al ina cial Report 30 June 2015 - Vision Super...Directors' Report for the year ended 30 June 2015...

A al ina cial Report 30 June 2015

Pooled Super Pty Ltd ACN: 142 516 005

CONTENTS

Di rectors' Report

Statement of comprehensive income

Statement of financial position

Statement of changes in equity

Statement of cash flows

Notes to the Financial Statements

Directors' Declaration

Independent Auditor's report

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4

5

6

7

8

16

Pooled Super Pty Ltd L

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Pooled Super Pty Ltd

Directors' Report for the year ended 30 June 2015

1. Directors

The Company had nine Directors as at 30 June 2015. The Directors of the Company during the financial year were:

Peter Wilson Graham Sherry Geoff Lake Rob Spence Joanne Dawson (appointed on 8 August 2014)

Brian Parkinson Wendy Phillips Harriet Shing (resigned on 19 November 2014) Russell Atwood Richard Duffy (appointed on 19. November 2014)

Harriet Shing resigned as a Director on 19 November 2014 and Richard Duffy was appointed on that date.

Brian Parkinson was Chairman and Geoff Lake was Deputy Chairman during the financial year. Joanne Dawson was appointed as an independent Director on 8 August 2.014.

2. Principle activities

The Company was established on 12 March 2010 and was granted a Registrable Superannuation Entity Licence (RSEL) on 20 December 2010. The principle activities of the company are to provide trustee services to Vision Pooled Superannuation Trust (VPST).

The Company was appointed as trustee of the VPST on 25 November 2012.

3. Operating and financial review

The Company's loss is $81,491 (2014: $466,328 in profit).

4. Significant changes

There are no significant changes for the year ended 30 June 2015.

5. Dividend

No dividends were paid during the year (2014: nil).

6. Indemnification and insurance of officers

The Company has agreed to indemnify all current and former Directors of the Company against all liabilities to another person that may arise from their position as Directors of the Company, except where the liability arises out of conduct involving a lack of good faith. The agreement stipulates that the Company will meet the full amount of any such liabilities, including costs and expenses.

The Company has agreed to indemnify all senior executives for all liabilities to another person that may arise from their position in the Company, except where the liability arises out of conduct involving a lack of good faith. The agreement stipulates that the Company will meet the full amount of any such liabilities, including legal fees.

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Directors' Report for the year ended 30 June 2015

6. Indemnification and insurance of officers (continued)

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For the year ended 30 June 2015 the Company has paid total insurance premiums of S 184,617 · (2014:$ 166,985) which includes cover for Directors' and officers' liability.

7. Auditor's independence declaration

The auditor's independence declaration is set out at the end of the report and forms part of the Directors' report for the year ended 30 June 2015.

8. Subsequent events

In the interval between the end of the financial year and the date of this report, no item, transaction or event of a material and unusual nature has arisen that is likely, in the opinion of the Directors of the Company, to affect significantly the operations of the Company, the results of those operations, or the state of affairs of the Company, in future financial years.

This report is made in accordance with a resolution of the Directors.

Name: GEOFF Lft KE Director

Dated in Melbourne on this 24th day of September 2015

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Pooled Su er Pty Ltd

Statement of comprehensive income for the year ended 30 June 201.5

Revenues

Interest revenue

Services revenue

Other revenue

Total revenues

Expenses

Professional Indemnity Insurance

Other expenses

Total expenses

Profit/(Loss) before income tax and transfers to reserves

Income tax expense/(benefits)

Net profit/(loss) after income tax and transfers to reserves

Note

7

8

The above Statement of comprehensive income should be read in conjunction with the accompanying notes.

2015 s

8,685

83,313

29,299

121,297

184,617

20,995

205,612

(84,315)

(2,824)

(81,491)

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2014 s

8,779

809,969

29,299

848,047

166,985

2,641

169,626

678,421

212,093

466,328



Statement of financial position as at 30 June 2015

Note

Assets

Cash and cash equivalents 9

Prepayment

Trade and other receivables 4

Current tax refund

Def erred tax asset 8

Total assets

Liabilities

Revenue received in advance 5

Current tax liabilities

Trade and other payables 6

Total liabilities

Net assets

Equity

Contributed equity 10

Reserves

Retained earnings

Total Equity

The above Statement of financial position should be read in conjunction with the accompanying notes.

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2015 2014 s s

309, 114 547,504

269, 104 370,408

8,333 2

55,408

3,841 1,017

645,800 918, 931

117,195 146,494

118,334

21, 136 65, 143

138,331 329,971

507,469 588,960

200 200

250,000 250,000

257,269 338,760

507,469 588, 960

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Statement of changes in equity for the year ended 30 June 2015

Share Reserves capital

s s As at 1 July 2014 200 250,000

Profit for the year

As at 30 June 2015 200 250,000

Share Reserves capital

s $

As at 1 July 2013 200 250,000

Profit for the year

As at 30 June 2014 200 250,000

The above Statement of changes in equity should be read in conjunction with. the accompanying notes.

Retained profit

s 338,760

(81,491)

257,269

Retained profit

$

(127,568) 466,328

338,.760

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Total

s 588,960

(81,491)

507,469

Total

s

122,632 466,328

588,960



Statement of cash flows for the year ended 30 June 2015

Cash flows from operating activities:

Cash receipts

Cash paid to suppliers

Income tax paid

Net cash flows from operating activities

Cash flows from investing activities:

Net cash flows from investing activities

Cash flows from financing activities:

Net cash flows from financing activities

Net increase I (decrease) in cash and cash equivalents

Cash and Cash Equivalents at beginning of year

Cash and Cash Equivalents at end of year

The above Statement of cash flows should be read in conjunction with the accompanying notes.

Note

9

9

2015 $

83,666

(148,314)

(173, 742)

(238,390)

(238,390)

547,504

309, 114

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2014 s

818,749

(566, 788)

251, 961

251, 961

295,543

547,504


Notes to the Financial Statements for the year ended 30 June 2015

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1. Corporate information

Pooled Super Pty Ltd (the Company) is a company limited by shares that was incorporated on 12 March 201 O and domiciled in Australia. There are 200 $1 fully paid shares on issue, held by Vision Financial Holding Pty Ltd (VFHPL) in its own capacity.

The office of Pooled Super Pty Ltd is located at Level 15, 360 Collins Street, Melbourne, Victoria, 3000.

The nature of the operations and principle activities of the Company are to provide trustee services to Vision Pooled Superannuation Trust (VPST).

The financial statements were approved by the Board of Directors on 24 September 2015.

2. Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. The accounting policies set out below have been applied consistently to all periods presented in these financial statements.

(a) Basis of preparation

The financial statements are a general purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board. The financial statements have also been prepared on a historical cost basis, except for financial as.sets held at fair value through profit or loss, that have been measured at fair value.

The financial report is presented in Australian dollars.

(b) Statement of compliance

The financial report complies with Australian Accounting Standards and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards board.

(c) Adoption of new accounting standards

The Company has adopted AASB 2013-3 Arnendments to AASB 136 - Recoverable Amounts Disclosures for Nonflnancial Assets from 1 July 2014.

AASB 2013-3 amends the disclosure requirements in AASB 136 Impairment of Assets. The amendments include the requirement to disclose additional information about the fair value measurement when the recoverable amount of impaired assets is based on fair value less costs of disposal. The adoption of AASB 2013-3 has no material impact on the Company's financial statements.

(d) New accounting standards and interpretations

A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 30 June 2015. They have not been applied in preparing the financial statements. Those may be relevant to the Company are set out below. The Company does not plan to adopt these standards early.

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2. Summary of significant accounting policies (continued)

(d) New accounting standards and interpretations (continued)

AASB 2015 -2 -Amendments to Australian Accounting Standards - Disclosures Initiative: Amendments to MSB 101

AASB 9 (2014) -Financial Instruments

The standard makes amendments to AASB 101 Presentation of Financial Statements arising from the IASB's Disclosure Initiative project. The amendments are designed to further encourage companies to apply professional judgment in determining what information to disclose in the financial statements. For example, the amendments make clear that materiality applies to the whole of financial statements and that the inclusion of immaterial information can inhibit the usefulness of financial disclosures. The amendments also clarify that companies should use professional judgement in determining where and in what order information is presented in the financial disclosures.

This standard addresses the classification, measurement and derecognition of financial assets and financial liabilities and introduces new rules for hedge accounting.

In December 2014, the AASB made further changes to the classification and measurement rules and also introduced a new impairment model. These latest amendments now complete the new financial instruments standard.

1 January 2016

1 January 2018

Based on the transitional provisions in the completed IFRS 9, early adoption in phases was only permitted for annual reporting periods beginning before 1 February 2015. After that date, the new rules must be adopted in their entirety.

1 July 2016

1 July 2018

Management has assessed the impact of the changes listed above and concluded that there would be no material change in the financial statements by adoption of the above standards.

(e) Significant accounting judgements and estimates

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, income and expenses. Management bases its judgements and estimates on historical experience and on other various factors it believes to be reasonable under the circumstances; the results of which form the basis of the carrying values of assets and liabilities that are not readily apparent from other sources.


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(e) Significant accounting judgements and estimates (continued)

In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amount recognised in the financial statements are described in the Note 2(k) Income Tax in regarding to recovery of deferred tax assets.

(f) Trade and other payables

Trade and other payables are carried at historical cost and due to their short-term nature they are not discounted. They represent liabilities for goods and services provided to the Company prior to the end of the financial year that are unpaid and arise when the Company becomes obliged to make future payments in respect of the purchase of these goods and services. The amounts are unsecured and are usually paid within 30 days of recognition.

(g) Revenue recognition

Revenue is recognised and measured at the fair value of the consideration received or receivable to the extent it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognised:

Trustee Services Revenue

Revenue from the rendering of administration services is recognised when the administration expenses are recognised in profit or loss.

Interest revenue

Interest income is recognised in Statement of comprehensive income as it accrues on the amount of cash at bank.

(h) Cash and cash equivalents

Cash and cash equivalents in the Statement of Financial Position and Statement of Cash Flows comprise of cash at bank and term deposits with original maturity of three months or less.

(i) Contributed equity

Ordinary shares are classified as equity.

(j) Trustee liabilities, right of indemnity and obligations

The Company acts solely as trustee of VPST and liabilities have been incurred on behalf of VPST in the Company's capacity as corporate trustee.

Liabilities incurred on behalf of VPST are not recognised in the financial statements when it is not probable that the Company will have to meet any of these trust liabilities from its own resources. When it is probable that the Company will have to meet some trust liabilities, a liability for the deficiency in Trust Right of Indemnity is brought to account.

Details of the trust liabilities, the offsetting right of indemnity and any deficiency in the right of indemnity are disclosed by way of note to the financial statements.


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(k) Income tax

Income tax expense comprises current and deferred tax. Income tax expense is recognised in profit or loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised using the statement of financial position method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.

(l) Goods and services tax

Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred is not recoverable from the taxation authority. In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of the expense.

Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the ATO is included as a current asset or liability in the statement of financial position.

Cash flows are included in the Statement of Cash Flows on a gross basis.

3. Auditors remuneration

Amounts received or due and receivable by Ernst & Young for: - an audit of the financial statements - other services

4. Trade and other receivables

Other receivables Administration fees receivable Total

5. Revenue in advance

2015 s

20,815

20,815

2015 s

8,333

8,333

2014 s

2,641

2,641

2014 s 2

2

Revenue in Advance is the deferred portion of the Directors' professional indemnity insurance paid by Equipsuper Pty Ltd (ESPL). ESPL paid 50% of the total insurance premium expense relating to the Directors' professional indemnity insurance policy for the former Equipsuper representatives on PSPL Board.

6. Trade and other payables

In the prior reporting period, Trade and Other Payables include the amounts due to VSPL, for amounts paid in respect of Directors' professional indemnity insurance and audit fees on behalf of the Company. The amount payable was repaid to VSPL in full during the financial year ended 30 June 2015.

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otes to the inancial Statements for the year en ed 30 June 2015

7. Other revenue

Other revenue is the amount provided by Vision Super Pty Ltd's former merger partner, Equipsuper, to fund the professional indemnity insurance expense and audit fees. For the financial year ended 30 June 2015, the other revenue is $29,299 (2014: $29,299).

8. Income tax

Current tax expense Current year Adjustment for the prior years

Def erred tax expense Origination and reversal of temporary differences Adjustment for prior years Utilisation of previously unrecognised tax losses Income tax expense

Income tax expense numerical reconciliation between tax expense and pre-tax profit Profit/ (Loss) for the year Income tax expense Profit/ (loss) before income tax

Income tax using the Company's tax rate of 30% Disallowable expenses Non-assessable income Unused tax losses for which no DT A recognised Under provision in prior year Others

Def erred tax - 2015

Recognised def erred tax assets and liabi Ii ties

Deferred tax assets and liabilities are attributable to the following:

2015 s

(2,824)

(2,824)

2015 $000

(81,491) (2,824)

(84,315)

(25,294) 17,579 (8, 790) 11,872

1,809 (2,824)

Assets Liabilities

Accrual expenses Current year tax loss

2015 2014 2015 2014

s 3,841

3,841

s 1,017

1,017

s s 2015

s 3,841

3,841

2014 s

118,334

118,334

93,759

212,093

2014 $000

466,330 212,091 678,421

203,526 18,372 (8, 788)

(1,017)

Net

212,093

2014

s 1,017

1,017



8. Income tax (continued)

Def erred tax - 2014

Recognised deferred tax assets and liabilities

Deferred tax assets and liabilities are attributable to the following:

Assets Liabilities


2014 s

1,017

1,017

Movement in temporary differences - 2015


Balance as at

1 July 2014 s

1,017

1,017

Movement in temporary differences - 2014


Balance as at

1 July 2013 $

94,776 94,776

2013 2014 s

94,776 94,776

Recognised in profit/loss

$ 2,824

2,824

Recognised in profit/loss

$ 1,017

(94,776) (93, 759)

s 2013

s

Transfers in/(out)

$

Transfers in/(out)

$

2014 s

1,017

1,017

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Net 2013

s 94,776 94,776

Balance as at

30 June 2015 $

3,841

3,841

Balance as at

30 June 2014 $

1,017

1,017



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9. Cash flows statement reconciliation

(a) Cash and cash equivalents

Cash at bank Cash and cash equivalents

(b) Reconciliation of net profit after tax .with net cash flows from operations

Cash flows from operating activities Profit/ (Loss) for the year

Operating profit before changes in working capital and provisions (lncrease)/decrease in prepayment (lncrease)/decrease in trade and other receivables (lncrease)/decrease in deferred tax assets Increase/ (decrease) in accounts payables Increase/ (decrease) in current tax liabilities lncrease/(decrease) in revenue received in advance ~et cash from operating activities

10. Contributed equity

2015 $

309, 114 309, 114

(81,491)

(81,491) 101,304 (8,330) (2,824)

(44,008) (173,742)

(29,299) (238,390)

2014 s

547,504 547,504

466,328

466,328 (18,822)

93,759 (378,339)

118,334 (29,299) 251, 961

The contributed equity balance was $200 as at 30 June 2015 (2014: $200), which comprises of 200 $1 fully paid shares.

11. Financial risk management

(a) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company's receivables which are mainly trustee services fees from VPST. There were no trustee services fees receivable at the reporting date (2014: Nil). Consequently, the Company has no exposure to credit risk.

(b) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

The Company's exposure to liquidity risk is not material as the Company always maintains sufficient fund at bank to cover daily operation expenses.

There are no contractual maturities for financial liabilities in excess of 12 months.


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11. Financial risk management (continued)

(c) Market risk

Marke~ risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Company's income or the value of its holdings of financial instruments.

(i) Interest rate risk

The Company's exposure to interest rate risk is not material as its interest income for the year 2015 is $8,685 (2014: $8,779). The Company does not borrow money. Consequently, no sensitivity analysis is disclosed in this note.

(ii) Other price risk

Other price risk is the risk that the f?tir value of future cash flows of a financial instrument will fluctuate because of changes in market prices other than those arising from interest rate risk or currency risk, where those changes are caused by factors affecting all similar financial instruments in the market. The Company is not exposed to any other price risk.

12. Contingent.liabilities and commitments

There are no contingent liabilities and commitments for the financial year ending 30 June 2015.

13. Subsequent events after balance date

Since 30 June 2015, there has not been any other matter or circumstances not otherwise dealt with in the financial statements that has significantly affected or may significantly affect the Company.

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Directors' Declaration

In the opinion of the Directors of Pooled Super Pty Limited ("the Company"):

(a) the financial statements and notes, set out on pages 1 to 15, are in accordance with the Corporations Act 2001, including:

(i) giving a true and fair view of the Company's financial position as at 30 June 2015 and of its performance, for the financial year ended on that date; and

(ii) complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001.

(b) the financial report also complies with International Financial Reporting Standards as described in Note 2, and

(c) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

Dated at Melbourne this 24th day of September 2015.

Signed in accordance with a resolution of the Directors:

Name: CE.OFF LfJJ<.€ Director

Name: PETEJZ WI l-5?N Director


A member firm of Ernst & Young Global Limited

Liability limited by a scheme approved under Professional Standards Legislation

Ernst & Young

8 Exhibition Street Melbourne VIC 3000 Australia

GPO Box 67 Melbourne VIC 3001

Tel: +61 3 9288 8000

Fax: +61 3 8650 7777

ey.com/au

Independent auditor's report to the members of Pooled Super Pty Ltd

Report on the financial report

We have audited the accompanying financial report of Pooled Super Pty Ltd, which comprises the

statement of financial position as at 30 June 2015, the statement of comprehensive income,

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

a summary of significant accounting policies and other explanatory information, and the directors'

declaration.

Directors' responsibility for the financial report

The directors of the company are responsible for the preparation of the financial report that gives a

true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001

and for such internal controls as the directors determine are necessary to enable the preparation of

the financial report that is free from material misstatement, whether due to fraud or error. In Note 2,

the directors also state, in accordance with Accounting Standard AASB 101 Presentation of Financial

Statements, that the financial statements comply with International Financial Reporting Standards.

Auditor's responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We conducted our

audit in accordance with Australian Auditing Standards. Those standards require that we comply with

relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain

reasonable assurance about 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 judgment, 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 controls relevant to the entity's

preparation of the financial report that gives a true and fair view 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 controls. An audit also includes evaluating the appropriateness of

accounting policies used and the reasonableness of accounting estimates made by the directors, 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.

Independence

In conducting our audit we have complied with the independence requirements of the Corporations Act

2001. We have given to the directors of the company a written Auditor’s Independence Declaration, a

copy of which is included in the directors’ report.



Page 2

Opinion

In our opinion:

a. the financial report of Pooled Super Pty Ltd is in accordance with the Corporations Act

2001, including:

i giving a true and fair view of the company's financial position as at 30 June 2015 and of

its performance for the year ended on that date; and

ii complying with Australian Accounting Standards and the Corporations Regulations

2001; and

b. the financial report also complies with International Financial Reporting Standards as

disclosed in Note 2.

Ernst & Young

Brett Kallio

Partner

Melbourne

24 September 2015



Ernst & Young

8 Exhibition Street Melbourne VIC 3000 Australia

GPO Box 67 Melbourne VIC 3001

Tel: +61 3 9288 8000

Fax: +61 3 8650 7777

ey.com/au

Auditor’s Independence Declaration to the Directors of Pooled Super Pty Ltd

In relation to our audit of the financial report of Pooled Super Pty Ltd for the financial year ended 30

June 2015, to the best of my knowledge and belief, there have been no contraventions of the auditor

independence requirements of the Corporations Act 2001 or any applicable code of professional

conduct.

Ernst & Young

Brett Kallio Melbourne Partner 24 September 2015

al ina cial Report 30 June 2015 - Vision Super...Directors' Report for the year ended 30 June 2015...

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