Annual Report 2017-18 CONTENTS MISSION 2
CHAIRMAN’S REPORT 4
DIRECTOR’S REPORT 5
EXHIBITIONS 6
COLLECTION DEVELOPMENT 8
EDUCATION 10
HOSPITALITY, RETAIL & STUDIO ACTIVI- 12 TIES 13 FUNDRAISING AND PHILANTHROPY 14 OPERATIONS 15 STAFF 15 BOARD OF TRUSTEES 17 TREASURER’S REPORT 18 FINANCIAL STATEMENTS
Cover image: McClelland Sculpture Park+Gallery. Photograph Mark Chew MISSION
Central to McClelland’s mission is our desire to promote public understanding and enjoyment of Australian, modern and contemporary sculpture and to engender debate about art in the natural environment and the ways in which they can be experienced.
VISION
As Australia’s pre-eminent Sculpture Park, McClelland aspires to lead the international conversation between art and the natural environment. Our vision is to be celebrated as the home of Australian sculpture encompassing various forms of spatial practice, where the landscape and indigenous bushland provide a setting for modern and contemporary architecture and art.
VALUES
Openness: being open to new ideas; encouraging debate, exchange and collaboration; and by being inviting to all people, within and beyond Australia.
Diversity: being more reflective of the cultural diversity of Australia and the inclusion of the First Australians.
Valuable connections: connecting outer Metropolitan Melbourne to the rest of Australia and the world through McClelland’s programs and partnerships.
Innovation: being dynamic, cutting-edge and led by new ideas.
Sustainability: demonstrating leadership in response to climate change, being financially sustainable and ensuring scholarship and research are central to McClelland’s activities.
Patricia Piccinini, Doubting Thomas 2008. Collection of McClelland Sculpture Park+Gallery 2 3 CHAIRMAN’S REPORT DIRECTOR’S REPORT
McClelland had a very dynamic year over 2017-18. With the valued guidance of Maudie Palmer AO, as McClelland welcomed over 109,696 visitors to the gallery with a further 32,908 visiting the sculpture park Strategic Manager, McClelland undertook significant restructuring measures to contribute to its future in the financial year ending June 30, 2018. The sculpture park, with its unique and expansive bushland sustainability. Maudie Palmer AO concluded her contract in December 2017 and we are most grateful to setting, continues to be a major attraction for the community, especially young families. Maudie for her valuable contribution. We are pleased that the remarkable quality of our exhibition program has attracted visitors of all ages We are very pleased that Lisa Byrne was appointed as Executive Director in January 2018. Other per- who are interested in art and nature and the unique experience of sculpture and spatial practice, and we sonnel changes included Chairman Mary Delahunty retiring as Trustee in March 2018 and the appoint- have continued to broaden our network of artists and galleries. ment of former Deputy Chairman Susie Hamson to the Chair. Further refinements were made to staffing and organisational structure following Lisa Byrne’s appointment. The exhibitions presented in 2017-18 included Stephen Haley: Out of Place, a selection of digital photographs and videos tracing the implacable rise of modern cities; Framing Nature, which explored A major achievement during the year was securing funding for the new Education Pavilion and Outdoor various approaches to landscape through key loaned works alongside a selection from McClelland’s Terrace, located adjacent to the current gallery, which will greatly enhance McClelland’s offering of edu- multifaceted collection; and Another Dimension, curated by the Balnaves Curator of Australian Sculpture cational programs and functions. Maude Palmer AO is to be credited for bringing this long held wish to Simon Lawrie, presented six exciting contemporary artists working between two and three-dimensional fruition through her approach to several key donors, the Baillieu Myer family, the Graham family, the Cal- media. vert-Jones family and the Hugh Williamson Foundation. This project will be completed in February 2019. McClelland’s successful partnership with Southern Way has continued to develop and ignite passionate McClelland was pleased to welcome new Trustees to the Board: Mike Kendall in October 2017, and discussion of art in the local community. Brisbane sculptor Michael Riddle’s bold sculpture Iconoclast Camilla Graves and Jon Clements in February 2018. We are very pleased that Mike has generously was installed on the Skye Rd freeway site in September 2017. Resembling a transmission tower struck taken on the role of Treasurer. by a meteorite, the work is a challenging portrayal of shock and collapse with reference to both personal emotional states and wider environmental and political issues. We are incredibly grateful to our valued donors, patrons and corporate supporters and to the general membership of McClelland. We thank them for their ongoing support. We especially acknowledge the McClelland’s exceptional Education Program continues to engage and delight large groups of children support that the McClelland Circle members provide annually and their participation in the dedicated and teachers, from early learning to primary and secondary schools. School holiday programs featured Circle events program. We are also particularly fortunate and offer sincere thanks to the band of wonder- children’s workshops in Harry McClelland’s Studio, Nature Play Week, and artist workshops. We also ful volunteers who help run the organisation on a daily basis. As an independently funded not-for-profit held professional development days to support teachers ongoing education, which included practical organisation that provides free admission to the public, McClelland depends upon the generosity of all workshops with artists to support development of skills and ideas. those who support the organisation. My thanks to the Board of Trustees and all staff at Mc Clelland for their support of my first, very busy six Susie Hamson, Chairman (from March 2018) months getting to know this fabulous cultural asset.
Lisa Byrne, Director (from 15 January 2018)
Image: Stephen Haley, Simmer City 2016. Image courtesy the artist and MARS Gallery. Image: McClelland Sculpture Park+Gallery. Photograph Mark Chew
4 5 EXHIBITIONS
From July 2017 to June 2018, McClelland curated and presented 5 eclectic exhibitions. This dynamic mix The $3,000 Mary & Lou Senini Student Art Award included two significant group exhibitions which explored landscape and contemporary spatial practice. 26 November 2017 – 22 January 2018
Another Dimension This award is presented annually to a Victorian tertiary art student who, in the opinion of the selection 1 April – 15 July 2018 panel, is of outstanding ability and promise. Established in 1998, this year McClelland was pleased to present the award for Sculpture. The winner was Ashley Perry for his work Garabu Ganyabara (One For Another Dimension explored the dynamic relationship between form and content in contemporary art, Holding) 2017. by positioning sculpture as part of a broader two and three-dimensional spatial practice. The exhibition showcased six contemporary Australian artists who, working across and between media, have creatively Tina Haim – Tina Haim-Wentscher – Tina Wentcher Sculptor: 1887-1974 ventured into other dimensions: Benjamin Armstrong, Sanné Mestrom, Robert Owen, Steaphan Paton, 24 July – 12 November Marian Tubbs, and Michelle Ussher. This exhibition celebrated the life and art of Tina Wentcher, a somewhat overlooked figure in Australian Framing Nature sculpture whose works elegantly unite Eastern and Western aesthetic influences. After several years 26 November 2017 - 18 March 2018 of research, renowned curator Ken Scarlett OAM traced Wentcher’s sculptures in Germany, Greece, China, Singapore, North America and Australia, with this research and key loans to be presented with Framing Nature presented McClelland’s historical collection and recent acquisitions, augmented by McClelland’s representative collection of works by the artist. The exhibition was generously supported by key loaned works, to explore diverse visual and conceptual images of nature. This exhibition explored the Gordon Darling Foundation. conceptualisations of nature through painting, photography, printmaking, video and installation, offering varied artistic responses to landscape and environment. Stephen Haley: Out of place 24 July – 12 November
This exhibition featured a selection of Stephen Haley’s recent constructed photographs and video work, including vast aerial vistas of metropolitan spaces and driving simulations. Working in painting and digital media, Stephen Haley uses 3D modelling software to transform seemingly unremarkable urban surroundings into complex spatial and visual phenomena, to highlight the current conditions of rapid urbanisation, digital evolution and environmental degradation.
Top: Another Dimension (1 April – 15 July 2018) installation view. Photograph Christian Capurro. Top left: Ashley Perry, Garabu Ganyabara (One for Holding) 2017. Senini Award winner 2017. Above: Framing Nature (26 November 2017 - 18 March 2018) installation view. Photograph Christian Capurro. Top right: Tina Wentcher in her studio 1915. Photographer unknown. 6 7 COLLECTION DEVELOPMENT
During 2017-2018, McClelland strengthened its collection with 8 works of art acquired as gifts, including 4 sculptures, 2 digital prints and 2 paintings. McClelland’s capacity to acquire works of art is dependent on ongoing funding provided through the Fornari Bequest, the Elisabeth Murdoch Sculpture Fund, and most importantly, through the generosity of McClelland’s donors and benefactors.
Acquisitions 2017 - 2018
Michael RIDDLE, Iconoclast 2017, steel, fibreglass and cabling, 1200.0 x 400.0 x 400.0 cm Southern Way McClelland Commission 2016
Stephen HALEY, Here (255) 2010, digital LightJet photograph, 130.0 x 240.0 cm
Stephen HALEY, There (107) 2010, digital LightJet photograph, 130.0 x 240.0 cm
Arnold SHORE, Path through Ti-trees, Flinders 1958, oil on board, 31.5 x 40.5 cm
Arnold SHORE, Vegetable Garden in Rain (South Morang) 1962, oil on board, 69.5 x 59.2 cm
Andrew McQUALTER, Untitled (pedestrians) 2013, acrylic on plywood These works were donated under the Commonwealth Cultural Gifts Program 2018
George BALDESSIN 1 pear (single large bronze pear) 2009, bronze, 169.0 x 80.0 x80.0 cm Purchased through the Elisabeth Murdoch Sculpture Fund
Inge KING Swimmer, bronze, 15.5 x 41.5 x 17.0 cm
Above: Michael Riddle, Iconoclast 2017. Southern Way McClelland Commission 2016. Collection of McClelland Sculpture Above: George Baldessin, Pear 2009. Collection of McClelland Sculpture Park+Gallery. Installation view Baldessin / Whiteley, Park+Gallery. National Gallery of Victoria 2018 8 9 Secondary Schools As students advance through their secondary education and their studies become more specific, teachers bring them to McClelland to focus on interpreting and finding meaning in art as well as learning about the materials and processes used by artists and developing specific art terminology.
In the gallery, we run specific programs for VCE studio art students. As part of their assessment, students EDUCATION are expected to write in detail about how art galleries run, how we store and care for art works, marketing and promotion, the role of various employees and exhibition development, design and layout. We provide School Holiday Programs in depth discussions with students as well as giving them additional notes to support their study. These are Our school holiday programs include enjoyable studio based workshops with children, where we focus always well received by students and teachers alike. on learning practical art making skills related to current exhibitions, or the Sculpture Park. Our family sculpture making workshops continue to be popular over summer. These workshops encourage families We support a number of schools by presenting awards and speaking at annual art shows, presentations to work together to create sculptures from discarded objects and are run free of charge to enable all fami- and events. This development helps solidify the importance of art to the wider school community as well as lies to participate in and enjoy them. Other workshops included cyanotype printing, making natural dyes, supporting young emerging artists in schools fulfil their creative potential. sculpting, modelling, drawing and printmaking. G.a.t.e.ways Over the summer school holiday period, we again partnered with the National Gallery of Victoria to run Over two days in May and June we ran our first G.a.t.e.ways program. G.a.t.e.ways is an organization that the NGV Kids on Tour program. This partnership increases the gallery’s exposure through media support runs programs for gifted children to challenge and extend their thinking. This year we focused on grade 1 provided by the NGV. We run these programs out in the grounds, creating a comfortable, easily accessed and 2 students and ran a two day program around insects , linking with the natural environs of the park and environment, which encourages many visitors to participate. focusing on art and science. We look forward to offering more G.a.t.eWays programs in 2019.
Nature Play Week This year we also ran an art program called ‘local landscapes’. Working with 60 students from 3 primary Nature Play week is a state wide initiative that runs as part of Premiers Active April encouraging families schools, the students visited the exhibition ‘Framing Nature’. Students then worked on their own landscape and children to be outdoors. “Nature play is a term used to describe the creation of simple play opportuni- painting at school. Once completed the works were displayed at Harry’s Studio and a mini ‘opening’ was ties in the natural environment. Nature play encourages kids and parents to see the natural environment held on the weekend for the students and their families. Over 200 people attended and we look forward to as a place to enjoy, play, imagine, relax and explore.” We run programs in the park encouraging families expanding the program in 2019. to enjoy our beautiful bushland environment, appreciate being outdoors and be involved in nature play. The intention of the initiative is to educate families of the benefits of being outdoors, especially for chil- In 2017 close to 3000 students and 600 teachers booked in to visit McClelland. Other school groups visit dren. This year we made seed bombs, nature mandalas and nature chimes. without notification, further increasing the number of students and teachers engaging with McClelland.
Early Years Programming Kindergartens and early learning centres visit the Sculpture Park and Gallery particularly in the later part of the year. Tours for this age group incorporate lots of movement and stories when responding to the sculptures. Students also share their ideas about art and art making, reinforcing language and communi- cation skills, while the physical nature and scale of the park develops spatial and mathematical skills.
Primary Schools Primary schools often visit in large numbers and will rotate through a number of workshops when they visit. Tours with these groups focus on getting students to identify and interpret visual cues, share their thoughts, and use these as a group to construct meaning and develop the idea that art is a visual lan- guage that can be read and interpreted. Workshops further develop these skills by encouraging students to tell a story or share an idea through the visual art they create.
11 10 The Sarah & Baillieu Myer Education Pavilion
McClelland is delighted to be embarking on a major building addition with thanks to the generosity of Mrs Sarah Myer and Mr Baillieu Myer AC, the Sidney Myer Fund, the Yulgilbar Foundation, The Graham Family and the Hugh Williamson Foundation. The Sarah & Baillieu Myer Education Pavilion will be built on the Eastern side of the gallery replacing the current Graham Terrace with a built in all weather multi- purpose space and a new levelled, grassed Graham Terrace. This wonderful new facility will enable McClelland to expand its education and public programs. In the 2017-2018 financial year, The Sarah & Baillieu Myer Education Pavilion architect plans have been finalised by KerstinThompson Architects. Plans were submitted to council and tenders were sought with Gemcan Constructions being awarded the tender.
FUNDRAISING AND PHILANTHROPY
McClelland have 211 general members and 61 Circle members, who regularly attend the varied public programs, as well as enjoying invitations to special events, access to artists talks, 10% discount at HOSPITALITY, RETAIL & STUDIO ACTIVITIES our Café & retail shop, updates on the Gallery’s education program and regular e-newsletter. Public programs presented over the past year included artist and curator talks associated with each exhibition
McClelland Café is a welcoming food and beverage operation servicing gallery and park visitors. In 2017- as well as exclusive Members’ events. There were also programs that engaged audiences with the 18, it hosted a small but significant function operation with a number of weddings and conferences, and natural surrounds and Sculpture Park, such as the ever popular World Labyrinth Day and the second the major Stella Film Festival event. The day to day trade welcomed approximately 650 patrons a week. International Sculpture Day.
New cafe manager Derek Lyall successfully transitioned the operations from low end café offerings to an emphasis on more house-made and local food products, with group menu packages accommodating various price points. Offerings ranged from high end business functions and cocktail events to senior groups and children’s menus.
McClelland’s stylishly curated shop continued to offer a range of local and imported goods, tied to specific exhibitions held in the Gallery.
The McClelland Guild of Artists, Peninsula Woodturners Guild, Frankston Peninsula Lapidary Club, and McClelland Spinners and Weavers Inc., established at various points before and throughout the Gallery’s history, are located together in the Sculpture Park and on the original Estate bequeathed by Annie May McClelland.
Top: McClelland Cafe Top: Digital render of McClelland’s Sarah & Baillieu Myer Education Pavilion, Kerstin Thompson Architects
12 13 STAFF BOARD OF TRUSTEES
DIRECTOR: LISA BYRNE CHAIRMAN: HON MARY DELAHUNTY (Retired March 2018) DIRECTOR OF ENGAGEMENT: MICHELLE VAR- COE DEPUTY CHAIRMAN: SUSIE HAMSON (Appointed Chairman March 2018) BUSINESS MANAGER: ROBYN FEHER (Until December 2017) JOHN CALVERT-JONES AM
ACCOUNTS: TIM O’DONNELL STEPHEN CHARLES AO QC
CAFE MANAGER: DEREK LYALL JON CLEMENTS (Appointed February 2018) EDUCATION OFFICER & PROJECT COORDINATOR: IMOGEN GOOD CAMILLA GRAVES (Appointed February 2018) OPERATIONS BALNAVES CURATOR OF AUSTRALIAN SCULP- TURE: SIMON LAWRIE DENNIS HOVENDEN In January 2018 McClelland welcomed Lisa Byrne as Director and Michelle Varcoe as Director of (Retired June 2018) Engagement. In the last financial year we have also welcomed Tim O’Donnell in Accounts and new GALLERY ASSISTANT: JESSICA OLFORD (Until Trustees Mike Kendall, Camilla Graves, and Jon Clements. Jessica Olford moved on from her position as December 2017) JULIE KANTOR Registrar and Gabriella Beaumont commenced as a volunteer intern in the curatorial department. FINANCE & HR COORDINATOR: SHIREEN MIKE KENDALL Creative Victoria, Frankston City Council, Crown Resorts Foundation and the Packer Family Foundation, LONGLEY The Balnaves Foundation and our generous sponsors have enabled us to provide a high level of service LISA ROET to our visitors across all aspects of our operations. FACILITIES & GROUNDS MANAGER: IAN CAIL Finally, we are indebted to the dedicated volunteers who support us in all our daily operations, the gallery guides and colleagues from the arts industry who have willingly participated in our public programs and RETAIL MANAGER: TRISH DELVES supported our exhibitions. WEEKEND MANAGER: JOAN CROWTHER
14 CARETAKER: CAROLYN HANSEN
15
Top: Peter Corlett, Tarax Play Sculpture 1969. On long term loan from the National Gallery of Victoria.
14 15 TREASURER’S REPORT
McClelland embraced another busy year with our exhibition programme and the commencement of our new Education Pavilion providing key areas of focus. Our financial reporting systems have also been upgraded to a new cloud based system. With such a high level of activity the financial demands of the organisation required careful monitoring, particularly in light of rising energy costs which are impacting so many in the community. In this environment the financial results have been satisfactory, considering the transfer of sculpture assets from the operating entity to the McClelland Estate which holds all the major assets of the organisation including the art collection. Funding remains an ongoing challenge for all arts organisations, and McClelland’s future success continues to rely on the generous support of corporate Australia, all levels of government, philanthropic donors and members of the public.
Above: Dean Colls, Rex Australis 2012. Southern Way McClelland Commission 2012. Collection of McClelland Sculp- Above: Andrew Rogers, Gaia 2014. Collection of McClelland Sculpture Park+Gallery. ture Park+Gallery. 16 17 McCLELLAND SCULPTURE LTD ACN 082 448 262
DIRECTORS’ REPORT
The Directors of McClelland Sculpture Ltd submit herewith the financial report of the Company for the year ended 30 June 2018.
Directors
The names of the Directors in office during the year and to the date of this report are:
Susie Hamson (Chairman) Mike Kendall (appointed 9 October 2017) Camilla Graves (Deputy Chairman) (appointed 12 February 2018) Lisa Byrne (appointed 15 January 2018)
The Hon. Mary Delahunty (retired 27 March 2018) McCLELLAND SCULPTURE LTD ACN 082 448 262 All Directors were in office for the full year unless stated.
FINANCIAL STATEMENTS Principal Activities FOR THE YEAR ENDED TH 30 JUNE 2018 The principal activity of the Company during the financial year was operating the McClelland Sculpture Park & Gallery.
No significant changes in the nature of the Company’s activity occurred during the financial year.
Operating Results
The net loss before Donations to Estate of A.M. McClelland amounted to $2,523 (2017: net profit $115,346).
The net loss after Donations to Estate of A.M. McClelland amounted to $570,705 (2017: net profit $115,346).
Review of Operations
During the year, the Directors of McClelland Sculpture Ltd resolved to donate significant Art and Sculpture Collection items to the Estate of A.M. McClelland, totalling $568,182 (2017: $Nil). The Estate of A.M. McClelland is the owner of the McClelland Group Art and Sculpture Collection.
The Company’s donation of $568,182 (2017: $Nil), to the Estate of A.M. McClelland, was the main contributor to the significant net operating loss. Also, contributing to the Company’s net operating loss this year was the finalisation of the Company’s restructure and transformation programme.
Other than the matters described above, it is the opinion of the Directors that the results of the Company’s operations during the year were not substantially affected by any other item, transaction or event of a material and unusual nature.
Dividends Paid or Recommended
No dividends can be paid, as there is no share capital.
18 19 Page 2 of 23 McCLELLAND SCULPTURE LTD McCLELLAND SCULPTURE LTD ACN 082 448 262 ACN 082 448 262
DIRECTORS’ REPORT DIRECTORS’ REPORT
Significant Changes in State of Affairs Directors or Auditor Indemnification
No significant change in the state of affairs of the Company occurred during the financial year. The Company has not, during or since the financial year in respect of any person who is or has been an officer or auditor of the Company or a related body corporate; Events after the Reporting Period • Indemnified or made any relevant agreement for indemnifying against a liability No matters or circumstances have arisen since the end of the financial year, which significantly incurred as an officer, including costs and expenses in successfully defending legal affected or may significantly affect the operations of the Company, the results of those operations or proceedings; or the state of affairs of the Company in financial years subsequent to the financial year ended 30 June 2018. • Has paid or agreed to pay a premium in respect of a contract insuring against a liability incurred as an officer for the costs and expenses to defend legal proceedings. Likely Developments With the exception of the following matters: No information is included on the likely developments in the operations of the Company and the expected results of those operations as it is the opinion of the Directors of the Company that this During the financial year, the Company has paid premiums to insure each of the Directors against information would prejudice the interests of the Company if included in this report. liabilities for cost and expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in the capacity of director of the Company, other than conduct involving Meetings of Directors a wilful breach of duty in relation to the Company. The amount of the premium is not disclosed as it is confidential. During the financial year, six meetings of Directors were held. Attendances by each director during the year were as follows: Directors’ Benefits
Meetings Number of Meetings No director has received or become entitled to receive, during or since the end of the financial year, Attended held whilst a Director a benefit because of a contract made by the Company, controlled entity or a related body corporate Susie Hamson 6 6 with a director, a firm of which a director is a member or a Company in which a director has a Mike Kendall (appointed 9 October 6 6 substantial financial interest. This statement excludes a benefit included in the aggregate amount of 2017) emoluments received or due and receivable by Directors shown in the Company’s financial Camilla Graves (appointed 12 February 3 3 statements, or the fixed salary of a full time employee of the Company, controlled entity or related 2018) body corporate. Lisa Byrne (appointed 15 January 2018) 3 3 The Hon. Mary Delahunty (retired 27 4 4 Auditor’s Declaration March 2018) A copy of the auditor’s independence declaration as required under section 60-40 of the Australian Members’ Guarantee Charities and Not for Profits Commission Act 2012 can be found on the page following this report.
The Company is a Company limited by guarantee. If the Company is wound up, the constitution Signed in accordance with a resolution of the Board of Directors: states that each member is required to contribute a maximum of $50 each towards meeting any outstanding obligations of the Company. At 30 June 2018, the total amount that members of the Company are liable to contribute if the Company is wound up is $200 (2017: $200).
Director ………………………… Director ………………………… Susie Hamson Mike Kendall
Dated this day of November 2018
20 21 Page 3 of 23 Page 4 of 23
McCLELLAND SCULPTURE LTD
ACN 082 448 262
STATEMENT OF PROFIT OR LOSS Shepard Webster & O’Neill Audit Pty Ltd Certified Practising Accountant, Authorised Audit Company ABN: 89 154 680 190 FOR THE YEAR ENDED 30 JUNE 2018
Notes 2018 2017 $$
CONTINUING OPERATIONS AUDITOR’S INDEPENDENCE DECLARATION
To McClelland Sculpture Ltd, INCOME Revenue (Contract Fees / Grants) 375,500 442,600 In accordance with the requirements of section 60-40 of the Australian Charities and Not for Profits Shop Income 66,446 86,521 Commission Act 2012, as lead auditor for the audit of McClelland Sculpture Ltd for the year ended Café Income 644,602 641,703 30 June 2018, we declare that, to the best of our knowledge and belief, there have been: Donations & Fundraising 603,286 568,887 Investment Income 38,713 47,267 i) No contraventions of the auditor independence requirements of the Australian Charities Profit / (Loss) on the Disposal of Investments (Net) ( 5,443 ) 239,663 and Not for Profits Commission Act 2012 in relation to the audit, and; Other Income 67,299 71,915 ii) No contraventions of any applicable code of professional conduct in relation to the TOTAL INCOME 2 1,790,403 2,098,556 audit. EXPENSES th Dated at Frankston on the 8 of November 2018 Shop Expenses 34,301 43,975 Café Expenses 664,094 652,510
Gallery Activities 178,431 142,850
Buildings & Sculpture Park Development 16,226 8,690 SHEPARD WEBSTER & O’NEILL AUDIT PTY LTD Education Programs 3,633 7,641 Certified Practising Accountant Exhibition Expenses 82,155 114,176 Authorised Audit Company No 415478 Admin Expenses 783,377 924,278 434 Nepean Highway Frankston 3199, PO Box 309 Frankston Victoria 3199 Marketing & Publicity & Fundraising 30,709 89,090 Telephone (03) 9781 2633 – Fax (03) 9781 3073 Donations to Estate of A.M. McClelland 568,182 - Email – [email protected] TOTAL EXPENSES 2,361,108 1,983,210
NET OPERATING PROFIT / (LOSS) ( 570,705 ) 115,346
DAVID A SZEPFALUSY DIRECTOR
Level 1 / 434 Nepean Highway, Frankston Victoria 3199 Liability limited by a P.O. Box 309, Frankston Victoria 3199 scheme approved 22 Shepard Webster & T: (03) 9781 2633 F: (03) 9781 3073 O’Neill Audit Pty Ltd under Professional The Accompanying Notes Form Part Of These Financial Statements 23 is a CPA Practice E: [email protected] W: www.shepard.com.au Standards Legislation Page 6 of 23 Page 5 of 23
McCLELLAND SCULPTURE LTD McCLELLAND SCULPTURE LTD ACN 082 448 262 ACN 082 448 262
STATEMENT OF OTHER COMPREHENSIVE INCOME / (LOSS) STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 30 JUNE 2018 AS AT 30 JUNE 2018
Notes 2018 2017 Notes 2018 2017 $$ $$
NET OPERATING PROFIT / (LOSS) ( 570,705 ) 115,346 CURRENT ASSETS Cash and Cash Equivalents 3 1,501,544 1,212,826 OTHER COMPREHENSIVE INCOME Trade and Other Receivables 95,083 144,746 Other Assets 4 34,034 276,249 Items that will not be reclassified subsequently to profit or loss: - - TOTAL CURRENT ASSETS 1,630,661 1,633,821
Items that may be reclassified subsequently to profit or loss: NON CURRENT ASSETS Movement in Unrealised Gain / (Loss) on Investments ( 2,892 ) ( 225,348 ) Investments 593,474 640,409 Property, Plant and Equipment 5 111,518 - TOTAL COMPREHENSIVE LOSS ( 573,597 ) ( 110,002 ) Sculptures Collection (at Valuation) 6 - 250,000 TOTAL NON CURRENT ASSETS 704,992 890,409
TOTAL ASSETS 2,335,653 2,524,230
CURRENT LIABILITIES
Trade and Other Payables 7 1,041,448 664,233 Short Term Employee Entitlements 8 95,188 84,155 TOTAL CURRENT LIABILITIES 1,136,636 748,388
NON CURRENT LIABILITIES Long Term Employee Entitlements 8 - 3,228
TOTAL NON CURRENT LIABILITIES - 3,228
TOTAL LIABILITIES 1,136,636 751,616
NET ASSETS 1,199,017 1,772,614
EQUITY
Retained Earnings 1,182,584 1,753,289 Financial Asset Reserve 9 16,433 19,325
TOTAL EQUITY 1,199,017 1,772,614
The Accompanying Notes Form Part Of These Financial Statements 24 The Accompanying Notes Form Part Of These Financial Statements 25
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McCLELLAND SCULPTURE LTD McCLELLAND SCULPTURE LTD ACN 082 448 262 ACN 082 448 262
STATEMENT OF CHANGES IN EQUITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2018 FOR THE YEAR ENDED 30 JUNE 2018
Notes 2018 2017 Notes 2018 2017 $$ $$
EQUITY CASH FLOWS FROM OPERATING ACTIVITIES Cash Receipts from Customers and Donors 1,994,423 2,285,661 Retained Earnings Interest Received 7,706 23,566 Cash Payments to Suppliers and Employees ( 1,552,754 ) ( 2,438,561 ) Opening Balance 1,753,289 1,637,943 NET CASH PROVIDED BY / (USED IN) 10 OPERATING ACTIVITIES 449,375 ( 129,334 ) Operating Profit / (Loss) from Continuing Operations ( 570,705 ) 115,346 CASH FLOWS FROM INVESTING ACTIVITIES Closing Balance 1,182,584 1,753,289 Proceeds from the Sale of Investments 44,043 53,080 Payments for Property, Plant and Equipment ( 111,518 ) - Financial Asset Reserve Payments for Sculptures Collection ( 93,182 ) - NET CASH PROVIDED BY / (USED IN) Opening Balance 19,325 244,673 INVESTING ACTIVITIES ( 160,657 ) 53,080
Movement in Unrealised Gain / (Loss) on Investments ( 2,892 ) ( 225,348 ) NET (DECREASE) / INCREASE IN CASH HELD 288,718 ( 76,254 ) Closing Balance 16,433 19,325 CASH AND CASH EQUIVALENTS AT TOTAL EQUITY 1,199,017 1,772,614 BEGINNING OF FINANCIAL YEAR 1,212,826 1,289,080
CASH AND CASH EQUIVALENTS AT END 10 OF FINANCIAL YEAR 1,501,544 1,212,826
The Accompanying Notes Form Part Of These Financial Statements 26 The Accompanying Notes Form Part Of These Financial Statements 27
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McCLELLAND SCULPTURE LTD McCLELLAND SCULPTURE LTD ACN 082 448 262 ACN 082 448 262
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 FOR THE YEAR ENDED 30 JUNE 2018
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
The Directors have prepared the financial statements on the basis that the Company is a non- Revenue and other income (Continued) reporting entity because there are no users who are dependent on its general-purpose financial statements. These financial statements are therefore special purpose financial statements that have Grant revenue (Continued) been prepared in order to meet the requirements of the Australian Charities and Not for Profits Commission Act 2012. The Company is a not-for-profit entity for financial reporting purposes If conditions are attached to the grant which must be satisfied before it is eligible to receive the under Australian Accounting Standards. contribution, the recognition of the grant as revenue will be deferred until those conditions are satisfied. Basis for Preparation When grant revenue is received whereby the Company incurs an obligation to deliver economic The financial statements have been prepared in accordance with the mandatory Australian value directly back to the contributor, this is considered a reciprocal transaction and the grant Accounting Standards applicable to entities reporting under the Australian Charities and Not for revenue is recognised in the statement of financial position as a liability until the service has been Profits Commission Act 2012 and the significant accounting policies disclosed below, which the delivered to the contributor, otherwise the grant is recognised as income on receipt. Directors have determined are appropriate to meet the needs of members. Such accounting policies are consistent with those of previous periods unless stated otherwise. Donations and bequests
The report has been prepared in using the following applicable Australian Accounting Standards: Donations are recognised as revenue when the intention of the donation has been expensed. The donation is recognised as a liability until the “intent” is delivered. Bequests are recognised as AASB 101: Presentation of Financial Statements; revenue when received. AASB 107: Statement of Cash Flows; AASB 108: Accounting Policies, Changes in Accounting Estimates and Errors; Interest revenue AASB 1048: Interpretation of Standards; AASB 1054: Australian Additional Disclosures. Interest revenue is recognised as it accrues using the effective interest rate method, which for floating rate financial assets is the rate inherent in the instrument. Dividend revenue is recognised No other applicable Accounting Standards, Australian Accounting Interpretations or other when the right to receive a dividend has been established authoritative pronouncements of the Australian Accounting Standards Board have been applied. Contract Services revenue Reporting Basis and Conventions Revenue from services rendered is recognised in profit or loss upon the delivery of service to the The financial statements, except for the cash flow information, have been prepared on an accruals customers. basis and are based on historical costs unless otherwise stated in the notes. Material accounting policies adopted in the preparation of these financial statements are presented below and have been All revenue is stated net of the amount of goods and services tax (GST). consistently applied unless stated otherwise. The amounts presented in the financial statements have been rounded to the nearest dollar. Income Tax
Revenue and other income No provision for income tax has been raised as the Company is exempt from income tax under Div 50 of the Income Tax Assessment Act 1997. Grant revenue Inventories Grant revenue is recognised in the statement of profit or loss and other comprehensive income / (loss) when the Company obtains control of the grant and it is probable that the economic benefits Inventories are measured at the lower of cost and current replacement cost. gained from the grant will flow to the Company and the amount of the grant can be measured reliably. Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits held at-call with banks and other short- term highly liquid investments with original maturities of three months or less. 28 29
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McCLELLAND SCULPTURE LTD McCLELLAND SCULPTURE LTD ACN 082 448 262 ACN 082 448 262
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 FOR THE YEAR ENDED 30 JUNE 2018
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Trade and Other Receivables Property, Plant and Equipment
Trade and other receivables include amounts due from donors and any outstanding grant receipts. Property, plant and equipment are brought to account at cost or at independent or Directors’ Receivables expected to be collected within 12 months of the end of the reporting period are valuation, less, where applicable, any accumulated depreciation or amortisation and any impairment classified as current assets. All other receivables are classified as non-current assets. in value. The carrying amount of property, 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 Trade and Other Payables assessed on the basis of the expected net cash flows, which will be received from the assets employment and subsequent disposal. The expected net cash flows have not been discounted to Trade and other payables represent the liability outstanding at the end of the reporting period for their present values in determining recoverable amounts. goods and services received by the Company during the reporting period, which remain unpaid. The balance is recognised as a current liability with the amount being normally paid within 30 days of The carrying values of plant and equipment are also reviewed for impairment when events or recognition of the liability. changes in circumstances indicate the carrying value may not be recoverable. If any impairment exists, the assets are written down to their recoverable amount and the loss recognised in the income Goods and Services Tax (GST) statement. The depreciable amount of all fixed assets including buildings and capitalised leased assets, but excluding freehold land, are depreciated over their useful lives commencing from the Revenues, expenses and assets are recognised net of the amount of GST, except where the amount time the assets held ready for use. of GST incurred is not recoverable from the Australian Taxation Office (ATO). Sculptures Collection – At Valuation Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or Sculptures are recognised at cost when purchased. Sculptures that have been contributed at no cost, payables in the statement of financial position. or for nominal cost, are initially recognised and measured at the fair value of the Sculpture at the date it is acquired. 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 Sculptures are revalued based on periodic, but at least triennial, valuations by an external as operating cash flows included in receipts from customers or payments to suppliers. independent valuer.
Employee Entitlements In periods when the Sculptures are not subject to an independent valuation, the Directors’ conduct Directors’ valuations to ensure the carrying amount for the Sculptures is not materially different to Short-term employee benefits the fair value.
Provision is made for the Company’s obligation for short-term employee benefits. Short-term Increases in the carrying amount arising on revaluation of Sculptures are recognised in other employee benefits are benefits (other than termination benefits) that are expected to be settled comprehensive income and accumulated in the revaluation surplus in equity. Revaluation decreases wholly before 12 months after the end of the annual reporting period in which the employees render that offset previous increases of the same class of assets shall be recognised in other comprehensive the related service, including wages, salaries and sick leave. Short-term employee benefits are income under the heading of revaluation surplus. All other decreases are recognised in profit or measured at the (undiscounted) amounts expected to be paid when the obligation is settled. loss.
The Company’s obligations for short-term employee benefits such as wages, salaries and sick leave are recognised as a part of accounts payable and other payables in the statement of financial position.
Contributions are made by the Company to an employee superannuation fund and are charged as expenses when incurred.
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McCLELLAND SCULPTURE LTD McCLELLAND SCULPTURE LTD ACN 082 448 262 ACN 082 448 262
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 FOR THE YEAR ENDED 30 JUNE 2018
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2018 2017 $$ Investments
Investments are held at market value and are classified as non-current assets. Any unrealised gains and losses for the investments are recognised as other comprehensive income / (loss). Realised NOTE 2 - OPERATING PROFIT / (LOSS) gains and losses are then reversed from other comprehensive income / (loss) and recorded in the (a) Operating Profit / (Loss) before Income Tax statement of comprehensive income / (loss) in the period in which they occur. has been determined after: Audit Fees 10,940 9,200 Comparative Figures Provision for Annual Leave ( 3,978 ) 9,613 Provision for Long Service Leave 11,782 18,212 Where required by Accounting Standards, comparative figures have been adjusted to conform with changes in presentation for the current financial year. (b) Operating Revenue Included in Operating Profit / (Loss) are the following items of Operating Revenue: Contract Services 210,000 210,000 Grants - Creative Victoria 115,500 110,000 - Frankston City Council 50,000 50,000 - Creative Partnerships Australia - 50,000 - Specific - 22,600 Rent 26,871 26,894 Memberships/Friends 15,936 12,280 Interest Received 7,706 23,566 Shop and Café Income 711,048 728,224 Donations & Fundraising 603,286 568,887 Investment Income 38,713 47,267 Profit on Sale Investments - 258,929 Loss on Sale investments ( 5,443 ) ( 19,266 ) Other Income 16,786 9,175 1,790,403 2,098,556 NOTE 3 - CASH AND CASH EQUIVALENTS Cash at Bank 1,500,694 1,210,092 Petty Cash & Other Cash Floats 850 2,734 1,501,544 1,212,826 NOTE 4 - OTHER ASSETS Curre nt Stock in Trade - at cost 23,694 33,657 Franking Credit Refunds 10,340 13,046 Prepayments - 227,980 Expenses Paid For Estate - 1,566 34,034 276,249
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McCLELLAND SCULPTURE LTD McCLELLAND SCULPTURE LTD ACN 082 448 262 ACN 082 448 262
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 FOR THE YEAR ENDED 30 JUNE 2018
2018 2017 2018 2017 $$ $$
NOTE 5 - SCULPTURES COLLECTION (AT VALUATION) NOTE 10 - NOTES TO THE STATEMENT OF CASH FLOWS Sculptures Collection (at Valuation) - 250,000 - 250,000 Reconciliation of Cash NOTE 6 - PROPERTY, PLANT AND EQUIPMENT For the purposes of this Statement of Cash Flows, cash includes cash on hand and at call deposits with Plant and Equipment 57,032 57,032 banks of financial institutions, net of bank overdrafts and investments in money market instruments Less Accumulated Depreciation ( 57,032 ) ( 57,032 ) maturing within less than three months. Cash at the end of the financial year as shown in the Statement of Education Pavilion 111,518 - Cash Flows is reconciled to the related items in the Statement of Financial Position as follows: Less Accumulated Depreciation - - 111,518 - Cash at Bank, Petty Cash and other Cash Floats 1,501,544 1,212,826 NOTE 7 - TRADE AND OTHER PAYABLES Reconciliation of Net Cash provided by Operating Activities to Operating Profit / (Loss) after Income Tax Curre nt Income in Advance 959,023 509,405 Operating Profit / (Loss) after Income Tax ( 570,705 ) 115,346 Trade Creditors and Accruals 82,425 154,828 Non Cash Flows in Operating Profit / (Loss): 1,041,448 664,233 Donation of Sculptures 568,182 - Changes in Assets & Liabilities: NOTE 8 - EMPLOYEE ENTITLEMENTS (Increase)/Decrease in Other Assets 17,215 ( 206,558 ) Short Term (Increase)/Decrease in Trade and Other Receivables 49,663 22,036 Annual Leave 56,380 60,358 Increase/(Decrease) in Employee Entitlements 7,805 ( 106,137 ) Long Service Leave 38,808 23,797 Increase/(Decrease) in Trade and Other Payables 377,215 45,979 95,188 84,155 Net Cash Provided by Operating Activities 449,375 ( 129,334 ) Long Term Long Service Leave - 3,228 NOTE 11 - RELATED PARTY TRANSACTIONS - 3,228 NOTE 9 - FINANCIAL ASSET RESERVE Dire ctors The names of Directors who have held office during the financial year are set out in the Directors Report. The Financial Assets Reserve records the unrealised gains and losses on Investments. Financial Assets Reserve There were no transactions during the year that resulted in income received or due and receivable by Opening Balance 19,325 244,673 Directors from the Company. The Directors were not remunerated during the year. Movement in Unrealised Gain / (Loss) on Investments ( 2,892 ) ( 225,348 ) 16,433 19,325 NOTE 12 - CONTINGENT LIABILITIES
No contingent liabilities exist as at 30 June 2018, or at 30 June 2017.
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McCLELLAND SCULPTURE LTD
ACN 082 448 262
DIRECTORS’ DECLARATION Shepard Webster & O’Neill Audit Pty Ltd Certified Practising Accountant, Authorised Audit Company ABN: 89 154 680 190 In accordance with a resolution of the Directors of McClelland Sculpture Ltd, the Directors declare that: McCLELLAND SCULPTURE LTD INDEPENDENT AUDIT REPORT 1. The financial statements and notes, as set out on pages 1 to 18, are in accordance with ACN 082 448 262 the Australian Charities and Not for Profits Commission Act 2012 and: Report on the Audit of the Financial Report a. comply with the Australian Accounting Standards applicable to the Company, the ACNC Regulations 2012 and any other mandatory professional reporting Opinion requirements; and We have audited the financial report of McClelland Sculpture Ltd, which comprises the Statement b. give a true and fair view of the financial position of the Company as at 30 June of Financial Position as at 30 June 2018, the Statement of Profit or Loss, Statement of Other 2018 and its performance for the year ended on that date in accordance with the Comprehensive Income / (Loss), Statement of Changes in Equity and Statement of Cash Flows for accounting policies described in Note 1 to the financial statements. the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the Directors’ declaration. 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. In our opinion, the accompanying financial report gives a true and fair view of the financial position of McClelland Sculpture Ltd as at 30 June 2018 and of its financial performance for the year then This declaration is made in accordance with a resolution of the Board of Directors. ended in accordance with the accounting policies described in Note 1 to the financial statements and the requirements Division 60 of the Australian Charities and Not-for-profits Commission Regulation 2013.
Basis for Opinion Director ………………………… Director ………………………… Susie Hamson Mike Kendall We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Company in accordance with the Dated this day of November 2018 ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110: Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter – Basis of Accounting
We draw attention to Note 1 to the financial report, which describes the basis of accounting. The financial report has been prepared for the purpose of fulfilling the Directors’ financial reporting responsibilities under the Australian Charities and Not-for-profits Commission Act 2012. As a result, the financial report may not be suitable for another purpose. Our opinion is not modified in respect of this matter.
Level 1 / 434 Nepean Highway, Frankston Victoria 3199 Liability limited by a P.O. Box 309, Frankston Victoria 3199 scheme approved 36 Shepard Webster & T: (03) 9781 2633 F: (03) 9781 3073 37 O’Neill Audit Pty Ltd under Professional E: [email protected] W: www.shepard.com.au is a CPA Practice Standards Legislation
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Shepard Webster & O’Neill Audit Pty Ltd Shepard Webster & O’Neill Audit Pty Ltd Certified Practising Accountant, Authorised Audit Company Certified Practising Accountant, Authorised Audit Company ABN: 89 154 680 190 ABN: 89 154 680 190
McCLELLAND SCULPTURE LTD McCLELLAND SCULPTURE LTD INDEPENDENT AUDIT REPORT (CONTINUED) INDEPENDENT AUDIT REPORT (CONTINUED) ACN 082 448 262 ACN 082 448 262
Information Other than the Financial Report and Auditor’s Report Thereon As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: The Directors of the Company are responsible for the other information. The other information comprises the information included in the Company’s annual report for the year ended 30 June • Identify and assess the risks of material misstatement of the financial report, whether 2018, but does not include the financial report and our auditor’s report thereon. Our opinion on the due to fraud or error, design and perform audit procedures responsive to those risks, and financial report does not cover the other information and accordingly we do not express any form of obtain audit evidence that is sufficient and appropriate to provide a basis for our assurance conclusion thereon. In connection with our audit of the financial report, our responsibility opinion. The risk of not detecting a material misstatement resulting from fraud is higher is to read the other information and, in doing so, consider whether the other information is than for one resulting from error, as fraud may involve collusion, forgery, intentional materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise omissions, misrepresentations, or the override of internal control. appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have • Obtain an understanding of internal control relevant to the audit in order to design audit nothing to report in this regard. procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Responsibilities of the Directors for the Financial Report • Evaluate the appropriateness of accounting policies used and the reasonableness of The Directors of the Company are responsible for the preparation of the financial report that gives a accounting estimates and related disclosures made by the Directors. true and fair view and have determined that the basis of preparation described in Note 1 to the financial report is appropriate to meet the requirements of the Australian Charities and Not-for- • Conclude on the appropriateness of the Directors’ use of the going concern basis of profits Commission Act 2012 and for such internal control as the Directors determine is necessary to accounting and, based on the audit evidence obtained, whether a material uncertainty enable the preparation of the financial report that gives a true and fair view and is free from material exists related to events or conditions that may cast significant doubt on the Company’s misstatement, whether due to fraud or error. ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the In preparing the financial report, the Directors are responsible for assessing the Company’s ability financial report or, if such disclosures are inadequate, to modify our opinion. Our to continue as a going concern, disclosing, as applicable, matters related to going concern and using conclusions are based on the audit evidence obtained up to the date of our auditor’s the going concern basis of accounting unless the Directors either intend to liquidate the Company or report. However, future events or conditions may cause the Company to cease to to cease operations, or have no realistic alternative but to do so. continue as a going concern.
The Directors of the Company are responsible for overseeing the Company’s financial reporting • Evaluate the overall presentation, structure and content of the financial report, including process. the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation. Auditor’s Responsibilities for the Audit of the Financial Report We communicate with the Directors regarding, among other matters, the planned scope and timing Our objectives are to obtain reasonable assurance about whether the financial report as a whole is of the audit and significant audit findings, including any significant deficiencies in internal control free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that that we identify during our audit. includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.
Level 1 / 434 Nepean Highway, Frankston Victoria 3199 Level 1 / 434 Nepean Highway, Frankston Victoria 3199 Liability limited by a Liability limited by a P.O. Box 309, Frankston Victoria 3199 P.O. Box 309, Frankston Victoria 3199 scheme approved scheme approved 38 Shepard Webster & T: (03) 9781 2633 F: (03) 9781 3073 Shepard Webster & T: (03) 9781 2633 F: (03) 9781 3073 O’Neill Audit Pty Ltd under Professional O’Neill Audit Pty Ltd under Professional E: [email protected] W: www.shepard.com.au E: [email protected] W: www.shepard.com.au 39 is a CPA Practice Standards Legislation is a CPA Practice Standards Legislation
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Shepard Webster & O’Neill Audit Pty Ltd Certified Practising Accountant, Authorised Audit Company ABN: 89 154 680 190
McCLELLAND SCULPTURE LTD INDEPENDENT AUDIT REPORT (CONTINUED) ACN 082 448 262
Dated at Frankston on the 8th of November 2018
SHEPARD WEBSTER & O’NEILL AUDIT PTY LTD Certified Practising Accountant Authorised Audit Company No 415478 434 Nepean Highway Frankston 3199, PO Box 309 Frankston Victoria 3199 Telephone (03) 9781 2633 – Fax (03) 9781 3073 Email – [email protected]
DAVID A SZEPFALUSY DIRECTOR
Back cover: Phil Price, Tree of Life 2012. Southern Way McClelland Commission 2012. Collection of McClelland Sculpture Park+Gallery. Level 1 / 434 Nepean Highway, Frankston Victoria 3199 Liability limited by a P.O. Box 309, Frankston Victoria 3199 scheme approved Shepard Webster & T: (03) 9781 2633 F: (03) 9781 3073 40 O’Neill Audit Pty Ltd under Professional E: [email protected] W: www.shepard.com.au is a CPA Practice Standards Legislation
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