ABBOTSFORD CONVENT FOUNDATION ARTS TRUST · 2020. 4. 7. · Abbotsford Convent Foundation Arts Trust General Purpose Financial Report for Year Ended June 30th 2016 Abbotsford Convent

ABBOTSFORD CONVENT FOUNDATION ARTS TRUST GENERAL PURPOSE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2016 ABN: 79 492 202 447

Abbotsford Convent Foundation Arts Trust General Purpose Financial Report for Year Ended June 30th 2016

AbbotsfordConventFoundationArtsTrust Page1

CONTENTS

PageTrustee’sReport…………………………………………………………………………..……… 2-3Supporters……………………………………………………………………………………………. 4-6StatementofProfitorLossandOtherComprehensiveIncome………… 7StatementofFinancialPosition……………………………………………………………. 8StatementofChangesinEquity……………………………………………..…………….. 9StatementofCashFlows……………………………………………………………….…….. 10NotestotheFinancialStatements…………………………………………………….…. 11-16Directors’Declaration……………………………………………………………………..….. 17Auditor’sIndependenceDeclaration………………..……………………………………. 18AuditReport…………………………………………………………………………………..…….. 19-20Directors’QualificationsandExperience……………………………………………… 21-23

This financial report covers Abbotsford Convent Foundation Arts Trust as anindividualentity.Abbotsford Convent Foundation Arts Trust (the “Trust”) is a trust fundestablished for public charitable purposes and is domiciled in Australia. Itsprincipalplaceofbusinessis: GroundFloor,Providence 1StHeliersStreet AbbotsfordVIC3067AdescriptionofthenatureoftheTrust’soperationsanditsprincipalactivitiesisincludedintheTrustees’Report.



TRUSTEE’SREPORT

The Trustee presents its report on the trust for the financial year ended 30 June 2016 and theauditor’sreportthereon.TrusteeTheTrusteeistheAbbotsfordConventFoundation(“theFoundation”)whosedirectorsatthedateof this report are: VictoriaMarles (Chair), David Laidlaw (Co-Deputy Chair), Charlotte Allen (Co-DeputyChair), RonJones,StuartKells,PatriciaO’Donnell,SallyRomanes,MichaelSmith,MichaelSokulski,AntoniaSyme,LibbyWard-ChristieandJudyWilliams.ThedirectorsreceivenoremunerationorothercompensationfromtheFoundation.Detailsofthedirectors’qualificationsandexperiencearesetoutonpages21-23ofthefinancialreport.Directors’attendanceatboardmeetingsduringtheyearwasasfollows:

Meetingsattended

Meetingseligibletoattend

Notes

CharlotteCherryFrancesAllen 6 7

AnthonyCharlesCullen 2 3 Resigned16thNovember2015

RonaldAlanJones 6 7

StuartSydneyKells 5 7

DavidIanLaidlaw 5 7

VictoriaFayMarles 7 7

PatriciaO’Donnell 5 7

SallyMargaretRomanes 7 7

MichaelAlanSmith 7 7

MichaelPeterSokulski 6 7

AntoniaSyme 5 7

ElizabethAnneWard-Christie 6 7

JudyWilliams 4 4 Appointed16thNovember2015

CarolStuart 3 3Appointed16thNovember2015

Resigned6thMay2016

PrincipalActivitiesThe Trust was established for the public charitable purposes of providing funds for the arts todevelopacentreattheAbbotsfordConventforthepromotion,development,creationanddisplayof culture and arts. This includes,without limiting, literature,music, performing arts, visual arts,craft,design,film,communityartsandAboriginalarts.TheTrustisacharitableorganisationandhasobtainedincometaxexemptstatusunderSubdivision50-45 of the Income Tax Assessment Act 1997. The Trust is also treated as a deductible giftrecipientunderSubdivision30-BAoftheIncomeTaxAssessmentAct1997.



SUPPORTERSTheACFacknowledgesthevisionoftheAbbotsfordConventCoalitionwhosemembersworkedforsevenyearstosecurethispublicprecinct.Thissuccesswouldnothavebeenachievedwithouttheircommitment,andthatofmanyothers.Overtheyears,theprojecthasalsobeengreatlyassistedbyavastnumberofindividualsandorganisationswhohavecontributedtheirtime,energy,skillsandfinancialsupport.TheFoundationisextremelygratefultoallthosewhohaveprovidedsupport.

TheAbbotsfordConventFoundationacknowledgesthefinancialandphilanthropicsupportofthefollowingpeopleandorganisationswhocontributedtotheACFandtheAbbotsfordConventFoundationArtsTrustin2015/2016:

PRINCIPALDONORSMrMichaelAdena

MsAnneKantor&DrMilanKantorOAM

MsMaggieMaguire

MsPamelaMcLure

MsAnnE.Miller

MrBaillieuMyerAC&MrsSarahMyer

MsSallyRomanes

MAJORDONORSMissBettyAmsdenAODSJ

MrsHelenBrack

MsSuzanneDavies

MrsRosinaGilder

MrPeterGriffinAM

MrRonaldJones

MsVictoriaMarles

Prof.PeterMcPheeAM

MsPatriciaO'Donnell

MsMichelleQuigleyQC

MrPhillipSchudmak

MrChrisSchulz

MrGregShalit&MsMiriamFaine

MrPatrickSullivan

MsNatalieWatson

KEYSUPPORTERSMrRicBegg

MrMarcBesenAC&MrsEvaBesenAO

MrFrankCostaAO

MsJuliaCox

MrAnthonyCullen

MsAlisonDuncan

MrJonathonHarris-Fox

MsPetraHenkell

Prof.AndreaHullAO

MsAnneJaumeea

MrGraemeJohnsonOAM&MrsJoanJohnson

MsJessicaLuu

MrJamesMurphy

MsChristinePolyzos

MrFrederickSim

MsRosalindSmallwood

MrMikeSmith

MrMichaelSokulski

Prof.BobSullivan

MsAntoniaSyme

MrToshSzatow

FRIENDSMsFrankieAirey

MsCharlotteAllen

MsRikkiAndrews

MsPersaBajada

MsSamanthaBarrow

MsJoanneBechaz

MsBronBelcher

MsTheresaBernstein

MrPaoloBevilacqua

MsJuliaBlunden

MsEmilyBoyle

MrPeterBoyle&MrsSally

Manuell

MrPhilipBrass

MrAdamBreman

MsNathalieBrillon

MrDanBrooks

MsSherylBryce

MsPhilippaBurne

MrBillBush

MsSueCampbell

MsDanielleCaruana

MsHelenCasey

MsSuzyChandler

MrKaiChong

MsMandyCoats

MsKatherineDean



FRIENDS(cont)

MsSandiedeWolfAM

MrJohnDiNatale

MsHelenDonnard

MsAnnaDorevitch

MsZoeDorevitch

MsAnneDowling

MsKateDowsley

MrColinEaston

MrHaydonElliot

MrCraigEllis

MsZoeEllis

MrAndrewEvans

MrAnthonyFelettigh

MsJanineFerris

MsAlisonFisher

Prof.DavidForrest

MrBillForwood

MsShirleyFriedman

MrPeterGawthrop

Dr.SarahGelbart

Prof.JockGiven

MrBenjaminGordon-Schlosberg

Dr.JoanGrant

MsMeredithGreenwood&ProfPeterRendell

MsJeanHadges

MsMarjorieHall

MsRiaHarrison

MrTimHartley

MrTerryHearityOAM

MsSheilaHeys

MrJohnHoracek

MsSusanHull

MsShaeJohnson

MrNicoJonker

MrWalterKane

MrStuartKells

MsJeanKemshal-Bell

MrPeterKronborg

MsSabineKurz

MrTonyLee

MrRussellLevy

MrAndrisLiepa&MrsSusanLiepa

MsMeiLim

MsGlendaLindsay

MsJoanneLuciani

MsLindyMarlow

MrCraigMarshall

MsHelenaMcCallum

MsCaitlinMcCleary

MsCindyMcLeighMP

MrsMargaretMcNaughton

MsAvrilMcQueen

MsMargaretMcVey

MsClaireMerquita

MsJudyMorton

MsAlexandraMurphy

LadyLynNossal

MsAnnekeOppewal

MsLouisaOsborne

MrJohnPaterson&MrsAnniePaterson

MsLynettePayne

MrLukasPenney

MrDavidPiper

MsTamsinPritchard

MrIanRenardAM&MrsDianaRenard

MrThomasRendell

MsSarahRipper

MrWarrenRixon

MsStephanieRock

MsKateRohde

MrStephenRowan

MsChristinaRowntree

MsJaneyRunci

MsErikaRussell

MsEllenSandell

MrSandeepSarathy

MsMerilynSmith

MrKelvinStingel

MsMelissaStobbart

MrTomTaylor

MrIanThomas

MsJuliaThomson

MsFionaTinney

MsIlonaTopolcsanyi&ColinHopkins

MsBarbaraTrauer

MsMaggieVaiopoulos

MsNaomiVelaphi

MrLiamWallis

MsBethEllenWilkinson

MrsJeanetteWilkinson

MrMauriceWilliam

MsBronWilliams

MrDavidWilliams

MsJudyWilliams

MrGeorgeWillox

MsAnnaWilson

MsMoynaWilson

MsLinahWinoto

MsCaraWiseman

MsTrudyWyse

MsAnnaYates

MsMinZao



CORPORATEPARTNERS

Aesop

AllensLinklaters

Deloitte

EgonZehnder

PricewaterhouseCoopers

CORPORATESUPPORTERS

CityWestWater

ColourFactory

CorporateAV

DentonCorkerMarshall

FolkArchitects

InsidePublicRelationsPtyLtd

MedibankCommunityFund

MorningtonPeninsulaBrewery

NAB

SalesforceFoundation

TerraceGardensFlorist

TheBennettGroup

TheHotelWindsor

IN-KINDSUPPORT

3MBSFineMusicMelbourne

ArtGuideAustralia

BursariaFineFoods

ConventBakery

Kawai

ThePeople’sSolar

PRINCIPALGOVERNMENTPARTNER

DepartmentofInfrastructure:NationalStrongerRegionsFundGOVERNMENTSUPPORTERSDepartmentofJustice&Regulation

TRUSTS&FOUNDATIONSTheAngiorFamilyFoundation(c/-NationalAustraliaTrusteesLimited)

Annie&JohnPatersonFoundation

TheDaraFoundation

TheHamerSproutFund(asub-fundoftheAustralianCommunitiesFoundation)

HenkellFamilyFund(asub-fundoftheAustralianCommunitiesFoundation)

TheMcLeodFamilyFoundation

TheRobertSalzerFoundation

SistersoftheGoodShepherd

TheYulgilbarFoundation



STATEMENTOFPROFITORLOSSANDOTHERCOMPREHENSIVEINCOMEForYearEnded30June2016

Notes 2016 2015 $ $Revenue Donations-cash 434,705 417,235GrantsReceived 51,500 41,400InterestIncome 34,601 30,312 TotalRevenue 520,806 488,947 ExpenditureDonationstoAbbotsfordConventFoundation

96,946

35,800

BankCharges&Fees 1,745 540Commissions 1,386 -TotalExpenditure 100,077 36,340 Surplusbeforetax 420,729 452,607 IncomeTaxExpense 1c - - Surplusfortheyear 420,729 452,607 OtherComprehensiveIncome - - TotalComprehensiveSurplus 420,729 452,607

Theaccompanyingnotesonpages11to16formpartofthesefinancialstatements.



STATEMENTOFFINANCIALPOSITIONAsat30June2016

Notes 2016 2015 $ $ASSETS Cashandcashequivalents 2 505,148 936,649Termdeposit 1,361,081 527,390Tradeandotherreceivables 3 45,797 3,230

TOTALCURRENTASSETS 1,912,026 1,467,269

TOTALASSETS 1,912,025 1,467,269 LIABILITIES Tradeandotherpayables 98 106PrepaidIncome 4 24,036 -

TOTALCURRENTLIABILITIES 24,134 106 TOTALLIABILITIES 24,134 106

NETASSETS 1,887,892 1,467,163 Settlementamount 5 100 100RetainedIncome 5 1,887,792 1,467,063 TOTALEQUITY 5 1,887,892 1,467,163




STATEMENTOFCHANGESINEQUITYFortheYearEnded30June2016

NotesSettlementAmount

RetainedEarnings

TotalEquity

$ $ $Balanceat30thJune2014 100 1,014,456 1,014,556Surplusfortheyear - 452,607 452,607Othercomprehensiveincomefortheyear - - -TotalComprehensiveIncomefortheyear - 452,607 452,607

Balanceat30thJune2015 100 1,467,063 1,467,163

Surplusfortheyear - 420,729 420,729Othercomprehensiveincomefortheyear - - -TotalComprehensiveIncomefortheyear - 420,729 420,729

Balanceat30thJune2016 5 100 1,887,792 1,887,892




STATEMENTOFCASHFLOWSFortheyearended30June2016

Notes 2016 2015 $ $Cashflowsfromoperatingactivities Cashreceiptsprovidedbyoperatingactivities 467,666 463,176PledgespaidtotheAbbotsfordConventFoundation (96,946) (35,800)Cashpaymenttosuppliers (3,131) (489) Interestreceived 34,601 30,312 Netcashprovidedbyoperatingactivities 6 402,190 457,199 Cashflowsusedininvestingactivities TransferofcashtoTermDeposit (833,691) (527,390)Netcash(usedin)investingactivities (833,691) (527,390) Net(decrease)incashandcashequivalents (431,501) (70,191)Cashandcashequivalentsat1July2015 936,649 1,006,840

Cashandcashequivalentsat30June2016 2 505,148 936,649




NOTESTOTHEFINANCIALSTATEMENTS

NOTE1.Summaryofsignificantaccountingpolicies

(a) StatementofcomplianceAbbotsfordConvent FoundationArts Trust (“the Trust”) is a not-for-profit discretionary trustdomiciledinAustralia.

TheAbbotsfordConventFoundationisthetrusteeoftheTrust.The financial reportwasauthorised for issueby thedirectorsof theTrusteeon17thOctober2016. The financial report is a general purpose financial report which has been prepared inaccordance with Australian Accounting Standards (“AASBs”) including Australian AccountingInterpretationsandtheAustralianCharitiesandNot-for-profitsCommissionAct2012.A statementof compliancewith International Financial Reporting Standards cannotbemadedue to the company applying the Not for Profit sector specific requirements contained inAASBs.

(b) Basisofpreparation

ThefinancialreportispresentedinAustraliandollars.The financial report has been prepared on a going concern basis which contemplates therealisationofassetsandextinguishmentofliabilitiesintheordinarycourseofbusiness.

AdoptionofnewandrevisedAccountingStandards

i) NewandrevisedAASBsaffectingamountsreportedand/ordisclosuresinthefinancialstatementsInthecurrentyear,theCompanyhasappliedanumberofamendmentstoAASBsandanewInterpretationissuedbytheAustralianAccountingStandardsBoard(AASB)thataremandatorilyeffective foranaccountingperiod thatbeginsonorafter1 July2015,andthereforerelevantforthecurrentyearend.

AASB2015-3‘AmendmentstoAustralianAccountingStandardsarisingfromtheWithdrawalofAASB1031Materiality’

This amendment completes the withdrawal ofreferences to AASB 1031 in all AustralianAccounting Standards and Interpretations,allowing that Standard to effectively bewithdrawn.

TheapplicationoftheseamendmentsdoesnothaveanymaterialimpactonthedisclosuresortheamountsrecognisedintheGroup'sconsolidatedfinancialstatements.

Abbotsford Convent Foundation Arts Trust General Purpose Financial Report for Year Ended June 30th 2016 Notes to Financial Statements


Note1bAdoptionofnewandrevisedAccountingStandards(cont’d)

ii)StandardsandInterpretationsinissuenotyetadopted

Atthedateofauthorisationofthefinancialstatements,theStandardsandInterpretationslistedbelowwereinissuebutnotyeteffective.

Standard/Interpretation

Effectiveforannualreportingperiodsbeginningonorafter

Expectedtobeinitiallyappliedinthefinancialyearending

AASB9‘FinancialInstruments’,andtherelevantamendingstandards

1January2018 30June2019

AASB15‘RevenuefromContractswithCustomers’,AASB2014-5‘AmendmentstoAustralianAccountingStandardsarisingfromAASB15’,AASB2015-8‘AmendmentstoAustralianAccountingStandards–EffectivedateofAASB15’


AASB16‘Leases’ 1January2019 30June2020 AASB2014-4‘AmendmentstoAustralianAccountingStandards–ClarificationofAcceptableMethodsofDepreciationandAmortisation’


AASB2015-1‘AmendmentstoAustralianAccountingStandards–AnnualImprovementstoAustralianAccountingStandards2012-2014Cycle’


AASB2015-2‘AmendmentstoAustralianAccountingStandards–DisclosureInitiative:AmendmentstoAASB101’


AASB2016-2‘AmendmentstoAustralianAccountingStandards–DisclosureInitiative:AmendmentstoAASB107’


Atthedateofauthorisationofthefinancialstatements,thefollowingIASBStandardsandIFRICInterpretationswerealsoinissuebutnotyeteffective,althoughAustralianequivalentStandardsandInterpretationshavenotyetbeenissued.

Standard/Interpretation

Effectiveforannualreportingperiodsbeginningonorafter

Expectedtobeinitiallyappliedinthefinancialyearending

ClarificationstoIFRS15‘RevenuefromContractswithCustomers’


At the date of this report the Board have not determined the financial impact of the abovestandardsandinterpretations.

Abbotsford Convent Foundation Arts Trust General Purpose Financial Report for Year Ended June 30th 2016 Notes to the Financial Statements


Note1bBasisofpreparation(cont’d)

Thefinancialreportispreparedonthehistoricalcostbasis.The preparation of a financial report in conformity with Australian Accounting Standards requiresmanagement tomake judgements,estimatesandassumptions thataffect theapplicationofpoliciesand reportedamountsofassetsand liabilities, incomeandexpenses. Theestimatesandassociatedassumptions are based on historical experience and various other factors that are believed to bereasonable under the circumstances, the results ofwhich form thebasis ofmaking the judgementsaboutcarryingvaluesofassetsandliabilitiesthatarenotreadilyapparentfromothersources.Actualresultsmaydifferfromtheseestimates.TheseaccountingpolicieshavebeenconsistentlyappliedbytheFoundation.

Theestimatesandunderlyingassumptionsarereviewedonanongoingbasis.Revisionstoaccountingestimatesarerecognisedintheperiodinwhichtheestimateisrevisediftherevisionaffectsonlythatperiod, or in the period of the revision and future periods if the revision affects both current andfutureperiods.

The following is a summary of the material accounting policies adopted by the Foundation in thepreparation of the financial report. The accounting policies have been consistently applied, unlessotherwisestated.

(c) Incometax

TheTrustisexemptfromincometaxunderSubdivision50-45oftheIncomeTaxAssessmentAct1997.

(d) Revenuerecognition i) Donations

Unconditionaldonationsarerecognisedintheincomestatementwhentheybecomereceivable.AnyotherdonationsarerecognisedintheincomestatementwhentheybecomereceivableandthereisareasonableassurancethattheTrustwillcomplywiththeconditionsattachingtothem.DonationsthatcompensatetheFoundationforthecostofanassetarerecognisedintheincomestatementwhentheyarereceivableandthereisreasonableassurancethattheTrustwillcomplywiththeconditionsattachedtothemandarerecognisedinproportiontothestageofcompletionoftherelevantasset.TheTrustrecognisesdonatedassetsasrevenueonreceiptoftheseassets,basedonthefairvalueoftheassetsreceived.

ii) Interestincome

Interestincomeisrecognisedintheincomestatementasitaccrues.

(e) EmployeebenefitsTheTrustdoesnothaveanyemployees.Hence,noaccrualsforemployeeentitlementsarerecognisedatyear-end.TheTrusteehaspaidforadministrativeactivitiessincecommencementofoperationsoftheTrust.

(f) Cashandcashequivalents

For thepurposesof thestatementofcash flows,cash includescashatbank,calldepositsandpettycash.

(g) Tradeandotherreceivables

Tradeandotherreceivablesarestatedatcostlessanyimpairmentlosses.

(h) TradeandotherpayablesTheseamountsrepresentliabilitiesforgoodsandservicesprovidedtotheTrustpriortotheendofthefinancialyearwhichareunpaid.Theseamountsareunsecuredandareusuallypaidwithin30daysofrecognition.



Note1bBasisofpreparation(cont’d)

(i) Goodsandservicestax

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 thesecircumstances, theGST is recognisedaspartof thecostofacquisitionof theassetoraspartof theexpense.

Receivables and payables are stated with the amount of GST included. The net amount of GSTrecoverablefrom,orpayableto,theATOisincludedasacurrentassetorliabilityinthestatementoffinancialposition.Cashflowsareincludedinthestatementofcashflowsonagrossbasis.TheGSTcomponentsofcashflowsarisingfrominvestingandfinancingactivitieswhicharerecoverablefrom,orpayableto,theATOareclassifiedasoperatingcashflows.

NOTE2.Cashandcashequivalents

2016 2015 $ $

Bankbalances 505,048 936,549Cashonhand 100 100 505,148 936,649

NOTE3.Tradeandotherreceivables

2016 2015 $ $

Tradedebtors 45,797 - 45,797 -

NOTE4.Prepaidincome

2016 2015 $ $

Prepaidincome 24,036 - 24,036 -

NOTE5.Capitalandreserves

Reconciliationofmovementincapitalandreserves Settlement

accountRetainedearnings

Totalequity

$ $ $Balanceat1July2014 100 1,014,456 1,014,556SurplusfortheYear - 452,607 452,607Balanceat30June2015 100 1,467,063 1,467,163 Balanceat1July2015 100 1,467,063 1,467,163SurplusfortheYear - 420,729 420,729Balanceat30June2016 100 1,887,792 1,887,892

ThesettlementaccountrepresentstheamountsettledoncreationoftheTrust.TheTrustee’spolicyistomaintaincashreservesandseekdonationstocontributetotheongoingviabilityanddevelopmentoftheAbbotsfordConvent.

Abbotsford Convent Foundation Arts Trust General Purpose Financial Report for Year Ended June 30th 2016 Notes to the Financial Statements


NOTE6.Reconciliationofcashflowsfromoperatingactivities 2016 2015 $ $

Surplusfortheyear 420,729 452,607Decrease/(increase)inreceivables (42,567) 4,541(Decrease)/Increaseinpayables 24,028 51Netcashfromoperatingactivities 402,190 457,199

NOTE7.Relatedparties

DirectorsoftheTrusteesThenamesofpersonswhowereDirectorsof theTrustee (AbbotsfordConventFoundation)atanytimeduringthefinancialperiodwereasfollows:

CharlotteAllen DavidLaidlaw MichaelSmith CarolStuartAnthonyCullen VictoriaMarles MichaelSokulski JudyWilliamsRonaldJones PatriciaO’Donnell AntoniaSyme StuartKells SallyRomanes ElizabethWard-Christie TheDirectorsof theTrusteereceivenoremunerationorothercompensationfromeithertheTrustortheTrustee.OtherrelatedpartiesThe Abbotsford Convent Foundation (the Foundation), is the Trustee of the Trust. During the year$96,946waspaidtotheFoundationforspecificprojects.(2015:$35,800).

NOTE8.Financialinstruments

Financial Risk Management The Foundation’s financial risk is limited to cash, trade receivables and trade payables. The Foundation’s Board authorises where the cash is to be spent.

Liquidity risk The Foundation manages its financial liabilities based on contractual agreements with normal trading terms of 30 days.

CreditriskexposuresThecreditriskoffinancialassetsoftheTrustwhichhavebeenrecognisedonthestatementoffinancialpositionisgenerallythecarryingamountofeachasset.TheageingoftheTrust’stradereceivablesatthereportingdatewas:

2016 2015 $ $

Notpastduedate 45,797 3,230

InterestrateriskexposuresTheTrust’sexposuretointerestrateriskandtheeffectiveweightedaverageinterestrateforeachclassoffinancialassetsandfinancialliabilitiesissetoutbelow.TheFoundationmanagesitscapitaltoensurethatit is able to continue as a going concernwhile ensuring that itmeets its objectives. The Foundation’soverallstrategyremainsunchangedfrom2015.



Note8(cont)

Weightedaverageinterestrate

Floatinginterestrate

Non-interestbearing Total

Weightedaverageinterestrate

Floatinginterestrate

Non-interestbearing Total

2016 2015Financialassets $ $ $ $ $ $Cashandcashequivalents 2.48% 505,048 100 505,148 3.01% 936,549 100 936,649Termdeposit 2.48% 1,361,081 - 1,361,081 3.01% 527,390 - 527,390Tradereceivables - - 45,797 45,797 - - 3,230 3,230TotalFinancialassets 1,866,229 45,897 1,912,026 1,463,939 3,330 1,467,269

Financialliabilities Tradepayables - (98) (98) - (106) (106)TotalFinancialliabilities - (98) (98) - (106) (106)

Allfinancialassetsandliabilitiesareexpectedtomaturewithintwelvemonths.

CashflowsensitivityanalysisforvariablerateinstrumentsAchangeof100basispoints in interest ratesat the reportingdatewouldhave increasedordecreasedsurplusordeficitby$18,662(2015:$14,639).NetfairvalueoffinancialassetsandliabilitiesThere is no material difference between the carrying value and fair values of financial assets andliabilities.

NOTE9.Auditorsremuneration

TheauditoroftheTrustisDeloitteToucheTohmatsu.TheauditorsactinanhonorarycapacityfortheTrust.

2016 2015 $ $

AuditFees - -NOTE10.Segmentreporting

TheTrust’soperationsarelimitedtoonesegmentandgeographicallocation.NOTE11.Commitments&Contingencies

Therearenocapital,leaseorotherexpenditurecommitmentswhichexistatthereportingdate.Therearenocontingentliabilitiesorcontingentassetswhichexistatthereportingdate.

NOTE10.EventsafterReportingPeriod

No subsequent events have come to the attention of Directors which would affect the informationdisclosedinthisfinancialreportfortheyearended30June2016.



DIRECTORS’QUALIFICATIONSANDEXPERIENCE

TheDirectorsof theAbbotsfordConventFoundationat thedateof this reportareVictoriaFayMarles (Chair),Charlotte Allen (Co-Deputy Chair), David Laidlaw (Co-Deputy Chair), Ronald Jones, Stuart Kells, PatriciaO’Donnell,MichaelSokulski,SallyRomanes,MichaelAlanSmith,AntoniaSyme,ElizabethAnneWard-ChristieandJudyWilliams.

VICTORIAMARLES Victoria is currently the CEO of Trust for Nature (the VictorianConservationTrust), aposition shehasheld since late2009.Prior toassuming this role,VictoriawasVictoria’s Legal Services Commissioner and Chief Executive Officer of the Legal Services Board. As alawyer Victoria specialised in media and communications law and policy and was the DeputyTelecommunicationsIndustryOmbudsmanandpriortothattheDeputyDirectoroftheCommunicationsLawCentre.

VictoriahasabackgroundintheartshavinggraduatedindramafromtheVictorianCollegeoftheArts.Shehasheldvariousboardpositions includingtheVictorianArtsCentre, theVictorianWomen’sTrustand the Melbourne Writers Festival. Victoria was chair of the Circus Oz Board for fourteen years.VictoriaiscurrentlyaboardmemberoftheConsumerActionLawCentreandadirectoroftheAustralianAdvertisingStandardsCouncil.

CHARLOTTE(Co-DeputyChair) Charlotte Allen is a qualified physiotherapist and also has an Artsdegree. She has worked as a physiotherapist in New Zealand, South Africa and England. AftercompletingherArtsdegreeshewasa journalist inNewZealandbeforemigratingtoAustralia in1988.Shewas at the Environment Protection Authority Victoria for six years, as a journalist andManager,CommunityAffairs before setting up her own companywhich specialised in community consultation,planningandenvironmental issues.CharlottelivesinAbbotsfordandwasoneofthecoremembersoftheAbbotsfordConventCoalition.

DAVIDLAIDLAW (Co-DeputyChair) DavidLaidlawisapartnerwithamajorMelbournelawfirm.InhispracticeDavidacts inawiderangeof largescaletort,contractandcorporate litigationmatters.HisBoardappointmentshaveincludedAsianLawCentreBoardUniversityofMelbourne,LawInstituteCouncil, theFederalAttorneyGeneral's International Legal ServicesAdvisoryCouncil, theADVOCAsiaBoardand Inter-PacificBarAssociationCouncil.He isalsoa currentBoardmemberof theMelbournePrizeTrust.David has a keen interest and involvement in the artswhich stretches back to his days as a nationalstudentartsleader.Hehasservedonanumberofartsboardsandwasinstrumentalinfosteringhislawfirm'ssupportofAustralianartists,includingitssponsorshipofartistsselectedtorepresentAustraliaatthe Venice Biennales. He was also responsible for the establishment of theMaddocks' Art Prize foremergingartistsinthevisualarts.HeandhiswifeMeganalsorunblackcattleontheirfarmpropertyinWesternVictoria.

RONALDJONES Ronald Alan Jones is a Fellow of the Australian Institute of LandscapeArchitects, an Adjunct Professor of LandscapeArchitecture at RMITUniversity, and amember of theVictorianGovernmentArchitect'sDesignReviewPanel.HeisadirectorofJones&WhiteheadPtyLtd,apracticeestablishedin2000thatfocusesonpubliclandscapesandurbandesign,includingrelatedpolicydevelopment,urbandesignframeworks,masterplansandpublicspacedesign.Beforethis,Ronwasasamemberof theCityofMelbourne'surbandesign team,whereheplayeda leading role indevelopingMelbourne’surbandesignstrategyandseveralmajorprojects.



DIRECTORS’QUALIFICATIONS(cont)

STUARTKELLS Stuart has had a diverse career in government, academia and the privatesector includingasVictoria’sAssistantAuditor-General,asheadof theOfficeofManufacturingand inrolesattheMelbourneInstitute,PotterWarburgandKPMG.StuartwasaneconomicadvisertothreeconsecutivepremiersofVictoria.HehasaPhDinLawfromMonashUniversityandaB.CommandM.Comm,bothwithfirstclasshonours,fromtheUniversityofMelbourne.StuartwroteRare:ALifeamongAntiquarian Books and published the epic Australian Book Collectors. He speaks regularly andenthusiasticallyonthehistoryandvalueofprintedbooks.

PATRICIAO'DONNELL PatriciaO'DonnellisbytraininganeducationalpsychologistandhistorianandhasaBA(Hons)degreefromtheUniversityofMelbourne.From1978-2002Patriciawastheownerandmanagerof theheritage listedMietta’sQueenscliffHotel,whichearnedmanyhospitalityandtourismawards.ShealsoestablishedtheNorthFitzroyStarasaninnercityneighbourhoodbarandrestaurant.Patriciahasbeena volunteerwith Lifeline,CitizensAdviceBureauand, currently, theNeighbourhoodJusticeCentre.PatriciawastheinitiatoranddeputypresidentoftheQueenscliffCarnivalofWordsandhost of the Queenscliff Music Festival and is now the host for the annual Writers' Dinner for theMelbourneWriters Festival. Patriciawas amemberof the LibraryBoardofVictoria 1999-2008and iscurrently a boardmember of the Australian Art Orchestra, theMietta Foundation and the executivecommitteesoftheFriendsof45DownstairsandtheMiettaSongRecitalAward.

SALLYROMANES Sally Romanes is an artist andby training a commercial lawyer. Before

migratingtoAustralia,sheworkedwiththemajorCityofLondonlawfirmSlaughterandMayfor8yearsand then, after a stintat the University of Melbourne law school, joined Arthur Robinson andHedderwicks (nowAllensArthur Robinson)where she spent several years before deciding tomake aradical change to painting. Her professional legal career involved wide experience of corporate andcommercial law, includingtakeovers,acquisitions, loansandotherfinanceandfundraisings.Shewasacommitteemember and thenPresidentof theWatercolour SocietyofVictoria(1996-2003), and from1999-2007 wasa member of thecore group of theAbbotsford Convent Coalition. Alongside herengagement in familypastoral interests, she isactively involved insupporting theartsandassisted inthe relaunchof theMietta SongRecital Awardin 2003. She is on the committeeof theMietta SongRecitalAward.

MICHAELSOKULSKI MichaelSokulskiisacharteredaccountantandfinanceprofessionalcurrently

leadingthefinancialaccountingteamatMedibank.Michaelhaspreviouslyworked10yearswithErnst&Young where he accumulated significant experience in the accounting field, including delivery offinancial assurance projects, internal audits, compliance work, financial reporting analysis andaccountingadviceacrossabroadspectrumofprivateandpublicclients.HehasadvisedonavarietyoftransactionsincludingIPOs,acquisitionsandbusinessdivestments.MichaelhasalsochairedtheYoungProfessionals’ Panel for the Institute of Chartered Accountants, promoting the interests of youngmembersanddrivingengagementwiththebroadercommunity.

MICHAELSMITH Michael Smith is a former editor of The Age who had a 25-year career injournalism including appointments as a foreign correspondent, investigative reporter, medicalcorrespondent, sports reporterandeditorialwriter.Henowrunsaconsultancyspecialising inmedia,issues management, crisis and strategic communications. He is a former John S Knight Fellow atStanfordUniversityandFellowoftheAustralianInstituteofManagement.Michael isa lifememberofthe Melbourne Press Club and a former president of the Ardoch Youth Foundation which helpsdisadvantagedchildrenstayintheeducationsystem.MichaelwasamemberoftheAbbotsfordConventImplementation Group and a founding member of the Abbotsford Convent Foundation Board. HerejoinedtheBoardin2010.



DIRECTORS’QUALIFICATIONS(cont)

ANTONIA SYME AntoniaSyme is theDirectorof theAustralianTapestryWorkshop(ATW) inMelbourne.Shehasworkedformanyyearsculturalsectorasadirector,consultant,conservatorandcurator. She was Director of Artbank, for ten years, and worked in federal and state culturalinstitutionsandasCo-DirectorofSymeDodsonGalleryinSydney.Boardandcommitteemembershipshave included the FederalGovernment's Taxation Incentives for theArts Committee,NSWNationalTrust'sMuseums and Collections Committee, Craft Australia, the Heritage Council (NSW)MaritimeArchaeologicalAdvisoryPanel, theSydneyCollegeof theArtsBoard, theCamdenParkPreservationCommittee.

ELIZABETHWARD-CHRISTIE Libby is Head of Investment and Advisory at Social Traders Ltd, a not-for-profit social enterprise development organisation. In her role Libby is responsible for Social Traders’Social Enterprise Development Fund, Social Traders’ Social Investment Portfolio and Social Traders’consultancyservices.SocialTraderscurrentlyhas$1.6millioninvestedin11socialenterprisesmanyofwhichwere incubatedbySocial Traders through ‘TheCrunch’; aprogramdesignedanddevelopedbyLibbyandnowrecognisedasalandmarkincubatorforsocialenterprise.

Libby has extensive experience in business planning in government and the community sector withsignificant expertise inmarket and community research. She has anMBA fromMelbourne BusinessSchool,aMastersdegree inLandscapeArchitectureandArtsandScienceDegreesfromtheUniversityforMelbourne.

JUDYWILLIAMS JudyWilliamshasextensiveartsmanagementexperience,havingpreviouslyworkedat theNationalGalleryofVictoria (NGV) foralmost twodecades.From2004–2014,shewasHeadofFoundation&Fundraising,whereshewasresponsibleforthedevelopmentandimplementationoftheNGV’sfundraisingstrategy,includingbequests,legaciesandannualgiving.Aspartofherrole,shedeveloped and implemented the NGV’s 150th Anniversary fundraising campaign – Masterpieces forMelbourne.Prior tothis role, JudywastheNGV’sManagerofExternalRelations&Events,wheresheoversawtheplanninganddeliveryofeventsfortheopeningoftheIanPotterCentreandthere-openingofNGVInternational.

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Documents

ABBOTSFORD CONVENT FOUNDATION ARTS TRUST · 2020. 4. 7. · Abbotsford Convent Foundation Arts Trust General Purpose Financial Report for Year Ended June 30th 2016 Abbotsford Convent