Association for Christian Education Mount Evelyn Inc. for Christian Education Mount Evelyn Inc....

Association for Christian Education Mount Evelyn Inc.

ABN 19 775 686 269

Special Purpose Financial Report - 31 December 2015

Association for Christian Education Mount Evelyn Inc. Contents 31 December 2015

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Contents Statement of profit or loss and other comprehensive income 3

Statement of financial position 4

Statement of changes in equity 5

Statement of cash flows 6

Notes to the financial statements 7

Committee members' declaration 15

Independent auditor's report to the members of Association for Christian Education Mount Evelyn Inc. 16

Association for Christian Education Mount Evelyn Inc. Statement of profit or loss and other comprehensive income For the year ended 31 December 2015

Note 2015 2014 $ $

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

3

Revenue 4 10,239,274 9,811,225 Total revenue 10,239,274 9,811,225 Expenses Administration (596,449) (649,608) Audit fees (17,214) (14,409) Bad and doubtful debts (20,135) (54,791) Depreciation and amortisation expense (1,002,852) (985,200) Bus costs (134,235) (133,437) Community development (62,560) (58,497) Educational materials (648,295) (600,324) Leases 17 (125,819) (93,786) Levies (75,227) (72,810) Maintenance and grounds (129,510) (123,567) Staff costs (7,595,073) (6,793,844) Staff training (113,602) (77,295) Finance costs (132,063) (155,340) Total expenses (10,653,034) (9,812,908) Deficit before income tax expense (413,760) (1,683) Income tax expense - - Deficit after income tax expense for the year attributable to the members of Association for Christian Education Mount Evelyn Inc.

16

(413,760)

(1,683)

Other comprehensive income for the year, net of tax - - Total comprehensive income for the year attributable to the members of Association for Christian Education Mount Evelyn Inc.

(413,760)

(1,683)

Association for Christian Education Mount Evelyn Inc. Statement of financial position As at 31 December 2015

Note 2015 2014 $ $

The above statement of financial position should be read in conjunction with the accompanying notes 4

Assets Current assets Cash and cash equivalents 5 49,778 17,376 Trade and other receivables 6 186,471 129,348 Prepayments 7 68,831 68,481 Total current assets 305,080 215,205 Non-current assets Property, plant and equipment 8 15,971,914 16,204,368 Total non-current assets 15,971,914 16,204,368 Total assets 16,276,994 16,419,573 Liabilities Current liabilities Trade and other payables 9 967,486 929,716 Borrowings 10 402,559 537,890 Employee benefits 11 176,877 129,338 Other 12 80,961 67,604 Total current liabilities 1,627,883 1,664,548 Non-current liabilities Parent investment deposits 13 188,525 181,825 Borrowings 14 3,114,450 2,844,060 Employee benefits 15 511,246 480,490 Total non-current liabilities 3,814,221 3,506,375 Total liabilities 5,442,104 5,170,923 Net assets 10,834,890 11,248,650

Equity Retained surpluses 16 10,834,890 11,248,650 Total equity 10,834,890 11,248,650

Association for Christian Education Mount Evelyn Inc. Statement of changes in equity For the year ended 31 December 2015

The above statement of changes in equity should be read in conjunction with the accompanying notes 5

Retained Total profits equity $ $ Balance at 1 January 2013 11,250,333 11,250,333 Deficit after income tax expense for the year (1,683) (1,683) Other comprehensive income for the year, net of tax - - Total comprehensive income for the year (1,683) (1,683) Balance at 31 December 2014 11,248,650 11,248,650

Retained Total profits equity $ $ Balance at 1 January 2014 11,248,650 11,248,650 Deficit after income tax expense for the year (413,760) (413,760) Other comprehensive income for the year, net of tax - - Total comprehensive income for the year (413,760) (413,760) Balance at 31 December 2015 10,834,890 10,834,890

Association for Christian Education Mount Evelyn Inc. Statement of cash flows For the year ended 31 December 2015

Note 2015 2014 $ $

The above statement of cash flows should be read in conjunction with the accompanying notes 6

Cash flows from operating activities Receipts from customers (inclusive of GST) 10,193,244 9,772,154 Payments to suppliers and employees (inclusive of GST) (9,402,404) (8,585,113) 790,840 1,187,041 Interest received 2,264 3,582 Interest and other finance costs paid (132,063) (155,340) Net cash from operating activities 19 661,041 1,035,283 Cash flows from investing activities Payments for property, plant and equipment 8 (770,398) (691,090) Loans from/(to) related and other parties 6,700 6,250 Net cash used in investing activities (763,698) (684,840) Cash flows from financing activities (Repayment of)/increase in borrowings 135,059 (372,359) Net cash from/(used in) financing activities 135,059 (372,359) Net increase/(decrease) in cash and cash equivalents 32,402 (21,916) Cash and cash equivalents at the beginning of the financial year 17,376 39,292 Cash and cash equivalents at the end of the financial year 5 49,778 17,376

Association for Christian Education Mount Evelyn Inc. Notes to the financial statements 31 December 2015

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Note 1. General information The financial statements cover Association for Christian Education Mount Evelyn Inc. as an entity consisting of Association for Christian Education Mount Evelyn Inc. and Ranges TEC. The financial statements are presented in Australian dollars, which is Association for Christian Education Mount Evelyn Inc.'s functional and presentation currency. Association for Christian Education Mount Evelyn Inc. is a not-for-profit incorporated association, incorporated and domiciled in Australia. Its registered office and principal place of business is: 135 York Road MOUNT EVELYN VIC 3796 A description of the nature of the entity's operations and its principal activities are included in the Committee members' report, which is not part of the financial statements. The financial statements were authorised for issue on 18 April 2016. Note 2. Significant accounting policies The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. New, revised or amending Accounting Standards and Interpretations adopted The entity has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Any new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. Basis of preparation In the Committee members' opinion, the entity is not a reporting entity because there are no users dependent on general purpose financial statements. These are special purpose financial statements that have been prepared for the purposes of complying with the Victorian legislation the Associations Incorporation Reform Act 2012 and associated regulations. The Committee members have determined that the accounting policies adopted are appropriate to meet the needs of the members of Association for Christian Education Mount Evelyn Inc. These financial statements have been prepared in accordance with the recognition and measurement requirements specified by the Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the disclosure requirements of AASB 101 'Presentation of Financial Statements', AASB 107 'Statement of Cash Flows', AASB 108 'Accounting Policies, Changes in Accounting Estimates and Errors', AASB 1031 'Materiality', AASB 1048 'Interpretation of Standards' and AASB 1054 'Australian Additional Disclosures', as appropriate for not-for profit oriented entities. Critical accounting estimates The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the entity's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3.


Note 2. Significant accounting policies (continued)

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Revenue recognition Non-reciprocal grant revenue is recognised in the profit or loss when the entity obtains control of the grant and it is probable that the economic benefits gained from the grant will flow to the entity and the amount of the grant can be measured reliably. If conditions are attached to the grant which must be satisfied before it is eligible to receive the contribution, the recognition of the grant as revenue will be deferred until those conditions are satisfied. When grant revenue is received whereby the entity incurs an obligation to deliver economic value directly back to the contributor, this is considered a reciprocal transaction and the grant revenue is recognised in the statement of financial position as a liability until the service has been delivered to the contributor, otherwise the grant is recognised as income on receipt. Interest revenue is recognised when received. Revenue from the rendering of a service is recognised upon the delivery of the service to the customers. All revenue is stated net of the amount of goods and services tax. Income tax As the entity is a charitable institution in terms of subsection 50-5 of the Income Tax Assessment Act 1997, as amended, it is exempt from paying income tax. Current and non-current classification Assets and liabilities are presented in the statement of financial position based on current and non-current classification. An asset is classified as current when it is either expected to be realised or intended to be sold or consumed in normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current. A liability is classified as current when it is either expected to be settled in normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. Cash and cash equivalents Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Trade and other receivables Accounts receivable and other debtors include amounts due from families for school tuition fees. Receivables expected to be collected within 12 months of the end of the reporting period are classified as current assets. All other receivables are classified as non-current assets.



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Property, plant and equipment Property, plant and equipment is stated at historical cost less accumulated depreciation and impairment where required. Historical cost includes expenditure that is directly attributable to the acquisition of the items. The carrying amount of plant and equipment is reviewed annually by the committee to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the assets’ employment and subsequent disposal. In the event the carrying amount of plant and equipment is greater than the recoverable amount, the carrying amount is written down immediately to the estimated recoverable amount. A formal assessment of recoverable amount is made when impairment indicators are present. Property, plant and equipment that have been contributed at no cost, or for nominal cost, are recognised at the fair value of the asset at the date it is acquired. The depreciable amount of all fixed assets including buildings and capitalised lease assets, but excluding freehold land, is depreciated on a straight-line or diminishing value basis over the asset’s useful life to the entity commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements. The depreciation rates used for each class of depreciable assets are: Plant and equipment 15% Straight Line Library Book Stock 15% Straight Line Furniture & Fittings 15% Straight Line Buildings 2.5% Straight Line Motor Vehicles 20% Diminishing Value The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date. Leasehold improvements and plant and equipment under lease are depreciated over the unexpired period of the lease or the estimated useful life of the assets, whichever is shorter. An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the entity. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss. Any revaluation surplus reserve relating to the item disposed of is transferred directly to retained profits. Trade and other payables Trade and other payables represent the liability outstanding at the end of the reporting period for goods and services received by the entity during the reporting period which remain unpaid. The balance is recognised as a current liability with the amount being normally paid within 30 days of recognition of the liability. Leases Leases of fixed assets, where substantially all the risks and benefits incidental to the ownership of the asset, (but not the legal ownership) that are transferred to entities in the economic entity, are classified as finance leases. Finance leases are capitalised by recording an asset and a liability at the lower of the amounts equal to the fair value of the leased property or the present value of the minimum lease payments, including any guaranteed residual values. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for the period. Leased assets are depreciated on a straight-line basis over the shorter of their estimated useful lives or the lease term. Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses on a straight-line basis over the lease term.



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Employee benefits Provision is made for the association’s liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee provisions have been measured at the amounts expected to be paid when the liability is settled. In determining the liability, consideration is given to employee wage increases. Contributions are made by the entity to an employee superannuation fund and are charged as expenses when occurred. Goods and Services Tax ('GST') and other similar taxes Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement of financial position. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority. New Accounting Standards and Interpretations not yet mandatory or early adopted Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the entity for the annual reporting period ended 31 December 2015. The entity has not yet assessed the impact of these new or amended Accounting Standards and Interpretations. Note 3. Critical accounting judgements, estimates and assumptions The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below. Estimation of useful lives of assets The entity determines the estimated useful lives and related depreciation and amortisation charges for its property, plant and equipment and finite life intangible assets. The useful lives could change significantly as a result of technical innovations or some other event. The depreciation and amortisation charge will increase where the useful lives are less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or sold will be written off or written down. Note 4. Revenue 2015 2014 $ $ Interest 2,264 3,582 Capital grants & donations 30,067 5,039 Government grants and subsidies 6,278,940 5,968,124 Other income 444,118 417,818 Tuition and other fees 3,424,083 3,372,637 Donations from associated schools 59,802 44,025 Revenue 10,239,274 9,811,225


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Note 5. Current assets - cash and cash equivalents 2015 2014 $ $ Cash on hand 400 400 Cash at bank 49,378 16,976 49,778 17,376

Note 6. Current assets - trade and other receivables 2015 2014 $ $ Trade receivables 333,724 259,116 Less: Provision for impairment of receivables (147,253) (129,768) 186,471 129,348

Note 7. Current assets - Prepayments 2015 2014 $ $ Prepayments 68,831 68,481

Note 8. Non-current assets - property, plant and equipment 2015 2014 $ $ Freehold land - at cost 1,081,920 1,081,920 Freehold buildings - at cost 17,758,104 17,386,086 Less: Accumulated depreciation (4,000,601) (3,498,605) 13,757,503 13,887,481 Plant and equipment - at cost 1,885,235 1,729,540 Less: Accumulated depreciation (1,384,445) (1,096,082) 500,790 633,458 Furniture and fittings - at cost 1,375,682 1,157,406 Less: Accumulated depreciation (961,178) (858,580) 414,504 298,826 Motor vehicles - at cost 534,316 534,316 Less: Accumulated depreciation (330,992) (241,885) 203,324 292,431 Library books - at cost 240,403 215,995 Less: Accumulated depreciation (226,530) (205,743) 13,873 10,252 15,971,914 16,204,368

Land & Buildings situated at 135-141 York Road, Mount Evelyn are held as security against the school's liabilities to the Bendigo Bank commercial term facility as disclosed in note 13.


Note 8. Non-current assets - property, plant and equipment (continued)

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During the year the association obtained a desktop valuation of the training centres in Lilydale (Units 1-3 at 9 Hightech Place, Lilydale). This valuation assessed the market value of the properties at $2,430,000, which is below the current book value. The Committee members consider that due to the limited scope of such a valuation, and the unique nature of the properties, the valuer’s conclusion does not accurately reflect their true value. As a result, the property is shown in the Balance Sheet at original cost less accumulated depreciation and has not been impaired. The Committee members will commission a more detailed valuation of the properties in the coming 12 months in order to accurately determine their value. Note 9. Current liabilities - trade and other payables 2015 2014 $ $ Trade payables 964,786 929,002 Unidentified deposits 2,700 714 967,486 929,716

Note 10. Current liabilities - borrowings 2015 2014 $ $ Chattel mortgages - vehicles 83,960 71,685 Chattel mortgages - furniture - 13,999 Commercial term facility 318,599 452,206 402,559 537,890

Note 11. Current liabilities - employee benefits 2015 2014 $ $ Annual leave 16,067 15,041 Long service leave 127,811 120,123 Fringe benefits tax liability 32,999 (5,826) 176,877 129,338

Note 12. Current liabilities - other 2015 2014 $ $ Revenue received in advance 80,961 67,604

Note 13. Non-current liabilities - Parent investment deposits 2015 2014 $ $ Deposits - parent investment 188,525 181,825


13

Note 14. Non-current liabilities - borrowings 2015 2014 $ $ Chattel mortgage - vehicles 87,759 171,719 Commercial term facility 3,026,691 2,672,341 3,114,450 2,844,060

The commercial term facility has been secured against land and buildings as per note 8. The facility was interest only until January 2014. Total secured liabilities The total secured liabilities (current and non-current) are as follows: 2015 2014 $ $ Chattel mortgage - vehicles 171,719 243,404 Chattel mortgage - furniture - 13,999 Commercial term facility 3,345,290 3,124,547 3,517,009 3,381,950

Note 15. Non-current liabilities - employee benefits 2015 2014 $ $ Long service leave 511,246 480,490

Note 16. Equity - retained surpluses 2015 2014 $ $ Retained surpluses at the beginning of the financial year 11,248,650 11,250,333 Deficit after income tax expense for the year (413,760) (1,683) Retained surpluses at the end of the financial year 10,834,890 11,248,650

Note 17. Operating lease commitments The association has entered into non-cancellable operating leases. The following lease payments contracted for but not capitalised in the financial statements. 2015 2014 $ $ Payable - minimum lease payments No later than 12 months 83,454 78,194 Between 12 months and 5 years 90,606 84,384 174,060 162,578


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Note 18. Events after the reporting period No matter or circumstance has arisen since 31 December 2015 that has significantly affected, or may significantly affect the entity's operations, the results of those operations, or the entity's state of affairs in future financial years. Note 19. Reconciliation of deficit after income tax to net cash from operating activities 2015 2014 $ $ Deficit after income tax expense for the year (413,760) (1,683) Adjustments for: Depreciation and amortisation 1,002,852 985,200 Change in operating assets and liabilities:

Decrease/(increase) in trade and other receivables (57,123) 39,318 Decrease/(increase) in prepayments (350) 15,523 Increase in trade and other payables 37,770 70,945 Increase/(decrease) in employee benefits 78,295 (5,463) Increase/(decrease) in other operating liabilities 13,357 (68,557)

Net cash from operating activities 661,041 1,035,283

Note 20. Contingent liabilities During the 2011 year, Ranges TEC gifted assets and liabilities necessary to develop trade training centres in Lilydale, Monbulk and Coldstream. These training centres are a joint initiative between Mount Evelyn Christian School, Donvale Christian School and Mountain District Christian School. The Department of Education, Employment and Workplace Relations has provided capital funding of $4,829,049 to Ranges TEC under a number of conditions. Should Ranges TEC fail to comply with these conditions, the Department of Education, Employment and Workplace Relations may demand a refund of this funding in proportion to the number of designated use years remaining. As the "lead school" in the funding agreement, Mount Evelyn Christian School could be called upon should the funds of Ranges TEC be insufficient to meet obligations to the government.

Note 21: Segment Reporting

The association operates the Mount Evelyn Christian School (MECS) and the Ranges TEC (RTEC)

INCOME STATEMENT MECS RTEC Consolidated MECS RTEC Consolidated

$ $ $ $ $ $REVENUE

Interest 18,039 5 2,264 ** 21,845 4 3,582 *Capital grants & donations 12,867 17,200 30,067 5,039 - 5,039 Government grants and subisidies 5,609,348 669,592 6,278,940 5,391,732 576,392 5,968,124 Other income 205,238 238,880 444,118 191,375 226,443 417,818 Tuition and other fees 3,045,405 378,678 3,424,083 2,952,287 420,350 3,372,637 Donations from/(to) associated schools (41,325) 101,127 59,802 (25,000) 69,025 44,025

8,849,572 1,405,482 10,239,274 8,537,278 1,292,214 9,811,225

EXPENSES

Administration 505,014 91,435 596,449 564,581 85,027 649,608 Audit fees 13,184 4,030 17,214 13,045 1,364 14,409 Bad debts 22,082 (1,947) 20,135 18,031 36,760 54,791 Depreciation and amortisation expense 780,580 222,272 1,002,852 746,074 239,126 985,200 Bus Costs 102,698 31,537 134,235 98,849 34,588 133,437 Community Development 45,266 17,294 62,560 42,419 16,078 58,497 Educational materials 561,997 86,298 648,295 531,848 68,476 600,324 Leases 118,402 7,417 125,819 85,523 8,263 93,786 Levies 71,377 3,850 75,227 70,675 2,135 72,810 Maintenance and grounds 82,745 46,765 129,510 77,701 45,866 123,567 Staff costs 6,569,597 1,025,476 7,595,073 5,860,917 932,927 6,793,844 Staff training 106,016 7,586 113,602 69,851 7,444 77,295 Finance Costs 131,318 16,525 132,063 ** 153,340 20,267 155,340 *

TOTAL EXPENSES 9,110,276 1,558,538 10,653,034 8,332,854 1,498,321 9,812,908

Operating Surplus/(Deficit) (260,704) (153,056) (413,760) 204,424 (206,107) (1,683)

* $18,267 of inter-entity interest has been eliminated at consolidation

** $15,780 of inter-entity interest has been eliminated at consolidation

2015 2014

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Note 21: Segment Reporting cont.

STATEMENT OF ASSETS AND LIABILITIES

MECS RTEC Consolidated MECS RTEC ConsolidatedCURRENT ASSETS $ $ $ $ $ $Cash and cash equivalents 48,232 1,546 49,778 15,101 2,275 17,376 Trade and other receivables 475,064 16,889 186,471 ** 437,463 15,018 129,348 *Prepayments 64,301 4,530 68,831 64,041 4,440 68,481

TOTAL CURRENT ASSETS 587,597 22,965 305,080 516,605 21,733 215,205

NON-CURRENT ASSETSProperty, plant and equipment 12,202,038 3,769,876 15,971,914 12,256,247 3,948,121 16,204,368

TOTAL NON-CURRENT ASSETS 12,202,038 3,769,876 15,971,914 12,256,247 3,948,121 16,204,368

TOTAL ASSETS 12,789,635 3,792,841 16,276,994 12,772,852 3,969,854 16,419,573

CURRENT LIABILITIESTrade and other payables 869,598 403,370 967,486 ** 840,157 412,692 929,716 *Borrowings 402,559 - 402,559 523,891 13,999 537,890 Employee benefits 176,877 - 176,877 129,338 - 129,338 Other 73,517 7,444 80,961 59,525 8,079 67,604

TOTAL CURRENT LIABILITIES 1,522,551 410,814 1,627,883 1,552,911 434,770 1,664,548

NON-CURRENT LIABILITIESBorrowings 3,114,450 - 3,114,450 2,844,060 - 2,844,060 Employee benefits 511,246 - 511,246 480,490 - 480,490 Other 188,525 - 188,525 181,825 - 181,825

TOTAL NON-CURRENT LIABILITIES 3,814,221 - 3,814,221 3,506,375 - 3,506,375

TOTAL LIABILITIES 5,336,772 410,814 5,442,104 5,059,286 434,770 5,170,923

NET ASSETS 7,452,863 3,382,027 10,834,890 7,713,566 3,535,084 11,248,650

Represented by:

MEMBERS EQUITYAccumulated Surplus 7,452,863 3,382,027 10,834,890 7,713,566 3,535,084 11,248,650 Total members equity 7,452,863 3,382,027 10,834,890 7,713,566 3,535,084 11,248,650

* $323,133 of inter-entity loan has been eliminated at consolidation** $305,482 of inter-entity loan has been eliminated at consolidation

2015 2014

17

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60-64 Railway Road, Blackburn 3130PO Box 189, Blackburn 3130t: (03) 9878 1477 f: (03) 9894 [email protected]

ABN 84 164 947 290

Liability limited by a scheme approved under Professional Standards Legislation

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