information & cultural exchange annual report 2014

ICEAnnualReport

2014

Leo

nie

& D

ebbi

e, K

asey

is M

issi

ng P

roje

ct. P

hoto

: Chr

isti

an T

ancr

ed

ICE creates community focused and driven art that is bold, imaginative and adventurous, and delivers creative opportunities, cultural empowerment and employment for our communities and artists in Western Sydney and beyond.

Street Address 8 Victoria Rd, Parramatta, NSW 2150

Postal Address PO Box 4033, Parramatta, NSW 2124

+612 9897 5744 [email protected]

Connect with us online

www.ice.org.au facebook.com/ICEorgau

@ice_org_au infoculturalexchange

31st Information and Cultural Exchange Annual Report ISSN: 1833-5306 © Information and Cultural Exchange (ICE) 2015

SAILORSTUDIO.COM.AU

DESIGNED BY

ICE ANNUAL REPORT 2014

1

Contents

Chairperson’s Report 2

Executive Director’s Report 3

ICE 2014 4

Community Cultural Development and Artistic Program Community Engagement 7

Sub/Urban Cultures 8 Screen Cultures 10 Artist Development 12 Family Creative Hub 15

Arab Film Festival Australia 16

Operations Finance 19

IT & Facilities 20 Venue 20 Funding 21

Financial Statements Treasurer’s Report 25

Balance Sheet 26 Income Statement 27 Notes 28 Statement by Members of the Board 30 Independent Auditor’s Report 31

2


Chairperson’s Report

This year ICE rose to the challenge of a changing environment; one that demanded a more focused and proactive approach to the development of our funding base and our community programs. In 2014 ICE funding has seen a significant diversification, so that we continue to be less reliant on government grants with a shift to philanthropy, sponsorship, fundraising and other forms of generating income. ICE staff have worked on the development of a strategic sponsorship program that has enabled ICE to begin to secure a more sustainable funding base. In an environment where government arts bodies are calling for organisations to seek funds from a broader range, ICE has been slowly building its work in this area. On behalf of the Board I want to thank all the staff for their efforts, it is a significant shift in approach and the work that we have been doing on this in the last two years is really coming to fruition. It has not been easy but I know the path we are taking is one that will secure ICE’s future for another generation. Our community cultural development programs have also become more robust, more connected to our region, more vibrant. Once again ICE staff and guest artists/facilitators have worked hard to produce a program of events and artistic ventures which contribute to the rich cultural life of Western Sydney. Programs such as the Family Creative Hub, the Arab Film Festival Australia, Branded! Kasey is Missing, Links to Learning, Bridge Ahoy! Granville Selfies, I Have a Dream are a reflection of the amazing talents of our staff . They work with communities to develop projects that are enriching and document our stories in a way that is fascinating.

I would like to acknowledge and thank John Kirkman, our Executive Director for his commitment and inspiring leadership, our staff for their passion and creativity. ICE continues to forge its path ahead only because of the tremendous work you all do. Indeed ICE celebrated its 30 year milestone in 2014. A fantastic achievement for an organisation that began in a mobile caravan in Parramatta and now is one of Australia’s leading community arts organisation.

Our work could not continue without the support we receive from our partnerships with the Arts NSW, Screen NSW, The Australia Council for the Arts and NSW Department of Family and Community Services as well as the Scanlon Foundation, Vincent Fairfax Family Foundation and Crown Resorts/ Packer Family Foundation amongst many others. I believe that the work ICE does is a testament to their faith in us, to deliver projects that are both engaging and provocative and that strengthen our community.

I would like to thank my Board colleagues for their support and hard work over the year, in particular Justin Travlos, our Treasurer, whose advice and guidance is greatly appreciated.

Tilda SikesChairperson


3

In particular, 2014 saw the continued revitalisation of ICE operations, including:

- Completion of staffing and operational structures

- Employment of a new Finance and Administration Manager

- Reorganisation of financial management and reporting systems

- Review of venue and technical hire operations.

Highlights for the year included: - Introduction of the Family Creative Hub- Securing multi-year funding from the

Scanlon Foundation, Vincent Fairfax Family Foundation and Crown Resorts/Packer Family Foundation

- Successful productions for the Sydney Festival, Sydney Architecture Festival and Parramasala Festival

- The continued success of the Arab Film Festival Australia

- The success of the Icebreaker and Habibi fundraising initiatives

- Receiving program funding from ScreenNSW- Receiving Australia Council project funding

The future for ICE continues to be replete with challenges and potential. I feel confident ICE is ready to meet the challenge. I would like to thank the superb ICE staff, the ICE Board of Management, our project partners, artists and, above all our communities for their continued commitment and assistance in producing and presenting programs of cultural excellence and resonance for the people of Western Sydney.

John KirkmanExecutive Director

Executive Director’s Report

4


ICE 2014

Value of media editorial

Broadcast Audience

3,348,601

$5,580,000

8,777 7,481 20142013

Live Audience

5,451

Community members using our facility

Website visits

ICE

62,481www.ice.org.au


5

Artistic Projects New Artworks CreatedArtists Employed

43 15796

742Participants engaged

6


Community Cultural Development and Artistic Program

ICE 2014 Community Cultural Development and Artistic Program delivered a comprehensive range of projects that creatively engaged culturally diverse communities across Western Sydney. Working via five key program areas: Community Engagement Program, sub/Urban Cultures Program, Screen Cultures Program, Artist Development Program and the Family Creative Hub, our projects were developed in consultation with the target communities, directly responding to their needs and interests.

ICE cultural programs engaged some of Western Sydney’s most at-risk, socially excluded and economically disadvantaged people including Aboriginal children and families, refugee and newly arrived migrant mothers and children, disengaged young people from culturally diverse backgrounds (via both in school and outreach programs), emerging artists, cultural producers and emerging creative enterprises, and people living with Disability.

ICE 2014 community cultural development and artistic programs achieved deep community cultural and creative engagement by enlisting artists and cultural producers specific to the communities we work with (and whose practice is recognized and appreciated through the wider arts community).

Our work in 2014 provided the opportunity, creative space and resources for communities to speak their minds and inform our ongoing engagement with the region. We were proud to develop new partnerships and collaborations enabling us to produce powerful and inspiring work with the people that need it most; the people who are often not given opportunity to represent themselves in a mainstream context.

Mouna ZaylahManager – Community Cultural Development and Artistic Programs

Los

t in

the

Woo

ds. P

hoto

: Nic

o L

atho

uris


7

Community Engagement 2014 ICE Community Engagement focused on providing access to digital arts and technology, creating educational and employment pathways and providing social inclusion initiatives to a broad cross section of disadvantaged Western Sydney communities (including Aboriginal, Pacific Islander, Arabic speaking, Burmese (Karen) African and East Timorese). A particular feature of the 2014 program was the work undertaken with people who are long term unemployed and/or are living with Disability.

Highlight projects for 2014 were Heat from the Street – music video production with young people in Mt Druitt, We are United – participatory documentary making with First Peoples communities in Fairfield, Lost in the Woods – script development and film making with residents of the Urana Street Housing estate in Woodville, street2studio – lyric writing and music studio recording with young people from Parramatta and Kasey is Missing - script development and performance skills with members of the Aboriginal community in Penrith.

The Community Engagement Program worked closely with a range of committed community partners and stakeholders including Fairfield, Penrith and Parramatta City Councils, Woodville Community Services, Street University Mt Druitt, Nepean Community Neighborhood Services, Bonnyrigg L’il Possums Playgroup and the Parramatta Community Migrant Resource Centre.

Importantly, the Community Engagement Program continues to receive ongoing core funding through the NSW Department of Families and Community Services Community Builders program.

The program also received funding through Fairfield City ClubGRANTS, Parramatta City Council, Penrith City Council, The Vincent Fairfax Family Foundation and The Crown Resorts/Packer Family Foundation.

Christian TancredProducer - Community Engagement

8


sub Urban Cultures2014 sub/Urban Cultures connected with and explored the contemporary culture of Western Sydney, and worked primarily in the areas of youth engagement, skills development and audience engagement via digital visual art, graphic design, contemporary music, popular culture and cultural tourism. In particular, the program had a strong focus on place and community e.g. the program was deeply embedded in the suburb of Granville following initial program development in 2013.

2014 sub/Urban Cultures program highlights included The Calling: A Sonic Tour of Suburb and the Sacred for the 2014 Sydney Festival; I Have a Dream!, a schools-based youth digital engagement program supported by the Vincent Fairfax Family Foundation; Branded!, a graphic design skills development and mentorship program funded by the Australian Business Community Network, that linked 25 young unemployed designers with premiere design firms Boccalatte, W$YK, Garbett and Kindred to undertake a conceptual rebranding of businesses in a working street of Granville; and Bridge Ahoy! A Curated Tour of Sydney Bridges, that delivered a series of ferry-based events showcasing Western Sydney artists, curators and bridge engineers as part of the 2014 Sydney Architecture Festival.

During 2014 the sub/Urban Cultures Program worked with thirteen artists/facilitators and eighty-six young people from across Western Sydney. Seventy-three new artworks were created with approximately five hundred and thirty attending five showcase events and eight cultural tours. 2014 was a great year.

Jonathan WilsonProducer – sub/Urban Cultures

Imam

and

Rev

eren

d. P

hoto

s: M

aria

n A

bbou

d


9

10



11

Screen Cultures2014 ICE Screen Cultures focused on professional development for emerging and established Western Sydney filmmakers and video artists. Throughout the year program participants created new content for traditional screens (TV and cinema) and explored new ways of presenting screen work via online platforms. Importantly, the program continued to mentor emerging filmmakers, writers, directors and producers, created opportunities for connection with industry, and provided access to funding, facilities, and creative spaces to explore ideas and stories.

2014 program highlights include Parradocs, an intensive ten-week documentary training/professional development program (funded by ScreenNSW and Parramatta City) Council; Pitch Perfect, a unique opportunity for Western Sydney screenwriters to build their script development and pitching skills (funded by Screen NSW, the Copyright Agency and Fairfield City Council); and Diaspora Stories, commissioned by Parramasala Festival to present films from Mauritius, Trinidad and Tobago, Singapore and Bangladesh/UAE exploring the experiences of South Asian communities in those countries.

The 2014 Screen Cultures Program continued our creative (and strategic) ambition to explore new ways of presenting screen work to new audiences, and to develop links between Western Sydney’s emerging talent and established industry professionals by building strong relationships with screen professionals locally and internationally.


Bro

ken

Wri

st M

ovie

. Pho

to: D

onit

a H

ulm

e

12


Artist Development

2014 Artist Development supported CACD practitioners and emerging artists throughout Western Sydney. The program did this by coordinating shared ICE Hub space for creative enterprises, brokering cross-sector partnerships, facilitating creative skills and business development workshops, offering a range of creative project-based secondments to emerging cultural producers, and mentoring talent to produce contemporary art in contemporary spaces.

Via a series of business development workshops held throughout the year, over eighty artists and emerging cultural producers participated in workshops that enhanced their capacity to manage and promote their own creative cultural enterprises e.g. ICE commissioned a variety of specialists facilitators and speakers to share their ideas and tips on

Pozible crowd-funding campaigning, and Creative Business expert Monica Davidson to deliver individualised mentoring for ICE Hub Program residents.

Other highlights include Granville Selfies, where community based artists/facilitators worked with Year 8 and Year 10 students from Granville Boys High School to explore digital and screen-based art making and production); and Thoroughfare, which saw emerging artists/CACD practitioners working ‘in residence/on the ground’ with retailers and curatorial mentor Victoria Harbutt to explore the history, retail potential and people of Good Street Granville.


Can

dy R

oyal

le, M

aria

n A

bbou

d &

Geo

rge

Till

iana

kis.

Pho

to: J

onat

han

Wils

on


13

14



15

Family Creative Hub

The ICE Family Creative Hub engages newly arrived refugee and migrant mothers and their preschool children living in and around Parramatta in projects that empower them to be active creative contributors to their communities and Western Sydney.

Funded by the Scanlon Foundation, the 2014 program actively supported families from a range of cultural backgrounds (including South Asia, South East Asia, Central Asia and the Middle East) in a yearlong program of creative play, English language skills development, digital creativity and literacy. Importantly, the program also provided participating families with links to support services as well as training and educational pathways.

The program (based at ICE) offered weekly creative sessions that incorporated photography, digital image making, creative writing, sound recording and child-focused crafts activities. Creative outcomes for the year included the production of a family photo book, a children’s picture book, a video, and individual works using self-portraiture and captions. A particular highlight for 2014 was the creation of Lullaby in a Far Away Land, a children’s picture book that follows the journey of six children who reach an unknown land, have an adventurous time and are carried back into their mothers’ safe arms upon hearing their soothing lullabies. Created with the assistance of artists and facilitators Marian Abboud and Yamane Fayed Lullaby in a Far Away Land will be premiered during the Sydney Writer’s Festival in May 2015.

Demand for the project grew throughout 2014, and ICE was able to double the initial number of participants and sessions. ICE was also thrilled that the Scanlon Foundation committed to another year of funding, and that additional multi-year funding was received from the Vincent Fairfax Family Foundation and Crown Resorts/Packer Family Foundation to further expand the program

Eddie AbdProducer – Family Creative Hub

Dig

ital

Bed

tim

e St

orie

s w

orks

hop.

Pho

to: A

li M

ousa

wi

16


Arab Film Festival Australia

Since 2001 the Arab Film Festival Australia (AFFA) has taken us deep into the Arab world and experience; and is now is a major Australian cultural event, and the only film festival of its kind in the Southern Hemisphere.

Arab Australian communities are impacted by change: both in Australia and in the Arab world. Thus AFFA is crucial in showcasing a diversity of perspectives that reflect the realities of Arab people and their experiences.

Proudly, AFFA 2014 featured films from Lebanon, Egypt, Iraq, Palestine and Jordan. Festival highlights included visiting actor/activist Saleh Bakri, whose film When I Saw You opened the festival; the Iraqi community coming out in force to see the riveting Ten Years of My Life; Zeina Daccache’s documentary Scheherazade’s Diary; and The United, a soccer film presented in partnership with the Asian Cup as a meeting point for art, football, community and the Western Sydney Wanderers.

Importantly, AFFA continues to be developed by a dedicated and active community based advisory committee, and ICE thanks them for the hard work and commitment. AFFA continues to grow in strength and attract new audiences e.g. 2014 attendances (and box office) were up on the previous year for all three seasons (Parramatta, Melbourne and Canberra).

AFFA 2014 was made possible with the generous support of partners Arab Bank Australia, Etihad Airways, Abu Dhabi Tourism and Culture Authority, Kazbah Restaurants, Western Sydney Wanderers and the 2015 Asian Cup. It also receives ongoing funding from Screen NSW, Parramatta City Council and Council for Australian Arab Relations – Department of Foreign Affairs and Trade.

Mouna Zaylah and Fadia AbboudCo-Directors Arab Film Festival Australia

Sale

h B

akri

: Ara

b F

ilm F

esti

val.

Pho

to: A

li M

ousa

wi


17

18



19

OperationsICE Operations provides financial, administrative, technical and logistic support to

ensure smooth operations and project implementation.

Gra

nvill

e Se

lfies

Wor

ksho

p. P

hoto

: Don

ita

Hul

me

Finance

The financial focus for ICE in 2014 was to increase income and build reserves. Similarly, much work was done to increase (and diversify) private sector income (especially in the areas of philanthropy, fundraising, commercial commissions and events). Likewise, ICE became more entrepreneurial in terms of achieving increased earned income from events, box office, venue and technical hires. 2014 was a year of measured success. Income was $ 1.563 million with expenditure at $1.540 million, resulting in a Net Profit of $23,714. Importantly, revenue from Trusts / Foundations increased by 7%, venue and technical hire revenue doubled. Dependence on revenue from government dropped 7%. Reserves increased by 67% in 2014. ICE is robust in terms of its financial health and increased retained earnings. Furthermore, ICE reduced its overheads by 7%. Savings resulted from renegotiation of service costs with different vendors and the more efficient use of energy and resources. All of which continue to contribute positively towards ICE’s long-term goal of self-sustainability.

Kayur ShresthaManager – Finance and Administration

20


Venue

ICE offers accessible, flexible and affordable hire of venue and desk space for local community groups, organisations and individuals to work, create and present from. The aim for 2014 was to increase facility usage and generate more revenue via venue hires. This ambition was met with the range of clients hiring space from ICE grew and diversified. In particular, 2014 saw an increase in regular Hot Deskers; repeat hire clients and activities taking place after hours and over weekends. Overall, ICE venue hire doubled from 2013 to 2014.

2014 saw ICE used as venue for the Family Creative Hub Program which brought pre-school children to ICE on a regular basis; and turned our meeting rooms into creative play spaces. Similarly, another highlight for 2014 was the continued use of ICE by Autism Spectrum Australia (ASPECT) to run weekly workshops for musicians on the Autism spectrum. It was a joy to see (and hear) ASPECT participants experimenting with music-making throughout the building - and become a core part of the ICE space.

Morgan GrahamVenue and Reception Officer

IT and Facilities

ICE provides low cost, subsidised and in-kind venue and technical support to local artists, community groups and organisations. ICE also offers entry-level hardware and software for filmmakers, photographers and emerging artists. 2014 saw dramatic increases in venue and equipment hires and usage; and the commencement of software and

hardware upgrades. A highlight of the year was the installation of new technologies in the Audio Suite, allowing for new recording possibilities and sound creation techniques for participants and organisations.

Julian LankshearIT and Facilities Officer


21

Funding

2014 was a year of significant income diversification for ICE, with revenue from foundations and corporate grants increasing by 7% (and the dependence on revenue from government sources decreasing by 7%).

In June ICE secured $108,400 from the Vincent Fairfax Family Foundation to support ICE Digi-Arts, an expansion of ICE outreach and facility-based community engagement programs for 2015 and 2016.

In November ICE secured an additional $192,000 from the Crown Resorts/Packer Family Foundation to further expand ICE programs.

In December ICE secured $148,580 from the NSW Department of Education and Communities to deliver the ICE Links to Learning Initiative, a year long, in-school program working with disengaged high school students in Auburn and Granville throughout 2015.

Other funding highlights included securing Australia Council for the Arts funding for two projects: $35,000 for Mother’s Spice a performance, ritual and culinary-based project engaging the refugee and newly arrived migrant mothers participating in our Family Creative Hub; and $26,250 for Car Park, the public exhibition of the contemporary multimedia artworks emerging from ICE’s Disco Dome project in public spaces around Parramatta. In addition, ICE secured another year of funding ($50,000) from the Scanlon Foundation to extend our weekly Family Creative Hub program in 2015.

ICE received ongoing core funding from Arts NSW, Screen NSW and the Department of Family and Community Services; and continued to receive project funding from Parramatta City Council, Fairfield City Council and Penrith City Council.

Ziyad SpringborgFunding and Development Officer

22


1 Photo Shoot: Lullaby in a Faraway Land Family Creative Hub Project Photo: Eddie Abd

2 Me I Have a Dream Project Artist: Myriam Kadhem

3 Branded! Project Poster Designer: Luke Beeton

4 Ali & Chasm: Street2Studio Project Photo: Christian Tancred

5 Action!! Granville Selfies Project Photo: Donita Hulme

1

4


23

ARE YOU A GRAPHIC DESIGNER LOOKING FOR A DESIGN MENTOR?WORK WITH SYDNEY’S BEST DESIGN STUDIOS

BOCCALATTE GARBETT KINDRED WE BUY YOUR KIDS

INROADS: BRANDED! IS A MENTORSHIP PROGRAM FOR YOUNG UNEMPLOYED WESTERN SYDNEY DESIGNERS

For more info contact [email protected] or call 9897 5744 by July 28

ICE.ORG.AU

.

BRANDED! IS PART OF THE ABCN INROADS PROGRAM SUPPORTED BY J.P. MORGAN. ICE RECEIVES PROGRAM FUNDING FROM THE AUSTRALIAN COUNCIL FOR THE ARTS AND ARTS NSW

2

5

3

24


Financial Statements

Information and Cultural Exchange Inc.31 December 2014

Treasurer’s Report 25

Balance Sheet 26

Income Statement 27

Notes 28

Statement by Members of the Board 30

Independent Auditor’s Report 31


25

At the close of 2014, the organisation remains in a sound financial position, posting an operating profit of $23,714 and an accumulated surplus of $59,750.

Pleasingly, 2014 has seen a much greater diversification of the organization’s funding sources and an increase in our cash reserves, this was a key focus through the year and provides greater financial resilience as we move into 2015.

Under the continued guidance of John Kirkman, 2014 has seen an incredible increase in productivity from the team at ICE. Continuing to focus on delivering beautiful, meaningful and impactful projects for and with the diverse cultures and communities that make up greater Western Sydney.

On behalf of the Board, I would like to sincerely thank the following key funders and project partners for their support: ArtsNSW, Australia Council for the Arts, Department of Immigration and Citizenship, Screen NSW, Department of Family and Community Services, Department of Foreign Affairs and Trade, NSW Office of Communities, The Scanlon Foundation, Migration Council Australia and the Refuge of Hope, The Vincent Fairfax Family Foundation, The Matana Foundation, The Optus Foundation, the Australian Business Community Network, Sydney Festival, Parramasala Festival, Sydney Architecture Festival, NSW Architects Registration Board and Roads and Maritime Services NSW.

I would also like to extend sincere thanks to our key project and operational partners, Abu Dhabi Tourism and Culture Authority, Etihad Airways, Arab Bank Australia, Kazbah, the Catholic Diocese, Parramatta City Council, Fairfield City Council and Penrith City Council.

Our thanks also go to all the Icebreakers and Habibis who have donated to ICE and the Arab Film Festival Australia (AFFA) – your continued support of this flagship event is sincerely appreciated.

Without this funding and support it would not be possible to undertake the range of cultural and creative programs, nor develop and grow the incredibly talented ICE staff who produce these programs in Western Sydney.

I would like to especially thank the Finance and Administration Manager, Kayur Shrestha, for his diligence and professionalism, not only in the ongoing management of the organizational accounts, but also for his patience and assistance in helping the project teams better prepare, manage and account for their programs. This coaching generates greater productivity out of the same funding, meaning that ICE’s overall community impact is increased.

Lastly I would like to acknowledge the rest of the operations team Julian Lankshear, Morgan Graham and Kannaki Nadesan for their continued effort in ensuring operational efficiency and at the same time contributing in generation of additional revenue from venue and equipment hire; and to Ziyad Springborg for his sterling grant writing.

We proceed into 2015 in a strong financial position and we look forward to expanding both our reach and our impact over the next year.

Justin TravlosTreasurer

Treasurer’s Report

26


Information and Cultural Exchange Inc.Statement of comprehensive income

For the year ended 31 December 2014

2014 2013

INCOME $___ $___

Arts NSW - Triennial Funding 313,035 313,035

Arts NSW - MAMC - 74,055

Australia Council for the Arts (CCD Program & Project grants) - 208,844

Australia Council for the Arts 373,000 104,000

Dept of Immigration & Citizenship - 14,800

Screen NSW 73,500 74,750

Department of Family & Community Services NSW 106,998 75,657

Department of Foreign Affairs and Trade 20,000 20,000

Trust / Foundation 135,172 35,300

Local Government 52,297 127,289

Other Small Grants 79,260 20,472

Unexpended grants at the beginning of the year 914,973 1,168,557

Unexpended grants at the end of the year (727,257) (914,973)

Interest Received 8,677 3,734

Donations 8,469 30,680

Other Income 205,628 215,476

TOTAL INCOME 1,563,752 1,571,675

LESS: EXPENDITURE

Employee expense 793,511 800,363

Equipment purchase 3,194 2,860

Depreciation expense 250,288 284,105

Insurance expense 19,306 17,286

Media and marketing expenses 25,564 24,618

Programmes and production expenses 221,310 272,147

Rent and Utilities 22,532 27,663

Contractor expenses 122,042 79,789

Administration expenses 82,290 88,916

Write-back of provisions - (40,000)

TOTAL EXPENDITURE 1,540,038 1,557,747

SURPLUS/(DEFICIT) FROM OPERATIONS 23,714 13,929

The accompanying Notes form part of these financial statements.


27

Statement of Financial positionAs at 31 December 2014

NOTE

2014 2013

$___ $___

CURRENT ASSETS

Cash and Cash Equivalents 3 654,211 389,031

Receivables 4 184,337 55,190

Prepaid Expenses 30,452 8,691

Inventories 5 - 7,340

TOTAL CURRENT ASSETS 869,000 460,252

NON-CURRENT ASSETS

Building Improvements - at cost 1,284,605 1,284,605

Less: Accumulated Depreciation (539,442) (410,982)

745,164 873,624

Office Furniture & Equipment - at cost 741,310 735,473

Less: Accumulated Depreciation (714,141) (592,313)

27,169 143,161

TOTAL NON-CURRENT ASSETS 772,333 1,016,784

TOTAL ASSETS 1,641,333 1,477,036

CURRENT LIABILITIES

Payables 133,667 85,828

Deferred Income 6 664,625 398,494

Provision for Staff Entitlements 7 22,390 35,412

TOTAL CURRENT LIABILITIES 820,682 519,733

NON-CURRENT LIABILITIES

Provision for Staff Entitlements 8 19,644 6,294

Deferred Income 6 741,257 914,973

TOTAL NON-CURRENT LIABILITIES 760,901 921,267

TOTAL LIABILITIES 1,581,583 1,441,000

NET ASSETS 59,750 36,036

EQUITY

Accumulated surplus/(deficit) 59,750 36,036

TOTAL EQUITY 59,750 36,036

The accompanying Notes form part of these financial statements.

28


Information and Cultural Exchange Inc.Notes to and forming part of the financial statements

For the year ended 31 December 2014

STATEMENT OF ACCOUNTING POLICIES

The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards (Including Australian Accounting Interpretations) and the Associations Incorporation Act 2009 (NSW). Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial statements containing relevant and reliable information about transactions, events and conditions to which they apply. Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless otherwise stated. The financial report has been prepared on an accruals basis and is based on historic costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. (A) INCORPORATED ASSOCIATION The services were incorporated on 1st May, 1986 as an incorporated Association, under the Associations Incorporated Act, 1984. The members liability is limited to the extent of any unpaid membership fees. (B) REVENUE RECOGNITION Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets as it is received. Grant and donation income is recognised when the entity obtains control over the funds which is generally at the time of receipt. Revenue from funding authorities received in advance is deferred to the period to which it relates and included as an accrual on the balance sheet. (C) INVENTORIES Inventories are measured at the lower of cost and net realisable value. (D) ECONOMIC DEPENDENCE Information and Cultural Exchange Inc. is dependent on the Arts NSW and Australia Council of Arts for the majority of its revenue used to operate the business. At the date of this report the Board of Management has no reason to believe the Arts NSW and Australia Council of Arts will not continue to support Information and Cultural Exchange Inc. (E) EMPLOYEE BENEFITS Provision is made for Long Service Leave and Annual Leave estimated to be payable to employees on the basis of statutory and contractual requirements. Provision is made for the payment of twelve (12) weeks maternity leave in accordance with pending staff agreements. The amounts provided have been apportioned between current and non-current, the current provision been the portion that is entitled to be paid within the next (12) months. Payroll on costs associated with leave entitlements are recognised as liabilities. Contributions are made by the Association to an employees' superannuation fund and are charged as expenses when incurred. (F) INCOME TAX The entity is exempt from income tax under Section 50-5 of the Income Tax Assessment Act 1997. (G) PROVISIONS Provisions are recognised when there is a present legal or constructive obligation as a result of past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated.


29

Notes2014 2013

$___ $___

2 AUDITOR'S REMUNERATION

Remuneration of the Auditor for:

- Auditing the financial statements 6,000 6,000

6,000 6,000

3 CASH AND CASH EQUIVALENTS

Cash at Bank 653,725 388,431

Cash on Hand 486 600

654,211 389,031

4 RECEIVABLES

Trade Debtors 184,337 55,190

Less: Provision for impairment of debtors - -

184,337 55,190

5 INVENTORIES

Current

Books published available for sale - 7,340

Inventories are measured at the lower of cost

and current replacement cost.

6 DEFERRED INCOME

Grant in Advance - Other 664,625 398,494

Unexpended Building Grant 741,257 914,973

1,405,882 1,313,467

7 PROVISION FOR STAFF ENTITLEMENTS

Current Liabilities

Annual Leave 22,390 35,412

22,390 35,412

8 PROVISION FOR STAFF ENTITLEMENTS

Non-Current Liabilities

Long Service Leave 8,644 1,080

Maternity Leave 11,000 5,214

19,644 6,294

30


Statement by Members of the Board


31

Independent Audit Report

2013,

information & cultural exchange annual report 2014

Documents