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FINANCIAL REPORT 2019

Acknowledgements: Design by L+ L Design

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Contentsdirectors’ report 2Auditor’s Independence Declaration 12Financial Statements 13

Statement of profit or loss and other comprehensive income 13Statement of financial position 14Statement of changes in funds 15Statement of cash flows 16

Notes to the Financial Statements 17Directors’ Declaration 42Independent Auditor’s Report 43

1

directors’ reportYour directors submit their report on Youth Off The Streets Limited (the ‘Company’) for the year ended 30 June 2019.

DirectorsThe names and details of the Company’s directors in office during the financial year and until the date of this report are set out below. Directors were in office for this entire period, unless otherwise stated.

» Richard John Gibbs (Resigned 14 May 2019)

» Rebecca Monica Grace Lynch (Resigned 25 March 2019)

» Anna Maree Ainsworth (Resigned 25 February 2019)

» Christopher Keith Riley, AM » Nicholas James Spooner » Giuliana ( Julie) Cleary » Nazmiye Guler

(Appointed 20 February 2019) » Dr Kimberley Pressick-Kilborn

(Appointed 16 October 2019)

2 YOUTH OFF THE STREETS ANNUAL REVIEW 2019

Richard John Gibbs – resigned 14 May 2019 Director/Chair

Richard holds a Bachelor of Economics (Hons) and a Master of International Economics and Finance specialising in macroeconomic policy, finance and public policy administration. He also holds a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia, a Master of Business Administration and a Graduate Diploma in Executive Performance Management.

Richard is a member of the Australian Business Economists and the National Association of Business Economics (NABE) in the United States. He is a member of the Advisory Board for the Australian National University, School of Arab and Islamic Studies, a Trustee for the Committee for the Economic Development of Australia (CEDA), a Member of the Australia-Oman Business Council, a Fellow of the Financial Services Institute of Australasia (FINSIA) and Graduate Member of the Australian Institute of Company Directors.

Committee Membership:

» Development Committee » Audit, Finance and Risk

Committee » Nomination Committee

Rebecca Monica Grace Lynch – resigned 25 March 2019Director

Rebecca had been a Director since 2005. Rebecca is a solicitor and brings with her a great deal of experience in the legal profession. Rebecca has practiced in national law firms in the area of commercial litigation for over 30 years including as a partner at DLA Phillips Fox until she retired from the partnership in May 2007 and most recently as special counsel at Thomson Geer Lawyers until February 2016.

She holds a LLB (Bachelor of Laws) from the University of Sydney. Rebecca was admitted as a Solicitor of the Supreme Court of New South Wales (1979), Northern Territory (1992) and South Australia (1994). Rebecca also received official accreditation as a mediator by LEADR (1994).


» Services Committee » Nominations Committee

Anna Maree Ainsworth – resigned 25 February 2019Director

Anna had been a Director since 2002. She served as Chairperson of the Board from 2008 to February 2011.

Anna is the Community Development Manager and Director of Eden Gardens and Garden Centre, Macquarie Park and the Chair of the Eden Foundation.

Anna’s earlier career was in Public Health Practice where she worked as a Paediatric physiotherapist. Anna is a member of Philanthropy Australia through the Eden Foundation and a member of the Australian Institute of Company Directors.

Anna holds a postgraduate Diploma in Physiotherapy from Cumberland College of Health Services and a Bachelor of Science from the University of New South Wales. Anna is a graduate Member of the Australian Institute of Company Directors and a graduate of the Benevolent Society Sydney Leadership Program. Anna is currently completing her Masters in Restorative Practice through the International Institute of Restorative Practice, PA, USA.


» Services Committee – Chair

dIREcTORS’ REpORT 3

Father Christopher Keith Riley, AM Founder and Chief Executive Officer (CEO)

Father Chris Riley AM, Founder and Chief Executive Officer (CEO) of Youth Off The Streets, has worked with disadvantaged youth for more than 40 years in a variety of roles including teacher, youth worker, probation officer, residential carer and principal and CEO. Father Chris officially founded Youth Off The Streets in 1991.

As Chief Executive Officer of Youth Off The Streets, Father Chris oversees the operation of over 35 programs that employ over 200 staff and involve more than 400 volunteers. He has implemented innovative behaviour modification strategies to help young people deal with a history of trauma, abuse and neglect. He has grown the organisation from a single food van delivering meals to young homeless people on the streets of Kings Cross to a major youth specific agency providing a wide range of services such as crisis accommodation, independent schools, residential treatment programs, centres for youth, Aboriginal programs, and early intervention and prevention programs into troubled suburbs through an outreach service.

Many of these strategies have been adopted by schools across Australia and by Government agencies. Father Chris believes there is no such thing as a “child born bad”, but acknowledges that there are bad environments, circumstances and families that impact negatively on our young.

» Diploma of Teaching (3 years trained) Australian Catholic University, Chadstone, Victoria, 1975

» Secondary Teachers Certificate of Registration No. 37378, 1975 Primary Teachers Registration Board, 1976

» Bachelor of Theology, Melbourne College of Divinity, Clayton, Victoria, 1982

» Bachelor of Arts (Major Sociology and English) Monash University, Clayton, Victoria, 1984

» Diploma of Abuse Counselling, Australian Institute of Professional Counsellors, Queensland, 1996

» Diploma of Psychology, Applied School of Psychology, Sydney, 1997

» Diploma of Aboriginal Studies, TAFE NSW OTEN, 2010

» Certificate IV in Alcohol and Other Drugs, TAFE NSW OTEN, 2010

» Honorary Doctorate of Letters, University of Western Sydney. ‘This award is in recognition of your outstanding humanitarian service to the community, especially youth.’ 2010

» Masters of Special Education, University of Southern Queensland, 2010

» Diploma of Life Coaching, Registered Training Australia, 2014

» Diploma of Youth Work » Master of Science in

Restorative Practices, International Institute for Restorative Practices Graduate School (current)


» Services Committee » Nominations Committee

•••••• ‘We must have the courage to demand greatness from our youth.’


Nicholas James SpoonerDirector – Appointed Chair 15 May 2019

Nick joined the Youth Off The Streets board as a Director in 2015, having supported the Development Committee since 2009, and was appointed as Chairperson in May 2019.

Nick is the Lead Partner for PwC’s Digital Services practice having joined in 2013. Nick has also held a number of executive roles with some of Australia’s leading businesses and has a wealth of commercial experience in leading and running digital enterprises. With close to 20 years within the digital industry, Nick’s experience spans across a range of disciplines including commercial sales, marketing, product, operations, technology and program delivery across consulting, government, telecommunications, media and marketing services.

Prior to joining PwC, Nick held numerous executive positions in prominent companies, including ninemsn as its Chief Operating Officer and Network TEN as its Chief Digital Officer. In addition to this Nick has held senior roles with Singtel Optus and global consulting group Accenture. And as Chairman of the Interactive Advertising Bureau (IAB) Australia, he sought to promote the convergence and growth of the local digital industry.

Nick’s interest in digital extends beyond his professional life and he is passionate about the opportunities that digital offers to enable transformation beyond the business realm.

Nick is a dual British and Australian citizen and holds a First Class Honours Degree in Industrial Studies (Business and Technology).


» Development Committee – Chair

» Nominations Committee – Chair

Giuliana (Julie) ClearyDirector

Julie has a Bachelor of Commerce and is a member of the Institute of Chartered Accountants in Australia.

Julie has been a Partner within KPMG’s Audit practice for over 13 years. She has over 25 years of experience in auditing public and private companies in Australia. She also brings international experience to Youth Off The Streets after working for two years in the KPMG US office. Julie’s focus has been primarily in the consumer markets and the energy sectors. As an audit partner she is responsible for understanding the risks that underpin her client businesses, the drivers

underpinning financial results and the economic conditions that impact her clients.

As the People, Performance and Culture Partner for the KPMG Sydney audit group (leading approximately 250 people), Julie was responsible for all matters impacting people including remuneration, working environment, work/life balance and diversity matters. She is the consumer market line of business leader (leading approximately 70 people) and is responsible for driving efficiency and growth.

Julie was the Vice President for the Tara Anglican School for Girls Parents and Friends Association. She is interested in utilising her skills to give back to the community and work in an environment that services the needs of children and young Australians.


» Audit and Risk Committee – Chair

» Nomination Committee


Nazmiye (Naz) GulerDirector – Appointed 20 February 2019

Naz is passionate about social change and has been non-executive director of Youth off the Streets since February 2019.

Naz has over 25 years global experience leading organisational change programs, in both a

consulting and executive leadership capacity, working in Financial Services, Government and Manufacturing sectors. Naz has deep expertise in portfolio and program delivery, governance, managing risk and leading large cross disciplinary teams to achieve transformational results.

Keenly interested in the societal impact of innovations in emerging technology and in particular the intersection of ethical reasoning, philosophy, cognitive and moral psychology with information systems and is currently undertaking PhD studies in the ethics of AI and algorithmic bias.

Naz holds a Bachelor of Science (Psych) with Honours (UNSW), a Graduate Diploma in Applied

Finance and Investment (Securities Institute), an MBA (MGSM) and is a company director (AICD).

She speaks at conferences and industry events including Women in Project Management and Australian Institute of Project Management.


» Development Committee » Nomination Committee » Audit and Risk Committee

Dr Kimberley Pressick-Kilborn BEd (Honours) GraddipEdStudies (Ed psych) phd

Director – Appointed 16 October 2019

Kimberley is a Senior Lecturer in the School of International Studies and Education in the Faculty of Arts and Social Sciences at UTS. She has held a continuing academic position there since 2004, lecturing in Teacher Education subjects related to practitioner research, primary science and technology education, and innovative pedagogies. She is a member of the School’s Leadership Team as the Partners, Schools and Communities Coordinator. Kimberley has been a volunteer with the YOTS education programs since 2005, and received a UTS Human Rights Award in 2018 for ‘The Picture Books Project’ with Key College.


DividendsThe Company is a non-profit organization and the Constitution of the Company prohibits the payment of a dividend.

Principal activitiesYouth Off The Streets Limited was incorporated in New South Wales on 30 April 2002. The principal activity of the Company is the provision of rehabilitation services to youth affected by drugs, alcohol and homelessness in Australia. Youth Off The Streets Limited commenced operating as a company, limited by guarantee, on 1 April 2003. There have been no significant changes in the nature of these activities during the year.

Operational and financial review

Principal activities to meet objectives » For the year ended 30 June

2019, Youth Off The Streets Limited reported a deficit of $809, 100 (2018: deficit of $4,401,201), which represented a 82 per cent improvement on the previous financial year.

» Income received from government increased by 9.5 percent from $10,738,665 in 2018 to $11,767,571 in 2019, attributable the write-back of a refund of DEEWR funding not recorded in the previous year ($631K) and an increase in funding from the NSW

Department of Juvenile Justice related to the Bail Assistance program ($204,081).

» Income from government represents 43 per cent (2018: 51 per cent) of total revenue.

» Income from donations rose by 56% to $12,735,433 attributable largely to a rise in Bequest income to $5,281,463.

Operating results for the year The operating result for the year ended 30 June 2019 was deficit of $809, 100 (2018: deficit of $4,401,217).

Short term and long term objectives and strategy

Groundwork for new service areas – executing strategyYouth Off The Streets continues to provide services consistent with our mission of helping disconnected young people discover greatness within. We do this by engaging, supporting and providing opportunities to encourage and facilitate positive life choices. The organisation delivers our 35 services throughout NSW and Victoria with those services including homelessness responses, alcohol and other drug programs, counselling, Aboriginal services, accredited high schools, centres for youth, and including outreach programs.

The theme for this year’s annual report is ‘Dare to Dream’, a construct that our Chief Executive Office and founder, Father Chris Riley, encourages staff to draw upon when working with our young people. For the organisation to remain current and forge a reputation of being innovative, responsive, and improving outcomes for young people.

Consistent with this theme, in 2018/19, Youth Off The Streets commenced implementation of the three new service areas, namely developed in accordance with the 2016–2018 strategic plan. These areas were a Youth Unemployment initiative, a refugee response and a YOTS wide Domestic and Family Violence Service. The development of these services reflected the stated outcomes of the 2016–2018 strategic plan. It is intended that each of these that commenced during the year, will continue to be offered to young people in 2018/19 and beyond 2019.

This is something that Father Chris Riley encourages staff to continue to do when working with our young people. It’s with this in mind that the new service offerings were investigated and implemented.

A new strategyToward the end of the 2018/19 financial year, the executive and board at Youth Off The Streets came together to review the current strategic plan and formalise the strategic direction for the next three years. The new strategy was completed in July 2019 and will be communicated


through the Youth Off The Streets website and 2019/20 Annual Report.

Education as a pillar of the organisationFather Chris Riley has encouraged staff to dream, and we as an organisation, but we also encourage our young people to dream of a better future. It is a core foundation of the work that we do at Youth Off The Streets, education is vital and is often the key to break the cycle of disadvantage for young people and to make their dreams a reality.

Youth Off The Streets has submitted a proposal for a new school to be opened in an identified high need area in the Hunter Valley. Young people disengaging from education is an increasing problem as a consequence of this schools look to excluding, or imposing unsupervised suspensions on trouble makers and those students who present challenges. Some of these challenges are a result of behavioural difficulties and behavioural and emotional dysregulation. The Commission of Inquiry into the Drug Ice in NSW recently heard evidence from providers across multiple domains that such an approach does lead to disengagement from school and is usually the precursor to drug use / abuse, homelessness and crime. Similar to the experience of Youth Off The Streets, the Commissions heard that mainstream schools largely fail because instead of working with the student to overcome their struggle and identify and address the matters underlying the problematic behaviours, they exclude them. The experience of

our clients and the experience of Youth Off The Streets own education programs has led to a number of areas being identified as possible locations for a Youth Off The Streets alternative school.

Without doubt, all young people deserve an education and not all young people are suited to mainstream school environments. Youth Off The Streets cater to individual needs and we hope to offer our services to areas that have high disengagement levels among high school students.

Progress of the Doonside Capital Project– a delayLast year’s Annual Report featured a Doonside capital project to begin in the 2018/19 financial year. Planning and design of the Doonside Project has been undertaken, the work has seen the finalisation of the building’s designs. It is anticipated that the DA approval will occur by the end of the calendar year, this will enable YOTS to reassess the need of the young people in the area as well as continue consultation with the community and local government to determine next steps.

Employment, Domestic and Family Violence and Refugee proposed services – an updateAn updated strategy in early 2018 identified three new possible services for Youth Off The Streets to offer young people. Employment Services, Domestic and Family Violence services and refugee services were all investigated in the 2018/19 financial year.

Employment serviceYouth unemployment is a major issue for our young people. To address and overcome this identified concern, an employment service was trialed with great success. The idea was to partner with corporate supporters to offer young people traineeships and other forms of work. The trial produced a number of positive stories. Two young people have been offered short term or long term full time / part time / casual employment with corporate supporters. A further six young people were able to source forms of employment on their own, as a result of increased job readiness through the program. Recent casework indicates 100% of those young people remain employed.

The trial was successful, producing a number of positive stories. In 2019/20, the service will continue and it is envisaged that it will improve upon the results of the trial. Youth Off The Streets is currently seeking more corporate support, funding and young people for the second year of the program.

Domestic and Family ViolenceIt is well-known that the leading cause of homelessness among young people is family breakdown and that a proportion of that breakdown is due to Domestic and Family Violence. To help young people with their lived trauma through what they’ve faced in their lives, in part, by domestic and family violence, Youth Off The Streets has investigated the possibility of opening a Domestic and Family


Violence service. The organisation has a Domestic and Family Violence (“DFV”) Advisory Group.

Most services offered by Youth Off The Streets have clients dealing with domestic and family violence. However, there is not presently a specialised offering of response to this group. The Domestic and Family Violence initiative will continue to work with the DFV advisory group in 2019/2020 as they look to develop organisational expertise in this area. This will include a specific DFV referral and intake process.

Refugee ProgramThe Refugee Program has completed its review into the needs of this particular client group. This review has identified that we can incorporate, into the existing Outreach and Homeless Services, an additional service response to the current case management practice. This will ensure that our refugee clients receive a response consistent with their specific needs.

Convoy of Courage 2018 – a service learning experience One of the great events and experiences for young people came at the end of 2018. Youth Off The Streets held its second ‘Convoy of Courage’, this time aiming to help drought affected towns in regional and rural NSW. Forty young people were on the journey as part of a service- learning experience. This gave our young people an opportunity to give back to the community, an opportunity to learn about the hardships that others suffer and

how many people, across all ages and experiences, need a hand of help and friendship.

The convoy went through drought affected towns and young people were able to drop off dry goods, clothes and other essential items. The help was well received from the local communities the convoy visited and the young people on the convoy learned a lot along the way. In return, the men and women working the properties engaged with our young people and offered them a unique and unforgettable experience of life on the land.

On the final day of the convoy, Father Chris Riley, shared with the group “Everyone has really inspired me this week. You’ve made me proud to be the boss of one of the best organisations in Australia.”

Youth Off The Streets continues to learn and develop as an organisation. It continues to grow and identify new opportunities so that the example of Father Chris Riley, can be emulated whilst recognising the need to create sustainable endeavours that address fundamental need.


Directors’ meetingsThe number of meetings of directors held during the year and the number of meetings attended by each director were as follows:

Name of DirectorsNumber of meetings held

while in officeNumber of

meetings attended

Richard John Gibbs 8 8

Rebecca Monica Grace Lynch 7 7

Anne Maree Ainsworth 6 5

Christopher Keith Riley 9 9

Nicholas James Spooner 9 9

Giuliana ( Julie) Cleary 9 9

Nazmiye (Naz) Guler 3 3

Committee membershipDirectors acting on the committees of the Board and the meetings attended are as follow:

Audit and Risk Committee Meetings



meetings attended


Rebecca Monica Grace Lynch* 7 6

Anna Maree Ainsworth* 6 5


Nicholas James Spooner* 8 2


* Attendance by invitation only

Nominations Committee Meetings



meetings attended






Nazmiye (Naz) Guler 1 1


Services Committee Meetings


while in officeNumber of meetings

attended


Anne Maree Ainsworth 6 6


Development Committee Meetings


while in officeNumber of meetings

attended



Nazmiye (Naz) Guler) 4 4

Member’s guaranteeThe Company is a public company limited by guarantee that is incorporated and domiciled in Australia. If the Company is wound up, its Constitution states that each member is required to contribute a maximum of $10 each towards meeting any outstanding obligations of the Company. The total liability of members in the event of winding up the Company is $200 (2018: $200).

At 30 June 2019, the number of members was 20 (2018: 20 members). The maximum number of members allowed under the Company’s Constitution is 100 members.

Indemnification of auditors To the extent permitted by law, the Company has agreed to indemnify its auditors, Ernst & Young, as part of the terms of its audit engagement agreement against claims by third parties arising from the audit (for an unspecified amount). No payment has been made to indemnify Ernst & Young during or since the financial year.

Auditor independenceThe Directors received an independence declaration from the auditor, Ernst & Young. A copy has been included on page 12 of our Financial Report.

Signed in accordance with a resolution of the directors.

Richard John Gibbs Chairman Sydney 28 October 2019

Christopher Keith Riley, AM Director Sydney 28 October 2019


A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001

Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au

Auditor’s Independence Declaration to the Directors of Youth Off The Streets Limited In relation to our audit of the financial report of Youth Off The Streets Limited for the financial year ended 30 June 2019, and in accordance with the requirements of Subdivision 60-C of the Australian Charities and Not-for profits Commission Act 2012, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Australian Charities and Not-for profits Commission Act 2012 or any applicable code of professional conduct. Ernst & Young Daniel Cunningham Partner 28 October 2019



Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au

Auditor’s Independence Declaration to the Directors of Youth Off The Streets Limited In relation to our audit of the financial report of Youth Off The Streets Limited for the financial year ended 30 June 2019, and in accordance with the requirements of Subdivision 60-C of the Australian Charities and Not-for profits Commission Act 2012, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Australian Charities and Not-for profits Commission Act 2012 or any applicable code of professional conduct. Ernst & Young Daniel Cunningham Partner 28 October 2019

Auditor’s Independence Declaration


Youth Off The Streets Limited

Statement of profit or loss and other comprehensiveincome

For the year ended 30 June 2019

2019 2018Notes $ $

Revenue - Government grants 4.1 11,767,571 11,422,539Donations 22.1 12,735,433 8,163,392Fundraising 22.1 1,519,529 1,984,114Revenue 26,022,533 21,570,045

Finance costs 5.1 (70,672) -Finance income 5.2 156,812 251,434Other income 5.3 958,496 616,825

Employee benefits expense 5.4 (18,210,871) (17,242,186)Depreciation expense 5.5 (1,461,975) (1,100,730)Impairment expense (233,420) -Other expenses 5.6 (7,970,003) (8,496,605)

Deficit before income tax (809,100) (4,401,217)Income tax expense - -

Deficit for the year (809,100) (4,401,217)

Other comprehensive income - -

Total comprehensive loss for the year (809,100) (4,401,217)

The above statement of profit or loss and other comprehensive income should be read in conjunction with theaccompanying notes.

12

Financial StatementsStatement of profit or loss and other comprehensive income



Statement of financial position

As at 30 June 2019

2019 2018Notes $ $

AssetsCurrent assetsCash and cash equivalents 6 5,686,566 6,652,308Other receivables 7 161,507 124,607Other assets 8 484,588 437,834

6,332,661 7,214,749Assets held for sale 1,145,000 -

Total current assets 7,477,661 7,214,749

Non-current assetsInvestments 9 5,392,190 5,605,402Property, plant and equipment 10 16,568,563 15,968,896

Total non-current assets 21,960,753 21,574,298

Total assets 29,438,414 28,789,047

Liabilities and fundsCurrent liabilitiesTrade and other payables 11 1,325,218 1,366,356Contract liabilities 12 2,091,551 2,590,541Employee benefit liabilities 13 1,417,724 1,320,380Lease liabilities 14 446,653 -

Total current liabilities 5,281,146 5,277,277

Non-current liabilitiesEmployee benefit liabilities 13 418,248 385,447Lease liabilities 14 1,124,859 -Provisions 15 296,938 -

Total non-current liabilities 1,840,045 385,447

Total liabilities 7,121,191 5,662,724

FundsContributed funds 4,295,888 4,295,888Retained surplus 18,021,335 18,830,435

Total funds 22,317,223 23,126,323

Total funds and liabilities 29,438,414 28,789,047

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

13



Statement of changes in funds


Contributedfunds

Retainedsurplus Total funds

$ $ $

As at 1 July 2018 4,295,888 18,830,435 23,126,323

Deficit for the year - (809,100) (809,100)Other comprehensive income - - -

Total comprehensive loss for the year - (809,100) (809,100)

At 30 June 2019 4,295,888 18,021,335 22,317,223

As at 1 July 2017 4,295,888 23,231,652 27,527,540

Deficit for the year - (4,401,217) (4,401,217)Other comprehensive income - - -

Total comprehensive loss for the year - (4,401,217) (4,401,217)

At 30 June 2018 4,295,888 18,830,435 23,126,323

The above statement of changes in funds should be read in conjunction with the accompanying notes.

14



Statement of cash flows


2019 2018Note $ $

Operating activitiesReceipts from government grants, fundraising and donations 24,725,859 19,098,813Payments to suppliers and employees (26,893,173) (23,137,248)Interest received 156,812 251,434Interest paid (70,672) -Dividends received 199,948 149,255

Net cash flows used in operating activities 6 (1,881,226) (3,637,746)

Investing activitiesProceeds from sale of property, plant and equipment 1,371,741 100,049Purchase of property, plant and equipment (955,304) (1,798,577)Proceeds from/(purchase of) investments 499,047 (201,101)Proceeds from short-term deposits - 7,692,550

Net cash flows from investing activities 915,484 5,792,921

Financing activitiesNet cash flows from/(used in) financing activities - -

Net (decrease)/increase in cash and cash equivalents (965,742) 2,155,175Cash and cash equivalents at opening of the period 6,652,308 4,497,133

Cash and cash equivalents at 30 June 6 5,686,566 6,652,308

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

15



Notes to the financial statements


1. Corporate information

The financial statements of Youth Off The Streets Limited (the "Company") for the year ended 30 June 2019were authorised for issue in accordance with a resolution of the directors on 28 October 2019.

The registered office and principal place of business of the Company is 28 Bowden Street, Alexandria, NSW2015.

The nature of the operations and principal activities of the Company are described in the Directors' report.

2. Significant accounting policies

2.1 Basis of preparation

The financial report is a general purpose financial report, which has been prepared in accordance with therequirements of Australian Accounting Standards - Reduced Disclosure Requirements, other authoritativepronouncements of the Australian Accounting Standards Board and Australian Charities and Not-for-ProfitsCommission (ACNC) Act 2012. The financial report has also been prepared on a historical cost basis, except forinvestments and other financial assets, which have been measured at fair value.

The financial report is presented in Australian dollars ($).

2.2 Changes in accounting policies, disclosures, standards and interpretations

New and amended standards and interpretations

The Company applied AASB 15 Revenue from Contracts with Customers, AASB 1058 Income of Not-For-ProfitEntities, AASB 9 Financial instruments and AASB 16 Leases for the first time. The nature and effect of thechanges as a result of the adoption of these new accounting standards are described below.

Several other amendments and interpretations apply for the first time in the year ended 30 June 2019, but do nothave an impact on the financial statements of the Company.

AASB 9 Financial Instruments

AASB 9 Financial Instruments replaces AASB 139 Financial Instruments: Recognition and Measurement forannual periods beginning on or after 1 January 2018, bringing together all three aspects of the accounting forfinancial instruments: classification and measurement; impairment; and hedge accounting.

The Company has applied AASB 9 retrospectively, with the initial application date of 1 July 2018. There were nosignificant impact on classification and measurement in the financial statements as a result of the adoption butthere has been a change in the required disclosures to reflect the requirements of the new accounting standard.

AASB 15 Revenue from Contracts with Customers

AASB 15 supersedes AASB 18 Revenue and related Interpretations and it applies, with limited exceptions, to allrevenue arising from contracts with its customers. AASB 15 establishes a five-step model to account for revenuearising from contracts with customers and requires that revenue be recognised at an amount that reflects theconsideration to which an entity expects to be entitled in exchange for transferring goods or services to acustomer.

AASB 15 requires entities to exercise judgement, taking into consideration all of the relevant facts andcircumstances when applying each step of the model to contracts with their customers. The standard alsospecifies the accounting for the incremental costs of obtaining a contract and the costs directly related to fulfillinga contract. In addition, the standard requires extensive disclosures.

The Company early adopted AASB 15 using the modified retrospective method of adoption. There was nosignificant impact on recognition or measurement in the financial statements as a result of the adoptions but therehas been a change in the required disclosures to reflect the requirements of the new accounting standard.

16

Notes to the Financial Statements



Notes to the financial statements (continued)


2. Significant accounting policies (continued)

2.2 Changes in accounting policies, disclosures, standards and interpretations (continued)

New and amended standards and interpretations (continued)

AASB 1058 Income of Not-For-Profit Entities

AASB 1058 will defer income recognition in some circumstances for not-for-profit entities, particularly where thereis a performance obligation or any other liability. In addition, certain components in an arrangement, such asdonations, may be separated from other types of income and recognised immediately. The standard alsoexpands the circumstances in which not-for-profit entities are required to recognise income for goods andservices received for consideration that is significantly less than the fair value of the asset principally to enablethe entity to further its objectives (discounted goods and services).

The Company has early adopted AASB 1058 using the modified retrospective method of adoption. Theclassification and measurement requirements of AASB 1058 did not have a material impact in the Company, butthere have been some changes in the disclosures resulting from the adoption of the accounting standard.

AASB 16 Leases

AASB 16 was issued in January 2016 and it replaces AASB 117 Leases, AASB Interpretation 4 Determiningwhether an Arrangement contains a Lease, AASB Interpretation 115 Operating Leases-Incentives and AASBInterpretation 127 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. AASB 16 setsout the principles for the recognition, measurement, presentation and disclosure of leases and requires lesseesto account for all leases under a single on-balance sheet model similar to the accounting for finance leases underAASB 117. The standard includes two recognition exemptions for lessees - leases of ’low-value’ assets andshort-term leases (i.e., leases with a lease term of 12 months or less).

At the commencement date of a lease, a lessee will recognise a liability to make lease payments (i.e., the leaseliability) and an asset representing the right to use the underlying asset during the lease term (i.e., theright-of-use asset). Lessees will be required to separately recognise the interest expense on the lease liabilityand the depreciation expense on the right-of-use asset.

The standard is effective for financial year ends commencing on or after 1 January 2019. As of 1 July 2018, theCompany has early adopted AASB 16. The Company has applied a modified retrospective approach andtherefore the 2018 comparative information has not been restated and continues to be reported under AASB 117and AASB Interpretation 4. The most significant change in accounting policies (compared to AASB 117) is therecognition of right-of-use (ROU) assets and lease liabilities for operating leases.

As of 1 July 2018, the Company has recognised ROU assets and liabilities of $854,397.

The Company also applied recognition exemptions within the lease contracts for which the lease term ends within12 months as of the date of initial application, and lease contracts for which the underlying asset is of a low value.

On adoption of AASB 16, the Company recognised lease liabilities in relation to leases which had previouslybeen classified as ‘operating leases’ under the principles of AASB 117. These liabilities were measured at thepresent value of the remaining lease payments, discounted using the Company’s incremental borrowing rate. Theweighted average incremental borrowing rate applied to these liabilities on 1 July 2018 was 5.75%.

17








AASB 16 Leases (continued)

2018$

Operating lease commitments disclosed as at 30 June 2018 900,245Leases commitments disclosed at 30 June 2018 with starting date in 2019 (216,466)Relief for short term leases (41,862)Extensions options reasonably certain to be exercised 316,902Gross lease liabilities as at 1 July 2018 958,819Discounted using incremental borrowing rate (104,422)

Lease liability recognised as at 1 July 2018 854,397

The effect of adopting AASB 16 is as follows:

Impact on the statement of profit or loss and other comprehensive income for the year ended 30 June2019 ((increase)/decrease in profit):

2019$

Lease payments - rental expense (411,823)Depreciation of right-of-use asset - Lease Component 388,253Finance costs 70,672Deficit before tax for the year 47,102Income tax expense -

Deficit after tax for the year 47,102

Due to the adoption of AASB 16, the Company’s operating profit decreased. This was due to the change in theaccounting for expenses of leases that were classified as operating leases under AASB 117.

Impact on the statement of financial position:

2019$

AssetsProperty, plant and equipment - Right-of-use assets 1,912,663Accumulated depreciation (388,253)Impairment (188,495)

1,335,915

LiabilitiesLease liabilities (current) (446,653)Lease liabilities (non-current) (1,124,859)

(1,571,512)

Net liabilities (235,597)

18








AASB 16 Leases (continued)

Amounts recognised in the statement of financial position and statement of profit or loss and othercomprehensive income

Set out below, are the carrying amounts of the Company's right-of-use assets and lease liabilities and themovements during the period:

Property, plantand equipment

- Right-of-useassets

Leaseliabilities

$ $

As at 1 July 2018 854,397 854,397Additions 1,058,266 1,058,266Depreciation expense (388,253) -Impairment expense (188,495) -Interest expense - 70,672Payments - (411,823)

As at 30 June 2019 1,335,915 1,571,512

Set out below, are the amounts recognised in profit or loss:

2019$

Depreciation expense of right-of-use assets - Lease Component 388,253Impairment expense of right-of-use assets 188,495Interest expense on lease liabilities 70,672Rent expense - short-term and low-value assets 277,753Rent expense - IT equipment 47,051

Total amounts recognised in profit or loss 972,224

Accounting standards and interpretations issued but not yet effective

Certain Australian Accounting Standards and Interpretations have recently been issued or amended but are notyet effective and have not been adopted by the Company for the annual reporting year ended 30 June 2019.

19






2.3 Summary of significant accounting policies

a) Cash and cash equivalents

Cash and cash equivalents in the statement of financial position comprise cash at bank and on hand andshort-term deposits with an original maturity of three months or less, that are readily convertible to knownamounts of cash and which are subject to an insignificant risk of changes in value.

For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-termdeposits as defined above.

b) Financial assets

Initial recognition and measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair valuethrough other comprehensive income (OCI), and fair value through profit or loss.

Subsequent measurement

Other receivables

A receivable represents the Company's right to an amount of consideration that is unconditional (i.e., only thepassage of time is required before payment of the consideration is due). Other receivables are recognised initiallyat the amount of consideration that is unconditional unless they contain significant financing components whenthey are recognised at fair value. The Company holds the trade and other receivables with the objective to collectthe contractual cash flows and therefore measures them subsequently at amortised cost using the effectiveinterest rate (EIR) method.

Financial assets at amortised cost

This category is the most relevant to the Company. The Company measures financial assets at amortised cost ifboth of the following conditions are met:

• The financial asset is held within a business model with the objective to hold financial assets in order tocollect contractual cash flows and

• The contractual terms of the financial asset give rise on specified dates to cash flows that are solelypayments of principal and interest on the principal amount outstanding

Financial assets at amortised cost are subsequently measured using the EIR method and are subject toimpairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified orimpaired.

The Company’s financial assets at amortised cost includes short-term deposits and other receivables.

Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss include financial assets held for trading, financial assetsdesignated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required tobe measured at fair value. Financial assets are classified as held for trading if they are acquired for the purposeof selling or repurchasing in the near term. Financial assets with cash flows that are not solely payments ofprincipal and interest are classified and measured at fair value through profit or loss, irrespective of the businessmodel.

Financial assets at fair value through profit or loss are carried in the statement of financial position at fair valuewith net changes in fair value recognised in the statement of profit or loss and other comprehensive income.

20






2.3 Summary of significant accounting policies (continued)

b) Financial assets (continued)

Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) isprimarily derecognised (i.e., removed from the Company’s statement of financial position) when:

• The rights to receive cash flows from the asset have expired, or

• The Company has transferred its rights to receive cash flows from the asset or has assumed an obligationto pay the received cash flows in full without material delay to a third party under a 'pass-through'arrangement; and either (a) the Company has transferred substantially all the risks and rewards of theasset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards ofthe asset, but has transferred control of the asset.

When the Company has transferred its rights to receive cash flows from an asset or has entered into apass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership.When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferredcontrol of the asset, the Company continues to recognise the transferred asset to the extent of its continuinginvolvement. In that case, the Company also recognises an associated liability. The transferred asset and theassociated liability are measured on a basis that reflects the rights and obligations that the Company hasretained.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower ofthe original carrying amount of the asset and the maximum amount of consideration that the Company could berequired to repay.

Impairment of financial assets

The Company recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fairvalue through profit or loss. ECLs are based on the difference between the contractual cash flows due inaccordance with the contract and all the cash flows that the Company expects to receive, discounted at anapproximation of the original effective interest rate. The expected cash flows will include cash flows from the saleof collateral held or other credit enhancements that are integral to the contractual terms.

ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase incredit risk since initial recognition, ECLs are provided for credit losses that result from default events that arepossible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been asignificant increase in credit risk since initial recognition, a loss allowance is required for credit losses expectedover the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).

c) Property, plant and equipment

Work in progress, buildings, plant and equipment are stated at historical cost less accumulated depreciation andany impairment losses. Such cost includes the cost of replacing parts that are eligible for capitalisation when thecost of replacing the parts is incurred. All other repairs and maintenance are recognised in the statement of profitor loss and other comprehensive income as incurred.

Land is stated at historical cost less any impairment in value.

Property, plant and equipment acquired at no cost or for a nominal amount, is recognised at fair value as at thedate of acquisition. Subsequent to initial recognition, such property, plant and equipment is measured at cost,being the fair value at acquisition.

Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:

21







c) Property, plant and equipment (continued)

- Buildings over 25 to 40 years- Computer equipment 3 to 4 years- Furniture and fittings 4 to 5 years- Plant and equipment 4 to 5 years- Motor vehicles over 5 years

An item of property, plant and equipment and any significant part initially recognised is derecognised upondisposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from itsuse or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between thenet disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss andother comprehensive income when the asset is derecognised.

The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed ateach financial year end and adjusted prospectively, if appropriate.

d) Leases


A lease is a contract, or part of a contract, that conveys the right to use an asset for a period of time in exchangefor consideration.

At inception of a contract, it is assessed to determine whether the contract is, or contains, a lease. A contract is,or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time inexchange for consideration. If the terms and conditions of a contract are changed, it is reassessed to once againdetermine if the contract is still, or now contains, a lease.

The Company does not recognise leases that have a lease term of 12 months or less or are of low value as aright of use asset or lease liability. The lease payments associated with these leases are recognised as anexpense in the statement of profit or loss and other comprehensive income.

Lease term

The term of a lease is determined as the non-cancellable period of the lease, together with the periods coveredby an option to extend the lease where there is reasonable certainty that the option will be exercised, and periodscovered by an option to terminate the lease if there is reasonable certainty that the option will not be exercised.

The assessment of the reasonable certainty of the exercising of options to extend the lease, or not exercising ofoptions to terminate the lease, is reassessed upon the occurrence of either a significant event or a significantchange in circumstances that is within the Company’s control and it affects the reasonable certainty assumptions.

The assessment of the lease term is revised if there is a change in the non-cancellable lease period.

22







d) Leases (continued)

Right-of-use assets

Right-of-use assets are initially measured at cost, comprising the following:

• the amount of the initial measurement of the lease liability

• any lease payments made at or before the commencement date, less any lease incentives received

• any initial direct costs incurred

• an estimate of costs to be incurred in dismantling and removing the underlying asset, restoring the site onwhich it is located or restoring the underlying asset to the condition required by the terms and conditions ofthe lease, unless those costs are incurred to produce inventories. The obligation for those costs areincurred either at the commencement date or as a consequence of having used the underlying assetduring a particular period.

Subsequently, right-of-use assets are measured using the cost model.

The right-of-use asset is depreciated to the earlier of the useful life of the asset or the lease term using thestraight-line method and is recognised in the statement of profit or loss and other comprehensive income in“Depreciation expense".

Lease liabilities

At the commencement date of the lease, the lease liability is initially recognised for the present value ofnon-cancellable lease payments that are not yet paid at the commencement date. Lease payments arediscounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company'sincremental borrowing rate. The incremental borrowing rate is the rate the Company would be charged onborrowings, provided by its banking partners.

In line with the current relief included in AASB 1058 Income of Not-for-Profit, peppercorn leases are recorded atcost in 2019 rather than fair value.

The tenor of a lease includes any renewal period where the lessee is reasonably certain that they will exercisethe option to renew. The Company has reviewed all its leases and included any extensions where the Companyassessed it is reasonably certain the lease agreement will be renewed.

The lease payment used in the calculation of the lease liabilities should include variable payments when theyrelate to an index or rate. Where leases contain variable lease payments based on an index or rate at a futurepoint in time, the Company has used the incremental uplift contained in the lease or the respective Reserve Bankforward-looking CPI target for CPI-related increases. In the absence of any floor or cap clauses in the leaseagreements, the Company measures the rent for the year under market review at an amount equal to the rent ofthe year preceding the market review increased by a fixed rate.

The following lease payments are included where they are not paid at the commencement date:

• fixed payments, less any lease incentives receivable.

Subsequently, the lease liability is measured by:

• increasing the carrying amount to reflect interest on the lease liability

• reducing the carrying amount to reflect the lease payments made

• remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revisedin-substance fixed lease payments.

23







d) Leases (continued)

The unwind of the financial charge on the lease liabilities is recognised in the statement of profit or loss and othercomprehensive income in “Finance costs” based on the Company’s incremental borrowing rate.

Impairment consideration

The Company tests for impairment where there is an indication that a right-of-use asset may be impaired. Anassessment of whether there is an indication of possible impairment is done at each reporting date. Where thecarrying amount of a right-of-use asset is greater than the estimated recoverable amount, it is written downimmediately to its recoverable amount. The resulting impairment loss is recognised immediately in surplus ordeficit, except where the decrease reverses a previously recognised revaluation increase for the same asset. Theresulting decrease is recognised in other comprehensive income to that extent and reduces the amountaccumulated in equity under revaluation surplus, and future depreciation charges are adjusted in future periods toallocate the revised carrying amount, less its residual value, on a systematic basis over its remaining useful life.


The determination of whether an arrangement is (or contains) a lease is based on the substance of thearrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfilment of thearrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to usethe asset (or assets), even if that asset is (or those assets are) not explicitly specified in an arrangement.

A lease is classified at the inception date as a finance lease or an operating lease. A lease that transferssubstantially all the risks and rewards incidental to ownership to the Company is classified as a finance lease.

An operating lease is a lease other than a finance lease. Operating lease payments are recognised as anoperating expense in the statement of profit or loss and other comprehensive income on a straight-line basis overthe lease term.

e) Impairment of non-financial assets

Non-financial assets are tested for impairment whenever events or changes in circumstances indicate that thecarrying amount may not be recoverable.

The Company conducts an internal review of asset values, which is used as a source of information to assess forany indicators of impairment. External factors, such as changes in expected future processes, technology andeconomic conditions, are also monitored to assess for indicators of impairment. If any indication of impairmentexists, an estimate of the asset's recoverable amount is calculated.

An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverableamount. Recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For thepurposes of assessing impairment, assets are grouped at the lowest levels for which there are separatelyidentifiable cash inflows that are largely independent of the cash inflows from other assets or groups of assets(cash-generating units). Non-financial assets that suffered an impairment are tested for possible reversal of theimpairment whenever events or changes in circumstances indicate that the impairment may have reversed.

f) Trade and other payables

Trade and other payables are recognised initially at their fair value and subsequently measured at amortised costand due to their short-term nature they are not discounted. They represent liabilities for goods and servicesprovided to the Company prior to the end of the financial year that are unpaid and arise when the Companybecomes obliged to make future payments in respect of the purchase of these goods and services. The amountsare unsecured and are usually paid within 30 days of recognition.

24







g) Provisions and employee benefit liabilities

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a pastevent, it is probable that an outflow of resources embodying economic benefits will be required to settle theobligation and a reliable estimate can be made of the amount of the obligation. When the Company expectssome or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement isrecognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to anyprovision is presented in the statement of profit or loss and other comprehensive income net of anyreimbursement.

Wages and salaries

Liabilities for wages and salaries, including non-monetary benefits which are expected to be settled within 12months of the reporting date are recognised in respect of employees' services up to the reporting date. They aremeasured at the amounts expected to be paid when the liabilities are settled.

Long service leave and annual leave

The Company does not expect its long service leave or annual leave benefits to be settled wholly within 12months of each reporting date. The Company recognises a liability for long service leave and annual leavemeasured as the present value of expected future payments to be made in respect of services provided byemployees up to the reporting date using the projected unit credit method. Consideration is given to expectedfuture wage and salary levels, experience of employee departures, and periods of service. Expected futurepayments are discounted using market yields at the reporting date on high quality corporate bonds with terms tomaturity and currencies that match, as closely as possible, the estimated future cash outflows.

Make good provision

A provision has been made for present value of anticipated costs of future restoration of leased premises,discounted using the Company's incremental borrowing rate. The weighted average incremental borrowing rateapplied to this provision on 30 June 2019 was 5.75%. The provision includes future cost estimates associatedwith returning the premises to its original condition. The calculation of this provision requires assumptions suchas expected lease expiry dates, and cost estimates. These uncertainties may result in future actual expenditurediffering from the amount currently provided. The provision recognised for each leased premises is periodicallyreviewed and updated based on the facts and circumstances available at the time. Changes to the estimatedfuture costs for sites are recognised in the statement of financial position by adjusting both the expense or asset(if applicable) and provision.

h) Revenue recognition


Revenue from contracts with customers

Revenue from contracts with customers (typically government departments or non-government benefactors) isrecognised when control of the services are transferred to our young people at an amount that reflects theconsideration to which the Company expects to be entitled in exchange for those services. The Company hasgenerally concluded that it is the principal in its revenue arrangements, because it typically controls the servicesbefore transferring them to our young people.

The specific recognition criteria described below must also be met before revenue is recognised.

Government grantsGovernment grants are recognised when there is reasonable assurance that the Company will comply with theconditions attaching to them, and that the grants will be received.

25







h) Revenue recognition (continued)

Performance obligations

Government grantsThe performance obligation is satisfied over time.

Contract liabilities

A contract liability is the obligation to transfer services to a customer for which the Company has receivedconsideration (or an amount of consideration is due) from the customer. If a customer pays consideration beforethe Company transfers services to the customer, a contract liability is recognised when the payment is made orthe payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Companyperforms under the contract.


Revenue is recognised and measured at the fair value of the consideration received or receivable to the extent itis probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

The specific recognition criteria described below must also be met before revenue is recognised.

Government grantsGovernment grants are recognised when there is reasonable assurance that the Company will comply with theconditions attaching to them, and that the grants will be received.

i) Other revenue

(i) Donations and fundraisingDonations and fundraising income are recognised as income when received and when the Company is entitled toreceive the contribution.

(ii) Donations-in-kindDonations-in-kind of assets or other services are recorded as revenue at the fair value to the Company wherethis can be quantified and a third party is bearing the cost. No amounts are included in the financial statementsfor services provided by volunteers.

j) Finance income

Interest income is recorded using the EIR method. The EIR is the rate that exactly discounts the estimated futurecash receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the netcarrying amount of the financial asset. Interest income is included in the statement of profit or loss and othercomprehensive income. Interest income is included in finance income in the statement of profit or loss and othercomprehensive income.

k) Dividends income

Dividends income is recognised when the Company's right to receive the payment is established.

26







l) Taxes

Youth Off The Streets Limited has approved status as an income tax exempt charitable entity and thereforeincurs no liability to pay income tax.

Goods and services tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except:

• When the GST incurred on a sale or purchase of assets or services is not payable to or recoverable fromthe taxation authority, in which case the GST is recognised as part of the revenue or the expense item oras part of the cost of acquisition of the asset, as applicable

• When receivables and payables are stated with the amount of GST included

The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivablesor payables in the statement of financial position. Commitments and contingencies are disclosed net of theamount of GST recoverable from, or payable to, the taxation authority.

Cash flows are included in the statement of cash flows on a gross basis and the GST component of cash flowsarising from investing and financing activities, which is recoverable from, or payable to, the taxation authority isclassified as part of operating cash flows.

m) Asset held for sale

The Company classifies assets as held for sale if their carrying amounts will be recovered principally through asale transaction rather than through continuing use. Assets classified as held for sale are measured at the lowerof their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directlyattributable to the disposal of an asset, excluding finance costs and income tax expense.

The criteria for held for sale classification is regarded as met only when the sale is highly probable and the assetor disposal group is available for immediate sale in its present condition. Actions required to complete the saleshould indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will bewithdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completedwithin one year from the date of the classification.

Property, plant and equipment is not depreciated once classified for sale.

Assets classified as held for sale are presented separately as current items in the statement of financial position.

n) Self-generating and regenerating assets

Livestock assets are valued at cost at each reporting date.

o) Fair value measurement

The Company measures investments and other financial assets at fair value at each reporting date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transactionbetween market participants at the measurement date. The fair value measurement is based on the presumptionthat the transaction to sell the asset or transfer the liability takes place either:

• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most advantageous market for the asset or liabilityThe principal or the most advantageous market must be accessible by the Company.

27







o) Fair value measurement (continued)

The fair value of an asset or a liability is measured using the assumptions that market participants would usewhen pricing the asset or liability, assuming that market participants act in their economic best interest.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient dataare available to measure fair value, maximising the use of relevant observable inputs and minimising the use ofunobservable inputs.

p) Comparatives

Certain comparative figures have been reclassified to conform with the financial statement presentation adoptedfor the current year.

28





3. Significant accounting judgements, estimates and assumptions

The preparation of the Company's financial statements requires management to make judgements, estimatesand assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and theaccompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions andestimates could result in outcomes that require a material adjustment to the carrying amount of assets orliabilities affected in future periods.

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date,that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities withinthe next financial year, are described below. The Company based its assumptions and estimates on parametersavailable when the financial statements were prepared. Existing circumstances and assumptions about futuredevelopments, however, may change due to market changes or circumstances arising that are beyond thecontrol of the Company. Such changes are reflected in the assumptions when they occur.

Impairment of non-financial assetsThe Company assesses impairment of non-financial assets at each reporting date by evaluating conditionsspecific to the Company and to the particular asset that may lead to impairment. These include technology,economic and political environments and future expectations. If an impairment trigger exists the recoverableamount of the asset is determined. Management does not consider that the triggers for impairment testing havebeen significant enough and as such these assets have not been tested for impairment in this financial period.

Valuation of donations-in-kindThe estimation of donations-in-kind valuation is based on discussions with the third party donor of the goods orservices, or, where required, expert valuation.

29





4. Revenue from contracts with customers

4.1 Disaggregated revenue information

Set out below is the disaggregation of the Company’s revenue from contracts with customers:

2019 2018$ $

Type of serviceGovernment grants 11,767,571 11,422,539

Total revenue from contracts with customers 11,767,571 11,422,539

Timing of revenue recognitionServices transferred over time 11,767,571 11,422,539

Total revenue from contracts with customers 11,767,571 11,422,539

5. Other income and expenses

5.1 Finance costs

2019 2018$ $

Finance charges payable under leases 70,672 -

5.2 Finance income

2019 2018$ $

Interest received 156,812 251,434

5.3 Other income

2019 2018$ $

Fair value gains on investments 179,784 394,340Net gain on disposal of property, plant and equipment 491,486 30,189Dividends income 199,948 149,255Other income 87,278 43,041

Total other income 958,496 616,825

5.4 Employee benefits expense

2019 2018$ $

Wages and salaries 16,419,575 15,540,114Workers' compensation costs 333,523 308,752Defined contribution superannuation expense 1,457,773 1,393,320

Total employee benefits expense 18,210,871 17,242,186

30





5. Other income and expenses (continued)

5.5 Depreciation expense

2019 2018$ $

Depreciation of non-current assetsLand and buildings 462,294 454,585Computer equipment 119,357 99,652Furniture and fittings 12,205 33,286Plant and equipment 22,096 61,605Motor vehicles 403,325 451,602Depreciation of Right-of-use asset - Lease component 388,253 -Depreciation of Right-of-use asset - Make Good component 54,445 -

Total depreciation expense 1,461,975 1,100,730

5.6 Other expenses

2019 2018$ $

Communication and general office expenses 979,891 951,400Residential expenses - food, housing, education 1,353,098 1,331,807Premises outgoings 415,058 321,690Motor vehicles 400,821 364,112Advertising 417,809 463,346Repairs and maintenance 431,970 567,639Travel 475,483 489,653Short-term and low-value lease expenses 277,753 679,593Contract partners 1,209,989 1,198,645Fundraising and events 533,968 540,848Staff related costs 504,341 843,214Other expenses 969,822 744,658

Total other expenses 7,970,003 8,496,605

31





6. Cash and cash equivalents

2019 2018$ $

Cash at bank and on hand 3,681,667 1,840,149Short-term deposits 2,004,899 4,812,159

Cash and cash equivalents 5,686,566 6,652,308

Cash at bank earns interest at floating rates based on daily bank deposit rates. The carrying amounts of cashand cash equivalents represent fair value.

Reconciliation to the statement of cash flows

For the purposes of the statement of cash flows, cash and cash equivalents comprise of cash at bank and onhand.

2019 2018$ $

Cash flow reconciliationReconciliation of deficit to net cash flows from operations:Deficit for the year (809,100) (4,401,217)Adjustments:

Depreciation of property, plant and equipment 1,461,975 1,100,730Net gain on disposal of property, plant and equipment (491,486) (30,189)Fair value gain on investments (179,784) (394,340)Impairment of right-of-use assets 188,495 -Impairment of furniture and fittings 44,925 -Non-cash donations (1,145,000) -

Working capital adjustments:Increase in other receivables (36,900) (16,546)Increase in other assets (46,754) (220,018)(Decrease)/increase in trade and other payables (2,367,202) 119,846Increase in employee benefit liabilities 130,145 111,175Increase in provisions 296,938 -(Decrease)/increase in contract liabilities (498,990) 92,813Increase in lease liabilities 1,571,512 -

Cash flow used in operating activities (1,881,226) (3,637,746)

7. Other receivables

2019 2018$ $

Current

Other receivables 161,507 124,607

32





8. Other assets

2019 2018$ $

CurrentPrepayments and other assets 478,868 432,114Livestock 5,720 5,720

484,588 437,834

No. No.(a) Physical quantity of livestock

Number of horses owned 4 4

(b) Nature of assetsThe livestock is used at the residential properties for the enjoyment of the children in the care of Youth Off TheStreets Limited.

9. Investments

2019 2018$ $

Non-currentFinancial assets at fair value through profit or loss

Investments 5,392,190 5,605,402

Youth Off The Streets financial assets are equities and managed funds. These financial assets are revaluedmonthly by a Mark to Market valuation with any changes reflected through movement in the profit and loss.

Fair value measurement

The following table provides the fair value measurement of the Company’s assets.

Date of valuationf Fair valuer $

hInvestments 30 June 2019 5,392,190

30 June 2018 5,605,402

33


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34





11. Trade and other payables

2019 2018$ $

CurrentTrade payables 313,537 568,456Other payables 1,011,681 797,900

1,325,218 1,366,356

Fair valueDue to the short-term nature of these payables, their carrying value is assumed to approximate their fair value.

12. Contract liabilities

2019 2018$ $

Current

Contract liabilities 2,091,551 2,590,541

"Contract liabilities" terminology has been used due to the adoption of new accounting standard AASB 15Revenue from Contracts with Customers in 2018. The related term used in the comparative was "deferredrevenue".

13. Employee benefit liabilities

2019 2018$ $

CurrentAnnual leave 1,039,278 980,866Long service leave 378,446 339,514

1,417,724 1,320,380

Non-current

Long service leave 418,248 385,447

Nature and timing of provisions

Long service leave

Refer to Note 2 for the relevant accounting policy and a discussion of the significant estimations and assumptionsapplied in the measurement of this provision.

35





14. Lease liabilities

2019 2018$ $

Current

Lease liabilities 446,653 -

Non current

Lease liabilities 1,124,859 -

The Company entered into a lease arrangement for the use of premises. The Company has elected not torecognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months orless and leases of low-value assets.

15. Provisions

2019 2018$ $

Non current

Make good provision 296,938 -

a) Movements in provision

Make goodprovisions

$

At 1 July 2018 -Arising during the year 296,938

At 30 June 2019 296,938

16. Commitments and contingencies

16.1 Commitments

Operating lease commitments - Company as lessee

The operating lease commitments include low value assets that are out of scope of AASB 16.

Future minimum rentals payable under non-cancellable operating leases as at 30 June are as follows:

2019 2018$ $

Within one year 43,405 332,505After one year but not more than five years 114,804 567,740

Total minimum lease payments 158,209 900,245

36





16. Commitments and contingencies (continued)

16.1 Commitments (continued)

All premises (with lease term) leases have been considered and disclosed under AASB 16. The figure of$158,209 represents the commitments for low value and short-terms leases that are not disclosed under AASB16.

16.2 Contingencies

No contingent liabilities exist as at the date of this financial report (2018: none).

17. Related party disclosures

Amounts owed from/(to)related parties

Related party $

Christopher Keith Riley, AM 2019 25,3472018 23,506

Christopher Keith Riley, AM is a director of Youth Off The Streets - Overseas Relief Fund Limited, to which theCompany owes $398 (2018: $59,810).

Terms and conditions of transactions with related parties

Outstanding balances at year-end are unsecured, interest free and settlement occurs in cash.

18. Key management personnel

18.1 Compensation key management personnel

2019 2018$ $

Total compensation 1,693,454 1,359,104

The compensation to key management personnel includes compensation to the executive management of theCompany. The directors provide their services on a pro-bono basis.

18.2 Other transactions and balances with key management personnel and their relatedparties

There were no other transactions and balances with key management personnel or their related parties.

19. Events after the reporting date

There have been no significant events occurring after the reporting date which may affect either the Company'soperations or results of those operations or the Company's state of affairs.

20. Economic dependency

Youth Off The Streets Limited is dependent upon funding in the form of government grants, corporate andindividual donations and funds received through various fundraising events.

37





21. Auditor's remuneration

The auditor of Youth Off The Streets Limited is Ernst & Young (Australia).

2019 2018$ $

Amounts received or due and receivable by Ernst & Young (Australia) for:An audit of the financial report of the entity 115,600 126,669Other services 6,010 5,835

121,610 132,504

In addition, the auditor made a donation of $20,000 to the Company (2018: $20,000).

38





22. Information and declaration to be furnished under the Charitable Fundraising Act 1991

The Company is registered under the Charitable Fundraising Act to conduct fundraising activities.

22.1 Details of aggregated gross income and total expenses of fundraising appeals

2019 2018$ $

Gross proceeds from donations and fundraising appealsCorporate 860,690 477,726Individuals/benefactors 1,556,383 1,585,860Bequests 5,281,463 1,812,711Foundations and trust 1,949,944 1,378,461Masses donations - 2,290Anonymous 12,711 7,681Registered clubs 451,908 455,490Newsletters 2,168,169 1,905,604School fundraising 78,650 35,041Funerals/weddings/birthdays 39,681 28,054Other groups 76,259 135,848Payroll giving 225,565 236,145Gifts in kind 34,010 102,481

Total revenue from donations 12,735,433 8,163,392

Op shop sales 572,541 645,577Event - Internal 351,487 464,888Event - External 571,754 847,740Merchandise 23,747 25,909

Total revenue from fundraising 1,519,529 1,984,114

Total revenue from donations and fundraising 14,254,962 10,147,506

Staffing expenses (1,489,202) (1,475,284)Transport (35,321) (35,498)Communication and office expenses (57,678) (54,316)Administration costs (102,740) (103,624)Advertising and promotion (817,284) (842,179)Op shop costs (680,077) (627,288)

Total expenses (3,182,302) (3,138,189)

Net surplus from fundraising appeals 11,072,660 7,009,317Government grants 11,767,571 11,422,539Expenses attributable to provision of services (24,764,639) (23,701,332)Finance income and other income 444,038 443,730Net gains on disposal of property, plant and equipment 491,486 30,189Fair value gains on investments 179,784 394,340

Deficit for the year (809,100) (4,401,217)

39





22. Information and declaration to be furnished under the Charitable Fundraising Act 1991(continued)

22.2 Statement showing how funds received were applied to charitable purposes

Funds were used for the provision of services to youth affected by drugs, alcohol and homelessness. Our coreservices included aboriginal services, education, residential services and community development.

22.3 Fundraising appeals conducted during the financial year

The following fundraising appeals were conducted: four Direct Mail appeals, the Sydney to Surfers Charity BikeRide, the Annual Cooley Classic Golf Day, two Eden Garden morning teas, Real Estate Agents Sleep Out, GalaDinner and Lipstick Lunch.

22.4 Comparison by monetary figures and percentages

2019 2018$ $

Total cost of fundraising 3,182,302 3,138,189Gross income from fundraising 14,254,962 10,147,506% 22% 31%

Net surplus from fundraising 11,072,660 7,009,317Gross income from fundraising 14,254,962 10,147,506% 78% 69%

Total cost of services 24,764,639 23,701,332Total expenditure 27,946,941 26,839,521% 89% 88%

Total cost of services 24,764,639 23,701,332Total income received 27,137,841 22,438,304% 91% 106%

40



Directors' declaration

In accordance with a resolution of the directors of Youth Off The Streets Limited, we state that:

In the opinion of the directors:

(a) the financial statements and notes of Youth Off The Streets Limited for the financial year ended 30June 2019 are in accordance with the Australian Charities and Not-for-Profits Commission Act 2012,including:

(i) giving a true and fair view of the Company's financial position as at 30 June 2019 and itsperformance for the year ended on that date; and

(ii) complying with Australian Accounting Standards - Reduced Disclosure Requirements and theAustralian Charities and Not-for-Profits Commission Regulation 2013;

(b) there are reasonable grounds to believe that the Company will be able to pay its debts as and whenthey become due and payable;

(c) the statement of profit or loss and other comprehensive income gives a true and fair view of allincome and expenditure of the Company with respect to fundraising appeals;

(d) the statement of financial position gives a true and fair view of the state of the affairs of the Companywith respect to fundraising appeals;

(e) the provisions of NSW Charitable Fundraising Act 1991 and NSW Charitable Fundraising Regulations2015 and the requirements of the WA Charitable Collections Act (1946) and the WA CharitableCollections Regulations (1947) have been complied by the Company; and

(f) the internal controls exercised by the Company are appropriate and effective in accounting for allincome received and applied by the Company from any of its fundraising appeals.

On behalf of the Board

Nicholas James SpoonerChairmanSydney28 October 2019

Christopher Keith Riley, AMDirectorSydney28 October 2019

41

Directors’ Declaration




Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au

Independent Auditor's Report to the Members of Youth Off The Streets Limited

Report on the Financial Report

Opinion

We have audited the financial report of Youth Off The Streets Limited (the Company), which comprises the statement of financial position as at 30 June 2019, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes to the financial statements, including a summary of significant accounting policies, and the directors' declaration.

In our opinion, the accompanying financial report of the Company is in accordance with the Australian Charities and Not-for-Profits Commission Act 2012, including:

a) giving a true and fair view of the Company's financial position as at 30 June 2019 and of its financial performance for the year ended on that date; and

b) complying with Australian Accounting Standards – Reduced Disclosure Requirements and the Australian Charities and Not-for-Profits Commission Regulation 2013.

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Company in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

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

Information Other than the Financial Report and Auditor’s Report Thereon

The directors are responsible for the other information. The other information is the directors’ report accompanying the financial report.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.



Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au



Opinion





Basis for Opinion








Independent Auditor’s Report



Responsibilities of the Directors 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 – Reduced Disclosure Requirements and the Australian Charities and Not-for-Profits Commission Act 2012 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial report, whether due to fraud

or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit 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 Company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.



Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au



Opinion





Basis for Opinion










• Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Report on the requirements of the NSW Charitable Fundraising Act 1991 and the NSW Charitable Fundraising Regulations 2015 and the requirements of the WA Charitable Collections Act (1946) and the WA Charitable Collections Regulations (1947)

We have audited the financial report as required by Section 24(2) of the NSW Charitable Fundraising Act 1991 and the WA Charitable Collections Act (1946). Our procedures included obtaining an understanding of the internal control structure for fundraising appeal activities and examination, on a test basis, of evidence supporting compliance with the accounting and associated record keeping requirements for fundraising appeal activities pursuant to the NSW Charitable Fundraising Act 1991 and the NSW Charitable Fundraising Regulations 2015 and the WA Charitable Collections Act (1946) and the WA Charitable Collections Regulations (1947).

Because of the inherent limitations of any assurance engagement, it is possible that fraud, error or non-compliance may occur and not be detected. An audit is not designed to detect all instances of non-compliance with the requirements described in the above-mentioned Act(s) and Regulations as an audit is not performed continuously throughout the period and the audit procedures performed in respect of compliance with these requirements are undertaken on a test basis. The audit opinion expressed in this report has been formed on the above basis.

Opinion

In our opinion:

a) the financial report of Youth Off The Streets Limited has been properly drawn up and associated records have been properly kept during the financial year ended 30 June 2019, in all material respects, in accordance with:

i. sections 20(1), 22(1-2), 24(1-3) of the NSW Charitable Fundraising Act 1991;

ii. sections 10(6) and 11 of the NSW Charitable Fundraising Regulations 2015;

iii. the WA Charitable Collections Act (1946); and

iv. the WA Charitable Collections Regulations (1947).



Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au



Opinion





Basis for Opinion










b) the money received as a result of fundraising appeals conducted by the company during the financial year ended 30 June 2019 has been properly accounted for and applied, in all material respects, in accordance with the above mentioned Act(s) and Regulations.

Ernst & Young Daniel Cunningham Partner Sydney 28 October 2019


b) the money received as a result of fundraising appeals conducted by the company during the financial year ended 30 June 2019 has been properly accounted for and applied, in all material respects, in accordance with the above mentioned Act(s) and Regulations.

Ernst & Young Daniel Cunningham Partner Sydney 28 October 2019


care

learnhealing

supportStory

Dream ThrivePrid

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Youth Off The Streets is accredited as a designated Agency and maintains policies and procedures that comply with the benchmark standards as defined by the Office for Children the Children’s Guardian.

All donations over $2.00 are tax deductible. Charitable Fund Raising No. 12611 Youth Off The Streets Limited ABN 29 100 388 412

Phone: 1800 062 288 Email: [email protected]

Facebook: www.facebook.com/youthoffthestreetsaustralia Twitter: @YOTSAustralia Instagram: @youthoffthestreets Youtube: YOTS011

www.youthoffthestreets.com.au

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