bunbury office 1st floor, 25 victoria street po box 1539 bunbury wa 6230 p (08) 9722 7200 f (08)...

Bunbury Office

1st Floor, 25 Victoria Street

PO Box 1539

Bunbury WA 6230

P (08) 9722 7200

F (08) 9721 7222

E [email protected]

Mandurah Office

4 Stevenson Street

PO Box 1200

Mandurah WA 6210

P (08) 9534 0400

F (08) 9583 5173

E [email protected]

Head Office

Level 1, 39 Adelaide Street

PO Box 1334

Fremantle WA 6959

P (08) 9430 0900

F (08) 9430 5583

E [email protected]

www.accesshousing.org.au

2013 AnnuAl RepoRt | 1

Contents

3 HIGHLIGHTS 2012/13

4 ABOUT ACCESS HOUSING AUSTRALIA LTD

6 CHAIRMAN’S REPORT

8 REfLECTIONS fROM RETIRING BOARD DIRECTORS

9 CHIEf EXECUTIVE OffICER’S REPORT

14 TENANCY SERVICES

16 PROPERTY ASSETS

19 fINANCIAL SUMMARY

20 HUMAN RESOURCES

22 PATRON & BOARD Of DIRECTORS

25 COMMITTEES

26 EXECUTIVE TEAM

30 PARTNERS

31 fINANCIAL REPORT

2 | ACCess Housing AustRAliA

I wanted to say thank you for all your assistance given to me whilst occupying

my Access Housing property. You are an approachable person and you always

give me helpful tips on how to deal with problems relating to the care and

management of the property.

Access Housing in general has provided me with an amazing opportunity

to gain shelter and a place I can call home with my young children. This

opportunity has allowed me to gain my self-confidence and independence

through education, volunteer work and becoming involved with great local

parenting groups. Without Access Housing, I wouldn’t have achieved my

diploma whilst raising two young children alone.

I will always have great gratitude for Access Housing because my life has truly

changed. I gave birth to a premature child because I was moving between

refuge places with my then 10 month old child and I would have still been

living in the women’s refuge with a premature baby and a one year old had

I not been offered this house. I have a whole new perspective on life now.

So thank you to my Housing Coordinator and everyone at Access Housing, for

helping people in need and I hope you know the difference you make to those

people’s lives.

letteR fRom A tenAnt to HeR Housing Co-oRdinAtoR


HigHligHts 2012/13

41%increase in net profit to $5.365

million

new dwellings completed

36dwellings under

management

1566

$1.96mRoyalties for Regions grant expended on Capel project, enabling seniors to remain in

their community

first nRAs project

completions

Vacancy Rate

1%

five year mental Health Commission contract for supportive

landlord services

tenant satisfaction

87%substantial

financial support from lotteryWest

for new office refurbishments and it system

dwellings under construction

158

Joint Venture projects progressed with private builder

Coastline Homes and listed financial services company Questus ltd

Agreement with City of mandurah

for affordable housing in mandurah

Central park

strategic alliance with BgC underpinned by successful delivery

of design and construction contracts

new Business plan 2012-2015

endorsed

total land and Buildings

$113m


ABout ACCess Housing AustRAliA ltd

Access Housing Australia ltd is the leading

private provider of affordable rental housing

in Western Australia (WA), working across the

housing spectrum to provide:

• affordable rental and home purchase options

for people on moderate incomes;

• social rental housing for people on benefits or

very low incomes; and

• properties for sale to investors under the

national Rental Affordability scheme (nRAs)

to provide affordable rental options.

Access Housing was established in 2007 under

the Corporations Act, as a not-for-profit company

limited by guarantee. the company was formed

from the merger of three smaller community

housing organisations. At 30 June 2013, Access

Housing managed 1,566 properties and employed

56 full-time staff equivalents working from offices

located in fremantle, mandurah and Bunbury.

PURPOSE

to be the leading affordable housing provider in

the WA community

TARGET

5,000 dwellings under management by 2020

STRATEGIC OBJECTIVES

• significantly increase social and affordable

housing options in local communities

• provide best practice property and tenancy

management services

• Be recognised as the lead agency in sustaining

social housing tenancies

Access Housing is registered as a growth

provider by the WA department of Housing

which has responsibility for regulating the

community housing sector. growth providers

are not-for-profit housing companies with a

proven track record in property and tenancy

management who have the financial capacity and

capability to undertake property development to

increase the supply of affordable housing in WA.

over the last 18 months, whilst continuing to

expand its property management portfolio,

Access Housing has completed its first tranche

of property development projects. there has

been a strong development focus initially in

the south West, rebalanced by a significant

program roll out in 2012/13 in the peel district

and perth metropolitan area. the company has

completed its first property sales contracts, and

has successfully targeted the national Rental

Affordability scheme (nRAs) investment market.

Access Housing has adopted a core philosophy

of leveraging and facilitating relationships and

partnerships with government, corporate and

not-for-profit sectors in order to achieve its

purpose and strategic objectives, as described in

the Business plan 2012-2015.

OUR VALUES

• fairness

• Respect

• integrity

• sustainability

• Collaboration

“the financial capacity and capability to undertake property development to increase the supply of affordable housing in WA.”


Staff at new office, Victoria Street, Bunbury.


CHAiRmAn’s RepoRt

during 2012/13 the Board has been primarily

focussed on:

1. monitoring the ongoing performance of the

company

2. Reinforcing the strategic direction of Access

Housing through the revision of the Business

plan in september 2012

3. ensuring effective governance and

risk management given the increasing

diversification and sophistication of the

business

PERfORMANCE: KEY ACHIEVEMENTS

financially, Access Housing has had another

outstanding year, recording a 12% increase in

revenue to $16.706 million; 41% increase in net

profit to $5.365 million and 43% increase in total

land and Buildings on the Balance sheet to

$111.76 million.

Although the majority of the company’s income

continues to be derived from its community

housing rental operations, new areas of business

are starting to contribute to a broadening

revenue base. Access Housing forecasts

that revenue from asset sales, the property

development program and investor housing

management activities will represent 45% of total

company income for 2013/14.

last year the company reported the

commencement of Access Housing’s first

property development projects. during the year

we had the privilege of seeing three projects

completed in mandurah (seven dwellings), eaton

(12 dwellings) and Capel (17 dwellings), totalling

36 dwellings. At 30 June 2013 a further 184

dwelling units were under construction.

i would like to thank Board director david

lantzke, for chairing the development sub-

committee which is responsible for advising

the Board on development project proposals

and ensuring that proper due diligence and

financial and market analysis is undertaken by

management.

STRATEGIC PRIORITIES

in september 2012 the Board approved a revised

Business plan 2012-2015 that set a clear course

Recreation Drive, Eaton.


to build a diversified and scalable housing supply

business which would differentiate Access

Housing from its competitors. the standard

development debt funding model adopted by

larger community housing agencies around

Australia limits the scalability of the company.

the Business plan outlines a more sophisticated

approach. it explains the aim of building diverse

capital sources to complement debt finance

to achieve sustainable increases in affordable

housing supply across the market spectrum.

i would like to personally acknowledge the

exceptional work of Business Consultant, mark

Roberts, in driving this strategy.

GOVERNANCE

the Board ensured that all legislative, contractual

and regulatory compliance and reporting

obligations of the company were met.

the finance and Audit Committee, chaired by

Kylie gilbey, continued its detailed oversight of the

company’s financial reports, and has focussed on

continuous improvement in reporting processes.

my thanks to Kylie for her diligence in respect to

these matters.

in the previous reporting period it was noted

that the Board had established a governance

Committee. i wish to express my sincerest

thanks on behalf of the Board to lianne Cretney-

Barnes, the original Chair of this Committee, who

resigned during the year. malcolm o’dell took on

the leadership of the governance Committee and

with the agreement of the Board, drove a number

of important reforms in respect to:

• changes to the company constitution, to be

formerly ratified in 2013/14, including a revision

of company objectives;

• changes to the membership structure of the

company;

• changes to director’s terms; and

• introduction of selection criteria to inform

Board nominations for vacant director

positions.

With the rapid growth of the company, the Board

determined that internal audit processes were

required, in line with good governance practice.

the Board approved an internal audit plan during

the year based on priority risks.

LOOKING AHEAD

Access Housing is currently developing an

affordable housing investment initiative which

has the potential to bring substantial private

investment into the provision of new affordable

housing. this exciting and pioneering project will

commence implementation later this year and

will be a first around the country for this type of

investment offering. the initial investment tranche

will finance the development of nearly 300 new

homes for social and affordable rentals, as well

as entry options for home ownership. given

the magnitude and complexity of the project

the Board established a project Control group

chaired by director david lantzke, to provide

governance and risk management oversight.

towards the end of 2012/13 directors agreed to

the establishment of a subsidiary for-profit entity,

Access Housing Realty pty ltd, to be responsible

for the management of investor owned properties

under the Real estate and Business Agents Act.

At 30 June 2013 we had 26 investor owned

properties under management, but anticipate

that this will grow to 160 by 2014 as Access

Housing expands its portfolio of affordable

housing rental options.

three long serving Board members stuart Clarke,

John van der giezen and Warwick smith have

announced their intention to step down at the

october 2013 Agm. stuart and John, directors

since the beginning of Access Housing and

Warwick, director since 2009, have all witnessed

the company maturing to a market leader of

affordable housing in WA.

i also wish to thank lianne Cretney-Barnes and

fiona mcKenzie, Board members who retired

during the year, for their contribution to Access

Housing.

to all Board directors and sub-committee

members i extend my gratitude and thanks for

your continuing dedication and professionalism.

thank you to Antoinette Kennedy, Access

Housing’s patron, who has actively participated

in the governance Committee providing expert

advice. And finally thank you to garry and his

leadership team and staff at Access Housing, who

continue to drive the outstanding success of the

business.

Greg Joyce

Chairman


STUART CLARKE

Why did you join the Board?

i came through as a member of

south City Housing, joining Access

Housing as Chairperson, and later

deputy Chairperson in a growing

organisation that was important in

helping people to obtain housing at

reasonable rates.

What major changes have you

been a part of whilst on the Board?

the importance of the Board

has increased in relation to the

growth of Access Housing. the

professionalism of the staff and

Board has ensured we have

developed and extended into

various programs including building

affordable home and rental options.

One thing that you will remember

about Access Housing?

the creation of Access Housing

Australia through the merging

of three small not-for-profit

organisations. the growth from

that action by the efforts of the

Board and our staff has been quite

spectacular for the benefit of our

clients.

Highlight of your contribution:

the highlight, apart from the above,

was reaching our milestone of 1000

properties under management

in 2010. As Chairperson of the

Board at this time the highlight

was having the minister of Housing

attend an event at millennium

mews complex, to celebrate this

achievement for Access Housing.

JOHN VAN DER GIEzEN

When did you join the Board?

previously director for fremantle

Housing, i joined the Access

Housing Board in 2006 when south

City Housing, milligan foundation

and fremantle Housing merged.



i have witnessed exceptional

growth from a portfolio of two

shared houses at fremantle

Housing to the current 1,566

properties managed by Access

Housing. Also seeing the company

move into development has been

amazing, shifting from a small, local

provider to building properties in

the south West.



the independent living program -

a great initiative.


the amalgamation of the three

small housing organisations to form

Access Housing and kick-start this

huge contribution to Community

Housing.

WARWICK SMITH

Why did you choose to join the

Access Housing Board?

i joined the Access Housing

Board to increase the focus on

marginalised individual’s access

to affordable housing. i have

had a long association with the

accommodation needs of individuals

with mental illness and the positive

benefits that permanent housing

makes on the lives of individuals

recovering from mental illness and

their families. individuals have been

shown to reduce their frequency of

admission to hospital, increase their

mental health, and increase their

social connection to community

with the provision of affordable and

permanent housing.



i have been part of an incredible

transformation that Access Housing

has undertaken in becoming a

growth provider. Access Housing

has increased in size and is now

managing a substantial number

of housing stock with significant

forward planning. there are a

number of developments underway

to increase the stock of social and

affordable housing that can be

provided by Access Housing to our

communities. All of this benefits the

people we provide services to.



the positive culture of Access

Housing staff. Both the Board

and staff are proud of becoming

a leading provider of social and

affordable accommodation in WA.


Access Housing becoming a

growth provider of social and

affordable accommodation.

RefleCtions fRom RetiRing BoARd diReCtoRs


CHief eXeCutiVe offiCeR’s RepoRt

IMPLEMENTING THE STRATEGIC BUSINESS PLAN, 2012-2015

the adoption by the Board of the revised

Business plan 2012-2015 in september 2012

represented a pivotal moment in the evolution of

Access Housing. the Business plan established a

clear road map to build a diversified and scalable

housing supply business by working closely with

private companies, state and local government

agencies and the not-for-profit sector. Building

strategic alliances with third parties is a key risk

mitigation strategy and enables us to leverage

additional expertise, experience and capital.

the Business plan drives the company’s

ambitious Community Housing Agreement (CHA)

and nRAs housing supply targets.

Under the Plan we established a target of 5,000

dwellings under management by 2020.

the focus in the first year of the plan has been on:

1. Building strategic alliances

2. diversifying capital sources

3. developing a new affordable housing

investment fund

4. delivering on CHA and nRAs commitments

5. expanding the management of investor owned

housing stock

there has also been a strong emphasis on in-

house capability, including staff expertise and

structure, financial reporting, it systems, risk

management and internal audit.

1. Building Strategic Alliances

throughout the year Access Housing established

formal Alliance Agreements and contractual

arrangements with a range of parties, including:

• Questus ltd (a listed financial services

company investing in affordable housing and

the largest recipient of nRAs incentives in

Australia);

• BgC (a private building company, the largest

residential home builder in WA);

• department of Housing (a state government

entity, the largest residential landlord in WA,

with significant landholdings and commercially

driven land and housing development

programs); and

• Coastline Building group pty ltd (a regionally

based private building company).

in addition we have been working closely with

landCorp (a state government entity with

significant landholdings and commercially driven

land development programs) and various local

government authorities (City of fremantle, City

of mandurah, shire of Capel and City of perth) to

deliver affordable housing outcomes.

The Hon. Bill Marmion and CEO Garry Ellender at the official opening of Burley Street, Mandurah.

Housing Services Manager, Kathryn Moorey with Anna Oades of South West Development Commission and Kath Roberts from Department of Housing (L-R).


2. Diversifying Capital Sources

the Business plan explains the aim of building

diverse capital sources to complement

debt finance, enabling greater scalability of

development activities to achieve sustainable

increases in housing supply across the market

spectrum. during 2012/13 this has included:

• negotiating land on preferred terms through

agreements with the City of mandurah, City of

fremantle, landCorp and the department of

Housing;

• delivering a 17 dwelling seniors housing

project in Capel with significant financial

support ($1.96 million) from the department of

Regional development and lands through the

Royalties for Regions program;

• negotiating private capital for the affordable

housing investment fund to deliver nearly

300 affordable housing dwellings which will

commence construction in 2014;

• entering into property development joint

ventures with Coastline Building group pty

ltd and Questus ltd to share financing,

development and sales risk;

• Working with BgC on a number of design and

construct contracts to deliver CHA and nRAs

commitments; and

• negotiating pre-sales with nRAs investors to

reduce debt exposure.

3. Developing an Affordable Housing Investment fund

traditionally there has been a strong reliance on

Commonwealth and state government capital

grants to deliver increases in social and affordable

housing. the extent of investment from these

sources has declined steeply over the last 30

years. the $6.0 billion nation Building housing

stimulus program, in response to the global

financial crisis, was a welcome anomaly, which

has helped to underpin the financial platform for

Access Housing’s proposed Affordable Housing

investment fund being developed in partnership

with Questus ltd. the aim has been to build an

investment offering that is attractive to private

capital, replicable and not reliant on government

subsidisation to ensure a sustainable and ongoing

housing supply chain.

the project is being driven by our strategic

Business Advisor mark Roberts, and has the

potential to bring substantial private investment

into the affordable housing market sector to fill

the vacuum created by the decline in availability

of government capital.

4. Delivering on CHA and NRAS Commitments

Access Housing signed the CHA with the

department of Housing in october 2010. this

agreement transferred the title of 249 new

construction dwellings funded under the nation

Building housing stimulus program to Access

Housing over 18 months from november 2010.

these assets enabled Access Housing to secure a

corporate finance facility with the Commonwealth

Bank of Australia to contribute to the delivery

of 260 new social housing dwellings by 30 June

2019, as agreed under the CHA.

As reported last year Access Housing was

awarded 306 nRAs incentives under Round four

of nRAs. Access Housing is required to deliver

162 affordable housing dwellings by June 2014

and 144 by June 2016.

during 2012/13 Access Housing’s development

program progressed, completing 36 dwelling

units and commencing a further 72.

two other Access Housing nRAs projects

comprising 86 dwelling units were nearing Capel resident and Bunbury Housing Co-ordinator.


completion at 30 June 2013. of these, 38 situated

in Bunbury were funded by the department of

Housing and the other 48, situated in east perth

were funded by both the department of Housing

and the City of perth.

during the year, considerable resourcing

was allocated to improving the company’s

development program systems, financial

reporting, policies and procedures to ensure

adequate cash flow, debt and risk management

of an expanding program.

5. Expanding the Management of Investor Owned Housing Stock

progress in this area was slow during the

year, with only 26 investor properties under

management at 30 June. Access Housing has

entered into management agreements with the

three largest private nRAs providers in Western

Australia (Questus ltd, Quantum Housing group

and Yaran property group) to boost this portfolio.

the Board approved the establishment of a

for-profit subsidiary company (Access Housing

Realty pty ltd) which was registered in July 2013,

along with a triennial Real estate licence, to

manage the investor housing portfolio.

A management Agreement was finalised with the

City of perth to manage their key worker housing

project in east perth (48 dwellings). this project

was nearing construction completion at 30 June

2013 and will be managed by Access Realty. A

further 80 nRAs investor dwellings are scheduled

to come under management next year.

Access Housing Funded Projects 2012/13

Access Housing

NRAS Incentives

Community Housing Agreement

Completions to 30 June 28 28

Under construction at 30 June 59 45

Other

Completions to 30 June 8 0


Partner Construction Projects


Artist impression of Goderich Street, East Perth.


BUSINESS IMPROVEMENT

due to the increasing diversification and

sophistication of the business, a review of Access

Housing’s management structure and expertise

was undertaken. the most notable changes were:

• the establishment of a property Assets division

responsible for property maintenance services,

property development and strategic asset

management planning; and

• establishment of a strategic finance division

within financial services to drive innovation,

raise private capital and assess financing

options for project opportunities with

development partners.

this review resulted in a highly competitive

recruitment process, and i am pleased to

announce that Access Housing was able to

secure the services of su groome in the role

of general manager property Assets and ian

Aiyathurai as Chief financial officer. su and ian

bring a wealth of experience and expertise to the

executive leadership team.

A review of the it system was undertaken and

after a thorough selected tender process, the

Board approved the development and purchase

of an integrated system from one of Australia’s

largest publicly listed software companies,

technologyone. the new it system will go live

during 2013/14.

thank you to lotteryWest for their generous grant

assistance towards the purchase of this system.

fINANCIAL PERfORMANCE

the financial performance of the company

remains strong, with record revenues of $16.706

million (12% increase) and net profit of $5.365

million (41% increase). the value of total land

and Buildings on the Balance sheet rose by 43%

to $111.76 million off the back of the department

of Housing asset transfers and Access Housing’s

development program.

the community housing rental management

operations continues to provide a highly

predicable revenue stream, accounting for 81%

of company income during the year. property

development and sales programs are inevitably

more volatile and will need to be managed tightly

as these are a growing focus of the business in

2013/14 and future years.

CEO, Garry Ellender with Access Housing tenant.


TENANCY MANAGEMENT

the community housing portfolio grew by

a net of 86 properties during the year, of

which 32% were from Access Housing’s

development program completions. most of

the other properties originated from the state

government’s Combined Capital Bid (CCB)

program which funds the acquisition and

construction of homes for people with high level

disabilities and/or mental health.

the profitability of the community housing

division is fundamental to the financial health

of the company. thank you to Allan Wilkerson,

general manager tenancy services, and his team

for driving the performance of this business unit.

CONCLUSION

management and the Board have focussed

on differentiating Access Housing from our

competitors in the affordable housing sector

whilst consolidating strategic alliances in the

property development and financial investment

industries. At the same time we have greatly

strengthened relationships with key government

agencies, particularly around securing land

supply, to provide the foundation for scalable

growth and diversification of the company.

specifically:

• the Business plan 2012-2015 has provided

the strategic focus, detailing the partnering

philosophy and the business model to drive

the company over the next three to five years;

• the internal restructure, executive and other

recruitments, and the development systems

improvement projects have provided the

expertise and capability to manage change,

diversification and expansion;

• the forging of strong strategic business

alliances (private, not-for-profit and

government) providing formidable resource

expertise and capital to build a sustainable

land and housing supply chain; and

• our growing development program track

record brings confidence to potential business

partners and investors.

the next period will see commencement of the

delivery of the Affordable Housing investment

initiative, an increasing property development

and sales program, an expanding investor

property management portfolio under Access

Realty, and continuing growth of our community

housing property management business.

Access Housing will also explore options for

affordable home ownership, including tenant

sales programs. We will continue to invest in

the south West of the state and explore other

regional WA opportunities.

i would like to thank the Board, my executive and

senior management teams and all staff, for their

continuing hard work which contributed to an

outstanding year.

Garry Ellender

Chief executive officer

“the community housing division is fundamental to the financial health of the company.”


tenAnCY seRViCes

Access Housing’s property portfolio grew by

8% in 2012/13 to a total of 1,566 homes under

management at 30 June 2013, of which 1,540

were managed by our Community Housing

division and 26 through our investor Housing

division. the net growth was attributed to:

• 28 completed development properties under

our Community Housing Agreement;

• 66 properties leased from the department of

Housing under the state government’s CCB

program; and

• 18 properties managed on behalf of private

investors, mostly through the nRAs. it is

projected that the investor Housing portfolio

will grow to at least 160 properties in the

coming financial year.

PrOPerties Under mAnAgement

2005/06 tO 2012/13

LOCATION Of PROPERTIES

fifty-nine percent of properties are managed

from Access Housing’s head office in fremantle,

with the remaining 41% managed from mandurah

and Bunbury offices. the Bunbury/south-

West operation experienced significant growth

during the year with developments completed

in eaton, Australind and Capel, as well as a

major department of Housing funded project

completed in Bunbury just after the 2012/13

financial year. thank you to Access Housing

Regional and Area managers, Kathryn moorey

and Alison Abdo, for successfully managing the

outcomes for this period.

LOcAtiOn Of PrOPerties

TENANCY SERVICES

Access Housing manages a substantial portfolio

of supported housing tenancies, in particular

housing for people with persistent mental illness.

the proportion of supported tenancies has

increased to 26% at 30 June 2013 as a result of

the CCB program.

in line with Board and operational priorities

Access Housing continues to build close

relationships with community service support

agencies to ensure a holistic approach to

sustaining tenancies and to house clients who

have previously been given limited choices in

where they live. the CCB program has resulted

in Access Housing negotiating new service

agreements and forging partnerships with a

growing number of support agencies.

the number of tenancy allocations into new and

vacant properties increased from 254 to 360.

Although there was a higher than anticipated

tenancy turnover rate (around 15%), the average

vacancy rate for the year remained low at 1%.

Access Housing began the 2012/13 financial year

allocating tenancies into the last of the nation

Building stimulus properties transferred from

the department of Housing under the CHA. the

financial year ended with tenancy allocations into

new development program properties funded by

2005/06

440 462 531684

947

1379 14461540

2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13

1800

1600

1400

1200

1000

800

600

400

200

0

Investors Properties Community HousingProperties

8

26

7.51% Bunbury

16.67% Rockingham

16.21% Peel

31.69% SE Metro

24.84% SW Metro

3.10% N Metro


leveraging finance from those nation Building

assets to deliver on CHA growth and targets.

the peaks and troughs of new properties coming

on line resulted in a slight increase in allocation

times, with an average of 8.4 days taken to

allocate a vacant property (up from 6.5 days in

2011/12), but still within our allocations Kpi of 10

business days. the majority of Access Housing’s

tenancy allocations into our general housing

portfolio are sourced from the department of

Housing’s public housing wait list.

ALLOcAtiOns By HOUsing tyPe

Housing Type

2007 2008 2009 2010 2011 2012 2013

Lodge 47 30 17 25 36 20 24

General 53 65 134 301 526 124 183

Supported 114 96 135 115 125 102 127

Contract Managed

0 0 0 0 5 8 26

TOTAL 214 191 286 441 692 254 360

during the year the company focussed on

improving the professionalism of management

services whilst maintaining a commitment to our

social mandate. in practical terms Access Housing

sought to achieve a balance through:

• ongoing review of business processes

and procedures, including in response to

amendments to the Residential tenancies Act

1987 introduced this year;

• strong Kpi management;

• formal analysis of client feedback;

• greater and more timely use of legal

procedures under the Residential tenancies

Act 1987;

• a case management approach to higher

risk tenancies with an emphasis on early

intervention; and

• proactive approaches to the brokering

of support services, ensuring positive

relationships with support service staff.

each Housing Co-ordinator continues to manage

135 properties on average to ensure they maintain

a focus on sustaining tenancies. one measure

of success is the low eviction rates, with only 11

evictions occurring during 2012/13 (down from

16 the previous year). improved management

of legal processes and earlier intervention is

lowering eviction rates and resulting in more

sustainable tenancies.

tenAncies Per HOUsing cOOrdinAtOr

KEY PRIORITIES fOR 2013/14 INCLUDE:

• Business and performance improvements,

through continued review of all operational

policies and procedures, and better training

and management of staff in key areas.

this aligns with the business improvement

philosophy that has underpinned tenancy

services over the past two years;

• trialling new approaches to aspects of

tenancy management, specifically in relation

to larger apartment complexes and high needs

tenancies, to increase levels of tenancy and

community engagement; and

• the establishment of Access Housing Realty,

to better manage and market tenancy

management services to a broader range of

stakeholders, particularly nRAs investors.

THE OPINION THAT COUNTS

An important measure of Access Housing’s

success as ‘an affordable housing tenancy

and property manager’ is the opinion of its

customer base. in June 2013, Access Housing

undertook a tenant survey. over a quarter of

tenants responded to the survey and a median

satisfaction rate of 87% with the company’s

Housing and property services was recorded.

this confirms that our operational model delivers

quality day-to-day customer focussed services

at a scale that provides cost efficiencies and

optimises operational profits.

the tenancy services team looks forward to the

year ahead and building on the progress made

during the past 12 months.

Allan Wilkerson

general manager tenancy services

150

2008 2009 2010 2011 2012 2013

100

50

0

65

8095

125135 135


pRopeRtY Assets

in April 2013 Access Housing created a new

property Assets division which draws together the

expertise and activities of the development and

property services teams and has responsibility

for strategic asset management planning. the

division’s objective is to manage the company’s

portfolio of assets in order to meet the needs

of tenants and maximise the long term value of

assets for Access Housing and investors.

since its establishment, the property Assets

division has introduced a number of initiatives

to improve the strategic management of the

company’s housing stock. these include analysis

of the portfolio by age, geography and product

type, an integrated specification for new works

and refurbishments and improved information

management in relation to the planning and

handover of new projects.

DEVELOPMENT

in April 2013 Access Housing completed and

tenanted the first of its self-funded development

projects. this represented an historic milestone

for the company and the complex of seven

townhouses in Burley street, mandurah was

officially opened by the minister for Housing, the

Hon Bill marmion.

in may and June a further 29 dwellings were

completed, including 17 seniors units in Capel and

12 seniors units in eaton, eight of which are being

purchased by the department of Housing under

the Key start shared equity home ownership

program. of the 36 completions, 28 meet Access

Housing’s obligations under the CHA to deliver

122 dwellings by 30 June 2014. A further four

projects, comprising 72 dwellings in Coolbellup

(38), Australind (6), eaton (13) and mandurah (15)

were under construction at 30 June 2013.

in respect to our nRAs target of 162 dwellings

by 30 June 2014, Access Housing is tracking well,

with 28 completions and 131 commencements as

at 30 June 2013, inclusive of two projects being

funded by other parties.

At the end of June the total project cost for the

committed development program was $24.97

million. total expenditure on capital works

projects in the 2012/13 period was $8.72 million,

an increase of 65% on the previous year. project

development expenditure is anticipated to

increase to $21.0 million in 2013/14, exceeding

operational expenditure for the first time in the

company’s history.

Photo 1: The Hon. Bill Marmion MLA and Garry Ellender cutting the ribbon at the official opening of Burley Street, Mandurah.

Photo 2: Burley Street, Mandurah.


Another milestone during the year was

execution of the company’s first sales contracts

for investor housing. At the end of June the

company had eight signed contracts for the

purchase of dwellings in the eaton project, with

a further five under negotiation.

internally there has been significant effort

to create rigorous and replicable project

management systems and to grow the company’s

expertise in this area. this capacity is essential

to support the ongoing delivery of CHA and

nRAs targets and to enable implementation of

the proposed investor financed development

program. Whilst the development program

demonstrates relatively low level cost variations

there has been significant time slippage which

has the potential to impact on cash flow and

commitments. time and program management is

therefore a priority improvement area.

looking forward, the development team is

focussed on implementing system improvements

whilst delivering on 2014 CHA and nRAs targets

and securing project opportunities for the

2015/16 program. Another priority is development

of an efficient sales distribution strategy to

improve the viability of development projects and

mitigate financing risks.

PROPERTY SERVICES

the property services team has been steadily

growing in response to portfolio growth and

has recently focussed on improving systems

and standards and enhancing the expertise and

specialist skills of staff.

in 2012/13 the total expenditure on community

housing maintenance was $2.54 million, slightly

under the budget of $2.6 million. this equates

to 17.5% of recurrent income which is within the

Board Kpi of 22%. the maintenance call centre

issued 11,300 job orders. A total of 250 voids

were processed at an average cost of $2,425

per property.

Access Housing’s planned maintenance and

property refurbishment projects have been

progressing steadily with Building Condition

Assessments completed for many older houses in

the portfolio informing a priority list of properties

identified for improvement. A refurbishment

West Road, Capel.


budget of $1 million has been approved for 2013/14

and an expression of interest was completed in

June to shortlist builders for this program.

the team has also been kept busy with the

handover of newly built properties and other

assets. A total of 86 community housing properties

were added to the portfolio in 2012/13.

CLIENT fEEDBACK

the annual tenant survey recorded the following

satisfaction with maintenance services. these

results assist in planning forward work priorities

for the team.

• 72% of respondents rated the service provide

by the 1800 call centre as good or excellent

and 74% rated the out of hours call centre as

good or excellent.

A second call centre operator has been

engaged during the year to improve service in

this area.

• 80% of respondents rated maintenance works

undertaken at their property as being good

or excellent and 84% rated the conduct of

maintenance contractors as good or excellent.

this result reflects the work done to improve

contracting arrangements but suggests more

work can be done in this area.

• overall 79% of tenants rated the condition of

their property as being good or excellent and

6% rated the property condition as poor.

it is anticipated the 2013/14 refurbishments

program will further improve this result.

STRATEGIC ASSET MANAGEMENT

one of the biggest challenges and risks faced

by Access Housing is the potential future

maintenance liability of older properties,

especially properties not owned by the company.

At 30 June 2013 Access Housing’s community

housing portfolio comprised 1,540 properties, of

which 473 (31%) were owned by Access Housing.

of these, 85% were less than 5 years old. the

leasehold stock, owned by the department of

Housing is much older, with 42% more than 15

years old. for those older properties on Access

Housing’s balance sheet, we have options to

sell, redevelop or refurbish properties, and can

make strategic asset management decisions

about best use at any given time. potential future

maintenance liabilities can be managed with

stock renewal and sales programs. this strategic

asset management approach is not available for

leasehold properties and represents a critical risk

issue that the company is examining.

dWeLLing tyPes

Access Housing has a large portfolio of multi-

unit housing stock under management, with 73%

classified as units or villas. this concentration

is likely to be reinforced in the medium term

as development programs are highly geared

towards townhouse, villas and apartment

construction. We will need to keep a watching

brief on the implications for the balance of the

portfolio, from a demand, tenancy and asset

management perspective.

Su Groome

general manager property Assets

5% Duplex

22% House

56% Unit

17% Villa


finAnCiAl summARY

Access Housing Australia ltd has delivered a

strong financial performance, achieving a net

profit for the 2012/13 financial year of $5.4 million

($3.8 million in 2011/2012). this improvement

has been driven by the ongoing diversification

of business operations as well as the growth of

assets and an enhanced balance sheet.

net PrOfit

Revenues of $18.5 million increased by $3.6 million

(24%) from the previous year whilst expenses

increased by $2.0 million (18%) to $13.1 million.

the company’s balance sheet has strengthened

considerably with total assets growing from

$90.3 million in 2012 to $116 million in June

2013. Cash reserves totalled $1.9 million and the

company utilised $3.5 million of its $18 million

loan facility whilst retained earnings increased by

$5.4 million (52%) to $15.7 million in June 2013.

the table below highlights the company’s growth

and strengthening financial position over the last

four years.

the company is well positioned financially to

expand its property development program in

2013/14 and beyond, but the challenge will be

to ensure that property sales associated with

development projects are achieved within budget

and timeline parameters so that debt risk can be

managed.

Ian Aiyathurai

Chief financial officer

Financial Snapshot 2012/13 2011/12 2010/11 2009/10

Revenues $18.5m $14.9m $10.1m $6.4m

Expenses ($13.1m) ($11.1m) ($8.8m) ($5.6m)

Net Profit $5.4m $3.8m $1.3m $0.8m

Net Assets $15.7m $10.3m $6.5m $5.2m

Cash Balances at year end $1.9m $3.9m $1.4m $2.6m

Expenditure on Development Projects/ Properties (includes investment in JV)

$8.7m $2.3m $1.6m $1.0m

40

35

30

25

20

15

10

5

0

Net Profit Expense Revenue

2012/13

5.4 M

13.1 M

18.5 M

2011/12

3.8 M

11.1 M

14.9 M


HumAn ResouRCes

Access Housing lodged its second enterprise

Agreement in october 2012 following

negotiations with employees and the Australian

services union. A number of condition

improvements were made, including entitlement

to pro-rata long service leave after five years of

continuous service, paid parental leave for non-

primary carers and the inclusion of community

service leave, which is now one of the national

employment standards. the new Agreement has

a nominal expiry date of 1 october 2015.

staff numbers have once again grown over the

year, with 56 people currently employed, a 22%

increase since June 2012. As a result, and with our

future expansion in mind, two major office moves

were completed in fremantle and mandurah. We

are grateful to lotteryWest whose support has

enabled Access Housing to commission much

need refurbishments at the fremantle office.

staff are pleased to have improved amenities

and greater work space.

lotteryWest also donated generously to the

purchase cost and development of a new

integrated it system which will provide the

it platform for the company’s growth and

diversification for at least the next five years.

the system will be implemented during 2013/14.

new occupational Health and safety laws have

come into effect in several states and whilst new

legislation is yet to be passed in WA, gearing up

for the changes led to a revision of our Health and

safety policy and procedures and the election of

a new occupational, Health and safety committee.

Another positive development has been the Health

and Wellbeing program, which aims to provide

incentives for employees to maintain a healthy

lifestyle. Access Housing entered 17 employees

in the annual City to surf fun run to be held in

City to Surf, Fremantle staff participants.

“A new integrated it system which will provide the it platform for the company’s growth and diversification.”


August 2013 and it was wonderful to see people

teaming up to walk, jog and improve their fitness

in preparation for the event.

over the past three years, many Community

Housing organisations (including Access

Housing) have wrestled with the challenges

presented by changes to business operations,

objectives and activities. property development

and sales is generally perceived to be at the

opposite end of the community services

spectrum. However, there is now a growing

understanding amongst staff that development

activities are alleviating the shortage of affordable

housing supply in WA. As employees in the

different business divisions learn more about each

other’s role and purpose in the company, the

connection between construction and development

programs and core tenancy management activities

are becoming more apparent.

our tenancy and maintenance personnel are

working closely with community members

and organisations every day. it is essential

that as we continue to grow and diversify, we

remember to harness their valuable knowledge

by supporting opportunities for interaction

between business divisions and continuing to

strive for improved communication and learning

throughout the company.

Jane House

HR manager

Bunbury staff.


Antoinette Kennedy PATRON

the Honourable Antoinette

Kennedy is the first woman to

be appointed as Chief Judge of

the district Court of Western

Australia and one of three

women to head up a court in

Australia.

she was a member of murdoch

senate for six years, founding

member of the Women lawyers

of Western Australia, member

of the Chief Justice’s gender

Bias taskforce and a mentor

in the law society mentoring

program for young lawyers.

Antoinette is outspoken on

issues of social justice and has a

keen interest in the provision of

affordable housing.

Greg Joyce CHAIRPERSON

greg Joyce has had a long

and involved career in social

housing. He was formerly

the director general of the

department of Housing and

Works. during his 15 year

tenure as the director general,

greg instigated a number of

programs including the “new

living” program to reduce

concentrations of social

housing in poorer suburbs and

progressed large scale private

and public joint ventures with

major land developers to

develop new, affordable housing

estates including ‘ellenbrook’ in

Western Australia.

greg is currently also Chairman

of Workcover WA. He has

served on several boards and

committees including the

treasury Corporation Board and

Chairman of the Justice Reform

implementation Committee.

He has a law degree from the

university of Western Australia

and is qualified to practice as a

barrister and solicitor.

Cr Stuart Clarke JP DEPUTY CHAIR

stuart Clarke, Chairman of

Access Housing Board 2006-

2010, has steered the transition

of Access Housing from an

Association to a Company.

during his tenure, stuart has

been actively involved in Access

Housing’s development, finance

and eBA committees.

stuart has had a long standing

career as a director, having

started as a board member of

south City Housing in 2002.

He is a Justice of the peace,

Civil marriage Celebrant and

local government Councillor.

stuart has a strong history of

community work, volunteering

with diabetics Australia, safety

House Association of WA,

swan and Canning River trust,

Willetton and district local

drug Action group and state

neighbourhood Watch Advisory

Committee.

pAtRon & BoARd of diReCtoRs


David Lantzke DIRECTOR

david lantzke is the general

manager of Ardross group of

Companies; a family owned

diversified property and land

development group.

He is a qualified Chartered

Accountant, has completed the

Advanced management program

at Harvard Business school

and has extensive experience in

infrastructure planning, project

facilitation, asset management,

town planning, land and property

development.

Malcolm O’Dell DIRECTOR

malcolm o’dell is the principal

lawyer at Central desert

native title services ltd

where he provides advice and

legal expertise on corporate

governance issues.

He has a comprehensive

understanding of the housing

and broader social issues

faced by many indigenous

West Australians; he is strongly

committed to providing

sustainable solutions.

Warwick Smith DIRECTOR

Warwick smith has an extensive

history in providing strategic

direction and practical

implementation guidance in

the psychiatric services area.

He has held a number of roles

including Clinical Co-ordinator

and director of Rockingham-

Kwinana psychiatric services

and senior policy officer,

department of Health - Health

division. He is currently the

director at the Youth mental

Health department of Health

statewide, north metropolitan

Health service - mental Health.

Warwick is one of the pioneers of

the independent living program

that has been central to the

provision of secure, supported

housing for people with mental

health disabilities in WA.

Warwick’s memberships have

included park Health service

executive (1994–2003 and

2012/13), north metropolitan

Area Health service, mental

Health executive (2003/04

and 2013-current) and south

metropolitan Area mental Health

service (2001–2013).


John van der Giezen DIRECTOR

John van der giezen has over

25 years of experience in

establishing and implementing

indigenous mental health

programs including involvement

with the WACoss substance

use working party, Ruah inreach

program, Aboriginal Community

support service, derbarl

Yerrigan Health service and the

Kwinana office of ACss.

John has an extensive history

of working at a high level to

improve the services offered

in the areas of housing and

mental health, with a particular

focus on indigenous people,

and has twice been nominated

for Human Rights Awards for

his commitment to indigenous

West Australians.

He is a senior social Worker at

the newly established state-

wide specialist Aboriginal

mental Health service.

Kylie Gilbey DIRECTOR

Kylie gilbey was most recently,

Business development director

at one of Australia’s leading

privately owned, wealth

management advisory firms.

prior to this, she had a long

history with Australian and

overseas banks, focusing on

property finance and Corporate

Banking areas. Kylie spent her

early career, gaining extensive

international and cultural

experience working in positions

in london, sydney, Asia and

perth, undertaking complex

international syndication,

property development finance,

international project finance and

aircraft and shipping corporate/

sovereign exposures.

she has previously established

two start-up businesses (in

singapore and perth) and is

a graduate of the Australian

institute of Company directors,

fellow of financial services

institute of Australasia, Chair of

Access Housing’s finance and

Audit Committee and member

of Access Housing’s investment

fund project Control group.

Michael Mitchell DIRECTOR

michael mitchell, ex Afl player,

holds a Bachelor degree of

Applied science in indigenous

Community Health specialising

in mental Health.

He is the program manager

for WA’s specialist Aboriginal

mental Health service. michael

believes that one of the key

factors in improving mental

health is the availability of

secure housing and

a holistic approach to sustaining

tenancies wherever possible.


PROPERTY DEVELOPMEnT COMMITTEE

david Lantzke (chair)

matt raison

John david

garry ellender

Anthony rizzacasa

su groome

GOVERnAnCE ADVISORY GROuP

malcolm O’dell (chair)

Lianne cretney-Barnes

Antoinette Kennedy

garry ellender

Liz Waterhouse

Alex Kennedy

AuDIT AnD FInAnCE COMMITTEE

Kylie gilbey (chair)

greg Joyce

garry ellender

ian Aiyathurai

AH InVESTMEnT FunD PROjECT COnTROL GROuP

david Lantzke (chair)

mark roberts

greg Joyce

garry ellender

su groome

melanie Hay

ian Aiyathurai

Committees


Garry EllenderCHIEf EXECUTIVE OffICER

garry ellender brings to his leadership role at Access Housing over

20 years’ of senior management experience and a clear vision of

commercially sustainable business models for community housing.

As a skilled program manager and a strategic business planner,

garry’s early career at the WA department of Housing’s

Community Housing and Aboriginal Housing directorates was

characterised by his ability to convert long-term strategic vision

into workable programs with deliverable outcomes. in 2006/07

garry led the state government’s strategic review of community

housing in Western Australia which culminated in a $210 million

budget increase. garry was subsequently appointed to implement

the integrated strategy to reform policy, to establish a regulation

system and to grow the commercial viability of the not-for-profit

community housing sector.

since joining Access Housing as Ceo in march 2010, garry has

diversified the business and evolved its business model to deliver

scalable property development growth through partnering and

layering in alternative capital to blend with Access Housing’s debt

and equity. He has overseen significant increases in the company

balance sheet and increased net profit by nearly 600%. Housing

stock under management has also increased by 75% at June 2013.

garry holds an honours degree in politics from Warwick university,

uK, and received in 2007 and 2012 the Australasian Housing

institute awards for inspirational Colleague and outstanding

Achievement respectively.

garry is a company director of powerHousing Australia ltd

which represents 28 of the largest not-for-profit affordable

housing providers around Australia with $7.0 billion of assets

under management. He is also a director of two Access Housing

subsidiary companies – Access Housing Realty pty ltd and Access

Housing CCin.

eXeCutiVe teAm


Allan WilkersonGENERAL MANAGER TENANCY SERVICES

Allan Wilkerson’s operations management of Access Housing is

well supported by nearly 25 years’ prior experience in the WA

department of Housing working across various divisions including

public, community, indigenous and government employee housing.

in this time, Allan had direct responsibility across many aspects of

the business including development and implementation of policy

and planning, negotiating Commonwealth-state agreements,

business reviews and improvement, training and development,

project management, and program planning of major capital works.

After leaving the department, Allan joined southern Cross

Housing ltd as Ceo before becoming a consultant for affordable

housing companies in WA focusing on strategic and operational

business development.

Allan joined Access Housing in march 2011 as Chief operations

manager. since joining the company, Allan has significantly

improved the profitability and accountability of the operations

through development of business process and procedures,

restructuring of staff roles, establishment of a maintenance call

centre and building the operational management capability to

oversee the growing portfolio of tenancies and asset management.

Mark RobertsSTRATEGIC BUSINESS ADVISOR

mark Roberts has more than 30 years’ experience in senior

management, which includes directing his private real estate

investment entities to many projects, both medium and large scale

in the residential, commercial, retail and industrial sectors.

mark’s professional career in property includes founding and

directing a national company which listed on the Australian stock

exchange, providing property asset and facilities management

services to institutional, wholesale and retail investors with over

5,500 units under management, mark has directed the negotiations

of many large-scale transactions with listed and unlisted property

trusts, organised the merger and acquisition of a major competitor,

managed numerous successful private and public capital raisings

and directed corporate financing of development, construction

and business. mark’s strategic corporate advice to Access Housing

assists in the development of affordable housing investment,

resulting in an increased capacity for ownership and scaled

business model.


Su Groome GENERAL MANAGER PROPERTY ASSETS

su groome has over 20 years’ professional experience as an

architect, planner, policy advisor and sustainability strategist working

on a diverse portfolio of projects in urban, rural and remote locations

across Australasia. su brings to the role practical experience in

the development and maintenance of community housing and

business management. su is leading the assets team to become

more productive, innovative and collaborative as it strives to provide

quality living environments for Access Housing’s tenants.

prior to moving to WA from Queensland in 2011, su had been a

founding director of studio mango, a Queensland architectural

practice; Regional manager for the Centre for Appropriate

technology; and senior Consultant and sustainability skills leader

with Arup. su was state manager for the award winning fixing

Housing for Better Health program and project architect for a

number of sustainable houses and community housing projects.

su has also provided policy level advice to governments regarding

planning provisions for affordable housing and housing for

vulnerable persons.

Jane House OffICE AND HUMAN RESOURCES MANAGER

Jane House joined Access Housing in 2007, primarily in a finance

support role, following on from several years of corporate

administration experience in the not-for-profit sector. Jane’s broad

experience and exposure to industries and working environments

as diverse as community development, mining and tourism, has led

her to pursue her interest in Human Resources management.

in line with the rapid growth of the company, the focus of Jane’s

role has shifted to recruitment, performance management,

training and policy development. Jane has a BA in spanish and

photography, and is currently completing a professional diploma in

Human Resources management.


Ian Aiyathurai CHIEf fINANCIAL OffICER

ian Aiyathurai has over 20 year’s financial experience in

multinational organisations, bringing strong leadership experience

to his role at Access Housing.

ian worked with general electric (ge) in the oil and gas, Health

Care, lighting and Corporate sectors over the last 15 years,

holding leadership roles across AnZ, Asia pacific and the usA.

His responsibilities included director and Cfo roles while setting

up business operations supported by high performance teams in

various growth sectors.

ian brings a strong operational focus into all aspects of business.

He enjoys leading change coupled with a strong financial

controllership focus to create value and leveraging technology to

ensure changes are sustained.

He holds a “master’s degree in professional Accounting” from

the university of texas at Austin and has also completed the

us CpA and the uK CimA (Chartered institute of management

Accountant) qualifications. ian is also a graduate of the prestigious

ge experienced finance leadership program.


pARtneRs

Government of Western AustraliaMental Health Commission


finAnCiAl RepoRt

ACCESS HOuSInG AuSTRALIA LIMITED

ABn: 67128888157

DIRECTORS’ REPORTYour directors present this report on the company for the financial year ended 30 June 2013.

DIRECTORSthe names of each person who has been a director during the year and to the date of this report are:

gregory louis Joyce appointed (16/09/2010)

Cr stuart William Clarke Jp appointed (12/12/2007)

John Van der giezen appointed (12/12/2007)

Warwick John smith appointed (24/06/2009)

malcolm o’dell appointed (13/04/2010)

david William lantzke appointed (26/10/2010)

Kylie Jennifer gilbey appointed (26/10/2010)

michael Charles mitchel appointed (26/10/2012)

following directors resigned during the year:

prof. fiona mary Haslam mckenzie

resigned (25/03/2013)

dr. lianne petronella Rose Cretney – Barnes

resigned (24/010/2012)

BACKGROUNDAccess Housing Australia ltd is the leading private provider of affordable rental housing in Western Australia (WA), working across the housing spectrum to provide:

affordable rental and home purchase options for people on moderate incomes;

• social rental housing for people on benefits or very low incomes;

• properties for sale to investors under the national Affordability Rental scheme (nRAs) to provide affordable rental options.

Access Housing was established in 2007 under the Corporations Act as a not-for-profit company limited by guarantee. the company was formed from the merger of three smaller community housing organisations. At 30 June 2013, Access Housing managed 1,566 properties and employed 56 full-time staff equivalents working from offices located in fremantle, mandurah and Bunbury.

PRINCIPLE ACTIVITIESthe principle activities of the entity during the year were:

• the management of social and affordable housing in perth, peel and the south West;

• expansion of the portfolio of social and affordable housing stock under management; and

• A property development program to provide additional social and affordable housing.

the purpose of Access Housing is to be the leading affordable housing provider in the WA community and to have 5,000 dwellings under management by 2020.

STRATEGIC OBJECTIVES• significantly increase social and affordable housing

options in local communities

• provide best practice property and tenancy management services

• Be recognised as the lead agency in sustaining social housing tenancies

Access Housing is registered as a growth provider by the WA department of Housing which has responsibility for regulating the community housing sector. growth providers are not-for-profit housing companies with a proven track record in property and tenancy management who have the financial capacity and capability to undertake property development to increase the supply of affordable housing in WA.

over the last 18 months, whilst continuing to expand its property management portfolio, Access Housing has completed its first tranche of property development projects. there has been a strong development focus initially in the south West, rebalanced by a significant program roll out in 2012/13 in the peel district and perth metropolitan area. the company has completed its first property sales contracts, and has successfully targeted the national Rental Affordability scheme (nRAs) investment market.

Access Housing has adopted a core philosophy of leveraging and facilitating relationships and partnerships with government, corporate and not-for-profit sectors in order to achieve its purpose and strategic objectives, as described in the Business plan 2012-2015.

the Board adopted a strategy during the year of consolidation and review following the successful implementation of the national building asset transfer tender in the previous reporting period. this placed a strong management emphasis on operational Kpi’s and efficiencies resulting in outstanding operational and financial results and a sound operational platform for future years.

REVIEW Of OPERATIONS AND RESULTSin pursuing these objectives the company achieved the following key results:

financially, Access Housing has had another outstanding year, recording a 24% increase in revenue to $18.465 million; 38% increase in net profit to $5.365 million and 28% increase in total land and Buildings on the Balance sheet to $100.65 million.

the community housing rental management operations continues to provide a highly predicable revenue stream, accounting for 87% of company income during the year. property development and sales programs are inevitably more volatile and will need to be managed tightly as these are a growing focus of the business in 2013/14 and future years.

BOARD PRIORITIESduring 2012/13 the Board has been primarily focussed on:

• monitoring the ongoing performance of the company;

• Reinforcing the strategic direction of Access Housing through the revision of the Business plan in september 2012;

• ensuring effective governance and risk management given the increasing diversification and sophistication of the business.


1. Strategic Priorities:in september 2012 the Board approved a revised Business plan 2012-2015 that set a clear course to build a diversified and scalable housing supply business which would differentiate Access Housing from its competitors. the standard development debt funding model adopted by larger community housing agencies around Australia limits the scalability of the company.

2. Business Plan, Business Model and financial Reporting:

the Business plan outlines a more sophisticated approach. it explains the aim of building diverse capital sources to complement debt finance to achieve sustainable increases in affordable housing supply across the market spectrum.

3. Governance processes:the Board ensured that all legislative, contractual and regulatory compliance and reporting obligations of the company were achieved. the finance and Audit Committee, chaired by Kylie gilbey, continued its detailed oversight of the company’s financial reports, and has focussed on continuous improvement in reporting processes.

in the previous reporting period it was noted that the Board had established a governance Committee chaired by lianne Cretney-Barnes. malcolm o’dell took on the leadership of the governance Committee during the year and with the agreement of the Board, drove a number of important reforms in respect to

• changes to the company constitution, to be formerly ratified in 2013/14, including a revision of company objectives;

• changes to the membership structure of the company;

• changes to director’s terms;

• introduction of selection criteria to inform Board nominations for vacant director positions.

With the rapid growth of the company, the Board determined that internal audit processes were required, in line with good governance practice. the Board approved an internal audit plan during the year based on priority risks.

Access Housing is currently developing an affordable housing investment initiative which has the potential to bring substantial private investment into the provision of new affordable housing. this exciting and pioneering project will commence implementation later this year and will be a first around the country for this type of investment offering. the initial investment tranche will finance the development of nearly 300 new homes for social and affordable rentals, as well as entry options for home ownership.

towards the end of 2012-13 directors agreed to the establishment of a subsidiary for-profit entity, Access Housing Realty pty ltd, to be responsible for the management of investor owned properties under the Real estate and Business Agents Act. At 30 June 2013, 26 investor owned properties were under management, it is anticipated that this will grow to 160 by 2014 as Access Housing Realty pty ltd expands its portfolio of affordable housing rental options.

MEETINGS Of DIRECTORSduring the financial year, 11 meetings of directors were held. Attendances by each director were as follows:

Directors’ Meetings

No. Eligible to attend

No. attended

Gregory Louis Joyce 11 11Cr Stuart William Clarke JP 11 8John Van Der Giezen 11 11

Directors’ Meetings

Warwick John Smith 11 6Malcolm O’Dell 11 7Professor Fiona Mary Haslam McKenzie

11 3

Dr Lianne Petronella Rose Cretney-Barnes

11 4

David William Lantzke 11 10Kylie Jennifer Gilbey 11 11Michael Charles Mitchell 11 6

director’s fees were set at $200 per Board meeting attended. some directors have chosen not to accept payments and, in lieu of this, an equivalent amount has been donated or set aside for charitable purposes.

the entity is incorporated under the Corporations Act 2001 and is a company limited by guarantee. if the company is wound up, the constitution states that each member is required to contribute a maximum of $1 each towards meeting any outstanding obligations of the company. At 30 June 2013 the collective liability of members was $1 (2012: $1).

SUBSEqUENT EVENTSno material events have occurred subsequent to the Balance sheet

AUDITOR’S INDEPENDENCE DECLARATIONthe auditor’s independence declaration for the year ended 30 June 2013 has been received and can be found on page-7 of the financial report.

signed in accordance with a resolution of the Board of directors.

Gregory Louis joyce director dated this 25th day of september 2013

AUDITOR’S INDEPENDENCE DECLARATIONunder section 307C of the Corporations Act 2001

As lead audit director for the audit of the financial statements of Access Housing Australia limited for the financial year ended 30 June 2013, i declare that to the best of my knowledge and belief, there have been no contraventions of:

• the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and

• any applicable code of professional conduct in relation to the audit.

Yours faithfully

Bentlys Mark Delaurentis Chartered Accountants director

dated at perth this 25th day of september 2013

STATEMENT Of COMPREHENSIVE INCOMEfor the year ended 30 June 2013 Access Housing Australia limited


note2013

$2012

$

Revenue 2 16,074,158 12,615,109Other income 390,156 171,756Amortisation of grants received

12 2,001,658 2,150,408

18,465,972 14,937,273Employee benefits expense

(3,843,507) (3,144,123)

Depreciation and amortisation expense

(1,673,507) (1,570,465)

Doubtful debts expense 3 (158,341) (96,638)Vehicle running expense (115,964) (120,009)Rental expense 3 (447,705) (431,007)Staff training expenses (48,044) (85,888)Audit, legal and consultancy expenses

(485,781) (272,165)

Property expenses 3 (2,958,194) (2,391,621)Ongoing maintenance expenses

3 (1,742,722) (1,254,568)

Major maintenance expenses

3 (724,411) (824,891)

Movement in the provision for long term maintenance

14 (120,465) (112,399)

Movement in the provision for annual and long service leave

14 (161,376) (62,958)

Other expenses (767,388) (708,931)Finance cost (137,816) (19,841)Loss on disposal of property, plant and equipment

- (10,485)

Share of net profit from Joint Venture operations

10 283,960 41,947

Profit before income tax expense

3 5,364,711 3,873,231

Income tax expense - -Profit for the year 5,364,711 3,873,231OTHER COMPREHENSIVE INCOME

- -

Total comprehensive income for the year

5,364,711 3,873,231

The accompanying notes form part of these financial statements.

STATEMENT Of fINANCIAL POSITIONAs at 30 June 2013 Access Housing Australia limited

note2013

$2012

$

CURRENT ASSETSCash and cash equivalents

4 1,851,816 3,890,957

Trade and other receivables

5 1,019,946 419,803

TOTAL CURRENT ASSETS

2,871,762 4,310,760

NON CURRENT ASSETSProperty, plant and equipment

6 101,544,179 79,133,591

Development projects under work in progress

7 8,460,072 5,143,154

Contribution made to the equity properties

8 941,194 916,188

Intangible assets 9 552,489 112,002Investment in Joint Venture

10 1,703,569 693,876

TOTAL NON CURRENT ASSETS

113,201,502 85,998,811

TOTAL ASSETS 116,073,264 90,309,571CURRENT LIABILITIESTrade and other payables

11 2,583,023 2,913,588

Deferred income 12 2,407,871 1,934,137Financial liabilities 13 500,000 -Provisions 14 458,294 296,918TOTAL CURRENT LIABILITIES

5,949,187 5,144,643

NON-CURRENT LIABILITIESDeferred income 12 89,250,299 72,776,327Financial liabilities 13 3,000,000 -Provisions 14 2,162,864 2,042,399TOTAL NON-CURRENT LIABILITIES

94,413,163 74,818,726

TOTAL LIABILITIES 100,362,351 79,963,369NET ASSETS 15,710,913 10,346,202EQUITYRetained earnings 15,710,913 10,346,202TOTAL EQUITY 15,710,913 10,346,202


STATEMENT Of CASH fLOWSfor the year ended 30 June 2013 Access Housing Australia limited

note2013

$2012

$

CASH FLOW FROM OPERATING ACTIVITIESRental income received 12,920,688 12,580,529Other receipts 390,156 95,762Receipt of grants 2,326,131 1,313,787Interest received 67,003 75,994Payments to suppliers and employees

(11,468,698) (9,106,967)

Finance costs paid (137,816) -Net cash generated in operating activities

16 4,097,464 4,959,105

CASH FLOWS FROM INVESTING ACTIVITIESProceeds from sale of property, plant and equipment

- 1,660

Payment for property, plant and equipment

(8,417,991) (1,864,600)

Payment for intangible assets

(492,882) (39,805)

Investments in Joint Venture

(725,732) (598,428)

Net cash used in investing activities

(9,636,605) (2,501,173)

CASH FLOW FROM FINANCING ACTIVITIESProceeds from bank borrowing’s

3,500,000 -

Net cash used in financing activities

3,500,000 -

Net (decrease)/ increase in cash held

(2,039,141) 2,457,932

Cash and cash equivalents at the beginning of the financial year

3,890,957 1,433,025

Cash and cash equivalents at the end of the financial year

4 1,851,816 3,890,957



STATEMENT Of CHANGES IN EqUITYfor the year ended 30 June 2013 Access Housing Australia limited

Retained Earning $

Balance at 1 July 2011 6,472,971Profit for the year 3,873,231Other comprehensive income for the year -Total comprehensive income for the year 3,873,231Balance at 30 June 2012 10,346,202

Balance as at 1 July 2012 10,346,202Profit for the year 5,364,711Other comprehensive income for the year -Total comprehensive income for the year 5,364,711Balance at 30 June 2013 15,710,913


NOTES TO THE fINANCIAL STATEMENTSfor the year ended 30 June 2013

nOte 1. stAtement Of significAnt

AccOUnting POLiciesthe financial statements cover Access Housing Australia limited as an individual Company, incorporated and domiciled in Australia. Access Housing Australia limited is a Company limited by guarantee.

BAsis Of PrePArAtiOnthe financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting standards (including Australian Accounting interpretations) and the Corporations Act 2001.

Australian Accounting standards set out accounting policies that the AAsB has concluded would result in a financial report containing relevant and reliable information about transactions, events and conditions to which they apply. Compliance with Australian Accounting standards ensures that the financial statements and notes also comply with international financial Reporting standards as issued by iAsB. material accounting policies adopted in the preparation of this financial report are presented below. they have been consistently applied unless otherwise stated.

the financial report has been prepared on an accruals basis and is based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities.

the financial statements were authorised for issue on 25 september 2013 by the directors of the company.

AccOUnting POLicies

A. revenUegrant revenue is recognised in the statement of comprehensive income when the Company obtains control of the grant and it is probable that the economic benefits gained from the grant will flow to the Company 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 Company 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.

Access Housing Australia limited receives non-reciprocal contributions of assets from the government and other parties for zero or a nominal value. these assets are recognised at fair value on the date of acquisition in the statement of financial position, with a corresponding amount of deferred income recognised as a liability in the statement of financial position.

donations and bequests are recognised as revenue when received.

Rental income arising from properties is recognised in accordance with AAsB 117 leases on a straight line basis over the lease term.

Access Housing Australia limited has contractual relationships with the department of Housing of Western Australia where Access Housing Australia limited has management rights to department of Housing of Western Australia properties. Access Housing Australia limited is entitled to receive rental income from these properties and has an ongoing commitment to ensure that they are maintained on an ongoing basis, which depending on the condition and age of the properties will include some extensive renovation costs on a cyclical basis.

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 (gst).

interest revenue is recognised on an accruals basis.

B. PrOPerty, PLAnt And eqUiPmenteach class of plant and equipment is carried at cost or fair value less, where applicable, any accumulated depreciation and impairment losses.

Propertyfreehold land and buildings are classified as investment properties and are carried at the cost of acquisition.

freehold land and buildings that have been contributed at no cost or for nominal cost are recognised at the fair value of the asset at the date that it is acquired.

Plant and equipmentplant and equipment are measured on the cost basis and therefore carried at cost less accumulated depreciation and any accumulated impairment. in the event the carrying amount of plant and equipment is greater than the estimated 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 (refer to note 1(f) for details of impairment).

the carrying amount of plant and equipment is reviewed annually by directors 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 asset’s employment and subsequent disposal. the expected net cash flows have been discounted to their present values in determining recoverable amounts.

the cost of fixed assets constructed within the Company includes the cost of materials, direct labour, borrowing costs and an appropriate proportion of fixed and variable overheads.

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 that it is acquired.

depreciationthe depreciable amount of all fixed assets, including buildings but excluding freehold land, is depreciated on a straight-line basis over the assets useful life to


the Company commencing from the time the asset is available 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:

Class of Fixed Asset Depreciation RateBuildings 2.5%Plant and Equipment 12.5% - 20%the assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

gains and losses on disposals are determined by comparing proceeds with the carrying amount. these gains and losses are included in the statement of comprehensive income.

capital work in progressCapital work in progress is measured at cost. Cost includes both the fixed and variable cost relating to the specific contracts and those costs that are attributable to the contract activity in general and that can be allocated on a reasonable basis.

revaluationsthe Company’s policy is to have its properties valued on a three year basis or where it believes there is an indication that its property assets have been impaired.

equity Projectsequity projects represent the investments in properties jointly owned by the Company and department of Housing, government of Western Australia. the Company contributes 20% of the capital value of the properties. these are recognised at cost.

c. BOrrOWingsBorrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in the income statement over the period of the borrowings using the effective interest method. fees paid on the establishment of loan facilities, which are not incremental cost relating to the actual draw down of the facility, are recognised as prepayments and amortised on a straight line basis over the term of the facility.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.

d. BOrrOWing cOstsBorrowing costs directly attributable to the acquisition, construction or qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of the assets, until such time as the assets are substantially ready for their intended use.

All other borrowing costs are recognised in statement of profit or loss and other comprehensive income in the period in which they are incurred.

e. LeAseslease 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.

f. finAnciAL instrUmentsinitial Recognition and measurement

financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions to the instrument. for financial assets, this is equivalent to the date that the Company commits itself

to either the purchase or sale of the asset (i.e. trade date accounting is adopted).

financial instruments are initially measured at fair value plus transaction costs, except where the instrument is classified “at fair value through profit or loss”, in which case transaction costs are expensed to profit or loss immediately.

Classification and subsequent measurement

financial instruments are subsequently measured at fair value, amortised cost using the effective interest method, or cost.

Amortised cost is calculated as the amount at which the financial asset or financial liability is measured at initial recognition less principal repayments and any reduction for impairment, and adjusted for any cumulative amortisation of the difference between that initial amount and the maturity amount calculated using the effective interest method.

(i) Financial assets at fair value through profit or lossfinancial assets are classified at fair value through profit or loss when they are held for trading for the purpose of short term profit taking, derivatives not held for hedging purposes, or when they are designated as such to avoid an accounting mismatch or to enable performance evaluation where a Company of financial assets is managed by key management personal on a fair value basis in accordance with a documented risk management or investment strategy. such assets are subsequently measured at fair value with changes in fair value (i.e. gains or losses) being recognised in profit or loss.

(ii) Loans and receivables loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently measured at amortised cost.

(iii) Held-to-maturity investments Held-to-maturity investments are non-derivative financial assets that have fixed maturities and fixed or determinable payments, and it is the Company’s intention to hold these investments to maturity. they are subsequently measured at amortised cost.

they are subsequently measured at fair value with changes in such fair value (other than impairment losses and foreign exchange gains and losses) recognised in other comprehensive income. When the financial asset is derecognised, the cumulative gain or loss pertaining to that asset previously recognised in other comprehensive income is reclassified into profit or loss.

(iv) Financial Liabilitiesnon-derivative financial liabilities other than financial guarantees are subsequently measured at amortised cost.

(v) Impairment At the end of each reporting period, the Company assesses whether there is objective evidence that a financial instrument has been impaired.

in the case of available-for-sale financial assets, a prolonged decline in the value of the instrument is considered to constitute a loss event. impairment losses are recognised in profit or loss immediately. Also, any cumulative decline in fair value previously recognised in other comprehensive income is reclassified to profit or loss at this point.

(vi) Derecognitionfinancial assets are derecognised where the contractual rights to receipt of cash flows expires or the asset is transferred to another party whereby the Company no longer has any significant continuing involvement in the risks and benefits associated with the asset. financial liabilities are derecognised where the related obligations are either discharged, cancelled or expired. the difference between the carrying


value of the financial liability, which is extinguished or transferred to another party and the fair value of consideration paid, including the transfer on non-cash assets or liabilities assumed, is recognised in profit or loss.

g. imPAirment Of AssetsAt the end of each reporting period, the Company reviews the carrying value of its tangible and intangible assets to determine whether there is any indication that those assets may have been impaired. if such an indication exists, an impairment test is carried out on the asset by comparing the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, to the asset’s carrying amount. Any excess of the asset’s carrying amount over its recoverable amount is recognised immediately in profit or loss.

Where the future economic benefits of the asset are not primarily dependent on the asset’s liability to generate net cash inflows and when the Company would, if deprived of the asset, replace its remaining future economic benefits, value in use is determined as the depreciated replacement cost of an asset.

Where it is not possible to estimate the recoverable amount of an assets class, the Company estimates the recoverable amount of the cash-generating unit to which the class of assets belong.

H. emPLOyee Benefitsprovision is made for the company’s liability for employee benefits arising from services rendered by employees to the end of the reporting period.

Contributions are made by the Company to an employee superannuation fund and are charged as expenses when incurred.

i. mAintenAnce cOstsday to day servicing costs or maintenance are charged to profit or loss and other comprehensive income when expenses are incurred, except where they relates to the replacement of a part or components of an assets, in which the costs are capitalised.

J. cAsH And cAsH eqUivALentsCash and cash equivalents include cash on hand, deposits available on demand with banks, other short-term highly liquid investments with original maturities of 3 months or less, and bank overdrafts. Bank overdrafts are reported within short-term borrowings in current liabilities in the statement of financial position.

K. gOOds And services tAx (“gst”)Revenues, expenses and assets are recognised net of the amount of gst, except where the amount of gst incurred is not recoverable from the Australian tax office (“Ato”).

Receivables and payables are stated inclusive of the amount of gst. the net amount of gst recoverable from, or payable to, the Ato is included with other receivables or 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 Ato are presented as operating cash flows included in receipts from customers or payments to suppliers.

L. incOme tAxno provision for income tax has been raised as the Company is exempt from income tax under current tax legislation.

m. intAngiBLes - cOmPUter sOftWAresoftware is recorded at cost. software has a finite life and is carried at cost less any accumulated amortisation and impairment losses. it has an estimated useful life of 5 years. it is assessed annually for impairment.

n. PrOvisiOnsprovisions are recognised when the Company has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. provisions recognised represent the best estimate of the amounts required to settle the obligation at the end of the reporting period.

O. trAde And OtHer PAyABLestrade and other payables represent the liability outstanding at the end of the reporting period for goods and services received by the company during the reporting period which remain unpaid. the balance is recognised as a current liability with the amounts normally paid within 30 days of the recognition of the liability.

P. investments in JOint ventUresthe Company’s interest in joint venture Company is recorded using the equity method of accounting in the financial statements.

Where the Company contributes assets to the joint venture or if the Company purchases assets from the joint venture, only the portion of the gain or loss that is not attributable to the Company’s share of the joint venture shall be recognised. the Company recognises the full amount of any losses when the contribution results in a reduction in the net realizable value of current asset or an impairment loss.

on an annual basis the company assesses whether there has been any impairment in relation to these investments. should impairment occur this is recognised in the statement of comprehensive income.

q. cOmPArAtive figUresWhere required by Accounting standards comparative figures have been adjusted to conform with changes in presentation for the current financial year.

r. OtHer Key estimAtesthe directors evaluate estimates and judgments incorporated into the financial report based on historical knowledge and best available current information. estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the Company.

ImpairmentCertain of the freehold land and buildings were independently valued in 2012. the valuations were based on the fair value less cost to sell.

the critical assumptions adopted in determining the valuation included the location of the land and buildings, the current strong demand for land and buildings in the area and recent sales data for similar properties. these valuations assisted the directors in determining whether the gifted land and buildings were fairly valued at acquisition.

Based on these independent valuations and a review of movement of median house prices in perth and Western Australian country regions, the directors are satisfied that the carrying value does not exceed the recoverable amount for land and buildings at 30 June 2013.

Provision for long term maintenanceprovision for long term maintenance of properties has been recognised with reference to the guidelines provided by the department of Housing, government of Western Australia and is based on 1% of the average replacement value of all buildings managed by the company.


Deferred incomedeferred income is recognised as income in the statement of profit and loss comprehensive income over a period of 40 years, being the estimated useful life of the assets acquired for zero or a nominal fee, and the deemed period to which Access Housing Australia limited must continue to provide affordable housing to the low income earners and continued to upkeep and manage these properties.

s. AccOUnting stAndArds issUed BUt nOt yet effectiveAt the date of authorisation of these financial statements, the standards and interpretations listed below were in issue but not yet effective. the Company doesn’t anticipate that there will be a material effect on the financial statements from the adoption of these standards.

Standard/InterpretationEffective for annual reporting periods

beginning on or after

Expected to be initially applied in the financial year ending

AASB 9 ‘Financial Instruments’, and the relevant amending standards 1 January 2015 30 June 2016AASB 11 ‘Joint Arrangements’ and AASB 2011- 7 ‘Amendments to Australian Accounting Standards arising from the consolidation and Joint Arrangements standards’

1 January 2013 30 June 2014

AASB 12 ‘Disclosure of Interests in Other Entities’ and AASB 2011-7 ‘Amendments to Australian Accounting Standards arising from the consolidation and Joint Arrangements standards’


AASB 128 ‘Investments in Associates and Joint Ventures’ (2011) and AASB 2011-7 ‘Amendments to Australian Accounting Standards arising from the consolidation and Joint Arrangements standards’


AASB 13 ‘Fair Value Measurement’ and AASB 2011-8 ‘Amendments to Australian Accounting Standards arising from AASB 13’


AASB 119 ‘Employee Benefits’ (2011) and AASB 2011-10 ‘Amendments to Australian Accounting Standards arising from AASB 119 (2011)’


AASB 2011-4 ‘Amendments to Australian Accounting Standards to Remove Individual Key Management Personnel Disclosure Requirements’


AASB 2012-2 ‘Amendments to Australian Accounting Standards – Disclosures – Offsetting Financial Assets and Financial Liabilities’


AASB 2012-3 ‘Amendments to Australian Accounting Standards – Offsetting Financial Assets and Financial Liabilities’


AASB 2012-5 ‘Amendments to Australian Accounting Standards arising from Annual Improvements 2009–2011 Cycle’


AASB 2012-10 ‘Amendments to Australian Accounting Standards – Transition Guidance and Other Amendments’


note2013

$2012

$

NOTE 2. REVENUE AND OTHER INCOMERevenue from government grants and other grants- State / federal government grants 2,326,131 430,680- Other organisations - -

2,326,131 430,680Other revenue- Rental income 13,681,024 12,108,435- Interest received on investments 67,003 75,994

13,748,027 12,184,429Total revenue 16,074,158 12,615,109

note2013

$2012

$

NOTE 3. PROFIT FOR THE YEARExpensesDoubtful debts expense 158,341 96,638Rental expense on operation leases 447,705 431,007Property Expenses 2,958,194 2,391,621Major & Ongoing Maintenance 2,467,133 2,079,459Provision for future repair and maintenance 134,956 112,399Audit Remuneration- Audit services 39,218 24,000- Other services - 500Total Audit Remuneration 39,218 24,500Director Fees- Director fees paid 1,830 2,000- Director fees donated 14,400 13,000Total director fees 16,230 15,000


note2013

$2012

$

NOTE 4. CASH AND EQUIVALENTSCURRENTCash at bank 1,013,423 3,269,712Short-term deposits 836,605 619,457Cash on hand 1,788 1,788Total cash and cash equivalents as stated in the statement of financial position

1,851,816 3,890,957

the effective interest rate on short term bank deposit was varying between 2.6%-4.15%

reconciliation of cash and cash equivalentsCash and cash equivalents at the end of financial year as shown in the cash flow statement is reconciled to items in the balance sheet as follows:

Cash and cash equivalents 1,851,816 3,890,957NOTE 5. TRADE AND OTHER RECEIVABLESCURRENTTrade receivables 685,754 480,384Provision for impairment (239,442) (185,723)

446,312 294,661Other receivables 573,634 125,142Total current trade and other receivables 1,019,946 419,803

(i) Provision for impairment of receivablesCurrent trade receivable are generally on 15 days term. these receivables are assessed for recoverability and a provision for impairment is recognised when there is objective evidence that an individual trade receivable is impaired. these amounts have been included in other expense items.

movement in the provision for impairment of receivables is as follows:

$

Provision for impairment as at June 2011 147,247- Charge for the year 96,638- Recovered during the year (58,162)Provision for impairment as at July 2012 185,723- Charge for the year 158,341- Recovered during the year (104,622)Provision for impairment as at July 2013 239,442

(ii) credit risk – trade and Other receivables the Company does not have any material credit risk exposure to any receivable. the following table details the Company’s trade and other receivables exposed to credit risk with ageing analysis and impairment provided for thereon. Amounts are considered as ‘past due’ when the debt has not been settled within the terms and conditions agreed between the company and the customer or counter party to the transaction. Receivables that are past due are assessed for impairment by ascertaining solvency of the debtors and are provided for where there are specific circumstances indicating that the debt may not be fully repaid to the company.

the balances of receivables that remain within initial trade terms (as detailed in the table) are considered to be of high credit quality.

2013Gross

AmountPast Due And

Impaired

Past due but not impaired (days overdue) Within Initial trade terms<30 31 – 60 61 – 90 >90

$ $ $ $ $ $ $

Trade and term receivables

685,754 239,442 123,752 157,416 42,545 122,599 -

Other receivables 573,634 - - - - - 573,6341,259,388 239,442 123,752 157,416 42,545 122,599 573,634

invoice raised with the terms of trade of 15 days. the Company has recognised an allowance for doubtful debts of 100% against past due over 150 days because historical experience has been that receivables that are past due beyond 150 days are not recoverable.

2012Gross

AmountPast Due And

Impaired

Past due but not impaired (days overdue) Within Initial trade terms<30 31 – 60 61 – 90 >90

$ $ $ $ $ $ $

Trade and term receivables

480,384 185,723 124,915 45,343 31,335 93,068 -

Other receivables 125,142 - - - - - 125,142605,526 185,723 124,915 45,343 31,335 93,068 125,142


note

2013

$2012

$

NOTE 6. PROPERTY PLANT AND EQUIPMENTLAND AND BUILDINGSFreehold land at cost:- Value of gifted land at acquisition

36,725,396 28,330,206

Total Land 36,725,396 28,330,206

note2013

$2012

$

Buildings at cost- Freehold building at cost 7,298,533 2,574,000- Value at acquisition of gifted buildings

59,589,422 49,035,194

- Less accumulated depreciation

(2,957,595) (1,697,944)

Total buildings 63,930,360 49,911,250Total Land and Buildings 100,655,756 78,241,456

note2013

$2012

$

PLANT AND EQUIPMENTOffice furniture and equipment- at cost 485,121 426,025- Less accumulated depreciation

(271,618) (200,527)

213,503 225,498Office and other fit out- at costs 1,232,211 939,772- Less accumulated depreciation

(714,503) (492,830)

517,708 446,942Independent living programme and general furniture- at costs 431,908 431,908- Adjustment for fully depreciated assets

(45,932)

- Less accumulated depreciation

(228,763) (212,212)

157,213 219,696Total Plant and Equipment

888,424 892,136

Total Property, Plant and Equipment

101,544,180 79,133,591

mOvements in cArrying AmOUnts.movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year.

noteLand and Buildings

Plant and Equipment Total

$ $ $

2012Balance at 1 July 2012

72,479,574 901,697 73,381,271

Additions at cost

4,650,237 316,648 4,966,885

Transferred from Equity projects (Note-8)

2,311,685 - 2,311,685

Disposals - (15,595) (15,595)Depreciation expense

(1,200,040) (310,615) (1,510,655)

Carrying amount at 30 June 2012

78,241,456 892,135 79,133,591

noteLand and Buildings

Plant and Equipment Total

$ $ $

2013Balance at 1 July 2012

78,241,456 892,135 79,133,591

Additions at cost

12 18,949,364 357,749 19,307,113

Transferred from Development Projects Under WIP (Note-7)

7 4,724,534 - 4,724,534

Disposals - - -Depreciation expense

(1,259,598) (361,461) (1,621,059)

Carrying amount at 30 June 2013

100,655,756 888,423 101,544,179

Restricted Covenants and Caveats registered over land and Buildings

Restricted Covenants and Caveats have been registered in favour of the department of Housing of Western Australia, over certain land and Buildings totalling $60,000,000 of the total carrying value at year end. these restricted covenants and caveats require the department of Housing of Western Australia’s permission should the company wish to deal with the properties in any way.

As at 30 June 2013, land and buildings were carried at $17,859,091 for which the asset transfer was awarded to the Company on 21 may 2013 by the department of Housing of Western Australia. As at the date of this report the formal passing of title has not been processed.

Assets PLedged As secUrityland and buildings amounted to $60,000,000 have been pledged to secure borrowings of the Company (see note 13). the said land and buildings have been pledged as security for the bank loans under mortgage. the Company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

note2013

$2012

$

NOTE 7. DEVELOPMENT PROJECTS UNDER WORK IN PROGRESSNON-CURRENTBalance at the beginning of the year

5,143,154 3,475,754

Additions during the year 8,041,452 1,667,400Transfers to freehold properties

6 (4,724,534) -

8,460,072 5,143,154

the capitalised developments cost pertains to the project finance of 100% to construct the properties. the capitalised costs include the cost of land, directly attributable borrowing costs the subsequent land development cost.

note2013

$2012

$

NOTE 8. CONTRIBUTION TO EQUITY PROPERTIESNON-CURRENTBalance at the beginning of the year

916,188 3,227,873

Additions during the year 25,006 -Transfers to freehold properties

6 - (2,311,685)

941,194 916,188

this represents the investments in properties jointly owned by the Company and department of Housing, government of Western Australia. As per the agreement the Company has contributed up to 12% of the Capital value of these properties.


in 2012 department of Housing of Western Australia agreed to consolidate the 100 % interest in properties situated at units1-8/34 gibbs street, east Cannington, these properties were transferred to land & buildings in the previous year. the total fair value of these properties amounted to $ 2,574,000 as at the date of transfer. the resultant surplus of $262,315 has been recognised as the grant income in the statement of profit or loss and other comprehensive income in the previous year.

NOTE 9. INTANGIBLE ASSETSdata base development – at cost 304,196 264,390Additions during the year 492,881 39,806Accumulated amortisation (244,589) (192,194)Net carrying value 552,488 112,002

NOTE 10. INTEREST IN JOINT VENTURESthe Company has 50% interest in the eaton Joint Venture, whose principle activity is the development and construction of properties.

the interest in Joint Venture is accounted for in the financial statement using the equity method.

note2013

$2012

$

Balance at the beginning of the year

693,876 53,501

investment made during the year

725,733 598,428

share of profit for the year 283,960 41,947Access Housing Australia Limited’s share of net assets of the joint venture

1,703,569 693,876

note2013

$2012

$

NOTE 11. TRADE AND OTHER PAYABLESCURRENTTrade payables 1,046,647 659,344Government grants received in advance

313,179 1,490,224

Other current payables 1,079,344 674,660Employee benefits payable 143,852 89,360

2,583,023 2,913,588

NOTE 12. DEFERRED INCOME

note2013

$2012

$

Balance as at the beginning of the year

77,365,454 72,975,230

grants received during the year

6 18,949,364 4,390,224

96,314,818 77,365,454Accumulated amortisation

(4,656,648) (2,654,990)

net carrying value at the end of the year

91,658,170 74,710,464

Amount to be amortised within next 12 months- disclosed as current

2,407,871 1,934,137

Amount to be amortised for more than 12 months- disclosed as non- current

89,250,299 72,776,327

Movements in accumulated amortisationBalance as at the beginning of the year

2,654,990 504,582

Amortised during the year (recognised in the statement of comprehensive income)

2,001,658 2,150,408

Accumulated amortisation 4,656,648 2,654,990

Access Housing Australia limited receives non-reciprocal contributions of assets from the government and other parties for zero or a nominal value. these assets are

recognised at fair value on the date of acquisition in the statement of financial position, with a corresponding amount of deferred income recognised as a liability in the statement of financial position. this deferred income is recognised as income in the statement of profit or loss and comprehensive income over a period of 40 years, being the estimated useful life of the assets acquired for zero or a nominal fee, and the deemed period to which Access Housing Australia limited must continued to provide affordable housing to the low income earners and continued to upkeep and management of these properties.

NOTE 13. FINANCIAL LIABILITES

note2013

$2012

$

CURRENT- SECUREDBank Loan 500,000 -NON- CURRENT- SECURED

Bank Loan 3,000,000 -Total 3,500,000 -

(a) facility

the total facility available to Access Housing Australia limited is $18 million or an amount equivalent to 30% of the aggregate value of properties as specified in the loan agreement based on the valuation performed in 2012, which amounted to $60 million.

(b) Assets pledged as security

- first ranking charge over all assets and undertaking.

- fixed property mortgages over residential property portfolio valued at circa $60 million

- financial side deed between bank, department of Housing and Community Housing organisation.

(c) interest terms

interest rates are set based on the average bid rate displayed on the Rate set date on the Reuters screen Bank Bill swap Bid Rate (“BBsY”) page for a term equivalent to the interest period.

(d) loan Repayment terms

the Borrower must repay the principal outstanding to the lender by repaying an amount of $500,000 on each 31 december each year. the borrower must repay all other outstanding principal amounts on the 30 october 2016, the termination date of the facility.

(e) financial undertakings

a) interest cover ratio to be greater than 1.80 to 1.00; as at 31 march, 30 september and 31 december each year;

b) debt service cover ratio to be greater than 1.40 to 1.00 as at 31 march, 30 september and 31 december each year.

As at 30 June 2013, Company was in compliance with its financial undertaking covenant conditions.

note2013

$2012

$

NOTE 14. PROVISIONCURRENTProvision for employee benefit 458,294 296,918NON- CURRENTProvision for Major Maintenance and Refurbishments

2,162,864 2,042,399

2,621,158 2,339,317

Provision for major maintenance and refurbishments.A provision has been recognised for future major maintenance and refurbishment costs. this provision is based on guidelines provided by the department of


Housing, government of Western Australia and is based on 1% of the average replacement value of all buildings managed by the company.

NOTE 15. COMMITMENTS Operating Lease Commitments Non-cancellable operation leases contracted for but not recognised

note2013

$2012

$

Payable – minimum lease payments- not later than 12 months 510,239 482,847- later than 12 months but not later than 5 years

858,747 163,081

- greater than 5 years - -1,368,986 645,928

the property lease commitments are non-cancellable operating leases contracted for but not recognised in the financial statements with a five-year term. increase in lease commitments may occur in line with the Consumer price index (Cpi).

the motor vehicle lease commitments are operating leases contracted for a term of less than one year.

capital commitments.the company has a number of building contracts in place in relation to three development projects. the outstanding committments on these contracts at 30 June 2013 was $7,092,841 (2012: $4,050,000). the company had no other capital committments at 30 June 2013.

NOTE 16. CASH FLOW INFORMATION

note2013

$2012

$

Reconciliation of Cash flow from operations with Profit after Income TaxProfit after income tax 5,364,711 3,873,231Non cash flows- Depreciation and amortisation

1,673,507 1,570,465

- Amortisation of grant income

(2,001,658) (2,150,408)

- Loss on sale of property, plant and equipment

- 10,485

- Increase in provision for doubtful debts

158,341 96,638

- Share of profit of joint venue accounted at equity method

(283,960) (41,947)

Changes in assets and liabilities- Increase/Decrease in trade and other payables

(330,565) 1,329,484

- Increase/Decrease in trade and other receivables

(764,753) 62,058

- Increase in provision 281,840 209,0994,097,463 4,959,105

NOTE 17. CONTINGENT LIABILITIES there are no contingent assets or liabilities.

NOTE 18. EVENT AFTER THE BALANCE SHEET DATEon 29 July 2013, Company incorporated a fully owned subsidiary, Access CCin limited.

on 1 August 2013, Company received properties valued at $8,580,000 from the department of Housing, government of Western Australia.

no material events have occurred subsequent to Balance sheet date other than those disclosed above.

NOTE 19. RELATED PARTY TRANSACTIONSother than remuneration disclosed in note 3 and the remuneration report section of the directors report, there has been no related party transactions during the financial year.

a) Remuneration of key management personnel

name, position held of key management personnel and their remuneration disclosed below:

name of the Key management personnel Position heldGregory Louis Joyce ChairpersonCr Stuart William Clarke JP

Deputy Chairperson

John Van Der Giezen DirectorWarwick John Smith DirectorProf. Fiona Mary Haslam McKenzie

Resigned on 25 March 2013

Director

Dr Lianne Petronella Rose Cretney-Barnes

Resigned on 24 October 2012

Director

David William Lantzke DirectorKylie Jennifer Gilbey DirectorMichael Charles Mitchell

Director

Malcolm O’Dell DirectorGarry Ellender Chief Executive

officerAllan Wilkerson General Manager

Tenancy ServicesIan Aiyathurai Chief Financial

OfficerBen England Resigned on

3 July 2013Senior Finance Manager

Jane House Office & Human Resources Manager

Susan Groome General Manager Property Assets

Key management personnel remuneration

2013 $

2012 $

Short term employee benefits 818,188 529,292Post employment benefits - -Other benefits 44,000 33,000

862,188 562,292

NOTE 20. INVESTMENTS IN SUBSIDIARY AND JOINT VENTURE ENTITIESName of the Company Share holdingAccess Housing Reality Pty Ltd1 100%Eaton Joint Venture (note-10) 50%Access Housing Australia Ltd & McNicholl Rockingham Pty Ltd1

50%

1dormant entity

NOTE 21. FINANCIAL RISK MANAGEMENTthe Company’s financial statements consist mainly of deposits with banks, local money market instruments, short term investments, accounts receivable and payable, and leases.

the carrying amounts for each category of financial instruments, measured in accordance with AAsB 139 as detailed in accounting policies to these finacial statements, are as follows:

note2013

$2012

$

Financial AssetsCash and cash equivalents 1,851,816 3,890,957Loans and receivables 756,167 419,803Total Financial Assets 2,607,983 4,310,760

Financial LiabilitiesFinancial Liabilities at amortised cost- Trade and other payables 2,583,023 2,913,588- Bank loans 3,500,000 -Total Financial Liabilities 6,083,023 2,913,588


Financial Risk Management Policiesthe finance committee consists of senior committee members, and the committee’s overall risk management strategy is to assist the company in meeting it’s financial targets whilst minimising potential adverse effects on finacial performance. Risk management policies are approved and reviewed by the finance committee on a regular basis. these include credit risk policies and future cash flow requirements.

specific financial risk exposure and managementthe main risks the company is exposed to through its financial instruments are credit risk, liquidity risk and market risk relating to interest rate risk.

(a) credit riskexposure to credit risk relating to financial assets arises from the potential non-performance by counterparties of contract obligations that could lead to a financial loss to the company.

the company does not have any material credit risk exposures as its major source of revenue is the receipt of rentals. most rentals are directly dedited from centrelink or client bank accounts which further mitigates credit risk.

Credit Risk exposures

the maximum exposure to credit risk by class of recognised financial assets at the end of the reporting period is equivalent to the carrying value

and classification of those financial assets (net of any provisions) as presented in the statement of financial position.

trade and other receivables that are neither past due nor impaired are considered to be of high credit quality. Aggregates of such amounts are as detailed in note 5.

the company has no significant concentrations of credit risk with any single counterparty or Company of counterparties. details with the respect to credit risk of trade and other receivables are provided in note 5.

Credit risk related to balances with banks and other financial institutions is managed by the finance committee in accordance with approved board policy. such policy requires that surplus funds are only invested with one of the larger banking institutions in Australia.

note2013

$2012

$

Cash and cash equivalents – S&P rated - AAA

1,851,816 3,890,957

1,851,816 3,890,957

(b) Liquidity riskliquidity risk arises from the possibility that the company might encounter difficulty in settling its debts or otherwise meeting its obligations related to financial liabilities. the table below summarises the maturity profile of the Company’s financial liabilities at the reporting date based on contractual undiscounted repayments obligations:

2013 2012On

demand Within

one year $

1-2 years $

2-5 years $

5 years and above

$Total

$

On demand Within

one year $ 1-2 years 2-5 years

5 years and

above Total

Trade payables

1,046,647 - - - 1,046,647 659,344 - - - 659,344

Other payables

1,420,340 - - - 1,420,340 2,164,884 - - - 2,164,884

Employee Benefit payable

143,852 - - - 143,852 89,360 - - - 89,360

Bank loan 500,000 1,000,000 2,000,000 - 3,500,000 - - - - -3,110,839 1,000,000 2,000,000 - 6,110,839 2,913,588 - - - 2,913,588

(c) interest rate riskthe Company’s exposure to interest rate risk, which is the risk that a financial instrument’s value will fluctuate as a result of changes in market interest rates and the effective weighted average interest rate for each class of financial assets and financial liabilities comprises:

Floating Interest Rate

Fixed Interest Rate non Interest Bearing Total

Weight Effective Interest Rate1 Year or Less 1 to 5 Years

2013 $

2012 $

2013 $

2012 $

2013 $

2012 $

2013 $

2012 $

2013 $

2012 $

2013 %

2012 %

Financial AssetsCash 1,851,816 3,890,957 - - - - - 1,851,816 3,890,957 4.1% 4.95Trade and other receivables

- - - - - 1,019,946 419,803 1,019,946 419,803 NA N/A

Total Financial Assets

1,851,816 3,890,957 - - - - 1,019,946 419,803 2,871,762 4,310,760

Financial LiabilitiesTrade and other payables

- - - - - - 2,583,023 2,913,588 2,583,023 2,913,588 NA N/A

Bank loans - - 500,000 - 3,000,000 - - 3,500,000 - 4.12% -Total Financial Liabilities

- - 500,000 - 3,000,000 - 2,913,588 6,083,023 2,913,588 - -


Sensitivity analysis

At 30 June 2013, if interest rates had changed by -/+ 100 basis points from the weighted average rate for the year with all other variables held constant, the profit for the Company would have been $16,481 lower/higher (2012 - $6,195 lower/higher) as a result of lower/higher interest income from cash and cash equivalents.

NOTE 22. CAPITAL MANAGEMENTmanagement controls the capital of the Company to ensure that adequate cash flows are generated to fund its proposed development programs and that returns from investments are maximised within tolerable risk parameters. the finance committee ensures that the overall risk management strategy is in line with this objective. the finance committee operates under policies approved by the Board of directors. Risk management policies are approved and reviewed by the Board on a regular basis. these include credit risk policies and future cash flow requirements. the Company’s capital consists of financial liabilities, supported by financial assets. management effectively managed the Company’s capital by assessing the Company’s financial risks and responding to changes in these risks and in the market. these responses include the consideration of debt levels.

the company’s loan facility with the Commonwealth Bank of Australia requires an interest cover ratio of 1.8 to 1 and debt service ratio of 1.40 to 1 and a loan to land value ratio of 30%.

NOTE 23. MEMBERS’ GUARANTEEthe Company is incorporated under the Corporations Act 2001 and is an Company limited by guarantee. if the Company is wound up, the constitution states that each member is required to contribute a maximum of $1 each towards meeting any outstandings and obligations of the Company. At 30 June 2013 (2012: $1) the number of members was 1.


DIRECTORS’ DECLARATION

the directors of the Company declare that:

1. the financial statement and notes, as set out on pages 8 to 30, are in accordance with the

Corporations Act 2001 and:

a) comply with Australian Accounting standards; and

b) give a true and fair view of the financial position as at 30 June 2013 and of the performance for

the year ended on that date of the Company.

2. in the directors’ opinion there are reasonable grounds to believe that the Company will be able to

pay its debts as and when they become due and payable.

this declaration is made in accordance with a resolution of the Board of directors.

director

gregory louis Joyce

dated this 25th day of september 2013

We have audited the accompanying financial report of Access Housing Australia Limited

“the Company”, which comprises the statement of financial position as at 30 June 2013,

and the statement of comprehensive income, statement of changes in equity and

statement of cash flows for the year then ended, notes comprising a summary of

accounting policies, other explanatory notes and the directors’ declaration.

The directors of the Company are responsible for the preparation and fair presentation of

the financial report in accordance with Australian Accounting Standards and the

Corporations Act 2001 and for such internal control as the directors determine is

necessary to enable the preparation of the financial report that is free from material

misstatement, whether due to fraud or error. In Note 1, the directors also state, in

accordance with Accounting Standards AASB 101: Presentation of Financial Statements,

that the financial statements comply with International Financial Reporting Standards.

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

conducted our audit in accordance with Australian Auditing Standards. These Auditing

Standards require that we comply with relevant ethical requirements relating to audit

engagements and plan and perform the audit to obtain reasonable assurance whether

the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and

disclosures in the financial report. The procedures selected depend on the auditor’s

judgment, including the assessment of the risks of material misstatement of the financial

report, whether due to fraud or error. In making those risk assessments, the auditor

considers internal control relevant to the entity’s preparation and fair presentation of the

financial report in order to design audit procedures that are appropriate in the

circumstances, but not for the purpose of expressing an opinion on the effectiveness of

the entity’s internal control. An audit also includes evaluating the appropriateness of

accounting policies used and the reasonableness of accounting estimates made by the

directors, as well as evaluating the overall presentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to

provide a basis for our audit opinion.

In conducting our audit, we followed applicable independence requirements of Australian professional ethical

pronouncements and the Corporations Act 2001.

In our opinion:

a. The financial report of Access Housing Australia Limited is in accordance with the Corporations Act 2001,

including:

i. giving a true and fair view of the Company’s financial position as at 30 June 2013 and of its

performance for the year ended on that date; and

ii. complying with Australian Accounting Standards and the Corporations Regulations 2001; and

b. The financial report also complies with International Financial Reporting Standards as disclosed in Note 1.

BENTLEYS MARK DELAURENTIS CA

Chartered Accountants Director

DATED at PERTH this 25th

day of September 2013

Bunbury Office

1st Floor, 25 Victoria Street

PO Box 1539

Bunbury WA 6230

P (08) 9722 7200

F (08) 9721 7222

E [email protected]

Mandurah Office

4 Stevenson Street

PO Box 1200

Mandurah WA 6210

P (08) 9534 0400

F (08) 9583 5173

E [email protected]

Head Office

Level 1, 39 Adelaide Street

PO Box 1334

Fremantle WA 6959

P (08) 9430 0900

F (08) 9430 5583

E [email protected]

www.accesshousing.org.au

bunbury office 1st floor, 25 victoria street po box 1539 bunbury wa 6230 p (08) 9722 7200 f (08)...

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