furniture, Plant & EquipmentCarrying amount at beginning of financial year 4,034,667 3,590,983 1,644,071 1,275,972Additions 1,266,211 1,117,806 678,545 561,314Transfer from Capital WIP 4,537 118,213 - 118,213Disposals (199) (2,748) (199) -Less depreciation (929,739) (789,587) (399,680) (311,428)




Note 11 Property, Plant & Equipment (cont.)Reconciliations (cont.)

Total Motor VehiclesCarrying amount at beginning of financial year 2,665,254 2,454,967 1,808,126 1,786,383Additions 358,161 1,576,065 167,191 1,001,540Disposals (227,998) (736,336) (152,535) (546,803)Less depreciation (585,591) (629,442) (402,133) (432,994)


Total Computer HardwareCarrying amount at beginning of financial year 623,737 151,217 552,282 81,561Additions 214,686 259,087 152,840 207,529Transfer from Capital WIP - 368,434 - 368,434 Less depreciation (296,523) (155,001) (246,168) (105,242)

Carrying amount at end of financial year 541,900 623,737 458,954 552,282

Total Artwork & AntiquitiesCarrying amount at beginning of financial year 2,980 525 2,455 -Additions - 2,455 - 2,455


Total Property, Plant & EquipmentCarrying amount at beginning of financial year 62,712,975 61,139,507 22,972,662 22,144,345Additions 6,070,856 5,613,484 3,581,804 3,253,656Disposals (465,447) (1,272,758) (389,984) (1,080,477)Transfer to Intangibles (57,270) -Construction costs expensed (253,488) - (20,782) -Less depreciation (3,310,603) (2,767,258) (1,724,412) (1,344,862)

Carrying amount at end of financial year 64,697,023 62,712,975 24,419,288 22,972,662An independent valuation of land and buildings is performed every three years. The latest valuation was performed in the 2009 financial year by Charter Keck Cramer.In accordance with the accounting policy in Note 1(i), land and buildings have not been revalued to the current market value.




Note 12 IntangiblesAged Care Bed LicencesAged Care Bed Licences at cost 14,000,000 14,000,000 - -

Computer Software & IT DevelopmentAt cost 1,227,445 791,692 341,715 176,127Less accumulated amortisation (750,257) (676,683) (136,920) (85,468) 477,188 115,009 204,795 90,659

Total Intangibles 14,477,188 14,115,009 204,795 90,659

ReconciliationsReconciliations of the carrying amounts of each class of intangible assets at the beginning and end of the current and previous financial year are set out below:Aged Care Bed LicencesCarrying amount at beginning and end of financial year 14,000,000 14,000,000 - -

Total Computer Software & IT DevelopmentCarrying amount at beginning of financial year 115,009 143,322 90,659 89,057Additions 378,483 47,911 165,588 47,911Transfer from Capital WIP 57,270 - - -Less amortisation (73,574) (76,224) (51,452) (46,309)


Total IntangiblesCarrying amount at beginning of financial year 14,115,009 14,143,322 90,659 89,057Additions 378,483 47,911 165,588 47,911Transfer from Capital WIP 57,270 - - -Disposals - - - -Less amortisation (73,574) (76,224) (51,452) (46,309)

Carrying amount at end of financial year 14,477,188 14,115,009 204,795 90,659



Note 13 Trade and Other Payables Unsecured:Trade creditors (i) 787,003 1,776,209 345,168 642,946Accrued creditors 590,241 489,516 241,325 197,448Other creditors 552,041 377,772 274,971 218,365Amount payable to subsidiary - - 1,522,759 948,300GST payable 68,309 143,608 - 116,513

1,997,594 2,787,105 2,384,223 2,123,572(i) The average credit period on purchases of goods is 30 days. No interest is charged on the trade payables. The Group has financial risk management policies in place to

ensure that all payables are paid within the credit timeframe.

Note 14 ProvisionsCurrentEmployee benefits (i) (a) 4,355,776 4,032,320 1,158,457 1,044,820Non-CurrentEmployee benefits (a) 580,993 564,270 153,657 89,491

(a) Aggregate Employee Entitlement Liability 4,936,769 4,596,590 1,312,114 1,134,311(i) The current provision of employee benefits includes $3,648,585 (parent entity: $1,158,459) of annual leave and vested long service leave entitlements accrued but not

expected to be taken within 12 months (2009: $3,424,539 and $1,044,820 for the Group and for the parent entity respectively).

Note 15 Other LiabilitiesUnsecured:Refundable accommodation bonds 13,203,301 12,072,065 - -Grants in advance 1,630,658 1,301,276 - -Prepaid income 204,353 146,980 404,353 396,980Other liabilities 15,102 19,271 - -

15,053,414 13,539,592 404,353 396,980

Note 16 ReservesNature and purpose of reserves as disclosed in the Statement of Changes in Equity:Asset revaluation reserve $28,256,034 (2009: $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 profits reserve $198,036 (2009: $198,036)Represents the capital value of land and building sold.

Fund-a-Future reserve $130,000 (2009: $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 $5,445,637 (2009: $4,887,484)The Group receives bequests where the bequestor has nominated a specific purpose or service to which the funds are to be directed. In these instances the Group establishes a reserve to recognise the unapplied funds from bequests of this nature. The reserve is supported by the Donations and Bequest Register that details the breakdown of the reserve.

Bushfire Appeal reserve Nil (2009: $2,473,070)Represented funds set aside to assist Bushfire survivors as they return to re-establish their homes and livelihood within their communities.

During the previous financial 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. The balance of $2.5 million remaining at 30 June 2009 has been spent.




Note 17 Lease Commitments ReceivableCommitments in relation to leases contracted for at the reporting date but not recognised as assets receivable:Within one year 33,159 - 83,159 50,000Later than one year but not later than 5 years 83 - 150,083 200,000Later than five years - - - -

33,242 - 233,242 250,000

RepresentingNon-cancellable operating lease 33,242 - 233,242 250,000

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

Note 18 Capital and Lease Commitments(a) Lease Commitments PayableCommitments in relation to leases contracted for at the reporting date but not recognised as liabilities payable:Operating LeasesNot later than one year 3,606,750 3,135,317 3,465,742 3,003,898Later than one year but not later than 5 years 7,672,748 7,663,187 7,498,093 7,355,028Later than five years 3,482,456 1,783,081 3,481,733 1,782,345

14,761,954 12,581,585 14,445,568 12,141,272The 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 CommitmentsCapital expenditure commitments contracted for:Purchase of property 864,000 - - -Building works and refurbishment projects 1,472,324 - - -

2,336,324 - - -

Payable

Not later than one year 2,336,324 - - -



Note 19 Notes to the Statement of Cash Flows(a) Reconciliation of cash and cash equivalentsCash and cash equivalents at the end of the financial period as shown in the Cash Flow Statement is reconciled to the related items in the Statement of Financial Position as follows:Cash on hand 62,154 57,039 44,914 41,049Cash deposits with banks 1,608,720 2,066,489 692,280 600,495Bank term deposits 25,176,009 21,549,643 4,139,426 7,237,136

Balance per Cash Flow Statement 26,846,883 23,673,171 4,876,620 7,878,680(b) Reconciliation of cash flow from operations with operating deficit/surplusOperating surplus/(deficit) 1,428,357 (1,916,076) (1,925,930) 3,557,390

Non-cash flows and non-operating activities in operating deficit/surplusDepreciation and amortisation 3,384,177 2,843,482 1,775,864 1,391,171Construction costs expensed 253,488 - 20,782 -Net gain on sale of property, plant and equipment (833,282) (189,945) (851,560) (188,668)Loss on sale of non-current assets classified as held for sale - 37,315 - -Impairment of held-to-maturity investments carried 391,902 5,942,560 - - at amortised costChange in fair value of financial assets designated 24,629 (12,630) (21,752) (12,630) as at fair value through profit or lossGain on disposal of held-to-maturity investments carried (15,000) - - - at amortised costBequests received in the form of shares in listed corporations (1,100,216) (156,228) (1,100,216) (156,228)Residents’ accommodation bond retentions (336,805) (306,800) - -Interest deducted from residents’ accommodation bond (131,568) (166,710) - -Interest paid and payable on refund of residents’ 29,826 38,525 - - accommodation bond

Changes in assets and liabilities(Increase)/decrease in receivables (10,928) 207,773 205,178 362,209Increase in inventories (32,119) (64,749) (37,235) (57,222)(Increase)/decrease in prepayments (20,831) (210,632) 10,543 (49,405)(Decrease)/increase in payables and other liabilities (292,379) 1,001,716 (423,794) 853,162Increase in provisions 340,182 242,687 177,796 38,825

Cash Flows from operations 3,079,433 7,290,288 (2,170,324) 5,738,604

Note 20 Financial Instruments

(a) Financial risk managementThe Group’s financial 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 profile 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 financial and legal expertise.



Note 20 Financial Instruments (cont.)

(a) Financial risk management (cont.)(i) Treasury risk managementThe Finance Committee has the responsibility of determining the spread of investments across available financial investment options within the confines 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 meets on a regular basis to monitor movement in the financial investments and make recommendations to State Council and the Board of Directors.

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

Interest rate riskThe Group is subject to normal commercial interest rate fluctuations on its bank accounts and money market instruments. For further details on interest rate risk, refer to Note 20(b).

Foreign currency riskThe Group is not exposed to fluctuations in foreign currencies.

Liquidity riskUltimate 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 flows and ensuring that adequate unutilised borrowing facilities are maintained. For further details on liquidity risk, refer to Note 20(c).

Price riskThe Group is not exposed to any material commodity price risk.

Other price riskThe Group is exposed to equity price risks arising from equity investments. Equity investments are held for strategic rather than trading purposes. The Group does not actively trade these investments.

The sensitivity analysis below has been determined based on the exposure to equity price risks at the end of the reporting period.

If equity prices had been 5% higher or lower, the Group’s net surplus would respectively increase or decrease by approximately $64,000 (2009: net deficit would respectively decrease or increase by approximately $10,000). The parent entity’s net deficit would respectively decrease or increase by approximately $12,000 (2009: net surplus would respectively increase or decrease by approximately $10,000).

Credit riskCredit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral where appropriate, as a means of mitigating the risk of financial 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 financial 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 financial condition of accounts receivable.

The Group does not have any significant 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 financial assets, is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the balance sheet and notes to the financial statements.

(b) Interest rate riskThe Group’s exposure to interest rate risk, which is the risk that a financial instrument’s value will fluctuate as a result of changes in market interest rates, and the effective weighted average interest rates on those financial assets and financial 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 fixed 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 financial 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 surplus would respectively increase or decrease by approximately $176,000 (2009: net deficit would respectively decrease or increase by approximately $173,000). The parent entity’s net deficit would respectively decrease or increase by approximately $54,000 (2009: net surplus would respectively increase or decrease by approximately $79,000). This is mainly attributable to the Group’s exposure to interest rates on its financial instruments.


Financial Weighted average Floating Fixed interest rate maturing in: Non Interest Total carrying amount Instruments effective interest rate Interest Rate bearing as per the statement of financial position 1 year or less Over 1 to 5 years 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 $ $ $ $ $ $ $ $ $ $(i) Financial AssetsCash -SVDP Inc. 2.10% 3.11% 2,044,566 5,143,072 2,094,860 2,094,064 737,194 641,544 4,876,620 7,878,680 -ACCS 5.21% 3.40% - - 20,730,664 14,643,200 24,328 19,472 20,754,992 14,662,672 -SVDP VIC Endowment Fund 4.87% 4.15% - - 1,210,399 1,126,946 - - 1,210,399 1,126,946 -Society of SVDP (Victoria) - - - - - - 4,873 4,873 4,873 4,873 Trade and Other Receivables -SVDP Inc. 555,066 704,919 555,066 704,919 -ACCS 698,126 525,218 698,126 525,218 -SVDP VIC Endowment Fund 10,966 16,180 10,966 16,180

Other Financial Assets -SVDP Inc. 5.15% 3.44% 6,000,000 8,000,000 245,804 192,772 6,245,804 8,192,772 -ACCS - 0.68% - 2,057,440 - - - 2,057,440 -SVDP VIC Endowment Fund 5.10% 3.39% 932,690 932,690 1,027,983 - 1,960,673 932,690

Total Financial Assets 8,977,256 16,133,202 24,035,923 17,864,210 - - 3,304,340 2,104,978 36,317,519 36,102,390

(ii) Financial LiabilitiesTrade and Other Payables -SVDP Inc. 861,464 1,175,272 861,464 1,175,272 -ACCS 1,134,130 1,609,833 1,134,130 1,609,833 -SVDP VIC Endowment Fund 2,000 2,000 2,000 2,000

Refundable Accommodation Bonds -ACCS 13,203,301 12,072,066 13,203,301 12,072,066

Total Financial Liabilities - - - - - - 15,200,895 14,859,171 15,200,895 14,859,171

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

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

Consolidated

Weighted average Less than 1-5 5+ interest rate 1 year years years % $ $ $2010Non-interest bearing - 15,200,895 - -

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

Parent Entity

Weighted average Less than 1-5 5+ interest rate 1 year years years % $ $ $2010Non-interest bearing - 2,384,223 - -

2009Non-interest bearing - 2,123,572 - -



Note 20 Financial Instruments (cont.)

(c) Liquidity Risk (cont.)The following tables detail the Group’s remaining contractual maturity for its non-derivative financial assets. The table has been drawn up based on the undiscounted contractual maturities of the financial assets including interest that will be earned on those assets except where the Group anticipates that the cash flow will occur in a different period.

Consolidated

Weighted average Less than 1-5 5+ interest rate 1 year years years % $ $ $2010Non-interest bearing - 2,276,356 - - Variable interest rate instruments 5.14% 5,279,043 2,096,045 - Fixed interest rate instruments 5.10% 22,885,214 3,914,320 -

30,440,613 6,010,365 -

2009Non-interest bearing - 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 5+ interest rate 1 year years years % $ $ $2010Non-interest bearing - 1,538,063 - - Variable interest rate instruments 5.15% 4,261,711 2,096,044 - Fixed interest rate instruments 4.76% 4,166,447 - -

9,966,221 2,096,044 -

2009Non-interest bearing - 1,539,235 - - Variable interest rate instruments 3.44% 2,232,093 6,241,244 - Fixed interest rate instruments 3.11% 7,258,017 - -

11,029,346 6,241,244 -

d) Fair ValuesThe 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 fair value approximates their carrying value. No financial assets and financial liabilities are readily traded on organised markets in standardised form other than listed investments.

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

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


Note 20 Financial Instruments (cont.)(d) Fair Values (cont.) 2010 2009 Carrying Fair Carrying Fair Amount Value Amount Value $ $ $ $ConsolidatedFinancial assetsCash 26,846,883 26,846,883 23,673,171 23,673,171 Trade and other receivables 1,264,158 1,231,439 1,246,317 1,220,510 Other financial assets 8,206,477 7,070,694 11,182,902 10,681,332 36,317,518 35,149,016 36,102,390 35,575,013

Financial liabilitiesTrade and other payables 1,997,594 1,997,594 2,787,105 2,787,105 Refundable accommodation bonds 13,203,301 13,203,301 12,072,066 12,072,066 15,200,895 15,200,895 14,859,171 14,859,171

Parent EntityFinancial assetsCash 4,876,620 4,876,620 7,878,680 7,878,680 Trade and other receivables 555,066 555,066 760,244 760,244 Other financial assets 6,245,804 6,068,024 8,192,772 7,121,834 11,677,490 11,499,710 16,831,696 15,760,758

Financial liabilitiesTrade and other payables 861,464 861,464 1,175,272 1,175,272 861,464 861,464 1,175,272 1,175,272

Note 21 Related Party DisclosuresTransactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated.The parent entity is St Vincent de Paul Society Victoria Inc.During the financial year:• StVincentdePaulSocietyVictoriaInc.receivedfromStVincentdePaulAgedCareandCommunityServices$50,000(2009:$50,000)forthe

rental of the office premises at Prospect Street, Box Hill;• StVincentdePaulSocieyVictoriaInc.receivedfromStVincentdePaulAgedCareandCommunityServices$72,033(2009:paid

$219,252) for the management of shared services; and • StVincentdePaulSocietyVictoriaInc.purchasedgoodstotalling$88,006(2009:$61,151)fromStVincentdePaulAgedCareand

Community Services.The amount payable to St Vincent de Paul Aged Care and Community Services is $54,489 (2009: receivable $55,325).During the financial year:• StVincentdePaulSocietyVictoriaInc.contributedafurther$1,674,642(2009:$1,047,834)totheStVincentdePaulVictoria

Endowment Fund for the purpose disclosed in Note 9; and• StVincentdePaulSocietyVictoriaInc.receivedinterestincomeof$130,174(2009:$99,534)fromStVincentdePaulVictoriaEndowmentFund.The amount payable to St Vincent de Paul Victoria Endowment Fund is $1,468,270 (2009: $948,300).

Note 22 Segment ReportingSt 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 entity 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 entity 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.



Note 22 Segment Reporting (cont.)St Vincent de Paul Aged Care and Community Services (cont.)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. There are no inter-segment transactions.Financial information about the entity’s business segments is presented in the schedule below and on the following page.

St Vincent de Paul Community HousingFor management purposes, the entity has one major operating division, being Community Housing.The entity undertakes activities to promote the relief of poverty, sickness or the needs of the aged by providing affordable rental housing and associated services to persons in need of housing.Financial information about the entity’s business segment is presented in the schedule below and on the following page.Primary reporting – business segments

Centres of Conferences Residential Community Community Disability Elimination Consolidated Charity & Councils Aged Care Services Housing Employment Services $ $ $ $ $ $ $ $ 2010RevenueFundraising activities - 7,755,147 1,241,437 1,590,957 - 149,132 10,736,673Government grants - 824,714 11,457,818 9,628,348 1,022,935 693,745 23,627,560Sale of goods 24,723,554 546,195 - - - 866,862 (88,006) 26,048,605Client / resident fees - - 4,383,660 748,020 - - 5,131,680Accommodation bond retentions - - 355,094 - - - 355,094Accommodation charge - - 213,987 - - - 213,987Interest received - 483,599 871,125 161,486 - 22,357 1,538,567Sundry income - 753,443 11,332 1,172,627 1,852 8,503 (1,146,820) 800,937Net (loss)/gain on sale of 868,868 (17,308) (10,482) (7,423) - (373) 833,282 property, plant & equipmentTotal segment revenue 25,592,422 10,345,790 18,523,971 13,294,015 1,024,787 1,740,226 (1,234,826) 69,286,385

Other IncomeChanges in value of investment - (24,629) - - - - (24,629)

ResultSegment surplus/(deficit) 289,401 (2,133,607) 1,661,785 1,836,952 - 165,728 1,820,259 Unallocated deficit (391,902)Consolidated total deficit 1,428,357

AssetsSegment assets 24,213,004 17,522,341 41,254,483 11,842,800 56,650 946,310 (1,722,756) 94,112,832Unallocated Group assets 22,391,529 Consolidated total assets 116,504,361

LiabilitiesSegment liabilities 1,690,702 2,411,987 15,838,401 2,593,089 37,010 249,420 (1,722,756) 21,097,853Unallocated Group liabilities 889,924Consolidated total liabilities 21,987,777

Depreciation and amortisation 1,251,281 524,583 1,054,970 498,493 - 54,850 3,384,177 of segment assetsAcquisition of non-current 2,451,882 1,295,510 782,218 1,342,587 - 46,173 5,918,370 segment assetsUnallocated Group acquisition 530,969 of non-current assets 6,449,339


Centres of Conferences Residential Community Community Disability Elimination Consolidated Charity & Councils Aged Care Services Housing Employment Services $ $ $ $ $ $ $ $ 2009RevenueFundraising activities - 10,892,762 193,083 351,632 - 30,752 11,468,229 Government grants - 774,703 10,182,721 9,576,876 - 674,195 21,208,495 Sale of goods 21,915,536 548,187 - - 956,475 (61,151) 23,359,047 Client / resident fees - - 4,007,869 701,888 - 300 4,710,057 Accommodation bond retentions - - 317,903 - - - 317,903 Accommodation charge - - 108,568 - - - 108,568 Interest received 273,559 508,203 863,191 167,497 - 25,886 1,838,336 Funds transferred from Centres - 7,300,500 - - - - (7,300,500) - Sundry income 313,294 377,638 16,442 191,722 - 27,210 (50,000) 876,306 Net (loss)/gain on sale of (204,643) 393,311 (11,204) 13,615 - (1,134) 189,946 property, plant & equipment Total segment revenue 22,297,746 20,795,304 15,678,574 11,003,230 - 1,713,684 (7,411,651) 64,076,887

Other IncomeChanges in value of investment - 12,320 - - - - 12,320

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

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

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

Depreciation and amortisation 933,377 457,794 991,181 404,686 - 56,444 2,843,482 of segment assets Loss on sale of non-current - - 37,315 - - - 37,315 assets classified as held for sale Acquisition of non-current 2,115,873 1,185,693 914,160 1,386,678 - 58,990 5,661,394 segment 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.St Vincent de Paul Community Housing operates within Australia.

Note 23 Economic DependencyA significant 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 24 Remuneration of AuditorsThe remuneration of auditors is disclosed in Note 3. No other services were provided during the year.

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

Note 25 Subsequent EventsSubsequent to year end, the purchase of property disclosed in Note 18(b) was settled on 30 July 2010.

No other matter or circumstance has arisen since 30 June 2010 that has significantly affected, or may significantly affect:(a) the consolidated operations in future financial years, or(b) the results of those operations in future financial years, or(c) the consolidated state of affairs in future financial years.


Statement by State Council

In the opinion of the State Council the financial report as set out on pages 2 to 33:

1. Presents a true and fair view of the financial position of the St Vincent de Paul Society Victoria Inc. as at 30 June 2010 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:

Tony Tome John Hayes State President Treasurer

Dated this 24th day of September 2010

St Vincent de Paul Society Victoria Inc.ABN: 28 911 702 061

RN: A0042727Y

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

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

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


Independent Auditor’s Report to the members of St Vincent de Paul Society Victoria Inc.We have audited the accompanying financial report of the St Vincent de Paul Society Victoria Inc., which comprises the statement of financial position as at 30 June 2010, and the statement of comprehensive income, the statement of cash flows and the statement of changes in equity for the year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, 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 financial year as set out on pages 2 to 34.

The Responsibility of State Council for the Financial Report The State Council of the entity are responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations). This responsibility also includes establishing and maintaining internal control relevant to the preparation and fair presentation of the financial 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 ResponsibilityOur responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. 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 financial report is free from material misstatement.

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

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

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

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


Auditor’s Independence DeclarationIn conducting our audit, we have complied with the independence requirements of the Australian professional accounting bodies.

Auditor’s OpinionIn our opinion, the financial report of the St Vincent de Paul Society Victoria Inc. presents a true and fair view, in all material respects, the entity’s and consolidated entity’s financial position as at 30 June 2010, and of their financial performance, their cash flows and their changes in equity for the year ended on that date in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations).

Deloitte Touche Tohmatsu

Alison BrownPartnerChartered Accountants

Melbourne, 24 September 2010

How You Can Help

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

Online www.vinnies.org.au or call 13 18 12

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

Online www.vinnies.org.au or call 03 9895 5800

Making a BequestConsider remembering the St Vincent de Paul Society in your Will. All non-specified bequests are invested in the St Vincent de Paul Victoria Endowment Fund, providing much needed funds for special projects and initiatives. The Society is able to assist thousands of people because of the generosity of those who have remembered us in their Will. For an information booklet or to speak to our Bequest Coordinator.

Call 03 9895 5800

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

Call 03 9895 5800

Donating goodsDonations of quality clothing, furniture and household goods can be made to any Vinnies Centre.

Call 1800 621 349

St Vincent de Paul Society Victoria Inc.Locked Bag 4800, Box Hill Vic 312843 Prospect Street, Box Hill Vic 3128Phone: 03 9895 5800 Fax: 03 9895 5850Email: [email protected]: 28 911 702 061 RN: A0042727Y

VincentCare VictoriaLocked Bag 4700, Box Hill Vic 312843 Prospect Street, Box Hill Vic 3128Phone: 03 9895 5900 Fax: 03 9895 5950Email: [email protected]: 53 094 807 280ACN: 094 807 280

www.vinnies.org.au www.vincentcare.org.au

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2009-2010 Financial Report

Documents

Transcript of 2009-2010 Financial Report