technical education trust funds annual …...technical education trust funds annual report for the...

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TECHNICAL EDUCATION TRUST FUNDS

ANNUAL REPORT

2015

r !! TAFE~ GOIIERNMENT

The Hon John Barilaro MP Minister for Regional Development Minister for Skills Minister for Small Business GPO Box 5341 SYDNEY NSW 2000

Dear Minister

DOC 16/196233

In compliance with the terms of the Annual Reports (Statutory Bodies) Act 1984, the Public Finance and Audit Act 1983 and regulations under those Acts, I submit the Technical Education Trust Funds Annual Report for the 2015 calendar year for your presentation to the NSW Parliament.

The report contains the trust's audited financial statements for the calendar year ended 31 December 2015 and appendices as required by legislation.

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TECHNICAL EDUCATION TRUST FUNDS ANNUAL REPORT 2015

Contents

Brief History and Charter

Aims and Objectives

Access

Management and Structure

Summary Review of Operations

Legal Changes

Budget Estimates and Financial Results

Financial Statements 2015

Note:

Aud iter-General's Certificate

Statement by the Statutory Trustee

Statement of Comprehensive Income

Statement of Financial Position

Statement of Changes in Equity

Statement of Cash Flows

Notes to the Financial Statements

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Apart from the Financial Statements 2015, all other financial information in this report is unaudited.

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Brief History and Charter

The Technical Education Trust Funds Act 1967 (hereinafter referred to as the Act in this Report) makes provisions with respect to certain Trust Funds for the advancement of education. The Act provides for the dissolution of a number of trusts and for substituted trusts to be created and vested in trustees appointed in terms of the Act.

The Trustee of the Funds is the statutory authority in terms of Schedule 2 of the Public Finance and Audit Act 1983 and this Annual Report has been prepared to meet the requirements of the Annual Reports (Statutory Bodies) Act 1984. The report covers those Trust Funds where the office of the Managing Director of the Technical and Further Education Commission is specified as the Trustee pursuant to the Act.

The Funds are:

Barrington Raymund Roberts Memorial Fund

Coachbuilders 1914-1919 War Memorial Bursary Fund

Institute of Mechanical Engineering Craftsmen Prize Fund

J. P. Franki Memorial Fund

Mary Ellen Roberts Memorial Fund

Noel Chettle Memorial Art Prize Fund

TAFE Bicentenary Oliver Shaul Scholarship Fund

William and Elizabeth Cuthbertson Memorial Fund

In terms of Section 4(1A) of the Public Finance and Audit Act 1983, the Treasurer has determined that the financial year of the Technical Education Trust Funds end on 31 December.

Aims and Objectives

The Trustees are charged with the administration of the Trust Funds including the investment of trust moneys and the awarding of prizes to students undertaking courses of studies in colleges conducted by the Technical and Further Education Commission.

As provided by the Act, the capital of the Funds is held upon trust and invested in a manner permitted by the Trustee Act 1925. Prize awards are made in terms of the By-laws pursuant to the provisions of the Act.

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Access

Accounting and administrative functions for the Funds are undertaken on behalf of the Trustees by the Technical and Further Education Commission (TAFE), 695 Harris Street, Ultimo, telephone (02) 9212 8602.

Management and Structure

The Trustee during the year was the Manager Director of the Technical and Further Education Commission (TAFE). The names of the Managing Directors of TAFE in office during the year and until the date of this report are set out below. The Managing Directors were in office for this entire period unless otherwise stated.

Pam Christie (resigned 2nd November 2015)

David Riordan (appointed in acting capacity during the period 3rd November - 61h

December 2015)

Jon Black (appointed ih December 2015).

As accounting and administrative functions are undertaken by the Technical and Further Education Commission, the Trustees do not directly employ any staff.

Summary Review of Operations

During the year, income from investments and operating bank account totalled $20,240. Prize awards totalling $15,282 were made by the Trustee. The awards based on 2015 results were:

Fund

Mary Ellen Roberts Memorial

Oliver Shaul Scholarship

Barrington Raymund Roberts Memorial Fund

William and Elizabeth Cuthbertson Memorial

Noel Chettle Memorial Art Prize

J P Franki Memorial

Total

Legal Changes

Award$ Recipient

330 C Evans,

Ultimo Campus

9,000 K Vaughan,

Ultimo Campus

3,200 B Fox,

Wollongong College

571 B Turner,

Newcastle College

1,300 R Byatt,

Ultimo Campus

881 A Holzl,

Newcastle College

15,282

There were no judicial decisions during the year having an impact on the Technical Education Trust Funds .

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Budget Estimates and Financial Results

2015 2015

Budget Actual

Estimate

$ $

Revenue 19,396 20,240

Total revenue 19,396 20,240

Expenses* 15,517 15,315

Total expenses 15,517 15,315

Total Comprehensive Income 3,879 4,925

* inclusive of Prize Award of $15,282.

Whilst an amount has been nominated for prize awards in the budget estimate for 2015, the actual value of awards to be made will be determined at the time by the Trustees in terms of the provisions of the Act. There is no commitment by the Trustees to make awards to the value nominated or to treat the unexpended income as accrued income for purposes of making future awards. Hence the 2015 budget was produced based on the expected income for that year.

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INDEPENDENT AUDITOR'S REPORT

Technical Education Trust Funds

To Members of the New South Wales Parliament

I have audited the accompanying financial statements of the Techn ical Education Trust Funds, which comprise the statement of financial position as at 31 December 2015, 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 significant accounting policies and other explanatory information.

Opinion

In my opinion, the financial statements:

• give a true and fair view of the financial position of the Technical Education Trust Funds as at 31 December 2015, and of its financial performance and its cash flows for the year then ended in accordance with Australian Accounting Standards

• are in accordance with section 41 B of the Public Finance and Audit Act 1983 (PF&A Act) and the Public Finance and Audit Regulation 2015.

My opinion should be read in conjunction with the rest of this report.

The Statutory Trustee's Responsibility for the Financial Statements

The Statutory Trustee is responsible for preparing financial statements that give a true and fair view in accordance with Austra lian Accounting Standards and the PF&A Act and for such internal control as the Statutory Trustee determines is necessary to enable the preparation of financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

My responsibility is to express an opinion on the financial statements based on my audit. I conducted my audit in accordance with Australian Auditing Standards. Those Standards require that I comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgement, including an assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal contro l relevant to the entity's preparation of the financial statements that give a true and fair view in order to design audit procedures 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 management, as well as evaluating the overall presentation of the financial statements.

Level 15, 1 Margaret Street, Sydney NSW 2000 I GPO Box 12, Sydney NSW 2001 I t 02 9275 7101 I f 02 9275 7179 I e [email protected] I audit.nsw.gov.au

1 believe the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.

My opinion does not provide assurance:

• about the future viability of the Technical Education Trust Funds

• • •

•

that it carried out its activities effectively, efficiently and economically

about the effectiveness of the internal control

about the security and controls over the electronic publication of the audited financial statements on any website where they may be presented·

about other information which may have been hyperlinked to/from the financial statements .

Independence

In conducting my audit, I have complied with the independence requirements of the Australian Auditing Standards and relevant ethical pronouncements. The PF&A Act further promotes independence by:

• providing that only Parliament, and not the executive government, can remove an Auditor -General

• mandating the Auditor-General as auditor of public sector agencies, but precluding the provision of non-audit services, thus ensuring the Auditor-General and the Audit Office of New South Wales are not compromised in their roles by the possibility of losing clients or income.

Aar n Green Director, Financial Audit Services

12 April2016 SYDNEY

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FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2015

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Table of Contents

Statement by the Statutory Trustee of the Technical and Further Education Commission .............................................................................. ................................... 2

Statement of Comprehensive Income .............................. .. ..... .. ................. ................ . 3

Statement of Financial Position ....................... .. .. ... .. ............. ..... .. ... .... ... ... ............ ...... 4

Statement of Changes in Equity Flows ...................... .. .... ........ ... ... ...................... ........ 5

Statement of Cash Flows ........ ................................................................. ................... 6

Notes to and forming part of the Financial Statements ................................................. .

1. Summary of significant accounting policies ................................... ........ ......... .... ... 7

2. Revenue and Expenses ...................................................................................... 11

3. Cash and Cash Equivalents ... .. ........................................................................... 12

4. Receivables .............................................................................. ....... ........ ....... .... 12

5. Other Financial Assets ........................................................................................ 12

6. Payables ...... ............................................................................... ....... ... .............. 13

7. Accumulated Funds for each Trust Fund at the end of the Reporting Period ...... 13

8. Reconciliation of Cash Flows ..................................................................... ... ... ... 14

9. Committments ... ....... .......... ... ... .... ............................. .. ........ ..... .. ......................... 14

10. Contingent Liabilities .... ...... ..................... ................................. ...... ..................... 14

11. Financial Instruments ........................................................................ .................. 14

12. Events after the Reporting Period .......................... .... ... .... ...... ..................... .. ..... 17

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STATEMENT BY THE STATUTORY TRUSTEE

For the year ended 31 December 2015

Pursuant to Section 41 C of the Public Finance and Audit Act 1983 and Section 7 of the Public Finance and Audit Regulation 2015, I state that in my opinion:

1. the accompanying financial statements exhibit a true and fair view of the financial position of the Technical Education Trust Funds as at 31 December 2015 and the financial performance for the year then ended.

2. the financial statements have been prepared in accordance with the provisions of the Public Finance and Audit Act 1983, the Public Finance and Audit Regulation 2015, the Treasurer's Directions and applicable Australian Accounting Standards and Interpretations.

At the date of signing this statement, I am not aware of any circumstances which would render any particulars included in the financial statements misleading or inaccurate.

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Statement of Comprehensive Income for the year ended 31 December 2015

Notes 2015 2014 $ $

Revenue 2(a) 20,240 28,561


Expenses 2(b) 15,315 16,448


Net result 4,925 12,113

Other Comprehensive Income

Total other comprehensive income

Total Comprehensive Income 4,925 12,113

The accompanying notes form part of these financial statements.

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Statement of Financial Position as at 31 December 2015 ""''

Notes 2015 2014 ,...., $ $

ASSETS

Current Assets

Cash and cash equivalents 3 47,729 42,012

Receivables 4 6,106 6,900

Other financial assets 5 164,574 103,604

Total Current Assets 218,409 152,516

Non-current Assets

Other financial assets 5 286,150 347,118

Total Non-current Assets 286,150 347,118

TOTAL ASSETS 504,559 499,634

LIABILITIES

Current Liabilities

Payables 6 33 33

Total Current Liabilities 33 33

TOTAL LIABILITIES 33 33

NET ASSETS 504,526 499,601

EQUITY

Accumulated funds 7 504,526 499,601

TOTAL EQUITY 504,526 499,601


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TECHNICAL EDUCATION TRUST FUNDS ,......

Statement of Changes in Equity for the year ended 31 December 2015

Accumulated Funds Total

$ $

Balance at 1 January 2015 499,601 499,601

Net result for the year 4,925 4,925

Other comprehensive income


Total comprehensive income for the year 4,925 4,925

Balance at 31 December 2015 504,526 504,526

Balance at 1 January 2014 487,488 487,488

Net result for the year 12,113 12,113

Other comprehensive income


Total comprehensive income for the year 12,113 12,113

Balance at 31 December 2014 499,601 499,601


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Statement of Cash Flows for the year ended 31 December 2015

Cash Flows from Operating Activities

Payments

Prize awards Other

Total payments

Receipts

Interest received

Other

Total receipts

Net Cash Flows from Operating Activities

Cash Flows from Investing Activities

Other

Net Cash Flows from Investing Activities

Net Increase in Cash

Opening cash and cash equivalents

Closing cash and cash equivalents

Notes

8

3

2015 $

(15,316) (33)

(15,349)

20,832

234

21,066

5,717

5,717

42,012

47,729


2014 $

(14,514) (2,233)

(16,747)

29,919

230

30,149

13,402

13,402

28,610

42,012

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Notes to the financial statements For the year ended 31 December 2015

1. Summary of Significant Accounting Policies

(a) Reporting entity

The Technical Education Trust Funds (the Entity) is a New South Wales government entity. The Entity is a not-for-profit entity (as profit is not its principal objective) and it has no cash generating units.

The financial statements for the year ended 31 December 2015 were authorised for issue by the Statutory Trustee on 08 April 2016.

(b) Basis of preparation

The financial statements are general purpose financial statements which have been prepared on an accrual basis in accordance with:

• Applicable Australian Accounting Standards (which include Australian Accounting Interpretations);

• The requirements of the Public Finance and Audit Act 1983 and the Public Finance and Audit Regulation 2015.

Judgements, key assumptions and estimations management has made are disclosed in the relevant notes to the financial statements.

All amounts are rounded to the nearest dollar and are expressed in Australian currency.

(c) Statement of compliance

The financial statements and notes comply with Australian Accounting Standards, which include Australian Accounting Interpretations.

(d) Statutory Reporting Period

In terms of Section 4(1A) of the Public Finance and Audit Act 1983, the Treasurer has determined that the financial year of the Entity ends on 31 December.

(e) Income Recognition

Income is measured at the fair value of the consideration or contribution received or receivable.

(i) Investment Revenue

Interest revenue is recognised using the effective interest method as set out in AASB 139 Financial Instruments: Recognition and Measurement.

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1. Summary of Significant Accounting Policies (continued)

(f) Accounting for the Goods and Services Tax (GST)

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

• The amount of GST incurred by the Entity as a purchaser that is not recoverable from the Australian Taxation Office (ATO) is recognised as part of the cost of acquisition of an asset or as part of an item of expense

• Receivables and payables are stated with the amount of GST included.

Cash flows are included in the statement of cash flows on a gross basis. However, the GST components of cash flows arising from investing which are recoverable from, or payable to, the ATO are classified as operating cash flows.

(g) Cash and cash equivalents

Cash and cash equivalents is cash held at bank.

(h) Receivables

Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. These financial assets are recognised initially at fair value, usually based on the transaction cost or face value. Subsequent measurement is at amortised cost using the effective interest method, less an allowance for any impairment of receivables. Any changes are recognised in the determination of Total Comprehensive Income for the year when impaired, derecognised or through the amortisation process. There was no change due to impairment, de-recognition or through the amortisation process.

Short-term receivables with no stated interest rate are measured at the original invoice amount where the effect of discounting is immaterial.

(i) Other financial assets

Other financial assets are investments that are non-derivative financial assets with fixed or determinable payments and fixed maturity that the Entity has positive intention and ability to hold to maturity. These investments are measured at amortised cost using the effective interest method. These assets represent common trust funds for the moneys entrusted to the Statutory Trustee in accordance with section 8 of the Technical Education Trust Funds Act 1967 (the Act). Interest payments are received for each term deposit every six months and are allocated proportionately according to the amount contributed by each fund to the common trust fund , as required by the Act.

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(j) Payables

Payables represent liabilities for goods and services provided and other amounts. Payables are recognised initially at fair value, usually based on the transaction cost or face value. Subsequent measurement is at amortised cost using the effective interest method. Short-term payables with no stated interest rate are measured at the original invoice amount where the effect of discounting is immaterial.

(k) New Australian Accounting Standards issued but not yet effective

The following new standards, amendments and interpretations issued but not yet effective for the financial year ended 31 December 2015 are not early adopted and would not be expected to have a material impact on the financial statements of the Entity: ·

• AASB 9 Financial Instruments (effective 01/01/2018) • AASB 15 Revenue from Contracts with Customers (effective 01/01/2017); • AASB 2014-1 Amendments to Australian Accounting Standards- PartE:

Financial Instruments (effective 01/01/2016) • AASB 2014-7 Amendments to Australian Accounting Standards arising

from AASB 9 (effective 01/01/2018)

(I) Common Trust Fund

Pursuant to Section 8 of the Act, the Statutory Trustee has established a common fund for moneys held on behalf of each contributing Fund. Records are kept of each contributing funds' share of the common fund.

(m) Trust Funds Assets

Apart from funds invested as fixed term deposits, the Entity held no fixed assets, nor owned or occupied land as at 31 December 2015.

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(n) Entity Financial Records

Accounting and other records for the Entity were maintained by the NSW TAFE Commission (the Commission) on behalf of the Statutory Trustee. All administration costs, including salary and wages, were met by the Commission. The Commission does not charge for these costs. The Treasurer of NSW has approved the waiving of audit fees for the Entity.

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2. Revenue and expenses 2015 2014

$ $ a. Revenue

Interest revenue 2(c) 20,240 28,561


b. Expenses

Prize awards 2(c) 15,282 14,485

Other expenses 2(c) 33 1,963


c. The revenue and expenses are attributed to individual funds as follows: 2015 2014

Trust Fund Income Expenditure Income Expenditure $ $ $ $

Barrington Raymund Roberts Memorial 4,416 3,213 5,772 (15)

Coachbuilders 1914-1919 War Memorial Bursary 1,007 4 1,332 (5)

Institute of Mechanical Engineering Craftsmen Prize 191 251

J . P. Franki Memorial 24 881 306 388

Mary Ellen Roberts Memorial 412 330 559 450

Noel Chettle Memorial Art Prize 1,737 1,303 2,366 1,696

T AFE Bicentenary Oliver Shaul Scholarship 11,707 9,012 16,901 12,987

William and Elizabeth Cuthbertson Memorial 746 572 1,074 947

20,240 15,315 28,561 16,448

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3. Current Assets - Cash and cash equivalents 2015 2014

$ $

Cash at bank 47,729 42,012

Closing Cash at Bank (per Statement of Cash Flows) 47,729 42,012

4. Current Assets - Receivables

GST receivable from A TO

Interest receivables 6,106

200

6,700

Total Receivables 6,106 6,900

Details regarding credit risk, liquidity risk and market risk including financial assets that are either past due or impaired are disclosed in Note 11.

5. Current/Non-Current Assets - Other Financial Assets

These investments are shown as:

Current assets

Non-current assets

164,574

286,150

450,724

103,604

347,118

450,722

The market value of the investments was not less than the face value.

Details regarding credit risk, liquidity risk and market risk, including a maturity analysis of the above payables are disclosed in Note 11 .

Note: the amount of $450,724 ($450,722 in 2014) above is part of total fixed term deposits of $561,462 ($561 ,460 in 2014) with remaining represented funds held on behalfofTAFE Commission of$110,738 ($110,738 in 2014).

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6. Current Liabilities - Payables

Accrued expense

Total Payables

2015 2014 $ $

33 33

33 33

Details regarding credit risk, liquidity risk and market risk, including a maturity analysis of the above payables are disclosed in Note 11 .

7. Accumulated Funds for each Trust Fund at the End of the Reporting Period

Trust Fund

Barrington Raymund Roberts Memorial

Coachbuilders 1914-1919 War Memorial Bursary

Institute of Mechanical Engineering Craftsmen Prize

J. P. Franki Memorial

Mary Ellen Roberts Memorial

Noel Chettle Memorial Art Prize

TAFE Bicentenary Oliver Shaul Scholarship

William and Elizabeth Cuthbertson Memorial

2015 Fund Balance

$

108,836

24,974

1,085

17

9,131

42,397

299,101

18,985

504,526

2014 Fund Balance

$

107,633

23,970

894

873

9,049

41 ,963

296,407

18,812

499,601

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8. Reconciliation of Cash flows from Operating Activities to the Net Result

2015 2014 $ $

Net cash used on operating activities 5,717 13,402

(Decrease) in Receivables (792) (1 ,358)

Decrease in Payables 69

Net Result 4,925 12,113

9. Commitments

As at balance date, there are nil commitments.

10. Contingent Liabilities

As at balance date, there are nil contingent liabilities.

11. Financial Instruments

The principal financial instruments of the Entity are outlined below. These financial instruments arise directly from the Entity's operations or are required to finance the Entity's operations. The Entity does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. The Entity does not use financial derivatives.

The Entity's main risk arising from financial instruments are outlined below, together with the Entity's objectives, policies and processes for measuring and managing risk.

The Statutory Trustee has overall responsibility for the establishment and oversight of risk management and reviews and agrees policies for managing each of these risks. Risk management policies are established to identify and analyse the risks faced by the Entity, to set risk limits and controls and to monitor risks. Compliance with policies is reviewed by the Audit and Risk Committee on a regular basis.

Financial instruments give rise to positions that are a financial asset of the Entity and a financial liability of another party. For the Entity these include cash and other financial assets. All financial instruments are shown at net fair value unless stated otherwise.

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11. Financial Instruments (continued)

(a) Financial instruments categories

Financial Assets Class:

Cash and cash equivalents 1

Receivables2

Other financial assets3

Financial Liabilities Class:

Payables4

Notes

Notes Category

3

4

5

6

N/A

Receivables (at amortised cost)

Loans and receivables (at amortised cost)

Financial liabilities measured (at amortised cost)

Carrying Carrying Amount Amount

2015 2014 $ $

47,729 42,012

6,106 6,700

450,724 450,722

33 33

1. Cash and cash equivalents comprise of bank balance held with the Treasury Banking System. Interest is earned on daily bank balance at Corporate Cheque Account rate.

2. Excludes statutory receivables and prepayments (i.e. not within scope of AASB 7).

3. These are term deposits with banks maturing within 5 years and paying interest rates between 2.45% and 6.60% per annum (2.78% to 7.00% in 2014). Total term deposits are $561,462 ($561,460 in 2014). Trust proportion $450,724 ($450,722 in 2014).

4. Excludes statutory payables and unearned revenue (i.e. not within scope of AASB 7).

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(b) Credit risk

Credit risk arises when there is the possibility of the Entity's debtors defaulting on their contractual obligations, resulting in financial loss to the Entity. The maximum exposure to credit risk is generally represented by the carrying amount of the financial assets.

Credit risk arises from the financial assets of the Entity, including cash , receivables and term deposits. No collateral is held by the Entity. The Entity has not granted any financial guarantees.

Credit risk associated with the Entity's financial assets, other than receivables, is managed through selection of counterparties arid establishment of minimum credit rating standards.

Impact of credit risk to the Entity is minimal.

(c) Liquidity risk

Liquidity risk is the risk that the Entity will be unable to meet its payment obligations when they fall due. The Entity continuously manages risk through monitoring future cash flows and maturities planning to ensure adequate holding of high quality liquid assets. The objective is to maintain a balance between continuity of funding and flexibility.

Exposure to Liquidity risk is considered minimal.

Maturity analysis and interest rate exposure of financial assets

2015

Other financial assets:

Term deposit

2014

Other financial assets:

Term deposit

Interest Rate Exposure Maturity Dates

Weighted Nominal Fixed Variable Non- < 1 yr 1-5 yrs Average Amoune Interest Interest interest Effective Rate Rate bearing Int. Rate $ $ $ $ $ $

4.48% 450,724 450,724 -- 164,57 4 286,150

6.34% 450,722 450,722 -- 103,604 347,118

Notes: 1. The amounts disclosed are the contractual undiscounted cash flows of financial assets.

>5 yrs

$

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(d) Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The Entity has no exposure to other price risk.

The effect on profit and equity due to a reasonably possible change in risk variable is outlined in the information below, for interest rate risk. A reasonably possible change in risk variable has been determined after taking into account the economic environment in which the Entity operates and the time frame for the assessment (i.e. until the end of the next annual reporting period). The sensitivity analysis is based on risk exposures in existence at the statement of financial position date. The analysis is performed on the same basis as for 2014. The analysis assumes that all other variables remain constant.

(e) Interest rate risk Exposure to interest rate risk arises primarily through the Entity's cash at bank. All the other financial assets held are subject to fixed interest rates. The weighted effective interest on this is 4.48% p.a. (6.34% p.a. 2014). Interest on the bank balance is subject to fluctuations in market rates. All other financial assets are not subject to interest rate risk as they are non-interest bearing.

Impact of interest rate risk to the Entity is minimal.

-1% +1% Carrying Profit Equity Profit Equity Amount $ $ $ $

2015 Financial assets

Cash and cash equivalents 47,729 (477) 477

2014 Financial assets Cash and cash equivalents 42,012 (420) 420

12. Events after the Reporting Period There are no events after the reporting period which affect the financial statements.

End of Audited Financial Statements

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