SUPPORTING THE VICTORIAN SCREEN INDUSTRY

FILM VICTORIA ANNUAL REPORT 2014/15 ANNUAL REPORT 2014/15 FILM VICTORIA DESIGN INSIDE COVER IMAGE ABN 30214 952 770 Aer Design Cut Snake, Matchbox Pictures Published by Film Victoria PRINT INSIDE BACK COVER IMAGE Melbourne Victoria Australia Impact Digital Space Dust Racers, September 2015 Space Dust Studios This report is printed on Revive Laser, Also published on an Australian made 100% recycled* www.film.vic.gov.au uncoated paper. Revive Laser is FSC® © Copyright State of certified and carbon neutral. Victoria 2015 Revive also supports Landcare Australia. *The cover of this report is printed on This publication is copyright. 300gsm Revive Laser which is FSC® No part may be reproduced Mix Certified and 70% recycled. by any process except in accordance with the provisions of the Copyright Act 1968.

Authorised by the Victorian Government

CONTENTS INTRODUCTION 01 OUR YEAR IN REVIEW 10 REPORT OF OPERATIONS 12 FINANCIAL STATEMENTS 24 FILM VICTORIA

Film Victoria is the state government agency that provides The Act prescribes eight functions for Film Victoria: strategic leadership and assistance to the film, television and digital media sectors of Victoria. a. provide financial and other assistance to the film, television and multimedia industry in Victoria We invest in projects, businesses and people, and promote Victoria as a world-class production destination nationally b. promote, whether in Victoria or elsewhere, the use of locations and internationally. or services in Victoria for the production of any film, television or multimedia project We work closely with industry and government to position Victoria as an innovation leader through the growth and c. provide financial assistance, whether in Victoria or elsewhere, to development of the Victorian screen industry. organisations, events or activities including festivals, conferences, publications or exhibitions, where film or other screen-based Initially constituted as the Victorian Film Corporation in 1976 programs are made, seen or discussed under an Act of Parliament, the Corporation became Film Victoria in 1982 by virtue of the Film Victoria Act 1981. In 1997 the functions d. establish and facilitate, whether in Victoria or elsewhere, of Film Victoria were amalgamated with those of the State Film relationships for the development of film, television or Centre of Victoria to form Cinemedia Corporation, under the multimedia programs Cinemedia Act 1997. e. provide leadership to the film, television and multimedia The Film Act 2001 abolished Cinemedia and established industry in Victoria Film Victoria and the Australian Centre for the Moving Image as separate statutory authorities. f. develop strategic plans for the development and improvement of the film, television and multimedia industry in Victoria The Film Act 2001 requires Film Victoria to provide: ‘Strategic leadership and assistance to the film, television and multimedia g. advise the Minister on matters relating to the film, television industry of Victoria to encourage innovation and the creation of and multimedia industry in Victoria new projects of high quality that are of economic or cultural h. develop relationships or enter into partnerships with other benefit to Victoria.’ organisations, including government bodies, whether in Victoria or elsewhere, to improve the film, television and multimedia industry in Victoria.

INTRODUCTION 01 02 A MESSAGE FROM OUR BOARD PRESIDENT

2014/15 has been an encouraging The continued support of the Victorian Government is key to the ongoing success year for the Victorian screen of our industry in Victoria. I’d like to thank industry with $173.4 million spent the Premier, The Hon Daniel Andrews on 54 film, television and games MP and the Minister for Creative Industries, Martin Foley MP who have both projects commencing production demonstrated their strong commitment to with financial support from Film ensuring the Victorian screen industry has Victoria. These productions a strong and dynamic future. provided over 6,500 jobs for I would also like to thank The Hon Louise Victorians, while also providing Asher MP, who was our responsible Minister valuable business flow-through until 4 December 2014 when the new Government was sworn in, for her support to a range of Victorian companies. of Film Victoria and our industry throughout her term as Minister. The screen industry contributes significantly to the State’s overall economy providing Film Victoria is excited by the opportunities valuable business activity and employment presented by the Victorian Government’s in addition to the cultural, social and Creative Industries Strategy. We look creative benefits it delivers. forward to contributing to the strategy and assisting the Victorian Government to Film Victoria’s role in supporting the deliver its vision for Victoria to be Australia’s industry to develop and produce diverse, leading centre of creativity. high quality screen content told from an Australian perspective remains essential, My thanks to the Film Victoria Board particularly as finding domestic and members whose skills and experience international market support is becoming provide valuable guidance in setting the increasingly challenging due to the dramatic organisation’s strategic direction, while also shift in viewing preferences across small, ensuring that our governance standards mobile and large screens. remain strong.

After launching the 2014–17 Corporate In addition, I would like to thank Film Plan in June 2014 along with a suite of Victoria’s CEO Jenni Tosi for her continued improvements to programs and our Terms leadership of our organisation and her of Trade, much of this year was spent advocacy for the Victorian and national implementing new systems and processes. screen industry. My thanks also to the The response from the Victorian screen dedicated staff at Film Victoria for their industry has been very positive. efforts in another terrific year, and to the skilled industry practitioners who serve The Board and staff of Film Victoria on Film Victoria’s various committees. remain focused on identifying further ways The contribution and commitment of all in which we can operate more efficiently these individuals has helped to achieve while also delivering a range of initiatives the success of the Victorian screen to maximise growth opportunities in the industry in 2014/15. Victorian screen industry.

The Victorian Drama and Comedy Initiative is one example. This strategic partnership brokered with the ABC saw seven television projects commence production this financial year delivering a total value of $35.6 million Ian Robertson in production activity, while also providing President certainty of ongoing work for both Film Victoria businesses and crew.

INTRODUCTION 03 A MESSAGE FROM OUR CEO

The Victorian screen industry Six documentary features were supported operated at close to capacity this year including NEON, OTHER EARTHS – LIFE IN SPACE and ECCO HOMO. We look in 2014/15 with production in forward to the release of all these projects the feature film, television in the year ahead. and games sectors all A highlight this year was the success of experiencing high levels Victorian producer and director Robert of activity. It’s encouraging to Connolly’s feature, PAPER PLANES, supported by Film Victoria in 2012. The film see that in a highly competitive found huge popularity with families around global marketplace, Victorian Australia during its summer release, grossing practitioners continue to be over $9.6 million at the box office. able to create unique and Melbourne’s VFX houses were hard engaging content that appeals at work on TED 2, GODS OF EGYPT, to audiences worldwide. ANT-MAN and AVENGERS: AGE OF ULTRON among other projects. These This year’s result of $173.4 million in four projects accounted for $27.3 million leveraged activity is an excellent outcome. of activity, signalling the global awareness The employment opportunities generated of the talented VFX artists working here by this activity ensured that Victorian in Victoria. practitioners continued to create a diverse range of screen content across comedy, Victoria’s reputation as a centre for high documentary, animation, drama and games. quality television production enabled us to attract the NBCU six hour sci-fi drama Many of these opportunities enabled CHILDHOOD’S END to shoot on location talented practitioners to use their creativity and at Docklands Studios in Melbourne, in production and costume design, make-up with a further NBCU 13 part television and hair design, set and prop construction, series HUNTERS also being secured and cinematography, editing, sound recording commencing pre production in June 2015. and design, music composition, stunt work, visual effects and animation along with Meanwhile domestic television production the key disciplines of writing, producing remained buoyant with 23 projects and directing. commencing production over the year. These included returning series of THE Feature films were a major beneficiary DOCTOR BLAKE MYSTERIES, MISS of these highly skilled practitioners with the FISHER’S MURDER MYSTERIES, HOUSE production of nine projects including THE HUSBANDS, PLEASE LIKE ME, THE DRESSMAKER, LION, HOLDING THE MAN, ADVENTURES OF FIGARO PHO and LOOKING FOR GRACE and DOWNRIVER. NOWHERE BOYS along with new series These projects also saw international cast GLITCH, THE BEAUTIFUL LIE, EX-PM, such as Kate Winslet, Caroline Goodall, LITTLE LUNCH, RICKETTS LANE, KUU Dev Patel and Rooney Mara working KUU HARAJUKU and MOLLY. Many of alongside talented Victorians including Liam these projects were supported through Hemsworth, Ryan Corr and Radha Mitchell. the Victorian Drama and Comedy Initiative, a strategic partnership between Film Victoria and the ABC, which was announced in June 2014.

04 In the games sector this year, CROSSY Victorian practitioners were recognised In closing, I wish to acknowledge the ROAD by Melbourne based company for their achievements, with Bryce Menzies talented practitioners and businesses Hipster Whale was downloaded more and Nadia Tass receiving the John Howie that underpin the Victorian screen than 90 million times, taking over and Jill Robb Awards respectively. Anna industry. Without your drive, creativity USD $10 million in the first three months McLeish and Sarah Shaw were acknowledged and collaboration we wouldn’t have the of release. Film Victoria funded a total of with the Greg Tepper Award, while the rich and diverse content that has been 12 games this year, all of which demonstrated team at Loveshack Entertainment were produced in the state this past year. We original concepts with strong market acknowledged for their huge success with congratulate you on your achievements potential, adding to Victoria’s growing FRAMED receiving the Tim Richards Award. and look forward to assisting you to find international reputation as a centre continued success in the coming year. for games excellence. Film Victoria’s The Victorian Government recognises lead in addressing accessibility in our the value of film, television and games game guidelines has been recognised production to the economy. We are excited internationally with other countries by the prospect of contributing to the now introducing this practice. Creative Industries Strategy which will deliver new opportunities for collaboration Jenni Tosi A major piece of work undertaken and innovation within the screen sector and Chief Executive Officer during 2014/15 was the preparation of across other creative industries. Film Victoria the Film Friendly Guidelines developed to support the Filming Approval Act 2014 I’d like to thank Board President Ian which came into effect on 1 March 2015. Robertson for his continued guidance Film Victoria worked closely with other and support, along with all our Board public agencies and local councils to members who each continue to contribute ensure that compliance with the Act to the organisation’s and industry’s success could be easily implemented to enhance with great passion and enthusiasm. Victoria’s reputation as a film friendly destination. I’d also like to acknowledge the ongoing support of our Minister for Creative Supporting industry activities and events Industries, Martin Foley MP and the remains a core activity of Film Victoria as Victorian Government who are genuinely they are an excellent means of bringing committed to seeing our industry flourish. industry practitioners together to share The support of The Hon Louise Asher MP knowledge, update their skills, and during her term as responsible Minister was create new business opportunities and also most appreciated. relationships. A major highlight this year was the Screen Producers Australia’s I particularly want to acknowledge the Screen Forever Conference with renowned wonderful team of Film Victoria staff, who producer Gale Ann Hurd as the keynote continually find new and innovative ways to guest. Other key events included The assist the industry through the delivery of our TV Week Logie Awards, ADG Awards, many programs and services. Their passion Melbourne International Film Festival, and commitment continues to inspire and AACTA Awards, Indian Film Festival of deliver improved outcomes for the industry Melbourne, St Kilda Film Festival, RENDER and the organisation and I feel most fortunate Animation Conference and the Penny to work alongside each of them. Arcade Expo (PAX) conference, which saw over 48,000 gamers from around the world centre in on Melbourne for three days of intense game playing, technology updates and business networking.

INTRODUCTION 05 OUR VISION

OUR VISION OUR STRATEGIC OBJECTIVE 2 OBJECTIVES Promote screen culture A VICTORIAN Our Corporate Plan outlines our strategic SCREEN INDUSTRY objectives and priority areas for 2014–17. Engage audiences ǼǼ Provide support to film festivals, THAT IS CREATIVELY conferences and other screen OBJECTIVE 1 related activities and events AND FINANCIALLY ǼǼ Partner with linked organisations Position the Victorian screen which promote, discuss and show SUCCESSFUL, industry to create diverse and screen content. PRODUCING engaging content OBJECTIVE 3 HIGH QUALITY, Support creativity, ideas and talent ǼǼ Provide funding to develop strong Provide effective DIVERSE AND ideas and talented practitioners and efficient services ǼǼ Provide funding for the production ENGAGING of a diverse range of projects Promote and encourage ǼǼ Provide funding and advice to CONTENT FOR industry guilds and organisations ǼǼ Collaboration and responsiveness ǼǼ Provide opportunities for in our partnerships with industry, AUSTRALIAN AND skills development. agencies and government ǼǼ Strong governance and accountability ǼǼ Simplified processes, which can INTERNATIONAL Build businesses, innovation be responsive and adaptable and entrepreneurs AUDIENCES. ǼǼ Policies which advance the business ǼǼ Facilitate introductions and opportunities of creating screen content ǼǼ Encourage partnerships, co-production ǼǼ Staff to be helpful, proactive, solutions and networking oriented and forward thinking. ǼǼ Source and share market intelligence ǼǼ Encourage diversity and active engagement with new and existing OUR CORPORATE markets and audiences. GOVERNANCE Attract interstate and international From 4 December 2014 to 30 June 2015, production and businesses to Victoria we reported to the Minister for Creative ǼǼ Provide incentives and support for Industries, Martin Foley MP and worked production activity to locate in Victoria closely with Creative Victoria in the ǼǼ Promote Victoria as a location and Department of Economic Development, business destination for screen activity Jobs, Transport and Resources. ǼǼ Promote Victorian businesses and talent to new and existing markets. From 1 July 2014 to 3 December 2014, we reported to the Minister for Innovation, The Hon Louise Asher MP and the Department of State Development, Business and Innovation.

06 ORGANISATIONAL CHART (AS AT 30 JUNE 2015)

Minister for Creative Victoria, Film Victoria Board Creative Industries Department of Economic Development, Jobs, Martin Foley MP Transport & Resources

Chief Executive Officer

Jenni Tosi

Head of Screen Head of Screen Head of Finance & Industry Programs Industry Services Business Services

Ross Hutchens Sofia Adams Greg Reeves

Content Development Location & Production Finance Services

Business & Skills Human Resources Development Program Operations

Legal & Contracting Production Incentives Marketing & Communications

Information Technology Production Investment Events & Industry Activities Policy & Government Industry & Audience Relations Development

INTRODUCTION 07 OUR BOARD

Ian Robertson President Debra Allanson Ann Darrouzet Since September 2011 Since September 2010 Since September 2010

Ian is a corporate, regulatory and media Debra is an online media entrepreneur Ann has worked in the film and television lawyer who heads the media, entertainment with a background in film, television and industry for more than 30 years. She and technology practice of national law digital media including CEO, Board and is a graduate of the NSW University of firm Holding Redlich. He is also the national leadership roles for private, public and Technology and VCA, and has worked as managing partner of the firm. Ian has worked government businesses in Australia and a creator, executive producer and producer in and for the media and entertainment the UK. Debra is the CEO and co-founder across feature films, documentaries, long- industries for most of his career, including of Vui, a web application for creating form television and multiplatform content. in the 1980s as in-house counsel for David niche social video networks, channels Ann has won national and international Syme & Co Limited, publisher of The Age and playlists, and Mopoke a safe video awards including two AFIs, an International newspaper in Melbourne, and as a senior sharing platform for children. Debra is also Emmy, a Banff Rockie and two ATOM executive of the video, post production a Director of Ish Media, where she advises Awards. She has won the Sydney Film and facilities company, AAV Australia in start up ventures working in convergent Festival Dendy Award and the St Kilda Film South Melbourne. He became a partner areas of content, technology and innovation Festival Best Film Award for her short film of Holding Redlich in Melbourne in 1990 on their business and financing strategies, work. Ann is Managing Director of Westside and established the firm’s Sydney office and provides executive producer services Film & Television and has been engaged as in 1994. He is also a director of the ASX- to transmedia projects. an independent film production consultant listed production and distribution company, to federal government departments for the Beyond International Limited. Ian’s former past decade. appointments include deputy chair of the Australian Government screen agency Screen Australia, Board member of the Australian Broadcasting Authority, director and chair of Ausfilm, director and deputy chair of Film Australia Limited, and director of the predecessor agency to Film Victoria, Cinemedia. Ian is a Fellow of the Australian Institute of Company Directors.

David Parker Caroline Pitcher Since September 2010 Since February 2013

David’s first film MALCOLM, directed Caroline is the General Manager by Nadia Tass, was a critical and box for DDP Studios (Deluxe Australia), office success winning eight AFI awards the leading provider of digital and and releasing in 22 countries. His role as entertainment services to the film, producer, writer, cinematographer and television and advertising industries director continues in varying forms with worldwide. She is a Board member of features and television movies such as Ausfilm International the public/private THE BIG STEAL, STARK, AMY, HERCULES partnership organisation that connects RETURNS, PURE LUCK, KATH AND international filmmakers with the Australian KIMDERELLA, FATAL HONEYMOON screen industry, and is also the immediate with Harvey Keitel, and THE MENKOFF past President of the Screen Services METHOD. His 2010 film, MATCHING Association of Victoria. Caroline has over JACK, won Best Film, Best Director and twelve years’ experience working in the Best Screenplay at the Milan International film industry in general management, Film Festival in 2011. David’s company with marketing and business development roles Nadia, Cascade Films, owned and operated for both the government and private sectors the successful Melbourne Film Studio for including with Omnilab Media as Marketing 25 years. David was a commissioner on the and Business Development Director, CEO Australian Film Commission after an early at Ausfilm and General Manager at Film career as one of Australia’s foremost movie Victoria’s Melbourne Film Office. stills photographers.

08 Dan Fill Lyn Maddock AM, PSM Michael McMahon Since September 2010 Since October 2011 Since February 2010

Dan is the co-founder of Chocolate Lyn has more than 25 years of experience A former lawyer with extensive experience Liberation Front, an entertainment company as an executive in the public and private in arts and entertainment law, Michael was focused on high quality and innovative sectors, with a background in research Director of the Arts Law Centre of Australia projects. Dan is a producer of THE NEW and economics. For the past decade she and the National Indigenous Arts Advocacy ADVENTURES OF FIGARO PHO, 1001 has worked within the government and Association, and has served on boards of NIGHTS and OSCURA LOST LIGHT media sectors, including with the Australian several arts and cultural organisations. He as well as interactive documentaries Communications and Media Authority commenced producing film and television and activities for PBS, ITV, SBS, ABC, (ACMA) from 2005 to 2009 and as the projects in 1997. Michael is the Executive Nickelodeon, CBC and Working Dog. interim CEO of Screen Australia in 2008. Chairman and Commercial Director of Dan is also a passionate content creator Lyn has served on various boards including Matchbox Pictures. He is also Professor, of original intellectual properties as well Deputy/Acting Chair of ACMA and Deputy/ Film and Television at Swinburne University as a screenwriter. As the former Head of Acting Chair of the Australian Broadcasting of Technology. Multi-platform for ABC TV, Dan is one of the Authority. From 2009 to 2011, Lyn was the innovators who commissioned and launched Director of the Australian Antarctic Division. ABC iView. Prior to moving to Australia, Dan was Vice President of Toronto based Decode Entertainment (now DHX).

John Rundell Jan Sardi Daryl Talbot Since January 2014 Since September 2007 Since September 2011

John is a chartered accountant, and Jan is one of Australia’s eminent Daryl is CEO of WTFN Entertainment – an Managing Director of Stratica, a risk screenwriters. In 1997 he received independent television production company consulting firm and qualified security an Academy Award Nomination for based in Melbourne which produces assessor with offices in Melbourne, Sydney his screenplay for SHINE, as well as shows such as BONDI VET and the award and Hong Kong. He is a former partner nominations for BAFTA, the Writers winning story of conjoined twins TRISHNA of KPMG, working globally particularly in Guild of America, and the Golden & KRISHNA: THE QUEST FOR SEPARATE Asia. John has over 30 years’ experience Globes. He wrote and directed the LIVES. Daryl started at WTFN in 2001 after in accounting across both the public award-winning film LOVE’S BROTHER nearly 20 years working as a news reporter and private sectors. He is an accredited released in 2004. He also adapted the and producer for network television in mediator and arbitrator, listed on the hit films THE NOTEBOOK and MAO’S Australia and the UK. This included 15 years panels of numerous international arbitration LAST DANCER for the screen. His most at Australia’s Nine Network producing news, centres. He currently chairs the Risk recent project is THE SECRET RIVER, a documentaries and lifestyle shows. Under and Audit Committee of the Victorian two part mini-series for the ABC, based his leadership WTFN has grown to be one Department of Environment, Land, Water on the novel by Kate Grenville. Jan is also of Australia’s most dynamic independent and Planning. John is the Chair of the President of the Australian Writers’ Guild. television production companies. Daryl is ADR Committee of LawAsia and a former now focused on growing WTFN internationally director of a major state owned water by creating a new range of programs with authority where he also chaired its Risk broad appeal to global audiences. and Audit Committee.

INTRODUCTION 09 OUR YEAR IN REVIEW

THE BIG PICTURE OUR PROGRAMS AND INITIATIVES Through Film Victoria’s production funding and Each year Film Victoria provides financial support incentive programs we supported 54 film, television to feature film, television and games projects and and games projects that commenced production also to Victorian practitioners and businesses in Victoria in 2014/15. These projects spent an through our various funding programs or other estimated $173.4 million in the state and generated initiatives. A list of funding decisions for these 6,556 additional employment opportunities programs is available on Film Victoria’s website. for Victorians. Film Victoria also supports a variety of cultural FILM events delivered by industry organisations or other businesses with the aim of connecting We supported 19 feature films, including feature audiences with local and international screen documentaries, interstate and international content and culture. projects, which commenced production or post production in Victoria in 2014/15, leveraging FILM & TV $74.4 million in production expenditure. PRODUCTION Through our Assigned Production Investment – Film and Television TV program we committed funding support to37 projects:

We supported 23 television drama, comedy, ǼǼ 12 fiction feature films, with a total commitment of$2.243 million documentary and animation projects that began ǼǼ 12 fiction television projects, with a total commitment of $3.055 million production in Victoria in 2014/15, which leveraged ǼǼ 13 documentary feature or television projects, with a total $97 million of expenditure in the state. commitment of $876,000. In 2014/15 we partnered with the national broadcaster ABC to GAMES create the Victorian Drama and Comedy Initiative (VDCI), which will deliver 12 drama productions across 2015 and 2016. Through the We supported 12 games projects that VDCI we provided funding support to a further 9 fiction television moved into production in 2014/15, projects with a total commitment of $3.455 million. leveraging $2 million in Victoria. The total investment commitment to film and television production this year was $9.629 million.

CONNECTING WITH AN AUDIENCE ATTRACTION Film and television projects we supported We attracted2 projects to Victoria through our Production Investment Attraction Fund (PIAF) program and 4 projects through received 131.6 million Australian views in 2014/15. our PIAF Post, Digital and Visual Effects (PIAF PDV) program. Combined, they will spend an estimated $52.539 million in Victoria.

We supported 4 projects in 2014/15 through our Regional Locations Assistance Fund (RLAF) to undertake production in regional Victoria, injecting $930,000 into regional communities.

10 DEVELOPMENT INDUSTRY EVENTS & ACTIVITIES Through our Script Development programs and initiatives More than 2.575 million people engaged in screen culture we committed funding support to52 local projects: activities we supported or hosted in 2014/15. ǼǼ 38 fiction projects (24 features and 14 television projects), These include: with a total commitment of $833,142 ǼǼ 14 documentary projects (10 features and 4 television projects), ǼǼ TV Week Logie Awards with a total commitment of $150,000. ǼǼ Australian Academy of Cinema and Television Awards ǼǼ Screen Forever – Screen Producers Australia Conference The total investment commitment to script development ǼǼ Melbourne International Film Festival was $983,142. ǼǼ St Kilda Film Festival ǼǼ A range of other film festivals. GAMES Film Victoria facilitated a range of events and activities Through our Assigned Production Investment – Games program for the screen industry in 2014/15, including: we committed funding support to12 games projects with a total commitment of $825,000. ǼǼ Women in Games luncheon, August 2014 ǼǼ Film Victoria Screen Leader Awards, an industry networking Through our Games Release program we provided market release event that includes the Jill Robb and John Howie Awards funding to 3 projects with a total commitment of $75,000. presentation, October 2014 ǼǼ Writers’ masterclass with producer Gale Anne Hurd (USA) and a TRAVEL & SKILLS networking event for Victorian female producers, November 2014 ǼǼ Feature film script development information session, Through our International Travel program we committed$99,537 February 2015 in funding support to: ǼǼ Is your film viable in today’s market? presentation by Stacey Parks (USA), March 2015 ǼǼ 24 producers and game developers through our Business ǼǼ Stories Valued: ‘Horses for Courses’ in backing Australian program to attend international markets and undertake films panel presentation in collaboration with Screen Australia, targeted business travel March 2015 ǼǼ 10 practitioners to attend International Festivals where ǼǼ Feature film marketing and audience workshop by Peter their projects were in competition or screening. Buckingham (UK) in collaboration with Screen Australia, March 2015 Through our Skills programs we committed$380,120 in funding ǼǼ Film Victoria Seen & Screened, an industry networking event support to: celebrating projects screened in 2014 that includes the Greg ǼǼ 5 practitioners to undertake International Fellowships Tepper and Tim Richards 2015 Awards presentation, March 2015 ǼǼ 4 games development companies to provide professional ǼǼ Entertainment One & Hopscotch information and networking industry placements event, March 2015 ǼǼ 5 practitioners to undertake industry placement opportunities. ǼǼ THE SECRET RIVER special screening, March 2015 ǼǼ Foxtel television drama information session, April 2015 ǼǼ ABC broadcaster roadshow event, May 2015 ǼǼ Logies industry networking event, May 2015 ǼǼ Unmanned aerial vehicles (UAV) information session, May 2015 ǼǼ Indigenous practitioners networking event, May 2015 ǼǼ Creative Industries Strategy information and discussion forum, June 2015 ǼǼ The Festival of Phryne Fisher special screening and panel session, June 2015 ǼǼ Animation masterclass with Matthew Darragh (Ireland), June 2015.

OUR YEAR IN REVIEW 11 REPORT OF OPERATIONS 2014/15

ACCOUNTABLE OFFICER’S MAJOR CHANGES OR FACTORS DECLARATION AFFECTING ACHIEVEMENT In accordance with the Financial Management Act 1994, OF OBJECTIVES I am pleased to present the Annual Report for Film Victoria Film Victoria achieved higher than expected outcomes in 2014/15 for the year ending 30 June 2015. due to additional industry support from the Victorian Government. In June 2014, the Victorian Government announced the Victorian Drama Comedy Initiative and seven out of the 12 projects to be commissioned through this initiative commenced production in 2014/15. Ian Robertson President Film Victoria also received additional funding from the Victorian Film Victoria Government to attract one international television production.

24 August 2015 Expenditure leveraged through this and several other larger-scale productions generated expenditure in Victoria above the 2014/15 target but below the previous year’s performance. OPERATIONAL AND BUDGETARY OBJECTIVES AND PERFORMANCE AGAINST OBJECTIVES Film Victoria reports to government on a series of budgetary and performance outputs with associated targets. Results for the 2014/15 reporting period are:

PERFORMANCE UNIT OF 2014/15 2014/15 INDICATOR MEASURE TARGET ACTUAL VARIANCE (%) RESULT(1) Value of film, television and $ million $120.0 $173.4 45 ü digital media production supported by Film Victoria production Additional employment number 5,000 6,556 31 ü from production supported by Film Victoria

Note (1) ü = performance target exceeded

12 FIVE YEAR FINANCIAL SUMMARY

30-JUN-2015 30-JUN-2014 30-JUN-2013 30-JUN-2012 30-JUN-2011 $ $ $ $ $ Revenue from Government 19,871,230 21,939,134 15,317,163 17,541,463 22,416,426 Other revenue 1,435,684 2,122,469 2,607,103 2,919,970 3,050,564 Total revenue 21,306,914 24,061,603 17,924,266 20,461,433 25,466,990 Total project costs 15,852,665 20,361,611 15,701,961 15,547,946 17,903,124 Net operating result (812,923) (2,706,398) (4,983,655) (2,083,022) (253,275) Net cash flow (1,266,879) (2,082,374) (6,173,057) 1,289,711 4,486,077 Total assets 24,846,871 25,458,102 28,483,624 32,552,887 34,567,501 Total liabilities 1,848,403 1,646,711 1,965,836 1,051,445 983,035

ALLOCATION OF CASH ASSETS Outstanding commitments (1) 12,952,191 16,463,175 17,692,606 20,298,110 20,579,849 Commitment to program expenditure (614,736) (4,256,253) (4,903,309) (2,830,757) (932,804) Cash Flow Facility funds 9,990,865 11,388,277 12,888,277 14,383,277 10,913,873 Total cash assets 22,328,320 23,595,200 25,677,574 31,850,630 30,560,918

Receivables – including Producer Loans 1,154,207 235,639 1,121,166 499,356 3,549,970 Property, plant and equipment 1,248,267 1,456,784 1,617,939 202,901 456,613 Total non-cash assets 2,518,551 1,862,902 2,806,049 702,257 4,006,583 Total Assets 24,846,871 25,458,102 28,483,624 32,552,887 34,567,501

Notes (1) Commitments for 2014/15, 2013/14, 2012/13 and 2011/12 include GST. 2010/11 excludes GST.

REPORT OF OPERATIONS 13 OVERVIEW OF FINANCIAL PERFORMANCE AND POSITION DURING 2014/15

REVENUE FROM GOVERNMENT SIGNIFICANT CHANGES OR FACTORS The total funding package from government to Film Victoria AFFECTING PERFORMANCE was $19.9 million in 2014/15, of which $15.5 million is controlled There were no significant changes or factors which by Film Victoria and $4.4 million is administered by Film Victoria. affected our performance during the reporting period. Total government funding in 2014/15 was lower than 2013/14 as a result of the previous year’s one-off funding to attract a NET CASH FLOW major international production. The major factors affecting the variability of net cash flows are program payments and cash flow loans. During 2014/15 there was OTHER REVENUE a decrease in net cash flows, due to a reprioritisation of funding from the Cash Flow Facility to Film Victoria, offset by reduced Other revenue in 2014/15 is lower than previous years as a program payments related to prior years. The net result was a result of a decrease in interest revenue on cash investments decrease in cash held by Film Victoria. due to low interest rates, and lower program repayments. Film Victoria introduced new Terms of Trade from 1 July 2014, which Further details of cash flows are contained in the Financial assigned Film Victoria’s recoupment rights to the producer for their Statements of this Annual Report. benefit. We also established more cost-effective fees for applicants. Development repayment requirements remain and, as with previous years, are directed back into programs during the financial year. TOTAL ASSETS The decrease in total assets during 2014/15 is predominantly NET OPERATING RESULT due to the decrease in cash assets outlined above. Timing factors influence how our finances are reported. These timing factors are outlined below. OUTSTANDING COMMITMENTS

Film Victoria is required to recognise all government funding The value of outstanding commitments represents the level of as well as other income it receives as revenue within the financial commitments still to be disbursed by Film Victoria as at financial year that it is received. 30 June 2015. Disbursement is dependent on the achievement of contracted milestones and deliverables due in the future. The During a financial year a substantial portion of the revenue received increase in outstanding commitments for 2014/15 reduces the is allocated to various funding programs that result in financial accounting deficit and reduction of cash reserves arising from commitments to successful applicants. In turn, a substantial portion the transfer from the Cash Flow Facility to Film Victoria. of the financial commitments may remain undisbursed at the end of the financial year. This is primarily due to contracted milestones or deliverables that are still outstanding after contracts are executed. COMMITMENT TO PROGRAM EXPENDITURE As a result, during any one financial year, Film Victoria may make This is the aggregate amount of cash held and committed to disbursements that arise from financial commitments outstanding fund projects or activities supported through industry programs from prior years. and initiatives and outstanding balance sheet liabilities as at 30 June 2015. Due to funding pressures and an ongoing high During a financial year there may be additional program expenditure level of demand on available funding, the balance this year is commitments made, and partly or wholly disbursed using funds negative and will be funded from future government appropriation. received in previous years. The improvement in the net operating result in 2014/15 is primarily CASH AVAILABLE ONLY FOR due to increased program commitments (and reduced payments) related to prior years. As a result, there is an accounting deficit THE CASH FLOW FACILITY of $0.8 million for 2014/15. This is the aggregate amount of cash available to meet future Cash Flow Facility loans. During 2014/15 a transfer from the Cash Flow Facility to Film Victoria was approved. These cash holdings SIGNIFICANT CHANGES are also represented in the total assets balance as at 30 June 2015. IN FINANCIAL POSITION There were no significant matters which changed our financial SUBSEQUENT EVENTS position during the reporting period. There have been no events subsequent to the balance sheet date affecting the operations of Film Victoria.

14 RISK MANAGEMENT EMPLOYMENT AND CONDUCT PRINCIPLES COMPLIANCE ATTESTATION We abide by the principles outlined in the Public Administration I, Ian Robertson certify that Film Victoria has complied with the Act 2004. These principles include: Ministerial Standing Direction 4.5.5 – Risk Management Framework ǼǼ Responsiveness and Processes. Film Victoria’s Audit Committee verifies this. ǼǼ Integrity ǼǼ Impartiality ǼǼ Accountability ǼǼ Respect ǼǼ Leadership Ian Robertson ǼǼ Human rights. President Film Victoria All staff members are provided with a copy of the Code of Conduct for the Victorian Public Sector upon joining our organisation. 24 August 2015 Further information regarding the ethical and professional values of our organisation is outlined in our Film Victoria Collective Agreement, which can be found at film.vic.gov.au. OCCUPATIONAL HEALTH AND SAFETY The Film Act 2001 also provides guidance for our executive Under the Occupational Health and Safety Act 2004, Film Victoria and staff on conflict of interest issues. has a responsibility to provide facilities to ensure that the health and welfare of all employees is protected. We are responsible for We are an equal opportunity employer and are governed by ensuring that, where practicable, the workplace is safe and without the principles of the Equal Opportunity Act 2010, as well as being risk to the health and safety of all staff members. Our Occupational bound by the privacy standards articulated in the Privacy and Data Health and Safety Committee, which meets quarterly, has employee Protection Act 2014. We are committed to applying merit and equity representation from management and staff. principles when appointing staff. We provide position descriptions for all employees and potential candidates and have established 2014/15 2013/14 2012/13 procedures for recruiting new staff members to ensure that applicants are assessed and evaluated fairly. Reported hazards/ 1 5 4 incidents/near misses Number of claims 0 0 0 ‘Lost time’ standard claims n/a n/a n/a Average cost per claim n/a n/a n/a

REPORT OF OPERATIONS 15 COMPARATIVE WORKFORCE DATA(iii)(iv)(v) TABLE 1: FULL TIME EQUIVALENT (FTE)(i) STAFFING TRENDS FROM 2011 TO 2015

2015 2014 2013 2012 2011 33 35.8 40.8 44.2 49.3

TABLE 2: EMPLOYMENT STATUS OF EMPLOYEES

ONGOING EMPLOYEES(ii) FIXED TERM AND CASUAL EMPLOYEES EMPLOYEES FULL TIME PART TIME FTE(iii) FTE(iii) (HEADCOUNT) (HEADCOUNT) (HEADCOUNT) Jun-15 25 23 2 24.6 8.4 Jun-14 25 23 2 24.6 11.2

TABLE 3: WORKFORCE COMPOSITION

JUNE 2015 JUNE 2014

FIXED TERM FIXED TERM AND CASUAL AND CASUAL ONGOING(ii) EMPLOYEES ONGOING(ii) EMPLOYEES EMPLOYEES EMPLOYEES EMPLOYEES EMPLOYEES EMPLOYEES EMPLOYEES (HEADCOUNT) (FTE) (FTE) (HEADCOUNT) (FTE)(iii) (FTE)(iii) GENDER Male 7 7 1.6 7 7 2.6 Female 18 17.6 6.8 18 17.6 8.6 Tot a l 25 24.6 8.4 25 24.6 11.2 AGE Under 25 0 0 0 0 0 0 25—34 9 9 2.2 8 7.8 4.4 35—44 9 8.6 2.6 10 9.8 2.2 45—54 5 5 2.6 5 5 1.6 55—64 2 2 1 2 2 3 Over 64 0 0 0 0 0 0 Tot a l 25 24.6 8.4 25 24.6 11.2 CLASSIFICATION VPS 1 0 0 0 0 0 0 VPS 2 0 0 0 0 0 0 VPS 3 6 6 1.6 6 6 3.8 VPS 4 7 7 1 7 7 1 VPS 5 5 4.8 5.8 5 4.8 6.4 VPS 6 4 3.8 0 4 3.8 0 STS 0 0 0 0 0 0 Exec Officer 3 3 0 3 3 0 Tot a l 25 24.6 8.4 25 24.6 11.2

Notes (i) 2015 FTE excludes two full-time, ongoing vacant positions (ii) Ongoing employees includes people engaged on an open ended contract of employment and executives engaged on a standard executive contract who were active in the last full pay period of June (iii) FTE means full time staff equivalent (iv) All figures reflect employment levels during the last full pay period in June of each year (v) Excluded are those on leave without pay or absent on secondment, external contractors/consultants, and temporary staff employed by employment agencies, and a small number of people who are not employees but appointees to a statutory office, as defined in the Public Administration Act 2004.

16 INDUSTRIAL DISPUTES DETAILS OF CONSULTANCIES UNDER $10,000 We work cooperatively with the Community and Public Sector In 2014/15 Film Victoria engaged no consultancies where the Union (CPSU), the Media Entertainment and Arts Alliance (MEAA) total fees payable to the consultants was less than $10,000. and staff representatives. No days were lost in the year as a result of an industrial dispute. GOVERNMENT ADVERTISING EXPENDITURE ENTERPRISE AGREEMENT Film Victoria’s expenditure in the 2014/15 reporting period on government campaign expenditure did not exceed $150,000. The Film Victoria Collective Agreement 2012 was approved by Fair Work Australia and came into effect on 16 January 2013. The terms and conditions of the current Agreement are largely OFFICE BASED ENVIRONMENTAL IMPACTS in alignment with the terms and conditions of the Victorian Film Victoria endeavours to reduce its environmental impact where Public Service Workplace Determination 2012. possible, noting it has limited control over some impacts as a tenant of a shared office building. For instance, Film Victoria encourages VICTORIAN INDUSTRY PARTICIPATION POLICY recycling, uses recycled paper, and uses a timer to automatically switch off the lights and heating during the evenings and weekends. In October 2003, the Victorian Parliament passed the Victorian Film Victoria has recently implemented new business processes that Industry Participation Policy Act 2003, which requires public are expected to reduce the level of paper and printing usage and bodies and departments to report on the implementation of 2014/15 will provide a baseline for future comparison. the Victorian Industry Participation Policy (VIPP). Departments and public bodies are required to apply VIPP in all tenders over INDICATOR 2014/15 $3 million in metropolitan Melbourne and $1 million in regional Victoria. Film Victoria completed no tenders or contracts to Total units of copy paper used (reams) 223 which the VIPP applied during the reporting period. Percentage of 75–100% recycled content 95.7 copy paper purchased (%) DETAILS OF CONSULTANCIES OVER $10,000 Average daily energy usage (kWh) 153.7 In 2014/15, there were two consultancies where the total Average quarterly greenhouse gas emissions (tonnes) 16.26 fees payable to the consultant was $10,000 or greater. Percentage of electricity purchased as green power (%) 100 The total expenditure incurred during 2014/15 in relation to these consultancies is $57,116 (excluding GST).

CONSULTANT PURPOSE OF START END TOTAL APPROVED EXPENDITURE FUTURE CONSULTANCY DATE DATE PROJECT FEE 2014/15 EXPENDITURE (EXCLUDING GST) (EXCLUDING GST) (EXCLUDING GST) $ $ Facilitate introductions 2026 LLC to US based film and Aug-14 Dec-14 20,447 20,447 Nil television businesses Sapere Research Evaluate Indian Film Sep-14 Jan-15 36,669 36,669 Nil Group Festival of Melbourne

REPORT OF OPERATIONS 17 FREEDOM OF INFORMATION The Independent Broad-based Anti-corruption Commission (IBAC) Victoria The Freedom of Information Act 1982 allows the public a right Level 1, North Tower of access to documents held by Film Victoria. Film Victoria 459 Collins Street had no applications in 2014/15. MELBOURNE VIC 3000

Making a request Phone 1300 735 135 Access to documents may be obtained through written request Mail IBAC, GPO Box 24234, Melbourne, VIC 3001 to the Freedom of Information Manager, as detailed in section 17 Internet www.ibac.vic.gov.au of the Freedom of Information Act 1982. In summary, the Email See the website above for the secure email disclosure requirements for making a request are: process, which also provides for anonymous disclosures. a. It must be in writing Film Victoria has established procedures for the protection of persons from detrimental action in reprisal for making a protected b. It must clearly identify which documents are being disclosure about Film Victoria or its employees. You can access requested, and Film Victoria’s procedures directly from Film Victoria. c. Include the application fee (the fee may be waived in certain circumstances). ADDITIONAL INFORMATION AVAILABLE ON REQUEST Requests for documents in the possession of Film Victoria should be addressed to: In compliance with the requirements of the Standing Directions of the Minister for Finance, details in respect of the items listed below Freedom of Information Manager have been retained by us and are available on request, subject to Film Victoria the provisions of the Freedom of Information Act 1982. Level 3, 55 Collins Street MELBOURNE VIC 3000 In compliance with best practice disclosure policies and where relevant, details about some of the following matters have been Requests can also be lodged online at www.foi.vic.gov.au. disclosed in the Report of Operations:

Access charges may apply once documents have been processed a. A statement that declarations of pecuniary interests have and a decision on access is made, for example, photocopying been duly completed by all relevant officers and search and retrieval charges. Further information regarding Freedom of Information can be found at www.foi.vic.gov.au. b. Details of shares held by senior officers as nominee or held beneficially in a statutory authority or subsidiary BUILDING ACT 1993 c. Details of publications produced by us about our activities and where they can be obtained Film Victoria does not own or control any government buildings and consequently is exempt from notifying its compliance with d. Details of changes in prices, fees, charges, rates and levies the building and maintenance provisions of the Building Act 1993. charged by us for services, including services that are administered

e. Details of any major external reviews carried out in respect NATIONAL COMPETITION POLICY of the operation of Film Victoria Competitive neutrality seeks to enable fair competition between government and private sector businesses. Any advantages or f. Details of any other research and development activities disadvantages that government businesses may experience, simply undertaken by Film Victoria as a result of government ownership, should be neutralised. Film g. Details of overseas visits undertaken including a summary Victoria continues to implement and apply this principle in its of the objectives and outcomes of each visit business undertakings. h Details of major promotional, public relations and marketing activities COMPLIANCE WITH THE PROTECTED undertaken to develop community awareness of our services DISCLOSURE ACT 2012 i. Details of assessments and measures undertaken to improve the occupational health and safety of employees The Protected Disclosure Act 2012 (Vic) encourages and assists people to make disclosures of improper conduct or detrimental j. A general statement on industrial relations within the action by public officers and public bodies. The Act provides organisation and details of time lost through industrial protections to people who make disclosures in accordance with accidents and disputes the legislation and establishes a system for the matters disclosed to be investigated and for rectifying action to be taken. k. A list of major committees sponsored by Film Victoria, the purposes of each committee, and the extent to which Film Victoria does not tolerate improper conduct by employees, nor the purposes have been achieved the taking of reprisals against those who come forward to disclose such conduct. Film Victoria is committed to ensuring transparency l. Details of all consultancies and contractors including: and accountability in its administrative and management practices, > consultants/contractors engaged and supports the making of disclosures that reveal improper > services provided, and conduct. Film Victoria will take all necessary steps to best > expenditure committed to each engagement. manage the welfare of individuals who make such disclosures. This information is available on request from: Reporting procedures Head of Finance and Business Services The responsible authority for receiving disclosures of improper Film Victoria conduct or detrimental action by Film Victoria or its employees is Level 3, 55 Collins Street the Independent Broad-based Anti-corruption Commission (IBAC). MELBOURNE VIC 3000

18 FILM VICTORIA COMMITTEES EVALUATION AND ADVISORY COMMITTEE AND ASSESSMENT PANELS This committee consists of suitably qualified and experienced practitioners across film and television to consider applications Film Victoria has a number of committees and panels that assist to the Assigned Production Investment – Film and Television with and assess funding applications. These committees and panels program, providing recommendations to the Board. A minimum comprise both internal staff members, members of the Film Victoria of five members must be convened from the following: Board and screen industry practitioners with appropriate skills and experience for effective peer assessment. ǼǼ CEO, Film Victoria (Chair) ǼǼ David Parker, Board member Staff members who participated in assessment meetings ǼǼ Jan Sardi, Board member in 2014/15 financial year were: ǼǼ Daryl Dellora, external member ǼǼ Fiona Eagger, external member ǼǼ CEO, Jenni Tosi ǼǼ Anna Grieve, external member ǼǼ Head of Screen Industry Programs, Ross Hutchens ǼǼ Alan Hardy, external member ǼǼ Head of Finance and Business Services, Greg Reeves ǼǼ Kelly Lefever, external member ǼǼ Manager – Incentives and Business Support, Sue Edwards ǼǼ Richard Lowenstein, external member ǼǼ Development and Investment Manager, Jeni McMahon ǼǼ Dee McLachlan, external member ǼǼ Development and Investment Manager, Franziska Wagenfeld ǼǼ Anna McLeish, external member (until 12 June 2015) ǼǼ Craig Monahan, external member ǼǼ Development and Investment Manager, Cathy Rodda ǼǼ Sonya Pemberton, external member (from 19 May 2015) ǼǼ Andrew Wiseman, external member ǼǼ Industry Project Manager, Jana Blair ǼǼ Manager – Script Development, Clea Frost The committee met on six occasions and assessed 54 applications, ǼǼ Manager – Games, Digital Content and Animation, Clara Reeves of which 37 were approved. (until 5 March 2015) ǼǼ Manager – Games and Digital Content, Liam Routt (from 17 February 2015) PRODUCTION INCENTIVE ATTRACTION ǼǼ Industry Programs Coordinator, Madeline Getson FUND (PIAF) COMMITTEE ǼǼ Legal Manager, Michelle Rubin The committee meets as required to assess and approve ǼǼ Lawyer, Alison Bird applications to the Production Incentive Attraction Fund programs (PIAF and PIAF PDV) and the Regional Locations Assistance Fund AUDIT AND RISK COMMITTEE (RLAF). In 2014/15 the PIAF Committee also assessed applications to the Victorian Drama and Comedy Initiative (VDCI). When This committee oversees and reviews the processes of management considering applications, there must be four voting members and the internal and external audit function with a view to from the following: achieving strategic objectives efficiently and effectively. It guides the Board, the Chief Executive Officer and the Head of Finance ǼǼ Ian Robertson, Board President (Chair) and Business Services and assists the organisation and the Minister ǼǼ Debra Allanson, Board member in the discharge of their respective responsibilities for financial ǼǼ Lyn Maddock, Board member performance, financial reporting, compliance, internal control ǼǼ CEO, Film Victoria systems, audit activities, risk management and any other matters ǼǼ Head of Screen Industry Programs referred to it by the organisation. The committee also oversees ǼǼ Head of Finance and Business Services and reviews the risks associated with the Cash Flow Facility and ǼǼ A Film Victoria Legal Representative (voting member assesses applications to the program for recommendation to the in the absence of CEO, Head of Screen Industry Programs, Board for final approval. The Audit and Risk Committee met on six or Head of Finance and Business Services) occasions in 2014/15. All four current members are independent. ǼǼ Manager – Production Incentives and Business Support (non-voting) ǼǼ Lyn Maddock, Board member (Chair) ǼǼ David Hanna, external member ǼǼ Debra Allanson, Board member ǼǼ John Rundell, Board member The committee met on eight occasions and assessed 21 applications, ǼǼ Jo Dawson, external member (until 27 January 2015) of which 18 were approved. ǼǼ Jeremy King, external member

REPORT OF OPERATIONS 19 BUSINESS AND SKILLS DEVELOPMENT DOCUMENTARY DEVELOPMENT ASSESSMENT PANEL ASSESSMENT PANEL This panel assesses applications to the International Travel – This panel assesses applications to the Documentary Development Business, International Travel – Festivals, Games Professional and Development on Demand Documentary programs, providing Placements and International Fellowships funding programs, recommendations to the CEO. The panel must comprise a minimum providing recommendations to the CEO or Head of Screen Industry of three of the following: Programs. It also assesses Indigenous initiatives and other special initiative programs relevant to business and skills development. ǼǼ CEO The panel must comprise a minimum of three of the following ǼǼ Head of Screen Industry Programs internal panel members: ǼǼ Development and Investment Manager(s) ǼǼ Manager – Script Development ǼǼ CEO ǼǼ Manager – Production Incentives and Business Support ǼǼ Head of Screen Industry Programs ǼǼ External assessors (as required) ǼǼ Manager – Production Incentives and Business Support ǼǼ Development and Investment Manager(s) External assessors engaged in the 2014/15 financial year included: ǼǼ Manager – Script Development ǼǼ Manager – Games, Digital Content and Animation ǼǼ Anna Grieve (October 2014 only) ǼǼ Industry Projects Manager ǼǼ Andrew Wiseman (March 2015 and June 2015) ǼǼ Industry Programs Coordinator The panel met on four occasions and assessed 24 applications, In addition, the panel may engage external assessors as required. of which 14 were approved.

The panel met on 26 occasions and assessed 123 applications, FICTION DEVELOPMENT ASSESSMENT PANEL of which 48 were approved. This panel assesses applications to the Feature Film Development, Development On Demand – Features, Development On Demand – DIGITAL MEDIA ASSESSMENT PANEL Television, Animation – Proof of Concept, and High End Television This panel assesses applications to the Assigned Production Concept programs, providing recommendations to the CEO. The Investment – Games and Games Release funding programs, assessment panel comprises a minimum of one internal panel providing recommendations to the CEO or Board for final member from the following: approval. The panel must comprise a minimum of one and maximum of three of the following internal panel members: ǼǼ CEO ǼǼ Head of Screen Industry Programs ǼǼ CEO ǼǼ Manager – Script Development ǼǼ Head of Screen Industry Programs ǼǼ Manager – Production Incentives and Business Support ǼǼ Manager – Games, Digital Content and Animation ǼǼ Development and Investment Manager(s) ǼǼ Development and Investment Manager(s) The panel also includes a minimum of two and maximum of The panel also comprises external panel members with relevant four external assessors. External script development assessors skills and experience. A minimum of three and maximum of five engaged in the 2014/15 financial year included: of the following external members attend each meeting: ǼǼ Ranald Allan ǼǼ Ben Britten Smith (until 11 November 2014) ǼǼ Aaron Anderson (from 13 April 2015) ǼǼ Matt Ditton ǼǼ Elizabeth Coleman ǼǼ Dan Fill (Board member) (until 11 November 2014) ǼǼ Andy Cox ǼǼ Nick Hagger (until 30 June 2015) ǼǼ Leah Estrin (from 13 September 2014) ǼǼ Matthew Hall (until 18 April 2015) ǼǼ Gregg Goldin ǼǼ Simon Joslin ǼǼ Louise Gough (until 30 June 2015) ǼǼ Cam Lee (until 11 November 2014) ǼǼ Alan Hardy ǼǼ Moran Paldi (until 11 November 2014) ǼǼ Regina Lee ǼǼ Harry Ravenswood (until 11 November 2014) ǼǼ Anthony Lucas ǼǼ Liam Routt (until 17 February 2015) ǼǼ Sue Masters ǼǼ Andrew Symons ǼǼ Anna McLeish ǼǼ Megan Summers ǼǼ Alison Nisselle ǼǼ Dave Surman ǼǼ Scott Oberholtzer ǼǼ Daniel Visser ǼǼ Tim Pye (from 27 May 2015) ǼǼ Jan Sardi The panel met on six occasions and assessed 38 applications, ǼǼ Sue Taylor (from 25 June 2015) of which 15 were approved. ǼǼ Brian Udovich (from 20 September 2014) ǼǼ Sam White

The panel met on 22 occasions and assessed 84 applications, of which 38 were approved.

20 INDUSTRY AND AUDIENCE DEVELOPMENT ASSESSMENT PANEL This panel assesses applications to the Industry Activities, Audience Access and Regional Audience Access funding strands, providing recommendations to the CEO or Head of Screen Industry Programs. In 2014/15 the panel also assessed applications to attend the MIFF 37South PostScript & Direct event. The panel must comprise a minimum of three of the following internal panel members:

ǼǼ CEO ǼǼ Head of Screen Industry Programs ǼǼ Development and Investment Manager(s) ǼǼ Manager – Games, Digital Content and Animation ǼǼ Manager – Script Development ǼǼ Manager – Production Incentives and Business Support ǼǼ Industry Projects Manager ǼǼ Industry Programs Coordinator

In addition, the panel may engage external assessors as required.

The panel met on four occasions and assessed 23 applications, of which 21 were approved.

REPORT OF OPERATIONS 21 DISCLOSURE INDEX

The annual report of Film Victoria is prepared in accordance with all relevant Victorian legislations and pronouncements. This index has been prepared to facilitate identification of the Department’s compliance with statutory disclosure requirements.

LEGISLATION REQUIREMENT PAGE REFERENCE MINISTERIAL DIRECTIONS REPORT OF OPERATIONS – FINANCIAL REPORTING DIRECTIONS GUIDANCE Charter and purpose FRD 22F Manner of establishment and the relevant Ministers 1 & 6 FRD 22F Purpose, functions, powers and duties 1 FRD 22F Initiatives and key achievements 10–11 FRD 22F Nature and range of services provided 6

Management and structure FRD 22F Organisational structure 7

Financial and other information FRD 22F Government advertising expenditure 17 FRD 22F Performance against objectives 12 FRD 10 Disclosure index 22–23 FRD 22F Employment and conduct principles 15 FRD 22F Occupational health and safety policy 15 FRD 22F Summary of the financial results for the year 13 FRD 22F Significant changes in financial position during the year 14 FRD 22F Major changes or factors affecting performance 14 FRD 22F Subsequent events 14

FINANCIAL REPORT FRD 22F Application and operation of Freedom of Information Act 1982 18 FRD 22F Compliance with building and maintenance provisions of Building Act 1993 18 FRD 22F Statement on National Competition Policy 18 FRD 22F Application and operation of the Protected Disclosure Act 2012 18 NFRD 22F Details of consultancies over $10,000 17 FRD 22F Details of consultancies under $10,000 17 FRD 22F Statement of availability of other information 18 FRD 22F Reporting of office based environmental impacts 17 FRD 25B Victorian Industry Participation Policy disclosures 17 FRD 22F Workforce Data disclosures 16 SD 4.5.5 Risk management compliance attestation 15 SD 4.2(j) Sign off requirements 12

22 LEGISLATION REQUIREMENT PAGE REFERENCE MINISTERIAL DIRECTIONS REPORT OF OPERATIONS – FINANCIAL REPORTING DIRECTIONS GUIDANCE Financial statements required under Part 7 of the Financial Management Act 1994 SD4.2(a) Statement of changes in equity 27 SD4.2(b) Operating statement 26 SD4.2(b) Balance sheet 26 SD4.2(b) Cash flow statement 27

Other requirements under Standing Directions 4.2 SD4.2(c) Compliance with Australian accounting standards and other authoritative pronouncements 28–29 SD4.2(c) Compliance with Ministerial Directions 15 & 28–29 SD4.2(d) Rounding of amounts 29 SD4.2(c) Accountable officer’s declaration 44 SD4.2(f) Compliance with Model Financial Report 44

Other disclosures as required by Financial Reporting Directions in notes to the financial statements FRD 11A Disclosure of Ex-gratia Expenses 43 FRD 21B Disclosures of Responsible Persons, Executive Officers and other Personnel 43 (Contractors with Significant Management Responsibilities) in the Financial Report FRD 103E Non-Financial Physical Assets 35–36 FRD 106 Impairment of Assets 31 FRD 110 Cash Flow Statements 27 & 42 FRD 114A Financial Instruments – General Government Entities and Public Non-Financial Corporations 39–42

LEGISLATION Freedom of Information Act 1982 18 Building Act 1983 18 Protected Disclosure Act 2012 18 Victorian Industry Participation Policy Act 2003 17 Financial Management Act 1994 12

DISCLOSURE INDEX 23 AUDITOR-GENERAL’S REPORT

24 AUDITOR-GENERAL’S REPORT 25 FILM VICTORIA - FINANCIAL STATEMENTS

Comprehensive Operating Statement for the financial year ended 30 June 2015

Note 2015 2014 $ $ Continuing Operations Income from transactions Victorian Government funding 2(a) 19,871,230 21,939,134 Other income 2(b) 1,435,684 2,122,469 Total income from transactions 21,306,914 24,061,603

Expenses from transactions Program costs 2(c) 15,852,665 20,361,611 Employee expenses 2(d) 4,252,986 4,366,928 Depreciation 2(e) 213,342 215,958 Other operating expenses (i) 2(f) 1,792,187 1,823,151 Impairment of assets 5(b) 0 0 Total expenses from transactions 22,111,180 26,767,648 Net results from transactions (net operating balance) (804,266) (2,706,045)

Other economic flows included in net result Net gain/(loss) on non-financial assets (ii) 3(a) (213) 229 Net gain/(loss) from other economic flows 3(c) (8,444) (583) Total other economic flows included in net result (8,657) (354) Comprehensive result (812,923) (2,706,398)

The comprehensive operating statement should be read in conjunction with the notes to the financial statements.

(i) Other operating expenses includes bad debts expense from transactions that are mutually agreed. (ii) Net gain/(loss) on non-financial assets’ includes unrealised and realised gains/(losses) from revaluations, impairments, and disposals of all physical assets and intangible assets, except when these are taken through the asset revaluation surplus.

The comprehensive loss of $812,923 includes disbursement of program costs of $15,852,665.

Revenue is allocated to various programs which results in financial commitments to successful applicants. These commitments may remain undisbursed at the end of the financial year due to contracted milestones or deliverables being outstanding after contracts are executed. As a result, during one financial year Film Victoria may make disbursements that arise from financial commitments outstanding from prior years.

Balance Sheet as at 30 June 2015

Note 2015 2014 $ $ Assets Financial assets Cash and deposits 12(a) 22,328,320 23,595,200 Receivables 4 1,154,207 235,639 Total financial assets 23,482,527 23,830,839

Non-financial assets Prepayments 116,077 170,479 Property, plant and equipment 5 1,248,267 1,456,784 Total non-financial assets 1,364,344 1,627,263 Total assets 24,846,871 25,458,102

Liabilities Payables 6 332,341 94,903 Provisions 7 1,516,062 1,551,808 Total liabilities 1,848,403 1,646,711 Net Assets 22,998,468 23,811,391

Equity Accumulated surplus/(deficit) (4,749,506) (3,936,583) Contributed capital 27,747,974 27,747,974 Net worth 22,998,468 23,811,391 Commitments for expenditure 9 Contingent liabilities 10

The balance sheet should be read in conjunction with the notes to the financial statements.

Commitments on program costs undisbursed at 30 June 2015 totalled $12,952,191, and are detailed in Note 9.

26 Statement of changes in equity for the financial year ended 30 June 2015

Note Accumulated Deficit Contributions by Total Owner

$ $ $

Balance at 1 July 2013 (1,230,186) 27,747,974 26,517,788 Net result for the year (2,706,397) - (2,706,397) Other comprehensive income for the year 0 0 0

Balance at 30 June 2014 (3,936,583) 27,747,974 23,811,391 Net result for the year - - Other comprehensive income for the year (812,923) - (812,923)

Balance at 30 June 2015 (4,749,507) 27,747,974 22,998,467

The statement of changes in equity should be read in conjunction with the notes to the financial statements.

Cash flow statement for the financial year ended 30 June 2015

Note 2015 2014 $ $ Cash flows from operating activities Receipts Receipts from government 19,245,657 22,701,056 Receipts from other entities 945,292 2,186,300 Interest received 549,035 804,162 Goods and Services Tax recovered from the ATO (i) 1,364,608 1,114,257 Total receipts 22,104,591 26,805,775

Payments Payments to suppliers and employees (5,970,419) (6,463,663) Payments to industry applicants (17,396,014) (14,279,049) Equity Investment in new projects (ii) 0 (8,109,762) Producer Package Investment in new projects 0 (76,100) Total payments (23,366,433) (28,928,574) Net cash from/(used in) operating activities 12 (1,261,841) (2,122,800)

Cash flows from investing activities Cash Flow Facility – producer loans repayments 0 102,588 Payments for property, plant, and equipment 5(b) (5,038) (56,254) Cash Flow Facility – producer loans advances 0 (7,588) Receipts on sale of property, plant, and equipment 0 1,680 Net cash from/(used in) investing activities (5,038) 40,426

Cash flows from financing activities Capital Contributions by Government 0 0

Net cash flows from financing activities 0 0

Net increase/(decrease) in cash and cash equivalents (1,266,879) (2,082,374)

Cash and cash equivalents at the beginning of the financial year 23,595,200 25,677,574

Cash and cash equivalents at the end of the financial year 12 22,328,321 23,595,200

The above cash flow statement should be read in conjunction with the notes to the financial statements. (i) Goods and Service Tax received from the ATO is presented on a net basis. (ii) Equity investment product no longer offerred from 1 July 2014.

Notes to the financial statements Note 1. Summary of significant accounting policies Note 2. Net results from operations Note 3. Other economic flows included in net result Note 4. Receivables Note 5. Property, plant and equipment Note 6. Payables Note 7. Provisions Note 8. Superannuation Note 9. Commitments for expenditure Note 10. Contingent liabilities Note 11. Financial instruments Note 12. Cash flow information Note 13. Ex-gratia expenses Note 14. Responsible persons Note 15. Related party transactions Note 16. Remuneration of executives and payments to other personnel Note 17. Remuneration of auditors Note 18. Subsequent events

FINANCIAL STATEMENTS 27 Notes to the financial statements for the financial year ended 30 June 2015 Notes to the financial statements for the financial year ended 30 June 2015 Note 1. Summary of significant accounting policies Note 1. Summary of significant accounting policies These annual financial statements represent the audited general purpose financial statements for Film Victoria for the period ended 30 June 2015. The purpose of this report is to provide users with information about Film Victoria's stewardship of resources entrusted to it. These annual financial statements represent the audited general purpose financial statements for Film Victoria for the period ended 30 June 2015. The purpose of this report is to provide users with information about Film Victoria's stewardship of resources entrusted to it. (a) Statement of compliance with accounting standards and Compliance with ministerial directions These(a) Statement general purpose of compliance financial statementswith accounting have been standards prepared and in accordanceCompliance with with the ministerial Financial Management directions Act 1994 (FMA) and applicable Australian Accounting Standards (AAS), which include TheseInterpretations, general purpose issued byfinancial the Australian statements Accounting have been Standard prepared Board in accordance (AASB). In withparticular, the Financial they are Management presented in Act a manner 1994 (FMA) consi andstent applicable with the requirements Australian Accounting of the AASB Standards 1049 Whole (AAS), of which Government include andInterpretations, General Government issued by Sectorthe Australian Financial Accounting Reporting. Standard Board (AASB). In particular, they are presented in a manner consistent with the requirements of the AASB 1049 Whole of Government and General Government Sector Financial Reporting. Where appropriate, those AAS paragraphs applicable to not-for-profit entities have been applied. Where appropriate, those AAS paragraphs applicable to not-for-profit entities have been applied. Accounting policies are selected and applied in a manner which ensures that the resulting financial information satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions or other events is reported. Accounting policies are selected and applied in a manner which ensures that the resulting financial information satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions or other events is reported. The annual financial statements have been authorised for issue by the Board of Film Victoria on 24 August 2015 The annual financial statements have been authorised for issue by the Board of Film Victoria on 24 August 2015 (b) Basis of accounting preparation and measurement (b) Basis of accounting preparation and measurement The accrual basis of accounting has been applied in the preparation of these financial statements whereby assets, liabilities, equity, income and expenses are recognised in the reporting period to which they relate, regardless of when cash is received or paid. The accrual basis of accounting has been applied in the preparation of these financial statements whereby assets, liabilities, equity, income and expenses are recognised in the reporting period to which they relate, regardless of when cash is received or paid. Judgements, estimates and assumptions are required to be made about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on professional judgements derived from historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ Judgements, estimates and assumptions are required to be made about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated from these estimates. assumptions are based on professional judgements derived from historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised and also in future periods that are affected by the revision. Judgements and assumptions made by management in the application of AASs that have significant effects on the financial statements and estimates relate to: Revisions to accounting estimates are recognised in the period in which the estimate is revised and also in future periods that are affected by the revision. Judgements and assumptions made by management in the application of AASs that have significant effects on the financial statements and estimates relate to: - superannuation expense (refer to Note 1(g)) - superannuationthe fair value of expenseplant and (refer equipment to Note (refer 1(g)) to Note 1(k)) - theassumptions fair value for of plantemployee and equipment benefit provisions, (refer to based Note 1(k))on the likely tenure of existing staff, patterns of leave claims, future salary movements and future discount rates (refer to Note 1(l)). - assumptions for employee benefit provisions, based on the likely tenure of existing staff, patterns of leave claims, future salary movements and future discount rates (refer to Note 1(l)).

These financial statements are presented in Australian dollars, and prepared in accordance with the historical cost convention. These financial statements are presented in Australian dollars, and prepared in accordance with the historical cost convention. Consistent with AASB 13 Fair Value Measurement, Film Victoria determines the policies and procedures for both recurring fair value measurements such as plant and equipment and financial instrumentsConsistent with and AASBfor non 13‑ Fairrecurring Value fair Measurement value measurements, Film Victoria such determines as non‑financial the policies physical and assets procedures held for for sale, both in accordancerecurring fair with value the measurements requirements suchof AASB as plant 13 and and the equipment relevant Financialand financial Reporting Directions. instruments and for non‑recurring fair value measurements such as non‑financial physical assets held for sale, in accordance with the requirements of AASB 13 and the relevant Financial Reporting Directions. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that Level is significant 1 — Quoted to (unadjusted)the fair value market measurement prices in as active a whole: markets for identical assets or liabilities Level 12 —— QuotedValuation (unadjusted) techniques market for which prices the inlowest active level markets input for that identical is significant assets to or the liabilities fair value measurement is directly or indirectly observable Level 23 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directlunobsery orvable. indirectly observable Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For the purpose of fair value disclosures, Film Victoria has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. For the purpose of fair value disclosures, Film Victoria has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. In addition, Film Victoria determines whether transfers have occurred between levels in the hierarchy by re‑assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. In addition, Film Victoria determines whether transfers have occurred between levels in the hierarchy by re‑assessing categorisation (based on the lowest level input that is significant to the fair (c)value Reporting measurement entity as a whole) at the end of each reporting period. The(c) Reporting financial statements entity cover Film Victoria as an individual reporting entity.

ItsThe principal financial address statements is: cover Film Victoria as an individual reporting entity. Film Victoria LevelIts principal 3, 55 Collins address Street is: MELBOURNEFilm Victoria VIC 3000 Level 3, 55 Collins Street ObjectivesMELBOURNE and VIC funding 3000

FilmObjectives Victoria and is thefunding Victorian Government body that provides strategic leadership and assistance to the film, television and digital media industries in Victoria.

Film Victoria is predominantlythe Victorian Government funded by accrual-based body that provides parliamentary strategic appropriations leadership and for assistance the provision to the of film, outputs. television and digital media industries in Victoria.

Film(d) Scope Victoria and is predominantly presentation funded of financial by accrual-based statements parliamentary appropriations for the provision of outputs.

Comprehensive(d) Scope and operatingpresentation statement of financial statements Comprehensive operating statement

The comprehensive operating statement comprises three components being ‘net result from transactions’ (or termed as ‘net operating balance’), ‘other economic flows included in net result’, as well as ‘other economic flows – other comprehensive income’. The sum of the former two, together with the net result from discontinued operations, represents the net result. The comprehensive operating statement comprises three components being ‘net result from transactions’ (or termed as ‘net operating balance’), ‘other economic flows included in net result’, as well asThe ‘other net result economic is equivalent flows – other to profit comprehensive or loss derived income’. in accordance The sum withof the AASs. former two, together with the net result from discontinued operations, represents the net result.

OtherThe net economic result is equivalentflows are changes to profit arising or loss from derived market in accordance remeasurements. with AASs. They include: - gains and losses from disposals of non-financial assets Other- revaluations economic and flows impairments are changes of non-financial arising from marketphysical remeasurements. and intangible assets. They include: - gains and losses from disposals of non-financial assets This - revaluations classification and is impairments consistent with of non-financial the whole of physical government and intangible reporting assets.format and is allowed under AASB 101 Presentation of Financial Statements.

BalanceThis classification sheet is consistent with the whole of government reporting format and is allowed under AASB 101 Presentation of Financial Statements.

AssetsBalance and sheet liabilities are presented in liquidity order with assets aggregated in financial assets and non-financial assets.

CurrentAssets and and liabilities non-current are presented assets and in liabilities liquidity (non-current order with assets being aggregated those assets in orfinancial liabilities assets expected and non-financial to be recovered assets. or settled more than 12 months after the reporting period) are disclosed in the notes, where relevant. Current and non-current assets and liabilities (non-current being those assets or liabilities expected to be recovered or settled more than 12 months after the reporting period) are disclosed in the notes,The net where result relevant. is equivalent to profit and loss derived in accordance with AASs.

CashThe net flow result statement is equivalent to profit and loss derived in accordance with AASs.

Cash flowsflow statement are classified according to whether or not they arise from operating, investing or financing activities. This classification is consistent with requirements under AASB 107 Statement of Cash Flows. Cash flows are classified according to whether or not they arise from operating, investing or financing activities. This classification is consistent with requirements under AASB 107 Statement of Cash StatementFlows. of changes in equity

TheStatement statement of changes of changes in equity in equity presents reconciliations of non-owner and owner changes in equity from opening balance at the beginning of the reporting period to the closing balance at the end of the reporting period. It also shows separately changes due to amounts recognised in the 'Comprehensive result' and amounts related to 'Transactions with owner in its capacity as owner'. The statement of changes in equity presents reconciliations of non-owner and owner changes in equity from opening balance at the beginning of the reporting period to the closing balance at the end of the reporting period. It also shows separately changes due to amounts recognised in the 'Comprehensive result' and amounts related to 'Transactions with owner in its capacity as owner'. 28Rounding of amounts Rounding of amounts Amounts in the financial statements have been rounded to the nearest dollar unless otherwise stated. Figures in the financial statements may not equate due to rounding.

Amountse) Changes in the in financialCompliance statements with ministerial have been rounded directions to the nearest dollar unless otherwise stated. Figures in the financial statements may not equate due to rounding.

Subsequente) Changes to in the Compliance 2013/14 reporting with ministerial period, the directions following new and revised Standards have been adopted for the first time in the current period with their financial impact detailed below. Subsequent to the 2013/14 reporting period, the following new and revised Standards have been adopted for the first time in the current period with their financial impact detailed below. AASB 10 Consolidated Financial Statements

AASB 1010 provides Consolidated a new approachFinancial to Statements determine whether an entity has control over an entity, and therefore must present consolidated financial statements. The new approach requires the satisfaction of all three criteria for control to exist over an entity for financial reporting purposes: AASB 10 provides a new approach to determine whether an entity has control over an entity, and therefore must present consolidated financial statements. The new approach requires the (a)satisfaction The investor of all has three power criteria over for the control investee to exist over an entity for financial reporting purposes: (b) The investor has exposure, or rights to variable returns from its involvement with the investee (c)(a) The investor has thepower ability over to the use investee its power over the investee to affect the amount of investor’s returns. (b) The investor has exposure, or rights to variable returns from its involvement with the investee (c) The investor has the ability to use its power over the investee to affect the amount of investor’s returns. Based on the new criteria prescribed in AASB 10, Film Victoria has reviewed the existing arrangements to determine if there are any additional entities that need to be consolidated into the group. Film Victoria has concluded that no entities meet the control criteria. Based on the new criteria prescribed in AASB 10, Film Victoria has reviewed the existing arrangements to determine if there are any additional entities that need to be consolidated into the group. FilmAASB Victoria 11 Joint has Arrangements concluded that no entities meet the control criteria.

InAASB accordance 11 Joint withArrangements AASB 11, there are two types of joint arrangements, i.e. joint operations and joint ventures. Joint operations arise where the investors have rights to the assets and obligations for the liabilities of an arrangement. A joint operator accounts for its share of the assets, liabilities, revenue and expenses. Joint ventures arise where the investors have rights to the net assets of the Inarrangement; accordance joint with ventures AASB 11, arethere accounted are two types for under of joint the arrangements, equity method. i.e. Proportionate joint operations consolidation and joint ventures. of joint ventures Joint operations is no long ariseer permitted. where the investors have rights to the assets and obligations for the liabilities of an arrangement. A joint operator accounts for its share of the assets, liabilities, revenue and expenses. Joint ventures arise where the investors have rights to the net assets of the arrangement; joint ventures are accounted for under the equity method. Proportionate consolidation of joint ventures is no longer permitted.

Film Victoria has reviewed its existing contractual arrangements with other entities to ensure they are aligned with the new classifications under AASB 11. It has concluded that no changes are required. Film Victoria has reviewed its existing contractual arrangements with other entities to ensure they are aligned with the new classifications under AASB 11. It has concluded that no changes are required. AASB 12 Disclosure of Interests in Other Entities

AASB 1212 Disclosure Disclosure of of Interests Interests in Otherin Other Entities Entities prescribes the disclosure requirements for an entity’s interests in subsidiaries, associates, joint arrangements and extends to the entity’s association with unconsolidated structured entities. AASB 12 Disclosure of Interests in Other Entities prescribes the disclosure requirements for an entity’s interests in subsidiaries, associates, joint arrangements and extends to the entity’s association Filmwith Victoriaunconsolidated has reviewed structured its current entities. contractual arrangements to determine if there are any unconsolidated structured entities that it has involvement with. It has not identified any unconsolidated structured entities during the assessment. Film Victoria has reviewed its current contractual arrangements to determine if there are any unconsolidated structured entities that it has involvement with. It has not identified any unconsolidated structured entities during the assessment. (c) Reporting entity (c) Reporting entity The(c) Reporting financial statements entity cover Film Victoria as an individual reporting entity. The(c) Reporting financial statements entity cover Film Victoria as an individual reporting entity. TheIts principal financial address statements is: cover Film Victoria as an individual reporting entity. Film Victoria TheIts principal financial address statements is: cover Film Victoria as an individual reporting entity. ItsFilmLevel principal Victoria 3, 55 Collins address Street is: MELBOURNE VIC 3000 ItsFilmLevel principal Victoria 3, 55 Collins address Street is: FilmLevelMELBOURNE Victoria 3, 55 Collins VIC Street 3000 Objectives and funding LevelMELBOURNE 3, 55 Collins VIC Street 3000 MELBOURNEObjectives and VIC funding 3000 ObjectivesFilm Victoria and is thefunding Victorian Government body that provides strategic leadership and assistance to the film, television and digital media industries in Victoria. FilmObjectives Victoria and is thefunding Victorian Government body that provides strategic leadership and assistance to the film, television and digital media industries in Victoria. Film Victoria is thepredominantly Victorian Government funded by accrual-based body that provides parliamentary strategic appropriations leadership and for assistance the provision to the of film, outputs. television and digital media industries in Victoria. Film Victoria is thepredominantly Victorian Government funded by accrual-based body that provides parliamentary strategic appropriations leadership and for assistance the provision to the of film, outputs. television and digital media industries in Victoria. Film(d) Scope Victoria and is predominantly presentation funded of financial by accrual-based statements parliamentary appropriations for the provision of outputs. Film(d) Scope Victoria and is predominantly presentation funded of financial by accrual-based statements parliamentary appropriations for the provision of outputs. Comprehensive(d) Scope and operatingpresentation statement of financial statements Comprehensive(d) Scope and operatingpresentation statement of financial statements Comprehensive operating statement Comprehensive operating statement The comprehensive operating statement comprises three components being ‘net result from transactions’ (or termed as ‘net operating balance’), ‘other economic flows included in net result’, as well asThe ‘other comprehensive economic flows operating – other statement comprehensive comprises income’. three Thecomponents sum of the being former ‘net two, result together from transactions’ with the net (or result termed from as discontinu ‘net operateding operations, balance’), represents ‘other economic the net flows result. included in net result’, as well asThe ‘other comprehensive economic flows operating – other statement comprehensive comprises income’. three Thecomponents sum of the being former ‘net two, result together from transactions’ with the net (or result termed from as discontinu ‘net operateding operations, balance’), represents ‘other economic the net flows result. included in net result’, as well asThe ‘other comprehensivenet result economic is equivalent flows operating – other to profitstatement comprehensive or loss comprises derived income’. inthree accordance Thecomponents sum withof the beingAASs. former ‘net two, result together from transactions’ with the net (or result termed from as discontinu ‘net operateding operations, balance’), represents ‘other economic the net flows result. included in net result’, as well asThe ‘other net result economic is equivalent flows – other to profit comprehensive or loss derived income’. in accordance The sum withof the AASs. former two, together with the net result from discontinued operations, represents the net result. TheOther net economic result is equivalentflows are changes to profit arising or loss from derived market in accordance remeasurements. with AASs. They include: - gains and losses from disposals of non-financial assets TheOther net economic result is equivalentflows are changes to profit arising or loss from derived market in accordance remeasurements. with AASs. They include: Other - gainsrevaluations economic and losses and flows fromimpairments are disposals changes of of non-financial arising non-financial from marketphysical assets remeasurements. and intangible assets. They include: - gainsrevaluations and losses and fromimpairments disposals of of non-financial non-financial physical assets and intangible assets. ThisOther classification economic flows is consistent are changes with arisingthe whole from of market government remeasurements. reporting format They include:and is allowed under AASB 101 Presentation of Financial Statements. - gainsrevaluations and losses and fromimpairments disposals of of non-financial non-financial physical assets and intangible assets. This- revaluations classification and is impairments consistent with of non-financial the whole of physical government and intangible reporting assets.format and is allowed under AASB 101 Presentation of Financial Statements. ThisBalance classification sheet is consistent with the whole of government reporting format and is allowed under AASB 101 Presentation of Financial Statements. ThisBalance classification sheet is consistent with the whole of government reporting format and is allowed under AASB 101 Presentation of Financial Statements. BalanceAssets and sheet liabilities are presented in liquidity order with assets aggregated in financial assets and non-financial assets. BalanceAssets and sheet liabilities are presented in liquidity order with assets aggregated in financial assets and non-financial assets. AssetsCurrent and and liabilities non-current are presented assets and in liabilities liquidity (non-current order with assets being aggregated those assets in orfinancial liabilities assets expected and non-financial to be recovered assets. or settled more than 12 months after the reporting period) are disclosed in the notes,AssetsCurrent whereand and liabilities non-current relevant. are presented assets and in liabilities liquidity (non-current order with assets being aggregated those assets in orfinancial liabilities assets expected and non-financial to be recovered assets. or settled more than 12 months after the reporting period) are disclosed in the notes,Current where and non-current relevant. assets and liabilities (non-current being those assets or liabilities expected to be recovered or settled more than 12 months after the reporting period) are disclosed in the The net result is equivalent to profit and loss derived in accordance with AASs. notes,Current where and non-current relevant. assets and liabilities (non-current being those assets or liabilities expected to be recovered or settled more than 12 months after the reporting period) are disclosed in the notes,The net where result relevant. is equivalent to profit and loss derived in accordance with AASs. TheCash net flow result statement is equivalent to profit and loss derived in accordance with AASs. CashThe net flow result statement is equivalent to profit and loss derived in accordance with AASs. Cash flows are classified according to whether or not they arise from operating, investing or financing activities. This classification is consistent with requirements under AASB 107 Statement of Cash Cash flow statement CashFlows flows.flow statement are classified according to whether or not they arise from operating, investing or financing activities. This classification is consistent with requirements under AASB 107 Statement of Cash CashFlows flows. are classified according to whether or not they arise from operating, investing or financing activities. This classification is consistent with requirements under AASB 107 Statement of Cash CashStatementFlows flows. of are changes classified in equityaccording to whether or not they arise from operating, investing or financing activities. This classification is consistent with requirements under AASB 107 Statement of Cash StatementFlows. of changes in equity StatementThe statement of changes of changes in equity in equity presents reconciliations of non-owner and owner changes in equity from opening balance at the beginning of the reporting period to the closing balance at the end of the reporting period. It also shows separately changes due to amounts recognised in the 'Comprehensive result' and amounts related to 'Transactions with owner in its capacity as owner'. StatementThe statement of changes of changes in equity in equity presents reconciliations of non-owner and owner changes in equity from opening balance at the beginning of the reporting period to the closing balance at the end ofThe the statement reporting of period. changes It alsoin equity shows presents separately reconciliations changes due of to non-owner amounts recognised and owner inchanges the 'Comprehensive in equity from result'opening and balance amounts at threlatede beginning to 'Transactions of the reporting with owner period in toits the capacity closing as balance owner'. at the end ofThe the statement reporting of period. changes It alsoin equity shows presents separately reconciliations changes due of to non-owner amounts recognised and owner inchanges the 'Comprehensive in equity from result'opening and balance amounts at threlatede beginning to 'Transactions of the reporting with owner period in toits the capacity closing as balance owner'. at the end ofRounding the reporting of amounts period. It also shows separately changes due to amounts recognised in the 'Comprehensive result' and amounts related to 'Transactions with owner in its capacity as owner'. Rounding of amounts Rounding of amounts RoundingAmounts inof the amounts financial statements have been rounded to the nearest dollar unless otherwise stated. Figures in the financial statements may not equate due to rounding. Amounts in the financial statements have been rounded to the nearest dollar unless otherwise stated. Figures in the financial statements may not equate due to rounding. Amountse) Changes in the in financialCompliance statements with ministerial have been rounded directions to the nearest dollar unless otherwise stated. Figures in the financial statements may not equate due to rounding. Amountse) Changes in the in financialCompliance statements with ministerial have been rounded directions to the nearest dollar unless otherwise stated. Figures in the financial statements may not equate due to rounding. Subsequente) Changes to in the Compliance 2013/14 reporting with ministerial period, the directions following new and revised Standards have been adopted for the first time in the current period with their financial impact detailed below. Subsequente) Changes to in the Compliance 2013/14 reporting with ministerial period, the directions following new and revised Standards have been adopted for the first time in the current period with their financial impact detailed below. Subsequent to the 2013/14 reporting period, the following new and revised Standards have been adopted for the first time in the current period with their financial impact detailed below. SubsequentAASB 10 Consolidated to the 2013/ 14Financial reporting Statements period, the following new and revised Standards have been adopted for the first time in the current period with their financial impact detailed below. AASB 10 Consolidated Financial Statements AASB 1010 provides Consolidated a new approachFinancial to Statements determine whether an entity has control over an entity, and therefore must present consolidated financial statements. The new approach requires the satisfaction of all three criteria for control to exist over an entity for financial reporting purposes: AASB 1010 provides Consolidated a new approachFinancial to Statements determine whether an entity has control over an entity, and therefore must present consolidated financial statements. The new approach requires the (a)AASBsatisfaction The 10 investor provides of all has three a powernew criteria approach over for the controlto investee determine to exist whether over an an entity entity for has financial control reporting over an entity,purposes: and therefore must present consolidated financial statements. The new approach requires the satisfaction of all three criteria for control to exist over an entity for financial reporting purposes: (a)(b)AASB The 10 investor provides has a powernewexposure, approach over or the rights to investee determine to variable whether returns an from entity its hasinvolvement control over with an the entity, investee and therefore must present consolidated financial statements. The new approach requires the satisfaction of all three criteria for control to exist over an entity for financial reporting purposes: (a)(b)(c) TheThe investorinvestor hashas thepowerexposure, ability over toor the userights investee its to power variable over returns the investee from its to involvement affect the amount with the of investeeinvestor’s returns. (a)(b)(c) TheThe investorinvestor hashas thepowerexposure, ability over toor the userights investee its to power variable over returns the investee from its to involvement affect the amount with the of investeeinvestor’s returns. (c) The investor has the ability to use its power over the investee to affect the amount of investor’s returns. Based(b) The on investor the new has criteria exposure, prescribed or rights in toAASB variable 10, Film returns Victoria from has its involvementreviewed the with existing the investeearrangements to determine if there are any additional entities that need to be consolidated into the group. (c) The investor has the ability to use its power over the investee to affect the amount of investor’s returns. BasedFilm Victoria on the hasnew concluded criteria prescribed that no entities in AASB meet 10, Filmthe control Victoria criteria. has reviewed the existing arrangements to determine if there are any additional entities that need to be consolidated into the group. BasedFilm Victoria on the hasnew concluded criteria prescribed that no entities in AASB meet 10, Filmthe control Victoria criteria. has reviewed the existing arrangements to determine if there are any additional entities that need to be consolidated into the group. BasedFilmAASB Victoria on11 Joint the hasnew Arrangements concluded criteria prescribed that no entities in AASB meet 10, Filmthe control Victoria criteria. has reviewed the existing arrangements to determine if there are any additional entities that need to be consolidated into the group. FilmAASB Victoria 11 Joint has Arrangements concluded that no entities meet the control criteria. InAASB accordance 11 Joint withArrangements AASB 11, there are two types of joint arrangements, i.e. joint operations and joint ventures. Joint operations arise where the investors have rights to the assets and obligations for IntheAASB accordance liabilities 11 Joint of withArrangements an arrangement. AASB 11, there A arejoint two operator types of accounts joint arrangements, for its share i.e.of thejoint assets, operations liabilities, and revenuejoint ventures. and expenses. Joint operations Joint ventures arise where arise wherethe inves thetors investors have rights have torights the assetsto the netand assets obligations of the for Inarrangement;the accordance liabilities of joint with an arrangement.ventures AASB 11, arethere accounted A arejoint two operator types for under of accounts joint the arrangements, equity for its method. share i.e.of Proportionate thejoint assets, operations liabilities, consolidation and revenuejoint ventures. of andjoint expenses. ventures Joint operations isJo noint longventures ariseer permitted. where arise wherethe inves thetors investors have rights have torights the assetsto the netand assets obligations of the for Inarrangement;the accordance liabilities of joint with an arrangement.ventures AASB 11, arethere accounted A arejoint two operator types for under of accounts joint the arrangements, equity for its method. share i.e.of Proportionate thejoint assets, operations liabilities, consolidation and revenuejoint ventures. of andjoint expenses. ventures Joint operations isJo noint longventures ariseer permitted. where arise wherethe inves thetors investors have rights have torights the assetsto the netand assets obligations of the for arrangement;the liabilities of joint an arrangement.ventures are accounted A joint operator for under accounts the equity for its method. share of Proportionate the assets, liabilities, consolidation revenue of andjoint expenses. ventures isJo noint longventureser permitted. arise where the investors have rights to the net assets of the Filmarrangement; Victoria hasjoint reviewed ventures its are existing accounted contractual for under arrangements the equity method.with other Proportionate entities to ensure consolidation they are of aligned joint ventures with the isnew no cllongassificationser permitted. under AASB 11. It has concluded that no changes are Filmrequired. Victoria has reviewed its existing contractual arrangements with other entities to ensure they are aligned with the new classifications under AASB 11. It has concluded that no changes are Filmrequired. Victoria has reviewed its existing contractual arrangements with other entities to ensure they are aligned with the new classifications under AASB 11. It has concluded that no changes are Filmrequired.AASB Victoria 12 Disclosure has reviewed of Interests its existing in Other contractual Entities arrangements with other entities to ensure they are aligned with the new classifications under AASB 11. It has concluded that no changes are required. AASB 12 Disclosure of Interests in Other Entities AASB 1212 Disclosure Disclosure of of Interests Interests in Otherin Other Entities Entities prescribes the disclosure requirements for an entity’s interests in subsidiaries, associates, joint arrangements and extends to the entity’s association AASBwith unconsolidated 1212 Disclosure Disclosure of structuredof Interests Interests inentities. Otherin Other Entities Entities prescribes the disclosure requirements for an entity’s interests in subsidiaries, associates, joint arrangements and extends to the entity’s association AASBwith unconsolidated 12 Disclosure of structured Interests inentities. Other Entities prescribes the disclosure requirements for an entity’s interests in subsidiaries, associates, joint arrangements and extends to the entity’s association AASBFilmwith Victoriaunconsolidated 12 Disclosure has reviewed of structured Interests its current inentities. Other contractual Entities prescribes arrangements the disclosure to determine requirements if there are for any an unconsolidated entity’s interests structured in subsidiaries, entitie associates,s that it has joint involvement arrangements with. Itand has extends not identified to the entity’sany unconsolidated association structuredFilmwith(f) Income Victoriaunconsolidated entities from has reviewed transactions during structured the its assessment.current entities. contractual arrangements to determine if there are any unconsolidated structured entities that it has involvement with. It has not identified any unconsolidated structuredFilm(f) Income Victoria entities from has reviewed transactions during the its assessment.current contractual arrangements to determine if there are any unconsolidated structured entities that it has involvement with. It has not identified any unconsolidated structuredIncomeFilm(f) Income Victoria is recognised entities from has reviewed transactions during to the the its extent assessment.current that contractual it is probable arrangements that the economic to determine benefits if there will flow are anyto the unconsolidated entity and the structured income can entitie be reliablys that itmeasured has involvement at fair value. with. It has not identified any unconsolidated structuredIncome is recognised entities during to the the extent assessment. that it is probable that the economic benefits will flow to the entity and the income can be reliably measured at fair value. VictorianIncome is Governmentrecognised to Funding the extent that it is probable that the economic benefits will flow to the entity and the income can be reliably measured at fair value. Victorian Government Funding VictorianIncome from Government the outputs Funding Film Victoria provides to Government is recognised when those outputs have been delivered and the relevant minister has certified delivery of those outputs in accordance withIncome specified from the performance outputs Film criteria. Victoria provides to Government is recognised when those outputs have been delivered and the relevant minister has certified delivery of those outputs in accordance withIncome specified from the performance outputs Film criteria. Victoria provides to Government is recognised when those outputs have been delivered and the relevant minister has certified delivery of those outputs in accordance withOther specified income performance criteria. Other income OtherIncome income is recognised for each of Film Victoria's major activities as follows: Income- interest is recognised for each of Film Victoria's major activities as follows: Income- interestincome is fromrecognised project for assistance, each of Film producer Victoria's advances, major activitiesand the sale as follows: of rights is recognised upon delivery of the service or rights to the customer. - interestincome from project assistance, producer advances, and the sale of rights is recognised upon delivery of the service or rights to the customer. Interest- income from project assistance, producer advances, and the sale of rights is recognised upon delivery of the service or rights to the customer. Interest Interest income includes interest received on deposits and other investments and the unwinding over time of the discount on financial assets. Interest income is recognised using the effective interestInterest methodincome includeswhich allocates interest the received interest on over deposits the relevant and other period. investments and the unwinding over time of the discount on financial assets. Interest income is recognised using the effective interestInterest methodincome includeswhich allocates interest the received interest on over deposits the relevant and other period. investments and the unwinding over time of the discount on financial assets. Interest income is recognised using the effective interestNet realised method and whichunrealised allocates gains the and interest losses onover the the revaluation relevant period. of investments do not form part of the income from transactions, but are reported as part of income from other economic flows in the Netnet resultrealised or andas unrealised unrealised gains gains and and losses losses taken on the directly revaluation to equity, of investments forming part do of not the form total part change of the in netincome worth from in the transactions comprehensive, but are result. reported as part of income from other economic flows in the Netnet resultrealised or andas unrealised unrealised gains gains and and losses losses taken on the directly revaluation to equity, of investments forming part do of not the form total part change of the in netincome worth from in the transactions comprehensive, but are result. reported as part of income from other economic flows in the Developmentnet result or as buyouts unrealised gains and losses taken directly to equity, forming part of the total change in net worth in the comprehensive result. Development buyouts Development buyoutsbuyouts are the repayment of Film Victoria's development investment (plus premium, if applicable) and once repaid, allows for the reassignment of Film Victoria's copyright interest in Developmentthe project to buyoutsthe funding are recipient.the repayment of Film Victoria's development investment (plus premium, if applicable) and once repaid, allows for the reassignment of Film Victoria's copyright interest in Developmentthe project to buyoutsthe funding are recipient.the repayment of Film Victoria's development investment (plus premium, if applicable) and once repaid, allows for the reassignment of Film Victoria's copyright interest in Administrationthe project to the fees funding recipient. Administration fees Administration fees are charged by Film Victoria for production investment funding and are based on the amount of Film Victoria's investment. Administration fees are charged by Film Victoria for production investment funding and are based on the amount of Film Victoria's investment. InvestmentAdministration and feesgrant are repayments charged by Film Victoria for production investment funding and are based on the amount of Film Victoria's investment. Investment and grant repayments Investment and grant repayments From 1 July 2014, production investments have been assigned to the project's producer. The amount of Film Victoria's investment is written off in the period of payment. From 1 July 2014, production investments have been assigned to the project's producer. The amount of Film Victoria's investment is written off in the period of payment. FromInvestment 1 July and2014, grant production repayments investments are income have investment been assigned returns to the from project's funded producer. recipients The recognised amount ofin theFilm reporting Victoria's period investment in whic ish written they are off received. in the period of payment. Investment and grant repayments are income investment returns from funded recipients recognised in the reporting period in which they are received. Investment(g) Expenses and from grant transactions repayments are income investment returns from funded recipients recognised in the reporting period in which they are received. (g) Expenses from transactions Expenses(g) Expenses from fromtransactions transactions are recognised as they are incurred, and reported in the financial year to which they relate. Expenses from transactions are recognised as they are incurred, and reported in the financial year to which they relate. ProgramExpenses Costs from transactions are recognised as they are incurred, and reported in the financial year to which they relate. Program Costs TheseProgram expenses Costs are related to payments made to approved funding recipients for grants, advances and production investment. These expenses are related to payments made to approved funding recipients for grants, advances and production investment. EmployeeThese expenses expenses are related to payments made to approved funding recipients for grants, advances and production investment. Employee expenses Employee expenses Refer to the section in Note 1(l) regarding employee benefits. Refer to the section in Note 1(l) regarding employee benefits. TheseRefer toexpenses the section include in Note all costs 1(l) regarding related to employee employment benefits. (other than superannuation which is accounted for separately) including wages and salaries, fringe benefits tax, leave entitlements, Theseredundancy expenses payments include and all WorkCovercosts related premiums. to employment (other than superannuation which is accounted for separately) including wages and salaries, fringe benefits tax, leave entitlements, Theseredundancy expenses payments include and all WorkCovercosts related premiums. to employment (other than superannuation which is accounted for separately) including wages and salaries, fringe benefits tax, leave entitlements, Superannuationredundancy payments and WorkCover premiums. Superannuation Superannuation The amount recognised in the comprehensive operating statement is the employer contributions for members of defined contribution plans that are paid or payable during the reporting period. The amount recognised in the comprehensive operating statement is the employer contributions for members of defined contribution plans that are paid or payable during the reporting period. DepreciationThe amount recognised in the comprehensive operating statement is the employer contributions for members of defined contribution plans that are paid or payable during the reporting period. Depreciation AllDepreciation plant and equipment and other non-financial physical assets (excluding items under operating leases) that have finite useful life are depreciated. Depreciation is generally calculated on a straight- lineAll plant basis, and at ratesequipment that allocate and other the non-financialasset’s value, physicalless any assetsestimated (excluding residual items value, under over operating its estimated leases) useful that life. have finite useful life are depreciated. Depreciation is generally calculated on a straight- lineAll plant basis, and at ratesequipment that allocate and other the non-financialasset’s value, physicalless any assetsestimated (excluding residual items value, under over operating its estimated leases) useful that life. have finite useful life are depreciated. Depreciation is generally calculated on a straight- lineRefer basis, to Note at rates 1(k) forthat the allocate depreciaton the asset’s policy value, for leaseholdless any estimated improvements. residual value, over its estimated useful life. Refer to Note 1(k) for the depreciaton policy for leasehold improvements. Refer to Note 1(k) for the depreciaton policy for leasehold improvements. The estimated useful lives, residual values and depreciation method are reviewed at the end of each annual reporting period, and adjustments made where appropriate. The estimated useful lives, residual values and depreciation method are reviewed at the end of each annual reporting period, and adjustments made where appropriate. The estimatedfollowing are useful typical lives, estimated residual valuesuseful livesand depreciationfor the different method asset are classes reviewed for current at the endand ofprior each years. annual reporting period, and adjustments made where appropriate.FINANCIAL STATEMENTS 29 The following are typical estimated useful lives for the different asset classes for current and prior years. The following are typical estimated useful lives for the different asset classes for current and prior years. Asset Useful life Asset Useful life AssetAudio Visual Equipment Useful4 years life Audio Visual Equipment 4 years Computer Equipment 3 years Audio Visual Equipment 4 years Computer Equipment 3 years Furniture and Fittings 5 years Computer Equipment 3 years Furniture and Fittings 5 years Office Equipment 5 years Furniture and Fittings 5 years Office Equipment 5 years Leasehold Improvements 10 years Office Equipment 5 years Leasehold Improvements 10 years LeaseholdOther operating Improvements expenses 10 years Other operating expenses generally represent the day to day running costs incurred in normal operations. Other operating expenses generally represent the day to day running costs incurred in normal operations. SuppliesOther operating and services expenses generally represent the day to day running costs incurred in normal operations. Supplies and services costs are recognised as an expense in the reporting period in which they are incurred. Supplies and services costs are recognised as an expense in the reporting period in which they are incurred. BadSupplies and doubtfuland services debts costs are recognised as an expense in the reporting period in which they are incurred. BadRefer and to Notedoubtful 1(j) Impairmentdebts of financial assets. BadRefer and to Notedoubtful 1(j) Impairmentdebts of financial assets. Refer(h) Other to Note economic 1(j) Impairment flows includedof financial in assets net result. (h) Other economic flows included in net result Other(h) Other economic economic flows areflows changes included in the in volume net result or value of assets or liabilities that do not result from transactions. Other economic flows are changes in the volume or value of assets or liabilities that do not result from transactions. NetOther gain/(loss) economic on flows non-financial are changes assets in the volume or value of assets or liabilities that do not result from transactions. Net gain/(loss) on non-financial assets and liabilities includes realised and unrealised gains and losses as follows: Net gain/(loss) on non-financial assets and liabilities includes realised and unrealised gains and losses as follows: RevaluationNet gain/(loss) gains/(losses) on non-financial on non-financial assets and liabilitiesphysical assetsincludes realised and unrealised gains and losses as follows: ReferRevaluation to Note gains/(losses) 1(k) Revaluations on non-financial of non-financial physical physical assets assets. ReferRevaluation to Note gains/(losses) 1(k) Revaluations on non-financial of non-financial physical physical assets assets. NetRefer gain/(loss) to Note 1(k) on Revaluationsdisposal of non-financial of non-financial assets physical assets. Net gain/(loss) on disposal of non-financial assets AnyNet gain/(loss)gain or loss on on disposal the disposal of non-financial of non-financial assets assets is recognised at the date of disposal and is determined after deducting the proceeds from the carrying value of the asset at that time. Any gain or loss on the disposal of non-financial assets is recognised at the date of disposal and is determined after deducting the proceeds from the carrying value of the asset at that time. Any gain or loss on the disposal of non-financial assets is recognised at the date of disposal and is determined after deducting the proceeds from the carrying value of the asset at that time. (f) Income from transactions (f) Income from transactions Income is recognised to the extent that it is probable that the economic benefits will flow to the entity and the income can be reliably measured at fair value. Income is recognised to the extent that it is probable that the economic benefits will flow to the entity and the income can be reliably measured at fair value. Victorian Government Funding Victorian Government Funding Income from the outputs Film Victoria provides to Government is recognised when those outputs have been delivered and the relevant minister has certified delivery of those outputs in accordance withIncome specified from the performance outputs Film criteria. Victoria provides to Government is recognised when those outputs have been delivered and the relevant minister has certified delivery of those outputs in accordance with specified performance criteria. Other income Other income Income is recognised for each of Film Victoria's major activities as follows: Income- interest is recognised for each of Film Victoria's major activities as follows: - interestincome from project assistance, producer advances, and the sale of rights is recognised upon delivery of the service or rights to the customer. - income from project assistance, producer advances, and the sale of rights is recognised upon delivery of the service or rights to the customer. Interest Interest Interest income includes interest received on deposits and other investments and the unwinding over time of the discount on financial assets. Interest income is recognised using the effective interestInterest methodincome includeswhich allocates interest the received interest on over deposits the relevant and other period. investments and the unwinding over time of the discount on financial assets. Interest income is recognised using the effective interest method which allocates the interest over the relevant period. Net realised and unrealised gains and losses on the revaluation of investments do not form part of the income from transactions, but are reported as part of income from other economic flows in the Netnet resultrealised or andas unrealised unrealised gains gains and and losses losses taken on the directly revaluation to equity, of investments forming part do of not the form total part change of the in netincome worth from in the transactions comprehensive, but are result. reported as part of income from other economic flows in the net result or as unrealised gains and losses taken directly to equity, forming part of the total change in net worth in the comprehensive result. Development buyouts Development buyouts Development buyouts are the repayment of Film Victoria's development investment (plus premium, if applicable) and once repaid, allows for the reassignment of Film Victoria's copyright interest in Developmentthe project to buyoutsthe funding are recipient.the repayment of Film Victoria's development investment (plus premium, if applicable) and once repaid, allows for the reassignment of Film Victoria's copyright interest in the project to the funding recipient. Administration fees Administration fees Administration fees are charged by Film Victoria for production investment funding and are based on the amount of Film Victoria's investment. Administration fees are charged by Film Victoria for production investment funding and are based on the amount of Film Victoria's investment. Investment and grant repayments Investment and grant repayments

From 1 July 2014, production investments have been assigned to the project's producer. The amount of Film Victoria's investment is written off in the period of payment. From 1 July 2014, production investments have been assigned to the project's producer. The amount of Film Victoria's investment is written off in the period of payment. Investment and grant repayments are income investment returns from funded recipients recognised in the reporting period in which they are received. Investment and grant repayments are income investment returns from funded recipients recognised in the reporting period in which they are received. (g) Expenses from transactions (g) Expenses from transactions Expenses from transactions are recognised as they are incurred, and reported in the financial year to which they relate. Expenses from transactions are recognised as they are incurred, and reported in the financial year to which they relate. Program Costs Program Costs These expenses are related to payments made to approved funding recipients for grants, advances and production investment. These expenses are related to payments made to approved funding recipients for grants, advances and production investment. Employee expenses Employee expenses Refer to the section in Note 1(l) regarding employee benefits. Refer to the section in Note 1(l) regarding employee benefits. These expenses include all costs related to employment (other than superannuation which is accounted for separately) including wages and salaries, fringe benefits tax, leave entitlements, Theseredundancy expenses payments include and all WorkCovercosts related premiums. to employment (other than superannuation which is accounted for separately) including wages and salaries, fringe benefits tax, leave entitlements, redundancy payments and WorkCover premiums. Superannuation Superannuation

The amount recognised in the comprehensive operating statement is the employer contributions for members of defined contribution plans that are paid or payable during the reporting period. The amount recognised in the comprehensive operating statement is the employer contributions for members of defined contribution plans that are paid or payable during the reporting period. Depreciation Depreciation All plant and equipment and other non-financial physical assets (excluding items under operating leases) that have finite useful life are depreciated. Depreciation is generally calculated on a straight- lineAll plant basis, and at ratesequipment that allocate and other the non-financialasset’s value, physicalless any assetsestimated (excluding residual items value, under over operating its estimated leases) useful that life. have finite useful life are depreciated. Depreciation is generally calculated on a straight- line basis, at rates that allocate the asset’s value, less any estimated residual value, over its estimated useful life. Refer to Note 1(k) for the depreciaton policy for leasehold improvements. Refer to Note 1(k) for the depreciaton policy for leasehold improvements.

The estimated useful lives, residual values and depreciation method are reviewed at the end of each annual reporting period, and adjustments made where appropriate. The estimated useful lives, residual values and depreciation method are reviewed at the end of each annual reporting period, and adjustments made where appropriate. The following are typical estimated useful lives for the different asset classes for current and prior years. The following are typical estimated useful lives for the different asset classes for current and prior years. Asset Useful life Asset Useful life Audio Visual Equipment 4 years ComputerAudio Visual Equipment Equipment 43 years FurnitureComputer and Equipment Fittings 35 years OfficeFurniture Equipment and Fittings 5 years LeaseholdOffice Equipment Improvements 105 years Leasehold Improvements 10 years Other operating expenses Other operating expenses generally represent the day to day running costs incurred in normal operations. Other operating expenses generally represent the day to day running costs incurred in normal operations. Supplies and services Supplies and services costs are recognised as an expense in the reporting period in which they are incurred. Supplies and services costs are recognised as an expense in the reporting period in which they are incurred. Bad and doubtful debts BadRefer and to Notedoubtful 1(j) Impairmentdebts of financial assets. Refer to Note 1(j) Impairment of financial assets. (h) Other economic flows included in net result (h) Other economic flows included in net result Other economic flows are changes in the volume or value of assets or liabilities that do not result from transactions. Other economic flows are changes in the volume or value of assets or liabilities that do not result from transactions. Net gain/(loss) on non-financial assets Net gain/(loss) on non-financial assets and liabilities includes realised and unrealised gains and losses as follows: Net gain/(loss) on non-financial assets and liabilities includes realised and unrealised gains and losses as follows: Revaluation gains/(losses) on non-financial physical assets RevaluationRefer to Note gains/(losses) 1(k) Revaluations on non-financial of non-financial physical physical assets assets. Refer to Note 1(k) Revaluations of non-financial physical assets. Net gain/(loss) on disposal of non-financial assets Net gain/(loss) on disposal of non-financial assets Any gain or loss on the disposal of non-financial assets is recognised at the date of disposal and is determined after deducting the proceeds from the carrying value of the asset at that time. Impairment of non‑financial assets Any gain or loss on the disposal of non-financial assets is recognised at the date of disposal and is determined after deducting the proceeds from the carrying value of the asset at that time. ImpairmentAll assets are of assessed non‑financial annually assets for indications of impairment, and whenever there is an indication that an asset may be impaired. All assets are assessed annually for indications of impairment, and whenever there is an indication that an asset may be impaired. If there is an indication that there has been a reversal in the estimate of an asset’s recoverable amount since the last impairment loss was recognised, the carrying amount shall be increased to its Ifrecoverable there is an amount.indication The of impairmentimpairment, loss the isassets reversed concerned only to are the tested extent as that to thewhether asset’s their carrying carrying amount value does exceeds not exceedtheir recov the erablecarrying amount. amount Where that would an asset’s have carryingbeen determined, value exceeds net ofits depreciation, recoverable If there is an indication that there has been a reversal in the estimate of an asset’s recoverable amount since the last impairment loss was recognised, the carrying amount shall be increased to its Ifamount,if nothere impairment is the an differenceindication loss had ofis writtenbeenimpairment, recognised off as the an assets otherin prior economic concerned years. flow, are excepttested asto tothe whether extent thattheir the carrying write‑ valuedown exceeds can be debited their recov to anerable asset amount. revaluation Where surplus an asset’s amount carrying applicable value to exceeds that class its ofrecoverable asset. recoverable amount. The impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation, amount, the difference is written off as an other economic flow, except to the extent that the write‑down can be debited to an asset revaluation surplus amount applicable to that class of asset. Ifif nothere impairment is an indication loss had that been there recognised has been in a priorreversal years. in the estimate of an asset’s recoverable amount since the last impairment loss was recognised, the carrying amount shall be increased to its Ifrecoverable there is an amount.indication The that impairment there has lossbeen is areversed reversal onlyin the to estimate the extent of anthat asset’s the asset’s recoverable carrying amount amount since does the not last exceed impair thement car lossrying was amount recognised, that would the carryinghave been amount determined, shall be net increased of depreciation, to its It is deemed that, in the event of the loss or destruction of an asset, the future economic benefits arising from the use of the asset will be replaced unless a specific decision to the contrary has been Ififrecoverable nothere impairment is an amount.indication loss Thehad that beenimpairment there recognised has lossbeen is in areversed priorreversal years. onlyin the to estimate the extent of anthat asset’s the asset’s recoverable carrying amount amount since does the not last exceed impair thement car lossrying was amount recognised, that would the carryinghave been amount determined, shall be net increased of depreciation, to its made.recoverable The recoverable amount. The amount impairment for most loss assets is reversed is measured only to at the the extent higher that of depreciated the asset’s carrying replacement amount cost does and not fair exceed value less the costcarryings to sell.amount Recoverable that would amounts have been for assets determined, held primarily net of depreciation, to generate Itifrecoverable nois deemed impairment amount.that, loss in the Thehad event beenimpairment of recognised the loss loss or is in reverseddestruction prior years. only of toan the asset, extent the futurethat the economic asset’s carrying benefits amount arising doesfrom notthe exceeduse of th thee asset carrying will beamount replaced that unlesswould ahave specific been decision determined, to the net contrary of depreciation, has been netif no cash impairment inflows isloss measured had been at recognisedthe higher ofin theprior present years. value of future cash flows expected to be obtained from the asset and fair value less costs to sell. ifmade. no impairment The recoverable loss had amount been recognisedfor most assets in prior is measured years. at the higher of depreciated replacement cost and fair value less costs to sell. Recoverable amounts for assets held primarily to generate netIt is cashdeemed inflows that, is in measured the event at of the the higher loss or of destruction the present of value an asset, of future the futurecash flows economic expected benefits to be arising obtained from from the usethe assetof the and asset fair will value be replacedless costs unless to sell. a specific decision to the contrary has been netRefer cash to Noteinflows 1(k) is inmeasured relation toat the recognitionhigher of the and present measurement value of futureof non ‑cashfinancial flows assets. expected to be obtained from the asset and fair value less costs to sell. Itmade. is deemed The recoverable that, in the amount event of for the most loss assets or destruction is measured of an at asset, the higher the future of depreciated economic replacementbenefits arising cost from and the fair use value of thlesse asset costs will to sell.be replaced Recoverable unless amounts a specific for decisionassets held to theprimarily contrary to generatehas been It is deemed that, in the event of the loss or destruction of an asset, the future economic benefits arising from the use of the asset will be replaced unless a specific decision to the contrary has been netReferItmade. is cashdeemed toThe Noteinflows recoverable that, 1(k) is in measured therelation amount event toat of thefor the mostrecognitionhigher loss assets or of destruction the andis present measured measurement of value an at asset, theof futureof higher thenon future‑cash offinancial depreciated flows economic assets. expected replacementbenefits to be arising obtained cost from and from the fair usethe value assetof thlesse and asset cost fairs will to value sell.be replaced lessRecoverable costs unless to sell. amounts a specific for decisionassets held to theprimarily contrary to generatehas been netOthermade. cash gains(losses)The inflows recoverable is measured from amount other at economic thefor mosthigher flowsassets of the is present measured value at theof future higher cash of depreciated flows expected replacement to be obtained cost and from fair the value asset less and cost fairs to value sell. lessRecoverable costs to sell. amounts for assets held primarily to generate netRefer cash to Noteinflows 1(k) is inmeasured relation toat the recognitionhigher of the and present measurement value of futureof non ‑cashfinancial flows assets. expected to be obtained from the asset and fair value less costs to sell. Other gains(losses) from other economic flows OtherRefer togains/(losses) Note 1(k) in relationfrom other to the economic recognition flows and include measurement the gains orof lossesnon‑financial from: assets. Refer to Note 1(k) in relation to the recognition and measurement of non‑financial assets. Other - the revaluation gains(losses)gains/(losses) of fromthe from present other other economic economicvalue of flowsthe flows long include service the liability gains due or losses to changes from: in the bond interest rates Other - transfer gains(losses)gains/(losses) of amounts from from from other other reserves economic economic and/or flows flows accumulated include the surplus gains toor thelosses net from: result due to disposal or derecognition or reclassification. - the revaluation of the present value of the long service liability due to changes in the bond interest rates Other gains(losses) from other economic flows Other- transfer gains/(losses) of amounts from from other reserves economic and/or flows accumulated include the surplus gains toor thelosses net from: result due to disposal or derecognition or reclassification. Other (i)- the Financial revaluation gains/(losses) Instruments of the from present other economicvalue of the flows long include service the liability gains due or losses to changes from: in the bond interest rates Other- transfer gains/(losses) of amounts from from other reserves economic and/or flows accumulated include the surplus gains toor thelosses net from: result due to disposal or derecognition or reclassification. Other (i)- the Financial revaluation gains/(losses) Instruments of the from present other economicvalue of the flows long include service the liability gains due or losses to changes from: in the bond interest rates (i)- thetransfer Financial revaluation of amounts Instruments of the from present reserves value and/or of the accumulated long service liabilitysurplus dueto the to netchanges result in due the to bond disposal interest or derecognitionrates or reclassification. - transfer of amounts from reserves and/or accumulated surplus to the net result due to disposal or derecognition or reclassification. Financial (i)- transfer Financial instruments of amounts Instruments arisefrom outreserves of contractual and/or accumulated agreements surplus that give to rise the tonet a resultfinancial due asset to disposal of one entityor derecognition and a financial or reclassif liability ication.or equity instrument of another entity. Due to the nature of Film Victoria's activities, certain financial assets and financial liabilities arise under statute rather than a contract. Such financial assets and financial liabilities do not meet the definition of financial Financial(i) Financial instruments Instruments arise out of contractual agreements that give rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Due to the nature of Film instruments(i) Financial in Instruments AASB 132 Financial Instruments: Presentation. For example, statutory receivables arising from taxes do not meet the definition of financial instruments as they do not arise under Victoria's(i) Financial activities, Instruments certain financial assets and financial liabilities arise under statute rather than a contract. Such financial assets and financial liabilities do not meet the definition of financial contract.Financial instruments However, Cash arise Flow out ofFacility contractual loans to agreements producers thatare financialgive rise instrumentsto a financial as asset they of arise one out entity of contractual and a financial agreements liability or. equity instrument of another entity. Due to the nature of Film instruments in AASB 132 Financial Instruments: Presentation. For example, statutory receivables arising from taxes do not meet the definition of financial instruments as they do not arise under Victoria'scontract.Financial instruments activities,However, certainCash arise Flow outfinancial ofFacility contractual assets loans and to agreements financialproducers liabilities thatare financialgive arise rise under instrumentsto a financial statute as assetrather they of arisethan one outa entity contract. of contractual and Sucha financial fina agreementsncial liability assets or. andequity financial instrument liabilities of another do not entity.meet the Due definition to the nature of financial of Film Victoria'sinstrumentscontract.Financial instruments activities,However, in AASB certainCash 132 arise Financial Flow outfinancial ofFacility contractual Instruments: assets loans and to agreements Presentation.financialproducers liabilities thatare For financialgive example,arise rise under instrumentsto astatutory financial statute as receivablesassetrather they of arisethan one arisingouta entity contract. of contractualfrom and Such ataxes financial fina do agreements ncialnot liability meet assets or .the andequity definition financial instrument of liabilities financial of another do instruments not entity.meet the asDue theydefinition to thedo notnature of arise financial of under Film Victoria's activities, certain financial assets and financial liabilities arise under statute rather than a contract. Such financial assets and financial liabilities do not meet the definition of financial instrumentscontract.Where relevant, However, in AASB for Cashnote 132 Financial disclosureFlow Facility Instruments: purposes, loans to a Presentation.producers distinction are is Formade financial example, between instruments statutory those financialas receivables they arise assets arisingout and of financialcontractualfrom taxes liabilities do agreements not thmeetat meet .the definitionthe definition of financial of financial instruments instruments as they in accordance do not arise with under AASB 132 instrumentscontract. However, in AASB Cash 132 Financial Flow Facility Instruments: loans to Presentation.producers are For financial example, instruments statutory as receivables they arise arisingout of contractualfrom taxes do agreements not meet .the definition of financial instruments as they do not arise under andWhere those relevant, that do for not. note disclosure purposes, a distinction is made between those financial assets and financial liabilities that meet the definition of financial instruments in accordance with AASB 132 contract.Where relevant, However, for Cashnote disclosureFlow Facility purposes, loans to a producers distinction are is made financial between instruments those financialas they arise assets out and of financialcontractual liabilities agreements that meet. the definition of financial instruments in accordance with AASB 132 and those that do not. CategoriesWhere relevant, of non-derivative for note disclosure financial purposes, instruments a distinction is made between those financial assets and financial liabilities that meet the definition of financial instruments in accordance with AASB 132 and those that do not. CategoriesWhere relevant, of non-derivative for note disclosure financial purposes, instruments a distinction is made between those financial assets and financial liabilities that meet the definition of financial instruments in accordance with AASB 132 andWhereCategories those relevant, that of non-derivative do for not. note disclosure financial purposes, instruments a distinction is made between those financial assets and financial liabilities that meet the definition of financial instruments in accordance with AASB 132 andLoans those and thatreceivables do not. andCategories those that of non-derivative do not. financial instruments Loans and receivables LoansCategories and receivables of non-derivative are financial financial instrument instruments assets with fixed and determinable payments that are not quoted on the active market. These assets are initially recognised at fair value plus any Categories of non-derivative financial instruments directlyLoansCategories and attributable receivables of non-derivative transaction financial costs. instrumentsSubsequent to initial measurement, loans and receivables are measured at amortised cost using the effective interest method, less any impairment. Loans and receivables are financial instrument assets with fixed and determinable payments that are not quoted on the active market. These assets are initially recognised at fair value plus any directlyLoans and attributable receivables transaction costs. Subsequent to initial measurement, loans and receivables are measured at amortised cost using the effective interest method, less any impairment. Loans and receivables are financial instrument assets with fixed and determinable payments that are not quoted on the active market. These assets are initially recognised at fair value plus any directly attributable transaction costs. Subsequent to initial measurement, loans and receivables are measured at amortised cost using the effective interest method, less any impairment. Loans and receivables categoryare financial includes instrument cash and assets deposits, with fixed trade and receivables, determinable term payments deposits thatwith arematurity not quoted greater on than the threeactive mo manths,rket. loansThese and assets other are receivables, initially recognised but not statutoryat fair value receivables. plus any directlyLoans and attributable receivables transaction are financial costs. instrument Subsequent assets to withinitial fixed measurement, and determinable loans and payments receivables that areare measurednot quoted at on amortised the active cos mat usingrket. Thesethe effective assets areinterest initially method, recognised less any at fairimpairment. value plus any directlyLoans and attributable receivables transaction category includescosts. Subsequent cash and deposits, to initial measurement,trade receivables, loans term and deposits receivables with are maturity measured greater at amortised than three cos mot nths,using loans the effective and other interest receivables, method, but less not any statutory impairment. receivables. Loans(j) Financial and receivables Assets category includes cash and deposits, trade receivables, term deposits with maturity greater than three months, loans and other receivables, but not statutory receivables. Loans and receivables category includes cash and deposits, trade receivables, term deposits with maturity greater than three months, loans and other receivables, but not statutory receivables. (j) Financial Assets LoansCash and and deposits receivables category includes cash and deposits, trade receivables, term deposits with maturity greater than three months, loans and other receivables, but not statutory receivables. Loans(j) Financial and receivables Assets category includes cash and deposits, trade receivables, term deposits with maturity greater than three months, loans and other receivables, but not statutory receivables. Cash and deposits Cash(j) Financial and deposits Assets recognised on the balance sheet comprise cash on hand and cash at bank, deposits at call and those highly liquid investments (with an original maturity of three months or less), Cash(j) Financial and deposits Assets Cashwhich and are depositsheld for therecognised purpose on of themeeting balance short sheet term comprise cash commitments cash on hand rather and thancash forat bank, investment deposits purposes, at call and and those readily highly converti liquidble investments to known amounts (with an oforiginal cash withmaturity an insignificant of three months risk of or changes less), in value.Cash and deposits recognised on the balance sheet comprise cash on hand and cash at bank, deposits at call and those highly liquid investments (with an original maturity of three months or less), Cashwhich and are depositsheld for the purpose of meeting short term cash commitments rather than for investment purposes, and readily convertible to known amounts of cash with an insignificant risk of changes in value.Cash and deposits recognised on the balance sheet comprise cash on hand and cash at bank, deposits at call and those highly liquid investments (with an original maturity of three months or less), CashReceivableswhich and are depositsheld for therecognised purpose on of themeeting balance short sheet term comprise cash commitments cash on hand rather and thancash forat bank, investment deposits purposes, at call and and those readily highly converti liquidble investments to known amounts (with an oforiginal cash withmaturity an insignificant of three months risk of or changes less), in value.Cash and deposits recognised on the balance sheet comprise cash on hand and cash at bank, deposits at call and those highly liquid investments (with an original maturity of three months or less), ReceivablesCashwhich and are depositsheld for therecognised purpose on of themeeting balance short sheet term comprise cash commitments cash on hand rather and thancash forat bank, investment deposits purposes, at call and and those readily highly converti liquidble investments to known amounts (with an oforiginal cash withmaturity an insignificant of three months risk of or changes less), in value.Receivableswhich are held consist for the of: purpose of meeting short term cash commitments rather than for investment purposes, and readily convertible to known amounts of cash with an insignificant risk of changes in value. - contractual receivables, such as debtors in relation to goods and services, loans to third parties and accrued investment income Receivables consist of: Receivables- contractualstatutory receivables, receivables, such such as asamounts debtors owing in relation from theto goods Victorian and Governmentservices, loans and to Goodsthird parties and Services and accrued Tax (GST) investment input credits income recoverable. Receivables - contractual receivables, such as debtors in relation to goods and services, loans to third parties and accrued investment income Receivables- statutory receivables, consist of: such as amounts owing from the Victorian Government and Goods and Services Tax (GST) input credits recoverable. Receivables - contractual consist receivables, of: such as debtors in relation to goods and services, loans to third parties and accrued investment income Receivables consist of: ContractualReceivables - contractualstatutory receivables, consistreceivables receivables, of: such are such classified as asamounts debtors as financialowing in relation from instruments theto goods Victorian andand Governmentcategorisedservices, loans as and loansto Goodsthird and parties andreceivables Services and accrued (refer Tax (GST) toinvestment Note input 1(i) creditsFinancial income re coverable.Instruments for recognition and measurement). Statutory - contractual receivables, such as debtors in relation to goods and services, loans to third parties and accrued investment income receivables- contractualstatutory receivables,are receivables, recognised such such and as asmeasuredamounts debtors owing similarlyin relation from to the tocontractual goods Victorian and receivables Governmentservices, loans (except and to Goodsthird for impairment), parties and Services and accrued but Tax are (GST) notinvestment classified input credits in comeas financial recoverable. instruments because they do not arise from a contract. Contractual- statutory receivables, receivables such are classified as amounts as financialowing from instruments the Victorian and Governmentcategorised as and loans Goods and andreceivables Services (refer Tax (GST) to Note input 1(i) creditsFinancial re coverable.Instruments for recognition and measurement). Statutory receivables are recognised and measured similarly to contractual receivables (except for impairment), but are not classified as financial instruments because they do not arise from a contract. ContractualReceivablesreceivables arearereceivables recognisedsubject toare impairmentand classified measured as testing financial similarly as described instruments to contractual below. and receivables categorisedA provision (except foras loans doubtful for and impairment), receivables but is(refer recognised are tonot Note classified when 1(i) Financial there as financial is Instrumentsobjective instruments evidence for recognition because that the they anddebts do measurement notmay arise not befrom )collected,. Statutory a contract. and bad debts are written off when identified. ReceivablesContractualreceivables arearereceivables recognisedsubject toare impairmentand classified measured as testing financial similarly as described instruments to contractual below. and receivables categorisedA provision (except foras loans doubtful for and impairment), receivables but is(refer recognised are tonot Note classified when 1(i) Financial there as financial is Instrumentsobjective instruments evidence for recognition because that the they anddebts do measurement notmay arise not befrom )collected,. Statutory a contract. and bad debtsContractualreceivables are written arereceivables recognised off when are identified.and classified measured as financial similarly instruments to contractual and receivables categorised (except as loans for and impairment), receivables but (refer are tonot Note classified 1(i) Financial as financial Instruments instruments for recognition because they and do measurement not arise from). Statutory a contract. debtsreceivables are written are recognised off when identified.and measured similarly to contractual receivables (except for impairment), but are not classified as financial instruments because they do not arise from a contract. ForReceivablesreceivables the measurement areare recognisedsubject principle to impairmentand ofmeasured receivables, testing similarly asrefer described to to contractual Note below. 1(h). receivables A provision (except for doubtful for impairment), receivables but is recognised are not classified when there as financial is objective instruments evidence because that the they debts do notmay arise not befrom collected, a contract. and bad debtsReceivables are written are subject off when to impairmentidentified. testing as described below. A provision for doubtful receivables is recognised when there is objective evidence that the debts may not be collected, and bad For the measurement principle of receivables, refer to Note 1(h). debtsReceivablesFor the are measurement written are subject off when principle to impairmentidentified. of receivables, testing asrefer described to Note below. 1(h). A provision for doubtful receivables is recognised when there is objective evidence that the debts may not be collected, and bad debtsAny dividend are written or interest off when earned identified. on the financial asset is recognised in the comprehensive operating statement as a transaction. debtsFor the are measurement written off when principle identified. of receivables, refer to Note 1(h). Any dividend or interest earned on the financial asset is recognised in the comprehensive operating statement as a transaction. ForAny thedividend measurement or interest principle earned of on receivables, the financial refer asset to is Note recognised 1(h). in the comprehensive operating statement as a transaction. ForCash the Flow measurement Facility (CFF) principle – Producer of receivables, Loans refer to Note 1(h). AnyFor thedividend measurement or interest principle earned of on receivables, the financial refer asset to is Note recognised 1(h). in the comprehensive operating statement as a transaction. Cash Flow Facility (CFF) – Producer Loans AnyCash dividend Flow Facility or interest (CFF) earned– Producer on the Loans financial asset is recognised in the comprehensive operating statement as a transaction. 30AnyThe Filmdividend Victoria or interest Cash Flow earned Facility on the is a financial revolving asset financial is recognised facility which in the complements comprehensive Film operating Victoria's statement programs asby a providing transaction. loans to finance the taxation authority's producer offset and pre-sales by wayCashAny ofdividend Flow broadcast Facility or interest licenses (CFF) earned– and Producer distribution on the Loans financial guarantees. asset is The recognised Cash Flow in theFacility comprehensive provides financial operating support statement for the as industry a transaction. by underpinning private sector participation and assisting local producers in The Film Victoria Cash Flow Facility is a revolving financial facility which complements Film Victoria's programs by providing loans to finance the taxation authority's producer offset and pre-sales by wayinternationalCash of Flow broadcast Facility financing licenses (CFF) and – and Producerfinancing distribution Loansof the guarantees.producer offset. The Cash It also Flow leverages Facility increased provides productionfinancial support in Victoria. for the industry by underpinning private sector participation and assisting local producers in wayCash of Flow broadcast Facility licenses (CFF) – and Producer distribution Loans guarantees. The Cash Flow Facility provides financial support for the industry by underpinning private sector participation and assisting local producers in internationalThe Film Victoria financing Cash and Flow financing Facility isof a the revolving producer financial offset. facility It also whichleverages complements increased Filmproduction Victoria's in Victoria.programs by providing loans to finance the taxation authority's producer offset and pre-sales by wayTheCash Filmof Flow broadcast Victoria Facility licensesCash advances Flow and toFacility distribution producers is a revolving areguarantees. a loan financial secured The facilityCash by executedFlow which Facility complements distribution provides contracts,Film financial Victoria's support pre-sale programs for agreements the by industry providing or theby unloansprodderpinningucer to finance offset. private the Loans taxation sector are securedparticipation authority's by relevant producer and assisting guarantees offset local and andproducers pre-sales Personal byin wayinternationalPropertyThe Filmof broadcast VictoriaSecurities financing licensesCash Register and Flow and financing charges.Facility distribution isof Interest a the revolving guarantees.producer is charged financial offset. The on facilityCash amountsIt also Flow whichleverages outstanding Facility complements increased provides until fullyFilmproductionfinancial repaidVictoria's support andin Victoria.programs recorded for the by industryas providing revenue. by unloansderpinning to finance private the taxation sector participation authority's producer and assisting offset local and producers pre-sales byin CashThe Film Flow Victoria Facility Cash advances Flow toFacility producers is a revolving are a loan financial secured facility by executed which complements distribution contracts,Film Victoria's pre-sale programs agreements by providing or the loansproducer to finance offset. the Loans taxation are secured authority's by relevant producer guarantees offset and and pre-sales Personal by wayinternational of broadcast financing licenses and and financing distribution of the guarantees.producer offset. The Cash It also Flow leverages Facility increased provides productionfinancial support in Victoria. for the industry by underpinning private sector participation and assisting local producers in wayProperty of broadcast Securities licenses Register and charges. distribution Interest guarantees. is charged The on Cash amounts Flow outstanding Facility provides until fully financial repaid support and recorded for the industryas revenue. by underpinning private sector participation and assisting local producers in internationalACash provision Flow Facility for financing doubtful advances and debts financing to is producers recognised of the are producer when a loan collection securedoffset. It ofby also the executed leverages full nominal distribution increased amount contracts, production is no longer pre-sale in probable Victoria. agreements (see Note or 1 the(j) Financial producer Assets offset. – LoansImpairment are secured of Financial by relevant Assets guarantees). and Personal PropertyCash Flow Securities Facility advances Register tocharges. producers Interest are isa loancharged secured on amounts by executed outstanding distribution until contracts,fully repaid pre-sale and recorded agreements as revenue. or the producer offset. Loans are secured by relevant guarantees and Personal A provision for doubtful debts is recognised when collection of the full nominal amount is no longer probable (see Note 1 (j) Financial Assets – Impairment of Financial Assets). PropertyEquityCash Flow Investments Securities Facility advances andRegister Advances tocharges. producers Interest are isa loancharged secured on amounts by executed outstanding distribution until contracts,fully repaid pre-sale and recorded agreements as revenue. or the producer offset. Loans are secured by relevant guarantees and Personal PropertyA provision Securities for doubtful Register debts charges. is recognised Interest when is charged collection on amounts of the full outstanding nominal amount until fully is no repaid longer and probable recorded (see as Note revenue. 1 (j) Financial Assets – Impairment of Financial Assets). Equity Investments and Advances ProductionA provision investmentfor doubtful is debts an equity is recognised investment when that collection is then assigned of the full to thenominal producer amount where is no the longer amount probable of Film (see Victoria's Note 1 investm(j) Financialent is Assets written – Impairmentoff in the period of Financial of payment. Assets ). EquityA provision Investments for doubtful and Advances debts is recognised when collection of the full nominal amount is no longer probable (see Note 1 (j) Financial Assets – Impairment of Financial Assets). Production investment is an equity investment that is then assigned to the producer where the amount of Film Victoria's investment is written off in the period of payment. UnderEquity certainInvestments programs and Advances Film Victoria makes advances, for example to production companies towards specified projects and agreed business costs. These are written off in the period of payment. ProductionEquity Investments investment and isAdvances an equity investment that is then assigned to the producer where the amount of Film Victoria's investment is written off in the period of payment. Under certain programs Film Victoria makes advances, for example to production companies towards specified projects and agreed business costs. These are written off in the period of payment. AdvancesProduction may investment be repaid is toan Film equity Victoria investment upon projectsthat is then completing assigned certain to the producerstages for where example, the theamount relevant of Film production Victoria's company investm entcommencing is written principaloff in the photography.period of payment. The repayment period will differ UnderProduction certain investment programs is Film an equity Victoria investment makes advances, that is then for exampleassigned toto productionthe producer companies where the towards amount specified of Film Victoria's projects andinvestm agreedent businessis written costs. off in Thesethe period are written of payment. off in the period of payment. fromAdvances case mayto case, be repaiddepending to Film on Victoriawhen projects upon projects are produced. completing No longer certain offered stages from for example, 1 July 2014 the (see relevant statement production of cash company flows and co Notemmencing 11 Financial principal Instruments). photography. The repayment period will differ UnderAdvances certain may programs be repaid Film to Film Victoria Victoria makes upon advances, projects for completing example certainto production stages forcompanies example, towards the relevant specified production projects company and agreed commencing business costs. principal These photography. are written The off inrepayment the period period of payment. will differ fromUnder case certain to case, programs depending Film Victoria on when makes projects advances, are produced. for example No longer to production offered from companies 1 July 2014 towards (see specifiedstatement projects of cash andflows agreed and Note business 11 Financial costs. TheseInstruments). are written off in the period of payment. fromAdvancesUnder case certain mayto case, programs be repaiddepending Film to Film Victoria on Victoriawhen makes projects upon advances, projects are produced. for completing example No longer certainto production offered stages from forcompanies example, 1 July 2014 towards the (see relevant specifiedstatement production projects of cash company andflows agreed and co Notemmencing business 11 Financial costs. principal TheseInstruments). photography. are written The off inrepayment the period period of payment. will differ fromAdvancesImpairment case mayto of case, financialbe repaiddepending assets to Film on Victoriawhen projects upon projects are produced. completing No longer certain offered stages from for example, 1 July 2014 the (see relevant statement production of cash company flows and co Notemmencing 11 Financial principal Instruments). photography. The repayment period will differ Advances may be repaid to Film Victoria upon projects completing certain stages for example, the relevant production company commencing principal photography. The repayment period will differ fromImpairmentAdvances case mayto of case, financialbe repaiddepending assets to Film on Victoriawhen projects upon projects are produced. completing No longer certain offered stages from for example, 1 July 2014 the (see relevant statement production of cash company flows and co Notemmencing 11 Financial principal Instruments). photography. The repayment period will differ from case to case, depending on when projects are produced. No longer offered from 1 July 2014 (see statement of cash flows and Note 11 Financial Instruments). Impairment of financial assets Impairment of financial assets Impairment of financial assets If there is an indication that there has been a reversal in the estimate of an asset’s recoverable amount since the last impairment loss was recognised, the carrying amount shall be increased to its recoverable amount. The impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation, if no impairment loss had been recognised in prior years.

It is deemed that, in the event of the loss or destruction of an asset, the future economic benefits arising from the use of the asset will be replaced unless a specific decision to the contrary has been made. The recoverable amount for most assets is measured at the higher of depreciated replacement cost and fair value less costs to sell. Recoverable amounts for assets held primarily to generate net cash inflows is measured at the higher of the present value of future cash flows expected to be obtained from the asset and fair value less costs to sell.

Refer to Note 1(k) in relation to the recognition and measurement of non‑financial assets.

Other gains(losses) from other economic flows

Other gains/(losses) from other economic flows include the gains or losses from: - the revaluation of the present value of the long service liability due to changes in the bond interest rates - transfer of amounts from reserves and/or accumulated surplus to the net result due to disposal or derecognition or reclassification.

(i) Financial Instruments

Financial instruments arise out of contractual agreements that give rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Due to the nature of Film Victoria's activities, certain financial assets and financial liabilities arise under statute rather than a contract. Such financial assets and financial liabilities do not meet the definition of financial instruments in AASB 132 Financial Instruments: Presentation. For example, statutory receivables arising from taxes do not meet the definition of financial instruments as they do not arise under contract. However, Cash Flow Facility loans to producers are financial instruments as they arise out of contractual agreements.

Where relevant, for note disclosure purposes, a distinction is made between those financial assets and financial liabilities that meet the definition of financial instruments in accordance with AASB 132 and those that do not.

Categories of non-derivative financial instruments

Loans and receivables

Loans and receivables are financial instrument assets with fixed and determinable payments that are not quoted on the active market. These assets are initially recognised at fair value plus any directly attributable transaction costs. Subsequent to initial measurement, loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Loans and receivables category includes cash and deposits, trade receivables, term deposits with maturity greater than three months, loans and other receivables, but not statutory receivables.

(j) Financial Assets

Cash and deposits

Cash and deposits recognised on the balance sheet comprise cash on hand and cash at bank, deposits at call and those highly liquid investments (with an original maturity of three months or less), which are held for the purpose of meeting short term cash commitments rather than for investment purposes, and readily convertible to known amounts of cash with an insignificant risk of changes in value.

Receivables

Receivables consist of: - contractual receivables, such as debtors in relation to goods and services, loans to third parties and accrued investment income - statutory receivables, such as amounts owing from the Victorian Government and Goods and Services Tax (GST) input credits recoverable.

Contractual receivables are classified as financial instruments and categorised as loans and receivables (refer to Note 1(i) Financial Instruments for recognition and measurement). Statutory receivables are recognised and measured similarly to contractual receivables (except for impairment), but are not classified as financial instruments because they do not arise from a contract.

Receivables are subject to impairment testing as described below. A provision for doubtful receivables is recognised when there is objective evidence that the debts may not be collected, and bad debts are written off when identified.

For the measurement principle of receivables, refer to Note 1(h).

Any dividend or interest earned on the financial asset is recognised in the comprehensive operating statement as a transaction.

Cash Flow Facility (CFF) – Producer Loans

The Film Victoria Cash Flow Facility is a revolving financial facility which complements Film Victoria's programs by providing loans to finance the taxation authority's producer offset and pre-sales by way of broadcast licenses and distribution guarantees. The Cash Flow Facility provides financial support for the industry by underpinning private sector participation and assisting local producers in international financing and financing of the producer offset. It also leverages increased production in Victoria.

Cash Flow Facility advances to producers are a loan secured by executed distribution contracts, pre-sale agreements or the producer offset. Loans are secured by relevant guarantees and Personal Property Securities Register charges. Interest is charged on amounts outstanding until fully repaid and recorded as revenue.

A provision for doubtful debts is recognised when collection of the full nominal amount is no longer probable (see Note 1 (j) Financial Assets – Impairment of Financial Assets).

Equity Investments and Advances

Production investment is an equity investment that is then assigned to the producer where the amount of Film Victoria's investment is written off in the period of payment.

Under certain programs Film Victoria makes advances, for example to production companies towards specified projects and agreed business costs. These are written off in the period of payment.

Advances may be repaid to Film Victoria upon projects completing certain stages for example, the relevant production company commencing principal photography. The repayment period will differ from case to case, depending on when projects are produced. No longer offered from 1 July 2014 (see statement of cash flows and Note 11 Financial Instruments).

Impairment of financial assets At the end of each reporting period, Film Victoria assesses whether there is objective evidence that a financial asset or group of financial assets is impaired. All financial instrument assets, except At the end of each reporting period, Film Victoria assesses whether there is objective evidence that a financial asset or group of financial assets is impaired. All financial instrument assets, except those measured at fair value through profit and loss, are subject to annual review for impairment. those measured at fair value through profit and loss, are subject to annual review for impairment. Receivables are assessed for bad and doubtful debts on a regular basis. Those bad debts considered as written off by mutual consent are classified as a transaction expense. Bad debts not written off Receivables are assessed for bad and doubtful debts on a regular basis. Those bad debts considered as written off by mutual consent are classified as a transaction expense. Bad debts not written off by mutual consent and the allowance for doubtful receivables are classified as other economic flows in the net result. by mutual consent and the allowance for doubtful receivables are classified as other economic flows in the net result. The amount of the allowance is the difference between the financial asset's carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. The amount of the allowance is the difference between the financial asset's carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. In assessing impairment of statutory (non-contractual) financial assets which are not financial instruments, professional judgement is applied in assessing materiality using estimates, averages and In assessing impairment of statutory (non-contractual) financial assets which are not financial instruments, professional judgement is applied in assessing materiality using estimates, averages and other computational methods in accordance with AASB 136 Impairment of Assets. other computational methods in accordance with AASB 136 Impairment of Assets. (k) Impairment of assets (k) Impairment of assets Property, plant and equipment Property, plant and equipment

All non-financial physical assets are measured initially at cost and subsequently revalued at fair value less accumulated depreciation and impairment. Where an asset is acquired for no or nominal All non-financial physical assets are measured initially at cost and subsequently revalued at fair value less accumulated depreciation and impairment. Where an asset is acquired for no or nominal cost, the cost is its fair value at the date of acquisition. cost, the cost is its fair value at the date of acquisition. The fair value of plant and equipment is normally determined by reference to the asset's depreciated replacement cost. The fair value of plant and equipment is normally determined by reference to the asset's depreciated replacement cost.

For the accounting policy on impairment of non‑financial physical assets, refer to impairment of non‑financial assets under Note 1(h) Impairment of non‑financial assets. For the accounting policy on impairment of non‑financial physical assets, refer to impairment of non‑financial assets under Note 1(h) Impairment of non‑financial assets. All non-financial assets are held for a public administration purpose under FRD103F. All non-financial assets are held for a public administration purpose under FRD103F. More details about the valuation techniques and inputs used in determining the fair value of non financial physical assets are discussed in Note 5 Property, plant and equipment. More details about the valuation techniques and inputs used in determining the fair value of non financial physical assets are discussed in Note 5 Property, plant and equipment.

Leasehold improvements Leasehold improvements The cost of a leasehold improvement is capitalised as an asset and depreciated over the shorter of the lease or the estimated useful life of the improvements. The cost of a leasehold improvement is capitalised as an asset and depreciated over the shorter of the lease or the estimated useful life of the improvements. Other non-financial assets Other non-financial assets

Revaluations of non-physical assets Revaluations of non-physical assets Non‑financial physical assets are measured at fair value on a cyclical basis, in accordance with the FRDs issued by the Minister for Finance. A full revaluation normally occurs every five years, based Non‑financial physical assets are measured at fair value on a cyclical basis, in accordance with the FRDs issued by the Minister for Finance. A full revaluation normally occurs every five years, based upon the asset’s government purpose classification, but may occur more frequently if fair value assessments indicate material changes in values. Independent valuers are generally used to conduct upon the asset’s government purpose classification, but may occur more frequently if fair value assessments indicate material changes in values. Independent valuers are generally used to conduct these scheduled revaluations. Any interim revaluations are determined in accordance with the requirements of the FRDs. Revaluation increases or decreases arise from differences between an these scheduled revaluations. Any interim revaluations are determined in accordance with the requirements of the FRDs. Revaluation increases or decreases arise from differences between an asset’s carrying value and fair value. asset’s carrying value and fair value. Net revaluation increases (where the carrying amount of a class of assets is increased as a result of a revaluation) are recognised in ‘other economic flows – other comprehensive income’, and Net revaluation increases (where the carrying amount of a class of assets is increased as a result of a revaluation) are recognised in ‘other economic flows – other comprehensive income’, and accumulated in equity under the asset revaluation surplus. However, the net revaluation increase is recognised in the net result to the extent that it reverses a net revaluation decrease in respect of accumulated in equity under the asset revaluation surplus. However, the net revaluation increase is recognised in the net result to the extent that it reverses a net revaluation decrease in respect of the same class of property, plant and equipment previously recognised as an expense (other economic flows) in the net result. the same class of property, plant and equipment previously recognised as an expense (other economic flows) in the net result. The net revaluation decreases are recognised in ‘other economic flows – other comprehensive income’ to the extent that a credit balance exists in the asset revaluation surplus in respect of the same The net revaluation decreases are recognised in ‘other economic flows – other comprehensive income’ to the extent that a credit balance exists in the asset revaluation surplus in respect of the same class of property, plant and equipment. Otherwise, the net revaluation decreases are recognised immediately as other economic flows in the net result. The net revaluation decrease recognised in class of property, plant and equipment. Otherwise, the net revaluation decreases are recognised immediately as other economic flows in the net result. The net revaluation decrease recognised in ‘other economic flows – other comprehensive income’ reduces the amount accumulated in equity under the asset revaluation surplus. ‘other economic flows – other comprehensive income’ reduces the amount accumulated in equity under the asset revaluation surplus. Revaluation increases and decreases relating to individual assets in a class of property, plant and equipment, are offset against one another in that class but are not offset in respect of assets in Revaluation increases and decreases relating to individual assets in a class of property, plant and equipment, are offset against one another in that class but are not offset in respect of assets in different classes. The asset revaluation surplus is not transferred to accumulated funds on derecognition of the relevant asset. different classes. The asset revaluation surplus is not transferred to accumulated funds on derecognition of the relevant asset. Prepayments Prepayments Other non-financial assets include prepayments which represent payments in advance of receipt of goods or services or that are part of expenditure made in one accounting period covering a term Other non-financial assets include prepayments which represent payments in advance of receipt of goods or services or that are part of expenditure made in one accounting period covering a term extending beyond that period. extending beyond that period.

(l) Liabilities (l) Liabilities Payables Payables Payables consist of: Payables consist of: - contractual payables, such as accounts payable, and unearned income including deferred income from concession notes. Accounts payable represent liabilities for goods and services provided to - contractual payables, such as accounts payable, and unearned income including deferred income from concession notes. Accounts payable represent liabilities for goods and services provided to Film Victoria prior to the end of the financial year that are unpaid, and arise when Film Victoria becomes obliged to make future payments in respect of the purchase of those goods and services Film Victoria prior to the end of the financial year that are unpaid, and arise when Film Victoria becomes obliged to make future payments in respect of the purchase of those goods and services - statutory payables, such as goods and services tax and fringe benefits tax payables. - statutory payables, such as goods and services tax and fringe benefits tax payables.

Contractual payables are classified as financial instruments and categorised as financial liabilities at amortised costs (refer to Note 1(i)). Statutory payables are recognised and measured similarly to Contractual payables are classified as financial instruments and categorised as financial liabilities at amortised costs (refer to Note 1(i)). Statutory payables are recognised and measured similarly to contractual payables, but are not classified as financial instruments and not included in the category of financial liabilities at amortised cost, because they do not arise from a contract. contractual payables, but are not classified as financial instruments and not included in the category of financial liabilities at amortised cost, because they do not arise from a contract. Provisions Provisions Provisions are recognised when Film Victoria has a present obligation, the future sacrifice of economic benefits is probable, and the amount of the provision can be measured reliably. Provisions are recognised when Film Victoria has a present obligation, the future sacrifice of economic benefits is probable, and the amount of the provision can be measured reliably. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at reporting date, taking into account the risks and uncertainties surrounding The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows, using a discount rate that the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows, using a discount rate that reflects the time value of money and risks specific to the provision. reflects the time value of money and risks specific to the provision. When some or all of the economic benefits required to settle a provision are expected to be received from a third party, the receivable is recognised as an asset if it is virtually certain that recovery When some or all of the economic benefits required to settle a provision are expected to be received from a third party, the receivable is recognised as an asset if it is virtually certain that recovery will be received and the amount of the receivable can be measured reliably. will be received and the amount of the receivable can be measured reliably.

FINANCIAL STATEMENTS 31 Employee benefits Employee benefits Employee benefits Employee benefits Provision is made for benefits accruing to employees in respect of wages and salaries, annual leave and long service leave (LSL) for services rendered to the reporting date. EmployeeProvision is benefits made for benefits accruing to employees in respect of wages and salaries, annual leave and long service leave (LSL) for services rendered to the reporting date. EmployeeProvision is benefits made for benefits accruing to employees in respect of wages and salaries, annual leave and long service leave (LSL) for services rendered to the reporting date. (i)EmployeeProvision Wages is andbenefits made salaries, for benefits and annual accruing leave to employees in respect of wages and salaries, annual leave and long service leave (LSL) for services rendered to the reporting date. (i)Provision Wages isand made salaries, for benefits and annual accruing leave to employees in respect of wages and salaries, annual leave and long service leave (LSL) for services rendered to the reporting date. Provision(i) Wages isand made salaries, for benefits and annual accruing leave to employees in respect of wages and salaries, annual leave and long service leave (LSL) for services rendered to the reporting date. LiabilitiesProvision(i) Wages isandfor made wages salaries, for and benefits and salaries, annual accruing including leave to employees non-monetary in respect benefits, of andwages annual and salaries,leave, are annual all recognised leave and in long the serviceprovision leave for (LSLemployee) for services benefits rendered as 'current to liabilities',the reporting because date. Film Victoria does not Liabilitieshave unconditional for wages rights and salaries, to defer including settlements non-monetary of these liabilities. benefits, and annual leave, are all recognised in the provision for employee benefits as 'current liabilities', because Film Victoria does not Liabilities(i)have Wages unconditional andfor wages salaries, rights and and salaries, to annual defer including settlementsleave non-monetary of these liabilities. benefits, and annual leave, are all recognised in the provision for employee benefits as 'current liabilities', because Film Victoria does not Liabilitieshave unconditional for wages rights and salaries, to defer including settlements non-monetary of these liabilities. benefits, and annual leave, are all recognised in the provision for employee benefits as 'current liabilities', because Film Victoria does not (i)have Wages unconditional and salaries, rights and to annual defer settlementsleave of these liabilities. LiabilitiesDepending(i)have Wages unconditional andfor on wages salaries,the expectation rights and and salaries, to annual defer of includingthe settlementsleave timing non-monetary of ofsettlement, these liabilities. benefits, liabilities and for annual wages leave,and salaries, are all recognisedannual leave in and the sickprovision leave forare employeemeasured benefitsat: as 'current liabilities', because Film Victoria does not Depending on the expectation of the timing of settlement, liabilities for wages and salaries, annual leave and sick leave are measured at: DependingLiabilitieshave- nominal unconditional forvalue on wages the - if expectation Filmrights and Victoriasalaries, to defer of expects includingthe settlements timing to non-monetary whollyof ofsettlement, these settle liabilities. withinbenefits, liabilities 12 months;and for annual wages or leave,and salaries, are all recognisedannual leave in and the sickprovision leave forare employeemeasured benefitsat: as 'current liabilities', because Film Victoria does not Depending have- nominal unconditional value on the - if expectation Filmrights Victoria to defer of expects the settlements timing to whollyof ofsettlement, these settle liabilities. within liabilities 12 months; for wages or and salaries, annual leave and sick leave are measured at: have- presentnominal unconditional value - if Filmrights Victoria to defer doesexpects settlements not to expect wholly of tothese settle wholly liabilities. within settle 12 within months; 12 months.or Depending- nominalpresent value on the - if expectation Film Victoria of doesexpects the timingnot to expect whollyof settlement, to settle wholly within liabilitiessettle 12 within months; for wages12 months.or and salaries, annual leave and sick leave are measured at: - present value - if Film Victoria does not expect to wholly settle within 12 months. Depending - presentnominal value on the - if expectation Film Victoria of doesexpects the timingnot to expect whollyof settlement, to settle wholly within liabilitiessettle 12 within months; for wages12 months.or and salaries, annual leave and sick leave are measured at: (ii)- nominal Long service value leave- if Film Victoria expects to wholly settle within 12 months; or (ii) - nominalpresent Long service value -leave if Film Victoria doesexpects not to expect wholly to settle wholly within settle 12 within months; 12 months.or (ii)- present Long service value -leave if Film Victoria does not expect to wholly settle within 12 months. Liability(ii) Long forservice long leave service leave (LSL) is recognised in the provision for employee benefits. Liability(ii) Long forservice long leave service leave (LSL) is recognised in the provision for employee benefits. (ii)Liability Long forservice long leave service leave (LSL) is recognised in the provision for employee benefits. Unconditional(ii)Liability Long forservice long LSL leave service is disclosed leave (LSL) in the is notes recognised to the infinancial the provision statements for employee as a current benefits. liability even where Film Victoria does not expect to settle the liability within 12 months because it will not have the Unconditionalunconditional rightLSL isto disclosed defer the in settlement the notes ofto the entitlementfinancial statements should an as employee a current takeliability leave even within where 12 months.Film Victoria does not expect to settle the liability within 12 months because it will not have the UnconditionalLiabilityunconditional for long rightLSL service isto disclosed defer leave the (LSL) in settlement the is notes recognised ofto the inentitlementfinancial the provision statements should for anemployee as employee a current benefits. takeliability leave even within where 12 months.Film Victoria does not expect to settle the liability within 12 months because it will not have the Unconditionalunconditional rightLSL isto disclosed defer the in settlement the notes ofto the entitlementfinancial statements should an as employee a current takeliability leave even within where 12 months.Film Victoria does not expect to settle the liability within 12 months because it will not have the Liabilityunconditional for long right service to defer leave the (LSL) settlement is recognised of the inentitlement the provision should for anemployee employee benefits. take leave within 12 months. TheUnconditionalunconditional components rightLSL of isto this disclosed defer current the in settlementLSL the liability notes ofto are the measured entitlementfinancial at:statements should an as employee a current takeliability leave even within where 12 months.Film Victoria does not expect to settle the liability within 12 months because it will not have the The- nominal components value - ifof Film this Victoriacurrent LSLexpects liability to whollyare measured settle within at: 12 months TheUnconditional unconditional- nominal components value rightLSL - ifof isFilmto this disclosed defer Victoriacurrent the in settlement LSLexpects the liability notes to ofto whollyare the measured entitlementfinancial settle within at:statements should 12 months an as employee a current takeliability leave even within where 12 months.Film Victoria does not expect to settle the liability within 12 months because it will not have the The unconditional- presentnominal components value right - ifof Filmto this defer Victoriacurrent the settlementLSLdoesexpects liability not to expect of whollyare the measured toentitlement settle wholly within at:settle should 12 within months an 12employee months. take leave within 12 months. unconditional- presentnominal value right - if Filmto defer Victoria the settlementdoesexpects not to expect ofwholly the toentitlement settle wholly within settle should 12 within months an 12employee months. take leave within 12 months. The- presentnominal components value - ifof Film this Victoriacurrent LSLdoesexpects liability not to expect whollyare measured to settle wholly within at:settle 12 within months 12 months. Conditional The- nominalpresent components value LSL - isifof disclosedFilm this Victoriacurrent as a LSLdoesexpects non-current liability not to expect whollyare liability. measured to settle wholly There within at:settle is an 12 within unconditionalmonths 12 months. right to defer the settlement of the entitlement until the employee has completed the requisite years of service. This non-currentConditionalThe components LSL is liabilityof disclosed this currentis measured as a LSL non-current liabilityat present are liability. value.measured There at: is an unconditional right to defer the settlement of the entitlement until the employee has completed the requisite years of service. This non-currentConditional - presentnominal value LSL - isliabilityif disclosedFilm Victoriais measured as a doesexpects non-current at not present to expect wholly liability. value. to settle wholly There within settle is an 12 within unconditionalmonths 12 months. right to defer the settlement of the entitlement until the employee has completed the requisite years of service. This non-currentConditional - nominal value LSL - is liabilityif disclosedFilm Victoriais measured as a expects non-current at present to wholly liability. value. settle There within is an 12 unconditionalmonths right to defer the settlement of the entitlement until the employee has completed the requisite years of service. This non-current - present value LSL - liabilityif Film Victoriais measured does at not present expect value. to wholly settle within 12 months. non-currentAnyConditional gain or lossLSL followingisliability disclosed is revaluation measured as a non-current atof present the present liability. value. value There of is non-current an unconditional LSL liability right to is deferrecognised the settlement in the 'net of result the entitle from transactions',ment until the except employee to the has extent completed that a thegain requisite or loss arises years due of service. to changes This in bondAny gain interest or loss rates following for which revaluation it is then of recognised the present in valuethe net of resultnon-current as an 'other LSL liability economic is recognised flow' (refer in to the Note 'net 1(h)). result from transactions', except to the extent that a gain or loss arises due to changes in non-currentbondConditionalAny gain interest or lossLSL rates followingisliability disclosed for which is revaluation measured as it ais non-currentthen atof recognised present the present liability. value. in valuethe There net of is resultnon-current an unconditional as an 'other LSL liability economic right to is deferrecognised flow' the (refer settlement in to the Note 'net of1(h)). result the entitle from transactions',ment until the except employee to the has extent completed that a thegain requisite or loss arises years due of service. to changes This in bondAny gain interest or loss rates following for which revaluation it is then of recognised the present in valuethe net of resultnon-current as an 'other LSL liability economic is recognised flow' (refer in to the Note 'net 1(h)). result from transactions', except to the extent that a gain or loss arises due to changes in non-currentbond interest LSL rates liability for which is measured it is then at recognised present value. in the net result as an 'other economic flow' (refer to Note 1(h)). bondAny gain interest or loss rates following for which revaluation it is then of recognised the present in valuethe net of resultnon-current as an 'other LSL liability economic is recognised flow' (refer in to the Note 'net 1(h)). result from transactions', except to the extent that a gain or loss arises due to changes in (iii) Termination benefits bondAny(iii) Termination gain interest or loss rates benefitsfollowing for which revaluation it is then of recognised the present in valuethe net of resultnon-current as an 'other LSL liability economic is recognised flow' (refer in to the Note 'net 1(h)). result from transactions', except to the extent that a gain or loss arises due to changes in (iii) Termination benefits bond(iii) Termination interest rates benefits for which it is then recognised in the net result as an 'other economic flow' (refer to Note 1(h)). Termination benefits are payable when employment is terminated before the normal retirement date, or when an employee decides to accept an offer of benefits in exchange for the termination of employment.(iii)Termination Termination benefits Film benefits Victoria are payable recognises when termination employment benefits is terminated when it beforeis demonstrably the normal committed retirement to date, either or terminating when an employee the employmen decidest tofo acceptcurrent an employees offer of benefits according in exchangeto a detailed for theformal termination plan without of employment.Termination benefits Film Victoria are payable recognises when termination employment benefits is terminated when it beforeis demonstrably the normal committed retirement to date, either or terminating when an employee the employmen decidest tofo acceptcurrent an employees offer of benefits according in exchangeto a detailed for theformal termination plan without of employment.Termination(iii)possibility Termination of benefits withdrawalFilm benefits Victoria are orpayable recognises providing when termination termination employment benefits benefits is terminated as when a result it beforeis demonstrablyof an the offer normal made committed retirement to encourage to date, either voluntary or terminating when redundancy. an employee the employmen Ben decidesefits tfalling tofo acceptcurrent due anmore employees offer than of 12benefits according months in after exchangeto a thedetailed end for of theformal the termination reporting plan without of employment.(iii)possibility Termination of withdrawalFilm benefits Victoria or recognises providing termination termination benefits benefits as when a result it is demonstrablyof an offer made committed to encourage to either voluntary terminating redundancy. the employmen Benefits tfalling of current due more employees than 12 according months after to a thedetailed end of formal the reporting plan without employment.periodpossibility are ofdiscounted withdrawalFilm Victoria to or present recognises providing value. termination termination benefits benefits as when a result it is demonstrablyof an offer made committed to encourage to either voluntary terminating redundancy. the employmen Benefits tfalling of current due more employees than 12 according months after to a thedetailed end of formal the reporting plan without periodTerminationpossibility are ofdiscounted benefits withdrawal are to orpayablepresent providing whenvalue. termination employment benefits is terminated as a result before of an the offer normal made retirement to encourage date, voluntary or when redundancy. an employee Ben decidesefits falling to accept due anmore offer than of 12benefits months in after exchange the end for of the the termination reporting of periodTerminationpossibility are ofdiscounted benefits withdrawal are to orpayablepresent providing whenvalue. termination employment benefits is terminated as a result before of an the offer normal made retirement to encourage date, voluntary or when redundancy. an employee Ben decidesefits falling to accept due anmore offer than of 12benefits months in after exchange the end for of the the termination reporting of employment.periodTermination are discounted benefits Film Victoria are to payablepresent recognises whenvalue. termination employment benefits is terminated when it beforeis demonstrably the normal committed retirement to date, either or terminating when an employee the employmen decidest tofo acceptcurrent an employees offer of benefits according in exchangeto a detailed for theformal termination plan without of employment.periodpossibility are ofdiscounted withdrawalFilm Victoria to or present recognises providing value. termination termination benefits benefits as when a result it is demonstrablyof an offer made committed to encourage to either voluntary terminating redundancy. the employmen Benefits tfalling of current due more employees than 12 according months after to a thedetailed end of formal the reporting plan without employment.(iv) Employee Filmbenefits Victoria on-costs recognises termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without period(iv)possibility Employee are ofdiscounted withdrawal benefits on-coststo or present providing value. termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the end of the reporting period(iv) Employee are discounted benefits on-coststo present value. periodEmployee(iv) Employee are benefitsdiscounted benefits on-costs on-coststo present such asvalue. payroll tax and workers compensation are recognised separately from the provision for employee benefits. Employee(iv) Employee benefits benefits on-costs on-costs such as payroll tax and workers compensation are recognised separately from the provision for employee benefits. (iv)Employee Employee benefits benefits on-costs on-costs such as payroll tax and workers compensation are recognised separately from the provision for employee benefits. (iv)Employee(m) Employee Leases benefits benefits on-costs on-costs such as payroll tax and workers compensation are recognised separately from the provision for employee benefits. Employee(m) Leases benefits on-costs such as payroll tax and workers compensation are recognised separately from the provision for employee benefits. (m) Leases Employee(m) Leases benefits on-costs such as payroll tax and workers compensation are recognised separately from the provision for employee benefits. AEmployee lease is a benefits right to on-costsuse an asset such for as anpayroll agreed tax period and workers of time compensation in exchange for are payment. recognised separately from the provision for employee benefits. A(m) lease Leases is a right to use an asset for an agreed period of time in exchange for payment. A lease is a right to use an asset for an agreed period of time in exchange for payment. ALeases(m) lease Leases areis a classifiedright to use at theiran asset inception for an agreedas either period operating of time or financein exchange leases for based payment. on the economic substance of the agreement so as to reflect the risks and rewards incidental to ownership. Leases ofLeases(m) infrastructure, Leases are classified property, at their plant inception and equipment as either operating are classified or finance as finance leases infrastructure based on the leases economic whenever substance the terms of the of agreement the lease transfer so as to substantially reflect the risks all the and risks rewards and rewards incidental of toownership ownership. from Leases the ofALeases leaseinfrastructure, areis a classifiedright toproperty, use at theiran asset plant inception for and an equipment agreedas either period operating are classified of time or financein as exchange finance leases infrastructure for based payment. on the leases economic whenever substance the terms of the of agreement the lease transfer so as to substantially reflect the risks all the and risks rewards and rewards incidental of toownership ownership. from Leases the ofLeaseslessor infrastructure, to are the classified lessee. property, All at theirother plant inception leases and are equipment as classified either operating are as classifiedoperating or finance as leases. finance leases infrastructure based on the leases economic whenever substance the terms of the of agreement the lease transfer so as to substantially reflect the risks all the and risks rewards and rewards incidental of toownership ownership. from Leases the ofAlessor leaseinfrastructure, to is the a right lessee. toproperty, use All another asset plant leases for and an are equipment agreed classified period are as classifiedoperating of time in as leases.exchange finance infrastructure for payment. leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership from the ofAlessor leaseinfrastructure, to is the a right lessee. toproperty, use All another asset plant leases for and an are equipment agreed classified period are as classifiedoperating of time in as leases.exchange finance infrastructure for payment. leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership from the Leaseslessor to are the classified lessee. All at theirother inception leases are as classified either operating as operating or finance leases. leases based on the economic substance of the agreement so as to reflect the risks and rewards incidental to ownership. Leases ofLeaseslessor infrastructure, to are the classified lessee. property, All at theirother plant inception leases and are equipment as classified either operating are as classifiedoperating or finance as leases. finance leases infrastructure based on the leases economic whenever substance the terms of the of agreement the lease transfer so as to substantially reflect the risks all the and risks rewards and rewards incidental of toownership ownership. from Leases the OperatingLeases are leasesclassified at their inception as either operating or finance leases based on the economic substance of the agreement so as to reflect the risks and rewards incidental to ownership. Leases ofOperatinglessor infrastructure, to the leases lessee. property, All other plant leases and are equipment classified are as classifiedoperating as leases. finance infrastructure leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership from the Operating leases Operatinglessor to the leases lessee. All other leases are classified as operating leases. Film Victoria as lessee FilmOperating Victoria leases as lessee OperatingFilm Victoria leases as lessee FilmOperating Victoria leases as lessee Film Victoria as lessee Operating lease payments, including any contingent rentals, are recognised as an expense in the comprehensive operating statement on a straight-line basis over the lease term, except where FilmOperating Victoria lease as lesseepayments, including any contingent rentals, are recognised as an expense in the comprehensive operating statement on a straight-line basis over the lease term, except where anotherOperating systematic lease payments, basis is moreincluding representative any contingent of the rentals, time patternare recognised of the benefits as an expense derived in from the comprehensivethe use of the leased operating asset. stateme The leasednt on asseta straight-line is not recognised basis over in thethe leasebalance term, sheet. except where anotherOperating systematic lease payments, basis is moreincluding representative any contingent of the rentals, time patternare recognised of the benefits as an expense derived in from the comprehensivethe use of the leased operating asset. stateme The leasednt on asseta straight-line is not recognised basis over in thethe leasebalance term, sheet. except where anotherOperating systematic lease payments, basis is moreincluding representative any contingent of the rentals, time patternare recognised of the benefits as an expense derived in from the comprehensivethe use of the leased operating asset. stateme The leasednt on asseta straight-line is not recognised basis over in thethe leasebalance term, sheet. except where another systematic basis is more representative of the time pattern of the benefits derived from the use of the leased asset. The leased asset is not recognised in the balance sheet. anotherOperating systematic lease payments, basis is moreincluding representative any contingent of the rentals, time patternare recognised of the benefits as an expense derived in from the comprehensivethe use of the leased operating asset. stateme The leasednt on asseta straight-line is not recognised basis over in thethe leasebalance term, sheet. except where All incentives for the agreement of a new or renewed operating lease are recognised as an integral part of the net consideration agreed for the use of the leased asset, irrespective of the incentive’s anotherOperatingAll incentives systematic lease for payments, the basis agreement is moreincluding ofrepresentative a anynew contingent or renewed of the rentals, operating time patternare recognisedlease of are the recognised benefits as an expense derived as an in integralfrom the comprehensivethe part use of of the the net leased operating consideratio asset. stateme Then agreedleasednt on forasseta straight-line the is use not ofrecognised the basis leased over in asset, thethe leasebalance irrespective term, sheet. except of the where incentive’s natureOperatingAll incentives or form lease for or payments, thethe agreementtiming including of payments. of a anynew contingent or renewed rentals, operating are recognisedlease are recognised as an expense as an in integral the comprehensive part of the net operating consideratio statemen agreednt on fora straight-line the use of the basis leased over asset,the lease irrespective term, except of the where incentive’s natureanotherAll incentives or systematic form for or thethe basis agreementtiming is more of payments. ofrepresentative a new or renewed of the operating time pattern lease of are the recognised benefits derived as an integralfrom the part use of of the the net leased consideratio asset. Then agreedleased forasset the is use not ofrecognised the leased in asset, the balance irrespective sheet. of the incentive’s natureanotherAll incentives or systematic form for or thethe basis agreementtiming is more of payments. ofrepresentative a new or renewed of the operating time pattern lease of are the recognised benefits derived as an integralfrom the part use of of the the net leased consideratio asset. Then agreedleased forasset the is use not ofrecognised the leased in asset, the balance irrespective sheet. of the incentive’s nature or form or the timing of payments. natureAll incentives or form for or thethe agreementtiming of payments. of a new or renewed operating lease are recognised as an integral part of the net consideration agreed for the use of the leased asset, irrespective of the incentive’s natureAll incentives or form for or thethe agreementtiming of payments. of a new or renewed operating lease are recognised as an integral part of the net consideration agreed for the use of the leased asset, irrespective of the incentive’s natureIn the event or form that or lease the timing incentives of payments. are received to enter into operating leases, the aggregate cost of incentives are recognised as a reduction of rental expense over the lease term on a straight‑line basis,natureIn the unlessevent or form thatanother or lease the systematictiming incentives of payments. basis are received is more representative to enter into operating of the time leases, pattern the inaggregate which economic cost of incentives benefits from are recognisedthe leased asasset a reduction are consumed. of rental expense over the lease term on a straight‑line basis,In the unlessevent thatanother lease systematic incentives basis are received is more representative to enter into operating of the time leases, pattern the inaggregate which economic cost of incentives benefits from are recognisedthe leased asasset a reduction are consumed. of rental expense over the lease term on a straight‑line basis,In the unlessevent thatanother lease systematic incentives basis are received is more representative to enter into operating of the time leases, pattern the inaggregate which economic cost of incentives benefits from are recognisedthe leased asasset a reduction are consumed. of rental expense over the lease term on a straight‑line basis, unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. basis,In the unlessevent thatanother lease systematic incentives basis are received is more representative to enter into operating of the time leases, pattern the inaggregate which economic cost of incentives benefits from are recognisedthe leased asasset a reduction are consumed. of rental expense over the lease term on a straight‑line basis,In(n) the Equity unlessevent thatanother lease systematic incentives basis are received is more representative to enter into operating of the time leases, pattern the inaggregate which economic cost of incentives benefits from are recognisedthe leased asasset a reduction are consumed. of rental expense over the lease term on a straight‑line basis,(n) Equity unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. basis,(n) Equity unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contributed(n) Equity capital Contributed(n) Equity capital Contributed capital Contributed(n) Equity capital ContributedConsistent with capital the requirements of AASB 1004 Contributions, contributions by owners (that is, contributed capital and its repayment) are treated as equity transactions and, therefore, do not form Consistent with the requirements of AASB 1004 Contributions, contributions by owners (that is, contributed capital and its repayment) are treated as equity transactions and, therefore, do not form ConsistentContributedpart of the incomewith capital the and requirements expenses of of Film AASB Victoria. 1004 Contributions, contributions by owners (that is, contributed capital and its repayment) are treated as equity transactions and, therefore, do not form ConsistentContributedpart of the incomewith capital the and requirements expenses of of Film AASB Victoria. 1004 Contributions, contributions by owners (that is, contributed capital and its repayment) are treated as equity transactions and, therefore, do not form part of the income and expenses of Film Victoria. Consistentpart of the incomewith the and requirements expenses of of Film AASB Victoria. 1004 Contributions, contributions by owners (that is, contributed capital and its repayment) are treated as equity transactions and, therefore, do not form AdditionsConsistent to with net theassets requirements which have of been AASB designated 1004 Contributions as contributions, contributions by owners by areowners recognised (that is, as contributed contributed capital capital. and Other its repayment) transfers thatare treatedare in the as natureequity transactionsof contributions and, or therefore, distributions do not have form also beenAdditionsConsistentpart of designated the to incomewith net the assetsas and contributionsrequirements expenseswhich have of byof been Film owners.AASB Victoria.designated 1004 Contributions as contributions, contributions by owners by areowners recognised (that is, as contributed contributed capital capital. and Other its repayment) transfers thatare treatedare in the as natureequity transactionsof contributions and, or therefore, distributions do not have form also beenAdditions designated to net assetsas contributions which have by been owners. designated as contributions by owners are recognised as contributed capital. Other transfers that are in the nature of contributions or distributions have also beenAdditionspart of designated the to income net assetsas and contributions expenseswhich have ofby been Film owners. Victoria.designated as contributions by owners are recognised as contributed capital. Other transfers that are in the nature of contributions or distributions have also been designated as contributions by owners. beenAdditions designated to net assetsas contributions which have by been owners. designated as contributions by owners are recognised as contributed capital. Other transfers that are in the nature of contributions or distributions have also Transfers of net assets arising from administrative restructurings are treated as distributions to or contributions by owners. Transfers of net liabilities arising from administrative restructurings are beenTransfersAdditionstreated designated as of todistributions net assets as contributions arisingwhichto owners. havefrom by beenadministrative owners. designated restructurings as contributions are treatedby owners as distributionsare recognised to oras contributionscontributed capital. by owners. Other Transfers transfers of that net areliabilities in the arisingnature from of contributions administrative or distributionsrestructurings have are also TransfersAdditionstreated as of todistributions net assets arisingwhichto owners. havefrom beenadministrative designated restructurings as contributions are treatedby owners as distributionsare recognised to oras contributionscontributed capital. by owners. Other Transfers transfers of that net areliabilities in the arisingnature from of contributions administrative or distributionsrestructurings have are also beenTransferstreated designated as of distributions net assets as contributions arisingto owners. from by administrative owners. restructurings are treated as distributions to or contributions by owners. Transfers of net liabilities arising from administrative restructurings are beentreated designated as distributions as contributions to owners. by owners. Transferstreated(o) Commitments as of distributions net assets arisingto owners. from administrative restructurings are treated as distributions to or contributions by owners. Transfers of net liabilities arising from administrative restructurings are Transferstreated(o) Commitments as of distributions net assets arisingto owners. from administrative restructurings are treated as distributions to or contributions by owners. Transfers of net liabilities arising from administrative restructurings are Transfers(o) Commitments of net assets arising from administrative restructurings are treated as distributions to or contributions by owners. Transfers of net liabilities arising from administrative restructurings are treated(o) Commitments as distributions to owners. Commitments for future expenditure include operating commitments arising from contracts. These commitments are disclosed by way of note (refer Note 9 Commitments for expenditure) at their Commitments(o) Commitments for future expenditure include operating commitments arising from contracts. These commitments are disclosed by way of note (refer Note 9 Commitments for expenditure) at their Commitmentsnominal(o) Commitments value andfor futureare inclusive expenditure of the includeGST payable. operating commitments arising from contracts. These commitments are disclosed by way of note (refer Note 9 Commitments for expenditure) at their Commitmentsnominal(o) Commitments value andfor futureare inclusive expenditure of the includeGST payable. operating commitments arising from contracts. These commitments are disclosed by way of note (refer Note 9 Commitments for expenditure) at their nominal value and are inclusive of the GST payable. Commitmentsnominal value andfor futureare inclusive expenditure of the includeGST payable. operating commitments arising from contracts. These commitments are disclosed by way of note (refer Note 9 Commitments for expenditure) at their InCommitmentsnominal addition, value where andfor futureitare is inclusiveconsidered expenditure of theappropriate includeGST payable. operating and provides commitments additional arising relevant from information contracts. to These users, commitments the net present are valuedisclosed of significant by way of individual note (refer projects Note 9are Commitments stated. These for future expenditure expenditures) at their Incease addition, to be wheredisclosed it is asconsidered commitments appropriate once the and related provides liabilities additional are recognised relevant information in the balance to users, sheet. the net present value of significant individual projects are stated. These future expenditures Innominalcease addition, to value be wheredisclosed and itare is asinclusiveconsidered commitments of theappropriate GST once payable. the and related provides liabilities additional are recognised relevant information in the balance to users, sheet. the net present value of significant individual projects are stated. These future expenditures Innominalcease addition, to value be wheredisclosed and itare is asinclusiveconsidered commitments of theappropriate GST once payable. the and related provides liabilities additional are recognised relevant information in the balance to users, sheet. the net present value of significant individual projects are stated. These future expenditures cease to be disclosed as commitments once the related liabilities are recognised in the balance sheet. Incease addition, to be wheredisclosed it is asconsidered commitments appropriate once the and related provides liabilities additional are recognised relevant information in the balance to users, sheet. the net present value of significant individual projects are stated. These future expenditures (p) Contingent liabilities Incease addition, to be wheredisclosed it is asconsidered commitments appropriate once the and related provides liabilities additional are recognised relevant information in the balance to users, sheet. the net present value of significant individual projects are stated. These future expenditures cease to be disclosed as commitments once the related liabilities are recognised in the balance sheet. Contingent liabilities are not recognised in the balance sheet, but are disclosed by way of a note (refer to Note 10 Contingent liabilities) and if quantifiable, are measured at nominal value. Contingent liabilities are presented inclusive of GST payable.

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

Income, expenses and assets are recognised net of the amount of associated GST, except where GST incurred is not recoverable from the taxation authority. In this case, it is recognised as part of the cost of acquisition of the asset or as part of the expense.

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivables or payables in the balance sheet.

Cash flows are presented on a gross basis. The GST component of cash flows arising from investing or financing activities which are recoverable from, or payable to the taxation authority, are presented as operating cash flows.

Commitments and contingent liabilities are stated inclusive of GST (refer Notes 1(o) and 1(p)).

(r) Australian Accounting Standards issued that are not yet effective

Film Victoria has adopted all of the new and revised Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that are relevant to its 32operations and effective for reporting from 1 July 2014.

As at 30 June 2015, the following AASs have been issued by the AASB but not yet effective.

Standard/Interpretation Summary Applicable for annual Impact on public sector financial reporting periods statements beginning

AASB 9 Financial Instruments The key changes include the simplified 1–Jan–2018 While the preliminary assessment has not requirements for the classification and identified any material impact arising from measurement of financial assets, a new AASB 9, it will continue to be monitored hedging accounting model and a revised and assessed. impairment loss model to recognise impairment losses earlier, as opposed to the current approach that recognises impairment only when incurred.

AASB 15 Revenue from Contracts with Customers The core principle of AASB 15 requires 1–Jan–2017 The changes in revenue recognition an entity to recognise revenue when the (Exposure Draft 263 – requirements in AASB 15 may result in entity satisfies a performance obligation potential deferral to changes to the timing and amount of by transferring a promised good or 1–Jan–2018) revenue recorded in the financial service to a customer. statements. The Standard will also require additional disclosures on service revenue and contract modifications.

A potential impact will be the upfront recognition of revenue from agreements that cover multiple reporting periods.

(s) Events after the reporting operiod

Assets, liabilities, income or expenses arise from past transactions or other past events. Where the transactions result from an agreement between Film Victoria and other parties, the transactions are only recognised when the agreement is irrevocable at or before the end of the reporting period. Adjustments are made to amounts recognised in the financial statements for events which occur between the end of the reporting period and the date when the financial statements are authorised for issue, where those events provide information about conditions which existed at the reporting date. Note disclosure is made about events between the end of the reporting period and the date the financial statements are authorised for issue where the events relate to conditions which arose after the end of the reporting period that are considered to be of material interest. (p) Contingent liabilities

Contingent(p) Contingent liabilities liabilities are not recognised in the balance sheet, but are disclosed by way of a note (refer to Note 10 Contingent liabilities) and if quantifiable, are measured at nominal value. Contingent liabilities(p) Contingent are presented liabilities inclusive of GST payable. Contingent liabilities are not recognised in the balance sheet, but are disclosed by way of a note (refer to Note 10 Contingent liabilities) and if quantifiable, are measured at nominal value. Contingent liabilitiesContingent(q) Accounting are liabilities presented for arethe inclusive not Goods recognised ofand GST Services inpayable. the balance Tax (GST) sheet, but are disclosed by way of a note (refer to Note 10 Contingent liabilities) and if quantifiable, are measured at nominal value. Contingent liabilities are presented inclusive of GST payable. Income,(q) Accounting expenses for and the assets Goods are recognisedand Services net Taxof the (GST) amount of associated GST, except where GST incurred is not recoverable from the taxation authority. In this case, it is recognised as part of the(q) costAccounting of acquisition for the of theGoods asset and or as Services part of the Tax expense. (GST) Income, expenses and assets are recognised net of the amount of associated GST, except where GST incurred is not recoverable from the taxation authority. In this case, it is recognised as part of theReceivables cost of acquisition and payables of the are asset stated or inclusive as part of of the the expense. amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivablesIncome, expenses or payables and assets in the are balance recognised sheet. net of the amount of associated GST, except where GST incurred is not recoverable from the taxation authority. In this case, it is recognised as part of the cost of acquisition of the asset or as part of the expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivablesCash flows areor payables presented in onthe a balance gross basis. sheet. The GST component of cash flows arising from investing or financing activities which are recoverable from, or payable to the taxation authority, are presentedReceivables as and operating payables cash are flows. stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivables or payables in the balance sheet. Cash flows are presented on a gross basis. The GST component of cash flows arising from investing or financing activities which are recoverable from, or payable to the taxation authority, are Commitments and contingent liabilities are stated inclusive of GST (refer Notes 1(o) and 1(p)). presentedCash flows as are operating presented cash on flows.a gross basis. The GST component of cash flows arising from investing or financing activities which are recoverable from, or payable to the taxation authority, are presented as operating cash flows. Commitments(r) Australian and Accounting contingent Standards liabilities are issued stated that inclusive are not of GSTyet effective(refer Notes 1(o) and 1(p)). Commitments and contingent liabilities are stated inclusive of GST (refer Notes 1(o) and 1(p)). (r) Australian Accounting Standards issued that are not yet effective Film(r) Australian Victoria has Accounting adopted all Standardsof the new and issued revised that Australian are not yet Accounting effective Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that are relevant to its operations and effective for reporting from 1 July 2014. Film Victoria has adopted all of the new and revised Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that are relevant to its As at 30 June 2015, the following AASs have been issued by the AASB but not yet effective. operationsFilm Victoria and has effective adopted for all reporting of the new from and 1 revisedJuly 2014. Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that are relevant to its operations and effective for reporting from 1 July 2014. AsStandard/Interpretation at 30 June 2015, the following AASs have been issued by the AASB but not yet effective. Summary Applicable for annual Impact on public sector financial reporting periods statements As at 30 June 2015, the following AASs have been issued by the AASB but not yet effective. Standard/Interpretation Summary Applicablebeginning for annual Impact on public sector financial Standard/Interpretation Summary Applicablereporting forperiods annual Impact on publicstatements sector financial AASB 9 Financial Instruments The key changes include the simplified 1–Jan–2018beginning While the preliminary assessment has not requirements for the classification and reporting periods identified any materialstatements impact arising from beginning AASB 9 Financial Instruments measurementThe key changes of financialinclude the assets, simplified a new 1–Jan–2018 AASBWhile the9, it preliminarywill continue assessment to be monitored has not hedging accounting model and a revised and assessed. AASB 9 Financial Instruments Therequirements key changes for includethe classification the simplified and 1–Jan–2018 Whileidentified the anypreliminary material assessment impact arising has from not measurementimpairment loss of modelfinancial to assets,recognise a new AASB 9, it will continue to be monitored requirementsimpairment losses for the earlier, classification as opposed and to identified any material impact arising from measurementhedging accounting of financial model assets, and a reviseda new AASBand assessed. 9, it will continue to be monitored theimpairment current approachloss model that to recognise recognises impairmenthedging accounting only when model incurred. and a revised and assessed. impairment losslosses model earlier, to recogniseas opposed to the current approach that recognises AASB 15 Revenue from Contracts with Customers Theimpairment core principle losses earlier,of AASB as 15 opposed requires to 1–Jan–2017 The changes in revenue recognition impairment only when incurred. thean entity current to approachrecognise thatrevenue recognises when the (Exposure Draft 263 – requirements in AASB 15 may result in impairment only when incurred. AASB 15 Revenue from Contracts with Customers Theentity core satisfies principle a performance of AASB 15 obligationrequires potential1–Jan–2017 deferral to Thechanges changes to the in timingrevenue and recognition amount of byan entitytransferring to recognise a promised revenue good when or the 1–Jan–2018)(Exposure Draft 263 – revenuerequirements recorded in AASB in the 15 financialmay result in AASB 15 Revenue from Contracts with Customers Theservice core to principle a customer. of AASB 15 requires 1–Jan–2017 Thestatements. changes The in revenue Standard recognition will also require entityan entity satisfies to recognise a performance revenue obligation when the potential(Exposure deferral Draft 263 to – changesrequirements to the in timing AASB and 15 may amount result of in by transferring a promised good or 1–Jan–2018) additionalrevenue recorded disclosures in the on financialservice revenue entity satisfies a performance obligation potential deferral to andchanges contract to the modifications. timing and amount of byservice transferring to a customer. a promised good or 1–Jan–2018) revenuestatements. recorded The Standard in the financial will also require service to a customer. additionalstatements. disclosures The Standard on service will also revenue require andA potential contract impact modifications. will be the upfront additionalrecognition disclosures of revenue on from service agreements revenue and contract modifications. thatA potential cover multiple impact willreporting be the periods. upfront recognitionA potential impactof revenue will befrom the agreements upfront (s) Events after the reporting operiod recognitionthat cover multiple of revenue reporting from agreements periods. that cover multiple reporting periods. (s) Events after the reporting operiod (s) Events after the reporting operiod Assets, liabilities, income or expenses arise from past transactions or other past events. Where the transactions result from an agreement between Film Victoria and other parties, the transactions are only recognised when the agreement is irrevocable at or before the end of the reporting period. Adjustments are made to amounts recognised in the financial statements for events which occur betweenAssets, liabilities, the end incomeof the reporting or expenses period arise and from the past date transactions when the financial or other statements past events. are Where authorised the transactions for issue, where result those from events an agreement provide betweeninformation Film about Victoria conditions and other which parties, existed the at transactions the reporting aredate. only Note recognised disclosure when is made the agreementabout events is irrevocablebetween the at end or before of the thereporting end of period the reporting and the period. date the Adjustments financial statements are made are to amoauthorisedunts recognised for issue inwhere the financial the events statements relate to forconditions events which which occur arose Assets,after the liabilities, end of the income reporting or expenses period that arise are from considered past transactions to be of materialor other interest.past events. Where the transactions result from an agreement between Film Victoria and other parties, the transactions betweenare only recognised the end of whenthe reporting the agreement period andis irrevocable the date when at or thebefore financial the end statements of the reporting are authorised period. forAdjustments issue, where are those made events to amo provideunts recognised information in the about financial conditions statements which forexisted events at thewhich reporting occur betweendate. Note the disclosure end of the is madereporting about period events and between the date the when end the of thefinancial reporting statements period areand authorised the date the for financial issue, where statements those eventsare authorised provide forinformation issue where about the conditions events relate which to existedconditions at the which reporting arose date.afterNote theNote 2. Netend disclosure resultof the reporting from is made operations periodabout events that are between considered the endto be of of the material reporting interest. period and the date the financial statements are authorised for issue where the events relate to conditions which arose after the end of the reporting period that are considered to be of material interest. 2015 2014

$ $ Income from transactions

(a) Income from Government Government funding Government funding for continuing operations 19,871,230 21,939,134 Total government funding 19,871,230 21,939,134

(b) Other income Program revenue Development buyout 386,665 509,091 Application and administration fees 74,159 207,660 Investment and grants repayments 426,345 604,859 Total program revenue 887,169 1,321,610

Interest revenue Interest/Financial institutions 548,515 705,076 Interest/Production advances 0 7,620 Interest and Premiums on development and production 0 88,163 Total interest revenue 548,515 800,859

Total other income 1,435,684 2,122,469

Expenses from transactions (c) Program Costs Program payments 15,852,665 20,361,611 Total program costs 15,852,665 20,361,611

(d) Employee expenses Employment benefits: Superannuation 390,795 388,455 Salary costs 3,862,191 3,978,473 Total employee expenses 4,252,986 4,366,928

(e) Depreciation Depreciation of non-current assets 213,343 215,957 Total depreciation 213,343 215,957

(f) Other operating expenses Operating leases 414,113 401,472 Supplies and services 1,378,074 1,421,679 Total operating expenses 1,792,187 1,823,151

Note 3: Other economic flows included in net result FINANCIAL STATEMENTS 33 2015 2014 $ $ (a) Net gain/(loss) on non-financial assets Net gain/(loss) on disposal of non-financial assets (213) 229 Total net gain/(loss) on non-financial assets (213) 229

(b) Net gain/(loss) on financial instruments Impairment on financial instruments (See Note 11(g)) 0 0 Total net gain/(loss) on financial instruments 0 0

(c) Other gains/(losses) from other economic flows Net gain/(loss) arising from revaluation of long service leave liability (8,444) (583) Net gain/(loss) arising from other economic flows (8,444) (583)

Note 4. Receivables 2015 2014 $ $ Current receivables Contractual Cash Flow Facility - Producer Loans 0 0 Other receivables 1,113,888 45,705 Interest receivable 25,154 25,674 Total current contractual receivables 1,139,042 71,379

Statutory Note 2. Net result from operations 2015 2014

$ $ Income from transactions

(a) Income from Government Government funding Government funding for continuing operations 19,871,230 21,939,134 Total government funding 19,871,230 21,939,134

(b) Other income Program revenue Development buyout 386,665 509,091 Application and administration fees 74,159 207,660 Investment and grants repayments 426,345 604,859 Total program revenue 887,169 1,321,610

Interest revenue Interest/Financial institutions 548,515 705,076 Interest/Production advances 0 7,620 Interest and Premiums on development and production 0 88,163 Total interest revenue 548,515 800,859

Total other income 1,435,684 2,122,469

Expenses from transactions (c) Program Costs Program payments 15,852,665 20,361,611 Total program costs 15,852,665 20,361,611

(d) Employee expenses Employment benefits: Superannuation 390,795 388,455 Salary costs 3,862,191 3,978,473 Total employee expenses 4,252,986 4,366,928

(e) Depreciation Depreciation of non-current assets 213,343 215,957 Total depreciation 213,343 215,957

(f) Other operating expenses Operating leases 414,113 401,472 Supplies and services 1,378,074 1,421,679 Total operating expenses 1,792,187 1,823,151

Note 3: Other economic flows included in net result 2015 2014 $ $ (a) Net gain/(loss) on non-financial assets Net gain/(loss) on disposal of non-financial assets (213) 229 Total net gain/(loss) on non-financial assets (213) 229

(b) Net gain/(loss) on financial instruments Impairment on financial instruments (See Note 11(g)) 0 0 Total net gain/(loss) on financial instruments 0 0

(c) Other gains/(losses) from other economic flows Net gain/(loss) arising from revaluation of long service leave liability (8,444) (583) Net gain/(loss) arising from other economic flows (8,444) (583)

Note 4. Receivables 2015 2014 $ $ Current receivables Contractual Cash Flow Facility - Producer Loans 0 0 Other receivables 1,113,888 45,705 Interest receivable 25,154 25,674 Total current contractual receivables 1,139,042 71,379

Statutory GST receivable 15,165 164,260 Total current statutory receivables 15,165 164,260

Total current receivables 1,154,207 235,639

Non-current receivables Contractual Cash Flow Facility – Producer Loans 0 509,135 Cash Flow Facility – Impairment allowance 11(d) 0 (509,135) Total non-current receivables 0 0

Total receivables 1,154,207 235,639

The average credit period on sales of goods and services is 30 days. A provision has been made for estimated irrecoverable amounts from the sale of goods and services, determined by reference to past default experience.

This table summarises the amount of Cash Flow Facility - Producer Loan advances paid out and principal repayments received during the reporting period.

2015 2014 $ $ Cash Flow Facility (CFF) - Producer Loans at cost Opening balance 509,135 604,135 Add: Further loan advances 0 7,588 509,135 611,723 Less: Loan principal repayments 0 (102,588) Closing balance (before impairment allowance) 509,135 509,135

Current CFF Producer Loans due within 12 months 0 0 Non-current CFF Producer Loans due after 12 months 0 509,135 Total CFF Producer Loans (before impairment allowance) 0 509,135

2015 2014 $ $ Movement in the provision for doubtful CFF Producer Loans

Balance at beginning of year 509,135 509,135

Reversal of provision of CFF Producer Loans written off during the year as uncollectible (509,135) 0

Balance at end of year 0 509,135

Details of the impairment in producers' loans are included in Note 11 Financial Instruments.

Note 5. Non-financial physical assets

(a) Property, plant and equipment at cost less accumulated depreciation 2015 2014 $ $ Leasehold Improvements 34At fair value 1,507,535 1,507,535 Less: Accumulated depreciation (351,739) (201,296) Total Leasehold Improvements 1,155,796 1,306,239

Audio Visual Equipment At fair value 37,492 37,492 Less: Accumulated depreciation (30,741) (23,654) Total Audio Visual Equipment 6,751 13,838

Computer Equipment At fair value 129,122 126,274 Less: Accumulated depreciation (102,807) (71,427) Total Computer Equipment 26,315 54,847

Furniture and Fittings At fair value 110,261 110,261 Less: Accumulated depreciation (58,477) (39,179) Total Furniture and Fittings 51,784 71,083

Office Equipment At fair value 26,771 26,771 Less: Accumulated depreciation (19,149) (15,993) Total Office Equipment 7,622 10,779

Total Property, Plant and Equipment 1,248,267 1,456,785

(b) Reconciliations of the carrying amounts of each class of property, plant and equipment at the beginning and end of the current financial period are set out below.

Leasehold Audio Visual C omputer F urniture and O ffice Public Administration only Improvements at Equipment at Equipment at fittings at Equipment at TOTAL fair value fair value fair value fair value fair value $ $ $ $ $ $

Balance as at 1 July 2014 1,30 6,239 13,838 54,848 7 1, 0 8 2 10 , 7 7 8 1,456,785 Additions -­‐ 5,0 38 -­‐ -­‐ 5,0 38 Disposals -­‐ -­‐ ( 2 , 19 0 ) -­‐ -­‐ ( 2 , 19 0 ) Accumulated Depreciation on Disposals 1, 9 7 6 1, 9 7 6 Depreciation expense (150,444) (7,087) (33,357) (19,298) (3,156) (213,342) A sset impairment -­‐ -­‐ -­‐ -­‐ -­‐ -­‐ Balance 30 J une 2015 1,155,796 6,751 26,315 51,783 7,622 1,248,267

Leasehold Audio Visual C omputer F urniture and O ffice Public Administration only Improvements at Equipment at Equipment at fittings at Equipment at TOTAL fair value fair value fair value fair value fair value $ $ $ $ $ $

Balance as at 1 July 2013 1,422,470 2 1, 14 5 69,734 90,420 14 , 17 0 1, 6 17 , 9 3 9 Additions 34,20 0 -­‐ 22,0 54 -­‐ -­‐ 56,254 Disposals -­‐ -­‐ ( 7 , 10 7 ) -­‐ -­‐ ( 7 , 10 7 ) Accumulated Depreciation on Disposals 5,657 5,657 Depreciation expense (150,430 ) (7,30 7) (35,490 ) (19,338) (3,392) (215,958) A sset impairment -­‐ -­‐ -­‐ -­‐ -­‐ -­‐ Balance 30 J une 2014 1,306,239 13,838 54,848 7 1, 0 8 2 10,778 1,456,785 This table summarises the amount of Cash Flow Facility - Producer Loan advances paid out and principal repayments received during the reporting period. This table summarises the amount of Cash Flow Facility - Producer Loan advances paid out and principal repayments received during the reporting period. This table summarises the amount of Cash Flow Facility - Producer Loan advances paid out and principal repayments received during the reporting period. 2015 2014 2015 2014 2015$ 2014$ $ $ Cash Flow Facility (CFF) - Producer Loans at cost $ $ Cash Flow Facility (CFF) - Producer Loans at cost CashOpening Flow balance Facility (CFF) - Producer Loans at cost 509,135 604,135 Opening balance 509,135 604,135 OpeningAdd: Further balance loan advances 509,1350 604,1357,588 Add: Further loan advances 0 7,588 Add: Further loan advances 509,1350 611,7237,588 509,135 611,723 Less: Loan principal repayments 509,1350 (102,588)611,723 Less: Loan principal repayments 0 (102,588) Less:Closing Loan balance principal (before repayments impairment allowance) 509,1350 (102,588)509,135 Closing balance (before impairment allowance) 509,135 509,135 Closing balance (before impairment allowance) 509,135 509,135 Current CFF Producer Loans due within 12 months 0 0 Current CFF Producer Loans due within 12 months 0 0 CurrentNon-current CFF CFF Producer Producer Loans Loans due duewithin after 12 months 12 months 0 509,1350 Non-current CFF Producer Loans due after 12 months 0 509,135 Non-currentTotal CFF Producer CFF Producer Loans (beforeLoans due impairment after 12 months allowance) 0 509,135509,135 Total CFF Producer Loans (before impairment allowance) 0 509,135 Total CFF Producer Loans (before impairment allowance) 0 509,135 2015 2014 2015 2014 2015$ 2014$ $ $ Movement in the provision for doubtful CFF Producer Loans $ $ Movement in the provision for doubtful CFF Producer Loans Movement in the provision for doubtful CFF Producer Loans Balance at beginning of year 509,135 509,135 Balance at beginning of year 509,135 509,135 Balance at beginning of year 509,135 509,135 Reversal of provision of CFF Producer Loans written off during the year as uncollectible (509,135) 0 Reversal of provision of CFF Producer Loans written off during the year as uncollectible (509,135) 0 Reversal of provision of CFF Producer Loans written off during the year as uncollectible (509,135) 0 Balance at end of year 0 509,135 Balance at end of year 0 509,135 Balance at end of year 0 509,135 Details of the impairment in producers' loans are included in Note 11 Financial Instruments. Details of the impairment in producers' loans are included in Note 11 Financial Instruments. Details of the impairment in producers' loans are included in Note 11 Financial Instruments. Note 5. Non-financial physical assets Note 5. Non-financial physical assets Note 5. Non-financial physical assets (a) Property, plant and equipment at cost less accumulated depreciation (a) Property, plant and equipment at cost less accumulated depreciation (a) Property, plant and equipment at cost less accumulated depreciation 2015 2014 2015 2014 2015$ 2014$ $ $ Leasehold Improvements $ $ Leasehold Improvements LeaseholdAt fair value Improvements 1,507,535 1,507,535 At fair value 1,507,535 1,507,535 AtLess: fair Accumulated value depreciation 1,507,535(351,739) 1,507,535(201,296) Less: Accumulated depreciation (351,739) (201,296) Less:Total AccumulatedLeasehold Improvements depreciation 1,155,796(351,739) 1,306,239(201,296) Total Leasehold Improvements 1,155,796 1,306,239 Total Leasehold Improvements 1,155,796 1,306,239 Audio Visual Equipment Audio Visual Equipment AudioAt fair Visualvalue Equipment 37,492 37,492 At fair value 37,492 37,492 Less:At fair Accumulated value depreciation (30,741)37,492 (23,654)37,492 Less: Accumulated depreciation (30,741) (23,654) Less:Total AccumulatedAudio Visual depreciationEquipment (30,741)6,751 (23,654)13,838 Total Audio Visual Equipment 6,751 13,838 Total Audio Visual Equipment 6,751 13,838 Computer Equipment Computer Equipment ComputerAt fair value Equipment 129,122 126,274 At fair value 129,122 126,274 AtLess: fair Accumulated value depreciation (102,807)129,122 (71,427)126,274 Less: Accumulated depreciation (102,807) (71,427) Less:Total AccumulatedComputer Equipment depreciation (102,807)26,315 (71,427)54,847 Total Computer Equipment 26,315 54,847 Total Computer Equipment 26,315 54,847 Furniture and Fittings Furniture and Fittings FurnitureAt fair value and Fittings 110,261 110,261 At fair value 110,261 110,261 AtLess: fair Accumulated value depreciation (58,477)110,261 (39,179)110,261 Less: Accumulated depreciation (58,477) (39,179) Less:Total AccumulatedFurniture and depreciation Fittings (58,477)51,784 (39,179)71,083 Total Furniture and Fittings 51,784 71,083 Total Furniture and Fittings 51,784 71,083 Office Equipment Office Equipment OfficeAt fair valueEquipment 26,771 26,771 At fair value 26,771 26,771 Less:At fair Accumulated value depreciation (19,149)26,771 (15,993)26,771 Less: Accumulated depreciation (19,149) (15,993) Less:Total AccumulatedOffice Equipment depreciation (19,149)7,622 (15,993)10,779 Total Office Equipment 7,622 10,779 Total Office Equipment 7,622 10,779 Leasehold Audio Visual C omputer F urniture and O ffice TotalPublic Property, Administration Plant and Equipment only Improvements at Equipment at Equipment at fittings at Equipment 1,248,267 at TOTAL1,456,785 Total Property, Plant and Equipment 1,248,267 1,456,785 Total Property, Plant and Equipment fair value fair value fair value fair value fair value1,248,267 1,456,785 (b) Reconciliations of the carrying amounts of each class of property, plant and equipment$ at the beginning$ and end of the$ current financial$ period are set out below.$ $ (b) Reconciliations of the carrying amounts of each class of property, plant and equipment at the beginning and end of the current financial period are set out below. (b) Reconciliations of the carrying amounts of each class of property, plant and equipment at the beginning and end of the current financial period are set out below. Balance as at 1 July 2014 Leasehold 1,30 6,239 Audio 13,838 Visual C omputer 54,848 F urniture 7 1, 0 8 and 2 O ffice 10 , 7 7 8 1,456,785 Public Additions Administration only Improvements Leasehold at Equipment Audio Visual -­‐ at Equipment C omputer 5,0 38 at F urniture fittings -­‐ at and Equipment O ffice -­‐ at TOTAL 5,0 38 Leasehold Audio Visual C omputer F urniture and O ffice DisposalsPublic Administration only Improvements fair value -­‐ at Equipment fair value -­‐ at Equipment fair value ( 2 , 19 0 at ) fair fittings value -­‐ at Equipment fair value -­‐ at TOTAL ( 2 , 19 0 ) Public Administration only Improvements at Equipment at Equipment at fittings at Equipment at TOTAL Accumulated Depreciation on Disposals fair $ value fair $ value fair $ value 1, 9 7 6 fair $ value fair $ value $ 1, 9 7 6 fair value fair value fair value fair value fair value Depreciation expense (150,444)$ $ (7,087) $ (33,357) $ (19,298) $ (3,156) $ (213,342) $ $ $ $ $ $ ABalance sset impairment as at 1 July 2014 1,30 6,239 -­‐ 13,838 -­‐ 54,848 -­‐ 7 1, 0-­‐ 8 2 10 , -­‐7 7 8 1,456,785 -­‐ Balance Additions as 30 at J une 1 2015 July 2014 1,30 1,155,796 6,239 13,838 6,751 -­‐ 54,848 26,315 5,0 38 51,7837 1, 0 -­‐ 8 2 10 7,622 , -­‐7 7 8 1,248,2671,456,785 5,0 38 Balance as at 1 July 2014 1,30 6,239 13,838 54,848 7 1, 0 8 2 10 , 7 7 8 1,456,785 DisposalsAdditions -­‐ -­‐ ( 5,0 2 , 19 38 0 ) -­‐ -­‐ ( 5,0 2 , 19 38 0 ) Additions -­‐ 5,0 38 -­‐ -­‐ 5,0 38 Disposals Accumulated Depreciation on Disposals -­‐ -­‐ ( 2 1, ,9 19 7 06 ) -­‐ -­‐ ( 2 1, ,9 19 7 06 ) Disposals -­‐ -­‐ ( 2 , 19 0 ) -­‐ -­‐ ( 2 , 19 0 ) Depreciation Accumulated expense Depreciation on Disposals (150,444) (7,087) (33,357) 1, 9 7 6 (19,298) (3,156) (213,342) 1, 9 7 6 Accumulated Depreciation on Disposals 1, 9 7 6 1, 9 7 6 Depreciation A sset impairment expense (150,444) -­‐ (7,087) -­‐ (33,357) -­‐ (19,298) -­‐ (3,156) -­‐ (213,342) -­‐ Depreciation expense (150,444) (7,087) (33,357) (19,298) (3,156) (213,342) Balance A sset impairment 30 J une 2015 1,155,796 -­‐ 6,751 -­‐ 26,315 -­‐ 51,783 -­‐ 7,622 -­‐ 1,248,267 -­‐ A sset impairment -­‐ -­‐ -­‐ -­‐ -­‐ -­‐ Balance 30 J une 2015 Leasehold 1,155,796 Audio Visual 6,751 C omputer 26,315 F urniture 51,783 and O ffice 7,622 1,248,267 Balance 30 J une 2015 1,155,796 6,751 26,315 51,783 7,622 1,248,267 Public Administration only Improvements at Equipment at Equipment at fittings at Equipment at TOTAL fair value fair value fair value fair value fair value $ $ $ $ $ $

Balance as at 1 July 2013 Leasehold 1,422,470 Audio 2 Visual 1, 14 5 C omputer 69,734 F urniture 90,420 and O ffice 14 , 17 0 1, 6 17 , 9 3 9 Public Additions Administration only Improvements Leasehold 34,20 0 at Equipment Audio Visual -­‐ at Equipment C omputer 22,0 54 at F urniture fittings -­‐ at and Equipment O ffice -­‐ at TOTAL 56,254 Leasehold Audio Visual C omputer F urniture and O ffice Public Disposals Administration only Improvements fair value -­‐ at Equipment fair value -­‐ at Equipment fair value ( 7 , 10 7 at ) fair fittings value -­‐ at Equipment fair value -­‐ at TOTAL ( 7 , 10 7 ) Public Administration only Improvements at Equipment at Equipment at fittings at Equipment at TOTAL Accumulated Depreciation on Disposals fair $ value fair $ value fair $ value 5,657 fair $ value fair $ value $ 5,657 fair value fair value fair value fair value fair value Depreciation expense (150,430$ ) $ (7,30 7) $ (35,490 ) $ (19,338) $ (3,392) $(215,958) $ $ $ $ $ $ Balance A sset impairment as at 1 July 2013 1,422,470 -­‐ 2 1, -­‐ 14 5 69,734 -­‐ 90,420 -­‐ 14 ,-­‐ 17 0 1, 6 17 , 9-­‐ 3 9 Balance Additions as 30 at J une 1 2014 July 2013 1,306,239 1,422,470 34,20 0 13,838 2 1, -­‐ 14 5 54,848 22,0 69,734 54 90,420 7 1, 0 -­‐ 8 2 10,778 14 , -­‐ 17 0 1,456,785 1, 6 56,254 17 , 9 3 9 Balance as at 1 July 2013 1,422,470 2 1, 14 5 69,734 90,420 14 , 17 0 1, 6 17 , 9 3 9 DisposalsAdditions 34,20 -­‐ 0 -­‐ 22,0 ( 7 , 10 54 7 ) -­‐ -­‐ 56,254 ( 7 , 10 7 ) Additions 34,20 0 -­‐ 22,0 54 -­‐ -­‐ 56,254 The Disposals Accumulated useful lives of assets Depreciation as stated in Policy on Note Disposals 1(g) are used in the calculation of depreciation. -­‐ -­‐ ( 5,657 7 , 10 7 ) -­‐ -­‐ ( 5,657 7 , 10 7 ) Disposals -­‐ -­‐ ( 7 , 10 7 ) -­‐ -­‐ ( 7 , 10 7 ) Depreciation Accumulated expense Depreciation on Disposals (150,430 ) (7,30 7) (35,490 5,657 ) (19,338) (3,392) (215,958) 5,657 c) Fair Accumulated value measurement Depreciation hierarchy for on assets Disposals 5,657 5,657 Depreciation A sset impairment expense (150,430 -­‐ ) (7,30 -­‐ 7) (35,490 -­‐ ) (19,338) -­‐ (3,392) -­‐ (215,958) -­‐ Depreciation expense (150,430 ) (7,30 7) (35,490 ) (19,338) (3,392) (215,958) Balance A sset impairment 30 J une 2014 1,306,239 -­‐ 13,838 -­‐ 54,848 -­‐ 7 1, 0 -­‐ 8 2 10,778 -­‐ 1,456,785 -­‐ A sset impairment -­‐ -­‐ -­‐ -­‐ Fair value measurement -­‐ -­‐ 2015Balance 30 J une 2014 1,306,239 13,838 54,848 7 1, 0 8 2 10,778 1,456,785 Balance 30 J une 2014 1,306,239 13,838 Carrying amount 54,848 7 1, at 08 end 2 of reporting 10,778 period using: 1,456,785 as at 30-June-2015 Level 1(i) Level 2(i) Level 3(i) $ $ $ $ Leasehold improvements at fair value (ii) Leasehold improvements 1,155,796 1,155,796 Total of leasehold improvements at fair value 1,155,796 - - 1,155,796 Property, plant and equipment at fair value (iii) Plant and equipment 92,471 92,471 Total of property, plant and equipment at fair value 92,471 - - 92,471

Fair value measurement 2014 Carrying amount as at 30-June- at end of reporting period using: 2014 Level 1(i) Level 2(i) Level 3(i) $ $ $ $ Leasehold improvements at fair value (ii) Leasehold improvements 1,306,239 1,306,239 Total of leasehold improvements at fair value 1,306,239 - - 1,306,239 Property, plant and equipment at fair value (iii) Plant and equipment 150,546 150,546 Total of property, plant and equipment at fair value 150,546 - - 150,546

(i) Classified in accordance with the fair value hierarchy, see Note 1(b). FINANCIAL STATEMENTS 35

(ii) Leasehold improvements are held at fair value. As they are specialised in use and would not be sold other than as part of a going concern, fair value is determined using the depreciated replacement cost method.

(iii) Property, plant and equipment is held at fair value. When property, plant and equipment is specialised in use, such that it is rarely sold other than as part of a going concern, fair value is determined using the depreciated replacement cost method.

There were no changes in valuation techniques throughout the period to 30 June 2015. For all assets measured at fair value, the current use is considered the highest and best use. d) Reconciliation of Level 3 fair value

2015 Leasehold Plant and improvements Equipment $ $ Opening balance 1,306,239 150,546 Purchases (sales) 5,038 Transfers in/(out) of Level 3 Gains/(losses) recognised in net result (214) Depreciation (150,444) (62,899) Impairment loss Subtotal 1,155,796 92,471 Gains/(losses) recognised in other economic flows – other comprehensive income Revaluation - - Subtotal - - Closing balance 1,155,796 92,471 Unrealised gains/(losses) on non‑financial assets - -

2014 Leasehold Plant and improvements Equipment $ $ Opening balance 1,422,470 195,469 Purchases (sales) 34,200 22,054 Transfers in/(out) of Level 3 (1,450) Gains/(losses) recognised in net result Depreciation (150,430) (65,528) Impairment loss Subtotal 1,306,239 150,546 Gains/(losses) recognised in other economic flows – other comprehensive income Revaluation - - Subtotal - - Closing balance 1,306,239 150,546 Unrealised gains/(losses) on non‑financial assets - - e) Description of significant unobservable inputs to Level 3 valuations (2014/15 and 2013/14) Valuation technique Significant Range (weighted Sensitivity of fair value measurement to unobservable average) changes in significant unobservable inputs inputs

Audio visual equipment, computer equipment, furniture and fittings and office Original cost as a Cost per unit $500 - $20,000 A significant increase or decrease in the equipment proxy of fair value cost per unit would result in a significantly higher or lower valuation.

Straight line method Depreciation rate 20% - 33.33% A significant increase or decrease in the estimated useful life of the asset would result in a significantly higher or lower depreciation rate. c) Fair value measurement hierarchy for assets c) Fair value measurement hierarchy for assets Fair value measurement 2015 Carrying amount at endFair of value reporting measurement period using: 2015 as at 30-June-2015 Carrying amount (i) at end of reporting period(i) using: (i) as at 30-June-2015 Level 1 Level 2 Level 3 (i) (i) (i) $ Level 1 $ Level 2 $ Level 3 $ $ $ $ $ Leasehold improvements at fair value (ii) Leasehold improvements at fair value (ii) Leasehold improvements 1,155,796 1,155,796 Leasehold improvements 1,155,796 1,155,796 Total of leasehold improvements at fair value 1,155,796 - - 1,155,796 Property,Total of leasehold plant and improvements equipment at fair at fairvalue value (iii) 1,155,796 - - 1,155,796 Property, plant and equipment at fair value (iii) Plant and equipment 92,471 92,471 Plant and equipment 92,471 92,471 Total of property, plant and equipment at fair value 92,471 - - 92,471 Total of property, plant and equipment at fair value 92,471 - - 92,471 Fair value measurement 2014 Carrying amount at endFair of value reporting measurement period using: 2014 Carryingas at 30-June- amount as at 201430-June- Level 1(i) at end of reportingLevel 2 period(i) using: Level 3(i) 2014 $ Level 1(i) $ Level 2(i) $ Level 3(i) $ Leasehold improvements at fair value (ii) $ $ $ $ LeaseholdLeasehold improvements improvements at fair value (ii) 1,306,239 1,306,239 TotalLeasehold of leasehold improvements improvements at fair value 1,306,239 1,306,239 - - 1,306,239 1,306,239 Property,Total of leasehold plant and improvements equipment at fair at fairvalue value (iii) 1,306,239 - - 1,306,239 Property,Plant and plant equipment and equipment at fair value (iii) 150,546 150,546 TotalPlant of and property, equipment plant and equipment at fair value 150,546 150,546 - - 150,546 150,546 Total of property, plant and equipment at fair value 150,546 - - 150,546 (i) Classified in accordance with the fair value hierarchy, see Note 1(b). (i) Classified in accordance with the fair value hierarchy, see Note 1(b). (ii) Leasehold improvements are held at fair value. As they are specialised in use and would not be sold other than as part of a going concern, fair value is determined using the depreciated replacement(ii) Leasehold cost improvements method. are held at fair value. As they are specialised in use and would not be sold other than as part of a going concern, fair value is determined using the depreciated replacement cost method. (iii) Property, plant and equipment is held at fair value. When property, plant and equipment is specialised in use, such that it is rarely sold other than as part of a going concern, fair value is (iii)determined Property, using plant the and depreciated equipment replacementis held at fair costvalue. method. When property, plant and equipment is specialised in use, such that it is rarely sold other than as part of a going concern, fair value is determined using the depreciated replacement cost method. There were no changes in valuation techniques throughout the period to 30 June 2015. ThereFor all wereassets no measured changes inat valuationfair value, techniques the current throughout use is considered the period the tohighest 30 June and 2015. best use. For all assets measured at fair value, the current use is considered the highest and best use. d) Reconciliation of Level 3 fair value d) Reconciliation of Level 3 fair value 2015 Leasehold Plant and 2015 improvementsLeasehold EquipmentPlant and improvements Equipment $ $ $ $ Opening balance 1,306,239 150,546 PurchasesOpening balance (sales) 1,306,239 150,546 5,038 Purchases (sales) 5,038 Transfers in/(out) of Level 3 Transfers in/(out) of Level 3 Gains/(losses) recognised in net result (214) Gains/(losses) recognised in net result (214) Depreciation (150,444) (62,899) Depreciation (150,444) (62,899) Impairment loss Impairment loss Subtotal 1,155,796 92,471 SubtotalGains/(losses) recognised in other economic flows – other comprehensive income 1,155,796 92,471 Gains/(losses) recognised in other economic flows – other comprehensive income Revaluation - - Revaluation - - Subtotal - - Subtotal - - Closing balance 1,155,796 92,471 UnrealisedClosing balance gains/(losses) on non‑financial assets 1,155,796 - 92,471 - Unrealised gains/(losses) on non‑financial assets - -

2014 Leasehold Plant and 2014 improvementsLeasehold EquipmentPlant and improvements$ Equipment$ $ $ Opening balance 1,422,470 195,469 PurchasesOpening balance (sales) 1,422,470 34,200 195,469 22,054 Purchases (sales) 34,200 22,054 Transfers in/(out) of Level 3 (1,450) Transfers in/(out) of Level 3 (1,450) Gains/(losses) recognised in net result Gains/(losses) recognised in net result Depreciation (150,430) (65,528) Depreciation (150,430) (65,528) Impairment loss Impairment loss Subtotal 1,306,239 150,546 SubtotalGains/(losses) recognised in other economic flows – other comprehensive income 1,306,239 150,546 Gains/(losses) recognised in other economic flows – other comprehensive income Revaluation - - Revaluation - - Subtotal - - Subtotal - - Closing balance 1,306,239 150,546 UnrealisedClosing balance gains/(losses) on non‑financial assets 1,306,239 - 150,546 - Unrealised gains/(losses) on non‑financial assets - - e) Description of significant unobservable inputs to Level 3 valuations (2014/15 and 2013/14) e) Description of significant unobservable inputs to Level 3 valuations (2014/15 and 2013/14)Valuation technique Significant Range (weighted Sensitivity of fair value measurement to Valuation technique Significantunobservable Rangeaverage) (weighted Sensitivitychanges in significantof fair value unobservable measurement inputs to inputsunobservable average) changes in significant unobservable inputs inputs Audio visual equipment, computer equipment, furniture and fittings and office Original cost as a Cost per unit $500 - $20,000 A significant increase or decrease in the Audioequipment visual equipment, computer equipment, furniture and fittings and office proxyOriginal of costfair valueas a Cost per unit $500 - $20,000 Acost significant per unit increasewould result or decrease in a significantly in the equipment proxy of fair value highercost per or unit lower would valuation. result in a significantly higher or lower valuation.

Straight line method Depreciation rate 20% - 33.33% A significant increase or decrease in the Straight line method Depreciation rate 20% - 33.33% Aestimated significant useful increase life of or the decrease asset would in the resultestimated in a significantlyuseful life of higher the asset or lower would resultdepreciation in a significantly rate. higher or lower depreciation rate.

Depreciated Useful life of plant 3 to 5 years A significant increase or decrease in the replacement cost and equipment estimated useful life of the asset would result in a significantly higher or lower valuation.

Leasehold improvements Original cost as a Total cost of $1,250,000 - A significant increase or decrease in the proxy of fair value improvements $1,750,000 cost would result in a significantly higher or lower valuation.

Depreciated Useful life of the 10 years A significant increase or decrease in the replacement cost improvements estimated useful life of the asset would result in a significantly higher or lower valuation.

Note 6. Payables 2015 2014 $ $ Current payables Contractual Supplies and services 332,341 94,903 Total contractual payables 332,341 94,903 Statutory GST 0 0 Total statutory payables 0 0 36 Total current payables 332,341 94,903

Total payables 332,341 94,903 The average credit period is 7 days. Audio visual equipment, computer equipment, furniture and fittings and office equipment

Depreciated Useful life of plant 3 to 5 years A significant increase or decrease in the replacement cost and equipment estimated useful life of the asset would result in a significantly higher or lower valuation.

Leasehold improvements Original cost as a Total cost of $1,250,000 - A significant increase or decrease in the proxy of fair value improvements $1,750,000 cost would result in a significantly higher or lower valuation.

Depreciated Useful life of the 10 years A significant increase or decrease in the replacement cost improvements estimated useful life of the asset would result in a significantly higher or lower valuation.

Note 6. Payables 2015 2014 $ $ Current payables Contractual Supplies and services 332,341 94,903 Total contractual payables 332,341 94,903 Statutory GST 0 0 Total statutory payables 0 0

Total current payables 332,341 94,903

Total payables 332,341 94,903 The average credit period is 7 days.

Note 7. Provisions 2015 2014 $ $ Current provisions Employee benefits (Note 7(a)) (i) Annual leave: (Note 7(a)) - Unconditional and expected to be settled within 12 months (ii) 179,765 181,108 - Unconditional and expected to be settled after 12 months (ii) 57,754 58,288 Long service leave: (Note 7(a)) - Unconditional and expected to be settled within 12 months (ii) 149,365 108,637 386,883 348,033

Provision for on-costs: (Note 7(a)) - Unconditional and expected to be settled within 12 months (ii) 36,822 18,167 - Unconditional and expected to be settled after 12 months (ii) 16,997 11,201 53,819 29,367

Total current provisions 440,702 377,400

Non-current provisions

Long service leave and on-costs - unconditional and expected to be settled after 12 months (Note 7(a)) 110,732 120,353 Leasehold dismantling costs (Note 7(c)) 280,000 280,000 Building incentive (Note 7(d)) 684,628 774,055 Total non-current provisions 1,075,360 1,174,408

Total provisions 1,516,062 1,551,808 i) Employee benefits consist of annual leave and long service leave accrued by employees. On-costs such as payroll tax and workers' compensation insurance are not employee benefits and are reflected as a separate provision. ii) Amounts are measured at present values.

(a) Employee benefits and on-costs 2015 2014 $ $

Current employee benefits Annual leave 237,519 239,396 Long Service Leave entitlements 149,365 108,637 Non-current employee benefits Long Service Leave entitlements 110,732 120,353 Total employee benefits 497,616 468,386

Current on-costs - Annual leave 13,895 15,010 - Long service leave 22,927 6,811 Non-current on-costs - Long service leave 16,997 7,546 Total on-costs 53,819 29,367

Total employee benefits and related on-costs 551,435 497,753

Employee benefits consist of annual leave and long service leave accrued by employees. On-costs such as payroll tax and workers' compensation insurance are not employee benefits and are reflected as a separate provision.

(b) Movement in provision for On-costs 2015 2014 $ $ Opening balance 29,367 34,817 Additional provisions recognised 40,556 6,791 FINANCIAL STATEMENTS 37 Reductions arising from payments/other sacrifices of future economic benefits (16,105) (12,241) Closing balance 53,819 29,367

Current 36,822 21,821 Non-current 16,997 7,546 53,819 29,367

(c) Movement in provision for leasehold dismantling costs 2015 2014 $ $ Opening balance 280,000 280,000 Additional provisions recognised 0 0 Provisions derecognised 0 0 Closing balance 280,000 280,000 Provision recognised for leasehold property at 55 Collins Street Melbourne. In accordance with the lease agreement for this property, Film Victoria must remove any leasehold improvements from the leased property and restore the premises to its original condition at the end of the lease term. (d) Movement in the provision for the building incentive 2015 2014 Note 7. Provisions Note 7. Provisions 2015 2014 2015 2014 $ $ $ $ Current provisions Current provisions Employee benefits (Note 7(a)) (i) Employee benefits (Note 7(a)) (i) Annual leave: (Note 7(a)) Annual leave: (Note 7(a)) - Unconditional and expected to be settled within 12 months (ii) 179,765 181,108 - Unconditional and expected to be settled within 12 months (ii) 179,765 181,108 - Unconditional and expected to be settled after 12 months (ii) 57,754 58,288 - Unconditional and expected to be settled after 12 months (ii) 57,754 58,288 Long service leave: (Note 7(a)) Long service leave: (Note 7(a)) - Unconditional and expected to be settled within 12 months (ii) 149,365 108,637 - Unconditional and expected to be settled within 12 months (ii) 149,365 108,637 386,883 348,033 386,883 348,033

Provision for on-costs: (Note 7(a)) Provision for on-costs: (Note 7(a)) - Unconditional and expected to be settled within 12 months (ii) 36,822 18,167 - Unconditional and expected to be settled within 12 months (ii) 36,822 18,167 - Unconditional and expected to be settled after 12 months (ii) 16,997 11,201 - Unconditional and expected to be settled after 12 months (ii) 16,997 11,201 53,819 29,367 53,819 29,367

Total current provisions 440,702 377,400 Total current provisions 440,702 377,400

Non-current provisions Non-current provisions

Long service leave and on-costs - unconditional and expected to be settled after 12 months (Note 7(a)) 110,732 120,353 Long service leave and on-costs - unconditional and expected to be settled after 12 months (Note 7(a)) 110,732 120,353 Leasehold dismantling costs (Note 7(c)) 280,000 280,000 Leasehold dismantling costs (Note 7(c)) 280,000 280,000 Building incentive (Note 7(d)) 684,628 774,055 Building incentive (Note 7(d)) 684,628 774,055 Total non-current provisions 1,075,360 1,174,408 Total non-current provisions 1,075,360 1,174,408

Total provisions 1,516,062 1,551,808 Total provisions 1,516,062 1,551,808 i) Employee benefits consist of annual leave and long service leave accrued by employees. On-costs such as payroll tax and workers' compensation insurance are not employee benefits and are reflectedi) Employee as benefitsa separate consist provision. of annual leave and long service leave accrued by employees. On-costs such as payroll tax and workers' compensation insurance are not employee benefits and are reflected as a separate provision. ii) Amounts are measured at present values. ii) Amounts are measured at present values. (a) Employee benefits and on-costs 2015 2014 (a) Employee benefits and on-costs 2015 2014 $ $ $ $

Current employee benefits Current employee benefits Annual leave 237,519 239,396 Annual leave 237,519 239,396 Long Service Leave entitlements 149,365 108,637 Long Service Leave entitlements 149,365 108,637 Non-current employee benefits Non-current employee benefits Long Service Leave entitlements 110,732 120,353 Long Service Leave entitlements 110,732 120,353 Total employee benefits 497,616 468,386 Total employee benefits 497,616 468,386

Current on-costs Current on-costs - Annual leave 13,895 15,010 - Annual leave 13,895 15,010 - Long service leave 22,927 6,811 - Long service leave 22,927 6,811 Non-current on-costs Non-current on-costs - Long service leave 16,997 7,546 - Long service leave 16,997 7,546 Total on-costs 53,819 29,367 Total on-costs 53,819 29,367

Total employee benefits and related on-costs 551,435 497,753 Total employee benefits and related on-costs 551,435 497,753

Employee benefits consist of annual leave and long service leave accrued by employees. On-costs such as payroll tax and workers' compensation insurance are not employee benefits and are Employeereflected as benefits a separate consist provision. of annual leave and long service leave accrued by employees. On-costs such as payroll tax and workers' compensation insurance are not employee benefits and are reflected as a separate provision. (b) Movement in provision for On-costs 2015 2014 (b) Movement in provision for On-costs 2015$ 2014$ $ $ Opening balance 29,367 34,817 Opening balance 29,367 34,817 Additional provisions recognised 40,556 6,791 Additional provisions recognised 40,556 6,791 Reductions arising from payments/other sacrifices of future economic benefits (16,105) (12,241) Reductions arising from payments/other sacrifices of future economic benefits (16,105) (12,241) Closing balance 53,819 29,367 Closing balance 53,819 29,367

Current 36,822 21,821 Current 36,822 21,821 Non-current 16,997 7,546 Non-current 16,997 7,546 53,819 29,367 53,819 29,367

(c) Movement in provision for leasehold dismantling costs 2015 2014 (c) Movement in provision for leasehold dismantling costs 2015$ 2014$ $ $ Opening balance 280,000 280,000 Opening balance 280,000 280,000 Additional provisions recognised 0 0 Additional provisions recognised 0 0 Provisions derecognised 0 0 Provisions derecognised 0 0 Closing balance 280,000 280,000 Closing balance 280,000 280,000 Provision recognised for leasehold property at 55 Collins Street Melbourne. In accordance with the lease agreement for this property, Film Victoria must remove any leasehold improvements from theProvision leased recognised property and for restoreleasehold the property premises at to 55 its Collins original Street condition Melbourne. at the endIn accordance of the lease with term. the lease agreement for this property, Film Victoria must remove any leasehold improvements from the leased property and restore the premises to its original condition at the end of the lease term. (d) Movement in the provision for the building incentive 2015$ 2014$ (d) Movement in the provision for the building incentive 2015$ 2014$ Opening balance 774,055 863,482 Opening balance 774,055$ 863,482$ Additional provisions recognised 0 0 OpeningAdditional balance provisions recognised 774,0550 863,4820 Provision written back for lease period year to date (89,427) (89,427) AdditionalProvision written provisions back recognised for lease period year to date (89,427)0 (89,427)0 Closing balance 684,628 774,055 ProvisionClosing balance written back for lease period year to date 684,628 (89,427) 774,055(89,427) Closing balance 684,628 774,055 Building incentive provision for new leasehold property at 55 Collins Street, Melbourne recognised in accordance with AASB Interpretation 115. Building incentive provision for new leasehold property at 55 Collins Street, Melbourne recognised in accordance with AASB Interpretation 115. BuildingNote 8. incentiveSuperannuation provision for new leasehold property at 55 Collins Street, Melbourne recognised in accordance with AASB Interpretation 115. Note 8. Superannuation EmployeesNote 8. Superannuation of Film Victoria are entitled to receive superannuation benefits. Film Victoria contributes to defined contribution plans only. Employees of Film Victoria are entitled to receive superannuation benefits. Film Victoria contributes to defined contribution plans only. Employees of Film Victoria are entitled to receive superannuation benefits. Film Victoria contributes to defined contribution plans only. Superannuation contributions paid or payable for the reporting period are included as part of employee benefits in the comprehensive operating statement of Film Victoria. Superannuation contributions paid or payable for the reporting period are included as part of employee benefits in the comprehensive operating statement of Film Victoria. TheSuperannuation name, details contributions and amounts paid expensed or payable in relation for the to reporting the major period employee are included superannuation as part offunds employee and contributions benefits in the made comprehe by Filmnsive Victoria operating are as follows:statement of Film Victoria. The name, details and amounts expensed in relation to the major employee superannuation funds and contributions made by Film Victoria are as follows: The name, details and amounts expensed in relation to the major employee superannuation funds and contributions made by Film Victoria are as follows: Contribution outstanding Fund Paid contribution for the year Contribution outstanding Fund Paid contribution for the year at year end Contribution at year outstanding end Fund Paid contribution2015 for the year 2014 2015 2014 2015 2014 at2015 year end 2014 $ $ $ $ 2015$ 2014$ 2015$ 2014$ Defined contribution plans: Defined contribution plans: $ $ $ $ VicSuper $154,391 $211,494 0 0 VicSuperDefined contribution plans: $154,391 $211,494 0 0 Other $164,240 $176,961 0 0 OtherVicSuper $164,240$154,391 $211,494$176,961 0 0 Total $318,631 $388,455 0 0 TotalOther $318,631$164,240 $388,455$176,961 0 0 Total $318,631 $388,455 0 0 Note 9. Commitments for expenditure Note 9. Commitments for expenditure (a)Note Programs 9. Commitments and Cash Flow for Facilityexpenditure - Producer Loans (a) Programs and Cash Flow Facility - Producer Loans The net balance of Film Victoria's commitments which were not disbursed/received in this twelve month period amounted to $12,952,191 (2013/14: $16,463,175). (a)The Programs net balance and of Cash Film FlowVictoria's Facility commitments - Producer which Loans were not disbursed/received in this twelve month period amounted to $12,952,191 (2013/14: $16,463,175). These commitments become payable/receivable when contracts are executed and upon contractees satisfying certain conditions. Payment/receipt of these commitments are expected to be made TheseThe net commitments balance of Film become Victoria's payable/receivable commitments which when were contracts not disbursed/received are executed and upon in this contractees twelve month satisfying period certain amounted conditions. to $12,95 Pay2,191ment/receipt (2013/14: $16,463,175). of these commitments are expected to be made within 5 years of the balance sheet date. Commitments are stated inclusive of the Goods and Services Tax (GST) payable. Thesewithin 5commitments years of the becomebalance sheetpayable/receivable date. Commitments when contractsare stated are inclusive executed of the and Goods upon contracteesand Services satisfying Tax (GST) certain payable. conditions. Payment/receipt of these commitments are expected to be made Thewithin balance 5 years of of outstanding the balance commitments sheet date. Commitments includes amounts are statedfunded inclusive by future of year the Goodsbudget and allocations. Services Tax (GST) payable. The balance of outstanding commitments includes amounts funded by future year budget allocations. CashThe balance analysed of byoutstanding funding and commitments usage 2014/15 includes amounts funded by future year budget allocations. Cash analysed by funding and usage 2014/15 Net Outstanding Cash analysed by funding and usage 2014/15 Net Outstanding Cash as at Commitments as at Balance as at Cash as at CommitmentsNet Outstanding as at Balance as at 30-Jun-15 30-Jun-15 30-Jun-15 Cash30-Jun-15 as at Commitments30-Jun-15 as at Balance30-Jun-15 as at $ $ $ 30-Jun-15$ 30-Jun-15$ 30-Jun-15$ Cash Flow Facility Available 9,990,865 0 9,990,865 Cash Flow Facility Available 9,990,865$ 0$ 9,990,865$ Film Victoria Programs (including Digital Media) 12,337,455 12,952,191 (614,736) FilmCash Victoria Flow Facility Programs Available (including Digital Media) 12,337,4559,990,865 12,952,1910 9,990,865(614,736) Total cash assets 22,328,320 12,952,191 9,376,129 TotalFilm Victoria cash assets Programs (including Digital Media) 22,328,32012,337,455 12,952,19112,952,191 9,376,129(614,736) Total cash assets 22,328,320 12,952,191 9,376,129 Cash analysed by funding and usage 2013/14 Cash analysed by funding and usage 2013/14 Cash analysed by funding and usage 2013/14 Net Outstanding Net Outstanding Cash as at Commitments as at Balance as at Cash as at CommitmentsNet Outstanding as at Balance as at 30-Jun-14 30-Jun-14 30-Jun-14 Cash30-Jun-14 as at Commitments30-Jun-14 as at Balance30-Jun-14 as at $ $ $ 30-Jun-14$ 30-Jun-14$ 30-Jun-14$ Cash Flow Facility Available 11,388,277 0 11,388,277 Cash Flow Facility Available 11,388,277$ 0$ 11,388,277$ Film Victoria Programs (including Digital Media) 12,206,923 16,463,175 (4,256,253) FilmCash Victoria Flow Facility Programs Available (including Digital Media) 12,206,92311,388,277 16,463,1750 (4,256,253)11,388,277 Total cash assets 23,595,200 16,463,175 7,132,025 TotalFilm Victoria cash assets Programs (including Digital Media) 23,595,20012,206,923 16,463,17516,463,175 (4,256,253)7,132,025 Total cash assets 23,595,200 16,463,175 7,132,025 Cash Flow Facility - Producer Loans Cash Flow Facility - Producer Loans 2015 2014 Cash Flow Facility - Producer Loans 2015 2014 $ $ 2015$ 2014$ Total Funding for Cash Flow Facility 11,388,277 12,888,277 Total Funding for Cash Flow Facility 11,388,277$ 12,888,277$ Add: Transfer between cash and CFF balances 102,588 0 Add:Total TransferFunding betweenfor Cash Flowcash andFacility CFF balances 11,388,277102,588 12,888,2770 Cash Flow Facility cash held 11,490,865 12,888,277 CashAdd: TransferFlow Facility between cash cash held and CFF balances 11,490,865102,588 12,888,2770 Less: Cash Flow Facility Committed not yet paid 0 0 Less:Cash CashFlow FacilityFlow Facility cash Committedheld not yet paid 11,490,8650 12,888,2770 Less: Transfer to Film Victoria programs (1,500,000) (1,500,000) Less: CashTransfer Flow to Facility Film Victoria Committed programs not yet paid (1,500,000)0 (1,500,000)0 Cash Flow Facility Available 9,990,865 11,388,277 CashLess: FlowTransfer Facility to Film Available Victoria programs (1,500,000)9,990,865 (1,500,000)11,388,277 Cash Flow Facility Available 9,990,865 11,388,277 Commitments payable - nominal values 38Commitments payable - nominal values 2015 2014 Commitments payable - nominal values 2015 2014 $ $ 2015$ 2014$ Programs and Cash Flow facility (producer loans) Programs and Cash Flow facility (producer loans) $ $ Less than 1 year 12,808,641 15,338,175 LessPrograms than 1and year Cash Flow facility (producer loans) 12,808,641 15,338,175 Longer than 1 year but not longer than 5 years 143,550 1,125,000 LongerLess than than 1 year 1 year but not longer than 5 years 12,808,641 143,550 15,338,1751,125,000 5 years or more - - 5Longer years thanor more 1 year but not longer than 5 years 143,550 - 1,125,000 - Total Program and Cash Flow facility (producer loans) 12,952,191 16,463,175 Total5 years Program or more and Cash Flow facility (producer loans) 12,952,191 - 16,463,175 - Total Program and Cash Flow facility (producer loans) 12,952,191 16,463,175 Operating and lease commitments payable Operating and lease commitments payable Less than 1 year 563,168 535,025 LessOperating than 1 andyear lease commitments payable 563,168 535,025 Longer than 1 year but not longer than 5 years 2,475,896 2,362,841 LongerLess than than 1 year 1 year but not longer than 5 years 2,475,896 563,168 2,362,841 535,025 5 years or more 1,869,178 2,520,117 5Longer years thanor more 1 year but not longer than 5 years 2,475,896 1,869,178 2,362,8412,520,117 Total Operating and lease commitments payable 4,908,242 5,417,984 Total5 years Operating or more and lease commitments payable 4,908,242 1,869,178 5,417,984 2,520,117 Total Commitments (inclusive of GST) 17,860,433 21,881,159 Total CommitmentsOperating and (inclusivelease commitments of GST) payable 17,860,4334,908,242 5,417,98421,881,159 Less GST recoverable from the Australian Tax Office 2,668,187 1,983,651 LessTotal GST Commitments recoverable (inclusive from the ofAustralian GST) Tax Office 17,860,433 2,668,187 21,881,159 1,983,651 Total Commitments (exclusive of GST) 15,192,246 19,897,508 TotalLess GST Commitments recoverable (exclusive from the Australianof GST) Tax Office 15,192,246 2,668,187 19,897,508 1,983,651 Total Commitments (exclusive of GST) 15,192,246 19,897,508 $ $ Opening balance 774,055 863,482 Additional provisions recognised 0 0 Provision written back for lease period year to date (89,427) (89,427) Closing balance 684,628 774,055

Building incentive provision for new leasehold property at 55 Collins Street, Melbourne recognised in accordance with AASB Interpretation 115.

Note 8. Superannuation

Employees of Film Victoria are entitled to receive superannuation benefits. Film Victoria contributes to defined contribution plans only.

Superannuation contributions paid or payable for the reporting period are included as part of employee benefits in the comprehensive operating statement of Film Victoria.

The name, details and amounts expensed in relation to the major employee superannuation funds and contributions made by Film Victoria are as follows:

Contribution outstanding Fund Paid contribution for the year at year end 2015 2014 2015 2014 $ $ $ $ Defined contribution plans: VicSuper $154,391 $211,494 0 0 Other $164,240 $176,961 0 0 Total $318,631 $388,455 0 0

Note 9. Commitments for expenditure

(a) Programs and Cash Flow Facility - Producer Loans The net balance of Film Victoria's commitments which were not disbursed/received in this twelve month period amounted to $12,952,191 (2013/14: $16,463,175). These commitments become payable/receivable when contracts are executed and upon contractees satisfying certain conditions. Payment/receipt of these commitments are expected to be made within 5 years of the balance sheet date. Commitments are stated inclusive of the Goods and Services Tax (GST) payable.

The balance of outstanding commitments includes amounts funded by future year budget allocations.

Cash analysed by funding and usage 2014/15 Net Outstanding Cash as at Commitments as at Balance as at 30-Jun-15 30-Jun-15 30-Jun-15 $ $ $ Cash Flow Facility Available 9,990,865 0 9,990,865 Film Victoria Programs (including Digital Media) 12,337,455 12,952,191 (614,736) Total cash assets 22,328,320 12,952,191 9,376,129

Cash analysed by funding and usage 2013/14

Net Outstanding Cash as at Commitments as at Balance as at 30-Jun-14 30-Jun-14 30-Jun-14 $ $ $ Cash Flow Facility Available 11,388,277 0 11,388,277 Film Victoria Programs (including Digital Media) 12,206,923 16,463,175 (4,256,253) Total cash assets 23,595,200 16,463,175 7,132,025

Cash Flow Facility - Producer Loans 2015 2014 $ $ Total Funding for Cash Flow Facility 11,388,277 12,888,277 Add: Transfer between cash and CFF balances 102,588 0 Cash Flow Facility cash held 11,490,865 12,888,277 Less: Cash Flow Facility Committed not yet paid 0 0 Less: Transfer to Film Victoria programs (1,500,000) (1,500,000) Cash Flow Facility Available 9,990,865 11,388,277

Commitments payable - nominal values 2015 2014 $ $ Programs and Cash Flow facility (producer loans) Less than 1 year 12,808,641 15,338,175 Longer than 1 year but not longer than 5 years 143,550 1,125,000 5 years or more - - Total Program and Cash Flow facility (producer loans) 12,952,191 16,463,175

Operating and lease commitments payable Less than 1 year 563,168 535,025 Longer than 1 year but not longer than 5 years 2,475,896 2,362,841 5 years or more 1,869,178 2,520,117 Total Operating and lease commitments payable 4,908,242 5,417,984 Total Commitments (inclusive of GST) 17,860,433 21,881,159 Less GST recoverable from the Australian Tax Office 2,668,187 1,983,651 Total Commitments (exclusive of GST) 15,192,246 19,897,508 Operating leases are with respect to office space at 55 Collins Street, Melbourne, and for office equipment. Operating leases are with respect to office space at 55 Collins Street, Melbourne, and for office equipment.

The Cash Flow Facility represents a revolving loan facility. Film Victoria has a stringent credit process to ensure that all loans are prudently managed. The Cash Flow Facility represents a revolving loan facility. Film Victoria has a stringent credit process to ensure that all loans are prudently managed. Film Victoria programs comprise grants provided for industry investment and support. It also includes repayments and recoupments from prior year projects. The balance at 30 June 2015 is Filmcommitted Victoria to programs film industry comprise initiatives, grants programs provided and for expenditure industry investment carried forward and support. into future It also periods. includes repayments and recoupments from prior year projects. The balance at 30 June 2015 is committed to film industry initiatives, programs and expenditure carried forward into future periods. Note 10. Contingent liabilities Note 10. Contingent liabilities

Contingent liabilities Contingent liabilities 2015 2014 2015 2014 $ $ $ $ Legal proceedings and disputes - 15,000 Legal proceedings and disputes - 15,000 - 15,000 - 15,000

Note 11. Financial Instruments Note 11. Financial Instruments (a) Financial risk management objectives and policies (a) Financial risk management objectives and policies Film Victoria's principal financial instruments comprise: Film Victoria's principal financial instruments comprise: - cash assets - cash assets - term and at call deposits - term and at call deposits - receivables ( excluding statutory receivables) - receivables ( excluding statutory receivables) - payables ( excluding statutory receivables). - payables ( excluding statutory receivables). Film Victoria's activities expose it to: Film Victoria's activities expose it to: - the financial risks of changes in interest rates, credit exposure, and a minor amount of operational foreign currency transactions - liquiditythe financial risk ofrisks having of changes sufficient in interest liquid assets rates, to credit meet exposure, its liabilities and and a minor commitments amount of as operational they fall due. foreign currency transactions - liquidity risk of having sufficient liquid assets to meet its liabilities and commitments as they fall due.

Film Victoria does not hold any interest-bearing financial instruments that are measured at fair value, and there fore has no exposure to fair value interest rate risk. Film Victoria does not enter into Filmderivative Victoria financial does not instruments hold any interest-bearingto manage its exposure financial to instruments interest rate that and are foreign measured currency at fair risk. value, and there fore has no exposure to fair value interest rate risk. Film Victoria does not enter into derivative financial instruments to manage its exposure to interest rate and foreign currency risk.

Film Victoria does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. Film Victoria does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. Categorisation of financial instruments Categorisation of financial instruments 2015 2014 Category 2015 2014 Category $ $ $ $ Contractual financial assets - loans and receivables at fair value Financial assets Contractual financial assets - loans and receivables at fair value Financial assets through profit and loss through profit and loss Cash and deposits 22,328,320 23,595,200 Cash and deposits 22,328,320 23,595,200 Receivables 1,139,042 71,379 Receivables 1,139,042 71,379 Total financial assets 23,467,362 23,666,579 Total financial assets 23,467,362 23,666,579

Financial liabilities Financial liabilities Contractual financial liabilities at fair value through profit and Payables Contractual financial liabilities at fair value through profit and 332,341 94,903 Payables loss 332,341 94,903 loss Total financial liabilities 332,341 94,903 Total financial liabilities 332,341 94,903

(i) Net Holding gain/(loss) on financial instruments by category (i) Net Holding gain/(loss) on financial instruments by category (i) 2015 Net holding Total interest Fee Total 2015 Net holding Total interest Fee Total gain / (loss) income/(expense) income/(expense) gain / (loss) income/(expense) income/(expense) $ $ $ $ $ $ $ $ Contractual financial assets Contractual financial assets Cash and deposits - Interest 548,515 548,515 Cash and deposits - Interest 548,515 548,515 Cash Flow Facility Producer Loans – Interest Cash Flow Facility Producer Loans – Interest Cash Flow Facility Producer Loans – Admin fees Cash Flow Facility Producer Loans – Admin fees Total contractual financial assets 548,515 548,515 Total contractual financial assets 548,515 548,515

2014 Net holding Total interest Fee Total 2014 Net holding Total interest Fee Total gain / (loss) income/(expense) income/(expense) gain / (loss) income/(expense) income/(expense) $ $ $ $ $ $ $ $ Contractual financial assets Contractual financial assets Cash and deposits - Interest 705,076 705,076 Cash and deposits - Interest 705,076 705,076 Cash Flow Facility Producer Loans – Interest FINANCIAL7,620 STATEMENTS 7,620 39 Cash Flow Facility Producer Loans – Interest 7,620 7,620 Cash Flow Facility Producer Loans – Admin fees 2,825 2,825 Cash Flow Facility Producer Loans – Admin fees 2,825 2,825 Total contractual financial assets 705,076 10,445 715,521 Total contractual financial assets 705,076 10,445 715,521

(i) Amounts disclosed in this table exclude holding gains and losses related to statutory financial assets and liabilities. (i) Amounts disclosed in this table exclude holding gains and losses related to statutory financial assets and liabilities.

(b) Significant accounting policies Film(b) Significant Victoria's accountingaccounting policies policies including the terms and conditions of each class of financial asset and financial liability recognised at balance date, are stated in Note 1 to the financial statements. Film Victoria's accounting policies including the terms and conditions of each class of financial asset and financial liability recognised at balance date, are stated in Note 1 to the financial statements.

(c) Interest Rate Risk Film(c) Interest Victoria's Rate exposure Risk to interest rate risks and the effective interest rate risks of financial assets and financial liabilities recognised at balance date, are as follows: Film Victoria's exposure to interest rate risks and the effective interest rate risks of financial assets and financial liabilities recognised at balance date, are as follows: The following table details Film Victoria's exposure to interest rate risks as at 30 June 2015 The following table details Film Victoria's exposure to interest rate risks as at 30 June 2015 Weighted average Weighted average Variable interest effective interest Variable interest Fixed interest rate Non-interest bearing Carrying Amount effective interest rate Fixed interest rate Non-interest bearing Carrying Amount rate rate rate $ $ $ $ $ $ $ $ Financial Assets Financial Assets

Cash and deposits Cash and deposits Cash on hand and cash at bank 1.12% 97,520 0 800 98,320 Cash on hand and cash at bank 1.12% 97,520 0 800 98,320 Short term/at call deposits 2.45% 9,990,865 12,239,135 0 22,230,000 Short term/at call deposits 2.45% 9,990,865 12,239,135 0 22,230,000 Receivables Receivables Cash Flow Facility – Producer Loans N/A 0 0 0 - Cash Flow Facility – Producer Loans N/A 0 0 0 - Other receivables (excluding prepayments) N/A 0 0 1,139,042 1,139,042 Other receivables (excluding prepayments) N/A 0 0 1,139,042 1,139,042 Total financial assets 10,088,385 12,239,135 1,139,842 23,467,362 Total financial assets 10,088,385 12,239,135 1,139,842 23,467,362

Financial Liabilities Financial Liabilities

Payables Payables Note 11. Financial Instruments

(a)Note Financial 11. Financial risk management Instruments objectives and policies Note 11. Financial Instruments (a)Film Financial Victoria's risk principal management financial objectives instruments and comprise: policies (a) - cash Financial assets risk management objectives and policies Film - term Victoria's and at call principal deposits financial instruments comprise: Film- cashreceivables Victoria's assets ( principalexcluding financial statutory instruments receivables) comprise: - termcashpayables assetsand (at excluding call deposits statutory receivables). - receivablesterm and at (call excluding deposits statutory receivables) Film Victoria's activities expose it to: - payablesreceivables ( excluding ( excluding statutory statutory receivables). receivables) - the financial risks of changes in interest rates, credit exposure, and a minor amount of operational foreign currency transactions - payablesliquidity risk ( excluding of having statutory sufficient receivables). liquid assets to meet its liabilities and commitments as they fall due. Film Victoria's activities expose it to: Film - the Victoria's financial risksactivities of changes expose in it interestto: rates, credit exposure, and a minor amount of operational foreign currency transactions Film Victoria does not hold any interest-bearing financial instruments that are measured at fair value, and there fore has no exposure to fair value interest rate risk. Film Victoria does not enter into - liquiditythe financial risk ofrisks having of changes sufficient in interest liquid assets rates, to credit meet exposure, its liabilities and and a minor commitments amount of as operational they fall due. foreign currency transactions derivative financial instruments to manage its exposure to interest rate and foreign currency risk. - liquidity risk of having sufficient liquid assets to meet its liabilities and commitments as they fall due. Film Victoria does not hold any interest-bearing financial instruments that are measured at fair value, and there fore has no exposure to fair value interest rate risk. Film Victoria does not enter into Film Victoria does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. Filmderivative Victoria financial does not instruments hold any interest-bearingto manage its exposure financial to instruments interest rate that and are foreign measured currency at fair risk. value, and there fore has no exposure to fair value interest rate risk. Film Victoria does not enter into derivative financial instruments to manage its exposure to interest rate and foreign currency risk. Categorisation of financial instruments Film Victoria does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. 2015 2014 Film Victoria does not enter into or trade financial instruments, including derivative financial instruments, for speculativeCategory purposes. Categorisation of financial instruments $ $ Categorisation of financial instruments Contractual financial assets - loans and receivables at fair value 2015 2014 Financial assets Category through profit and loss 2015$ 2014$ Category Cash and deposits Contractual financial assets - loans and receivables at fair value 22,328,320$ 23,595,200$ Financial assets Receivables Contractual financialthrough assets - profitloans and lossreceivables at fair value 1,139,042 71,379 Financial assets through profit and loss TotalCash andfinancial deposits assets 23,467,36222,328,320 23,666,57923,595,200 ReceivablesCash and deposits 22,328,3201,139,042 23,595,20071,379 Receivables 1,139,042 71,379 FinancialTotal financial liabilities assets 23,467,362 23,666,579 Total financial assets Contractual financial liabilities at fair value through profit and 23,467,362 23,666,579 Payables 332,341 94,903 loss Financial liabilities Total financial liabilities 332,341 94,903 Financial liabilities Contractual financial liabilities at fair value through profit and Payables 332,341 94,903 Contractual financial liabilitiesloss at fair value through profit and Payables 332,341 94,903 Total financial liabilities loss 332,341 94,903 (i) TotalNet Holding financial gain/(loss) liabilities on financial instruments by category 332,341 94,903 2015 Net holding Total interest Fee Total (i) Net Holding gain/(loss) on financial instruments by category gain / (loss) income/(expense) income/(expense) (i) 2015Net Holding gain/(loss) on financial instruments by category Net holding$ Total interest$ Fee$ Total$ 2015 Net holding Total interest Fee Total Contractual financial assets gain / (loss) income/(expense) income/(expense) gain / (loss) income/(expense) income/(expense) Cash and deposits - Interest $ 548,515$ $ 548,515$ $ $ $ $ CashContractual Flow Facility financial Producer assets Loans – Interest Contractual financial assets Cash Flowand deposits Facility Producer- Interest Loans – Admin fees 548,515 548,515 Cash and deposits - Interest 548,515 548,515 TotalCash Flowcontractual Facility financialProducer assets Loans – Interest 548,515 548,515 Cash Flow Facility Producer Loans – AdminInterest fees Cash Flow Facility Producer Loans – Admin fees 2014Total contractual financial assets Net holding Total interest548,515 Fee 548,515Total Total contractual financial assets 548,515 548,515 gain / (loss) income/(expense) income/(expense) 2014 Net holding$ Total interest$ Fee$ Total$ 2014 Net holding Total interest Fee Total Contractual financial assets gain / (loss) income/(expense) income/(expense) gain / (loss) income/(expense) income/(expense) Cash and deposits - Interest $ 705,076$ $ 705,076$ $ $ $ $ CashContractual Flow Facility financial Producer assets Loans – Interest 7,620 7,620 Contractual financial assets Cash Flowand deposits Facility Producer- Interest Loans – Admin fees 705,076 2,825 705,0762,825 Cash and deposits - Interest 705,076 705,076 TotalCash Flowcontractual Facility financialProducer assets Loans – Interest 705,076 10,4457,620 715,5217,620 Cash Flow Facility Producer Loans – AdminInterest fees 7,6202,825 7,6202,825 Cash Flow Facility Producer Loans – Admin fees 2,825 2,825 (i)Total Amounts contractual disclosed financial in this assets table exclude holding gains and losses related to statutory financial assets and liabilities. 705,076 10,445 715,521 Total contractual financial assets 705,076 10,445 715,521 (b) Significant accounting policies (i) Amounts disclosed in this table exclude holding gains and losses related to statutory financial assets and liabilities. Film Victoria's accounting policies including the terms and conditions of each class of financial asset and financial liability recognised at balance date, are stated in Note 1 to the financial statements. (i) Amounts disclosed in this table exclude holding gains and losses related to statutory financial assets and liabilities. (b) Significant accounting policies (b)Film Significant Victoria's accountingaccounting policies policies including the terms and conditions of each class of financial asset and financial liability recognised at balance date, are stated in Note 1 to the financial statements. Film Victoria's accounting policies including the terms and conditions of each class of financial asset and financial liability recognised at balance date, are stated in Note 1 to the financial statements. (c) Interest Rate Risk Film Victoria's exposure to interest rate risks and the effective interest rate risks of financial assets and financial liabilities recognised at balance date, are as follows:

The(c) Interest following Rate table Risk details Film Victoria's exposure to interest rate risks as at 30 June 2015 Film Victoria's exposure to interest rate risks and the effective interest rate risks of financial assets and financial liabilities recognised at balance date, are as follows: (c) Interest Rate Risk Weighted average Variable interest Film Victoria's exposure to interest rate risks and the effective interest rate risks of financialeffective assets and interest financial liabilities recognised Fixedat balance interest date, rate are asNon-interest follows: bearing Carrying Amount The following table details Film Victoria's exposure to interest rate risks as at 30 June 2015 rate rate The following table details Film Victoria's exposure to interest rate risks as at 30 June 2015Weighted average Variable interest$ $ $ $ Weightedeffective interestaverage Fixed interest rate Non-interest bearing Carrying Amount Variablerate interest Financial Assets effectiverate interest Fixed interest rate Non-interest bearing Carrying Amount rate rate $ $ $ $ FinancialCash and Assetsdeposits $ $ $ $ CashFinancial on hand Assets and cash at bank 1.12% 97,520 0 800 98,320 CashShort andterm/at deposits call deposits 2.45% 9,990,865 12,239,135 0 22,230,000 ReceivablesCash onand hand deposits and cash at bank 1.12% 97,520 0 800 98,320 ShortCash Flowonterm/at hand Facility andcall depositscash– Producer at bank Loans 2.45%1.12%N/A 9,990,86597,5200 12,239,1350 8000 22,230,000 98,320 - ReceivablesOtherShort term/at receivables call deposits(excluding prepayments) 2.45%N/A 9,990,8650 12,239,1350 1,139,0420 22,230,000 1,139,042 TotalCashReceivables Flowfinancial Facility assets – Producer Loans N/A 10,088,3850 12,239,1350 1,139,8420 23,467,362 - OtherCash Flow receivables Facility (excluding– Producer prepayments) Loans N/A 0 0 1,139,0420 1,139,042 - TotalFinancialOther financial receivables Liabilities assets (excluding prepayments) N/A 10,088,3850 12,239,1350 1,139,8421,139,042 23,467,362 1,139,042 Total financial assets 10,088,385 12,239,135 1,139,842 23,467,362 FinancialPayables Liabilities OtherFinancial payables Liabilities N/A 0 0 332,341 332,341 TotalPayables financial liabilities 0 0 332,341 332,341 Payables

The following table details Film Victoria's exposure to interest rate risks as at 30 June 2014 Weighted average Variable interest effective interest Fixed interest rate Non-interest bearing Carrying Amount rate rate

$ $ $ $ Financial Assets

Cash and deposits Cash on hand and cash at bank 1.76% 1,029,400 0 800 1,030,200 Short term/at call deposits 2.65% 0 22,565,000 0 22,565,000 Receivables Cash Flow Facility – Producer Loans N/A 0 0 0 - Other receivables (excluding prepayments) N/A 0 0 71,379 71,379 Total financial assets 1,029,400 22,565,000 72,179 23,666,579

Financial Liabilities

Payables Other payables N/A 0 0 94,903 94,903 Total financial liabilities 0 0 94,903 94,903

(d) Credit Risk Film Victoria's maximum exposure to credit risk at the balance sheet date in relation to each class of recognised financial asset is the carrying amount of those assets as indicated in the Balance Sheet.

Within the Film Victoria Cash Flow Facility, the maximum exposure cannot exceed $3,000,000 for each of the following: - any one Australian distributor, broadcaster or sales agent - any one overseas distributor, broadcaster or sales agent - any one producer (producers are eligible to apply to Film Victoria for an equity investment for the same project).

Credit risk in trade receivables is managed in the following ways: - by operating under payment terms of 30 days - debt collection policies and procedures.

The following table discloses the credit quality of financial assets that are neither past due nor impaired (i)

Financial Government Government Other (min triple-B Total institutions (triple- agencies (triple-A agencies (triple-B credit rating) 2015 A credit rating) credit rating) credit rating)

$ $ $ $ $ Cash and deposits 98,320 98,320 Receivables 1,125,154 13,888 1,139,042 Investments and other financial assets 22,230,000 22,230,000 Total financial assets 98,320 23,355,154 0 13,888 23,467,362

Financial Government Government Other (min triple-B Total institutions (triple- agencies (triple-A agencies (triple-B credit rating) 402014 A credit rating) credit rating) credit rating)

$ $ $ $ $ Cash and deposits 1,030,200 1,030,200 Receivables 25,674 45,705 71,379 Investments and other financial assets 22,565,000 22,565,000 Total financial assets 1,030,200 22,590,674 0 45,705 23,666,578

(i) The total amounts disclosed here exclude statutory amounts (e.g. amounts owing from Victorian government and GST input tax credit recoverable) and prepayments.

The following table discloses the ageing of financial assets:

Carrying Amount Not past due and Past due but not impaired Impaired not impaired Less than 30 days 30-365 days $ $ $ $ $ 2015 Financial assets Cash on hand and cash at bank 98,320 98,320 0 0 0 Short term / at call deposits 22,230,000 22,230,000 0 0 0 Cash Flow Facility - Producer Loans 0 0 0 0 0 Other receivables (excluding prepayments) 1,139,042 1,139,042 0 0 0 Total financial assets 23,467,362 23,467,362 0 0 0

Carrying Amount Not past due and Past due but not impaired Impaired not impaired Less than 30 days 30-365 days

$ $ $ $ $ 2014 Financial assets Cash on hand and cash at bank 1,030,200 1,030,200 0 0 0 Short term / at call deposits 22,565,000 22,565,000 0 0 0 Cash Flow Facility - Producer Loans 509,135 0 0 0 509,135 Other receivables (excluding prepayments) 71,379 71,379 0 0 0 Total financial assets 24,175,714 23,666,579 0 0 509,135

(e) Liquidity risk

Liquidity risk is the risk that Film Victoria would be unable to meet its financial obligations as and when they fall due. Film Victoria has a payments policy of settling financial obligations within 7 days.

Film Victoria's maximum exposure to liquidity risk is the carrying amounts of financial liabilities as disclosed in the face of the balance sheet and the amounts related to net commitments disclosed in Note 9. Film Victoria manages its liquidity risk by: - maintaining an adequate level of uncommitted funds that can be drawn at short notice to meet its short‑term obligations - careful maturity planning of its financial investments based on forecasts of current needs and likely future cash flows - careful monitoring of commitments payable and receivable.

The following table discloses the contractual maturity analysis for Film Victoria's contractual financial liabilities (i)

2 0 15 C arrying Nominal less than 1 month -­‐ 1 -­‐ 5 5 + amount amount one month 1 y ear years years $ $ $ $ $ $ Payables: (ii) Supplies and services 160 ,279 160 ,279 160 ,279 Payable to government and agencies 77,287 77,287 77,287 Other payables 94,775 94,775 94,725 50 T otal 332,341 332,341 332,291 -­‐ -­‐ 50

2 0 14 C arrying Nominal less than 1 month -­‐ 1 -­‐ 5 5 + amount amount one month 1 y ear years years $ $ $ $ $ $ Payables: (ii) Supplies and services 39,313 39,313 39,313 Payable to government and agencies -­‐ -­‐ -­‐ Other payables 55,590 55,590 55,540 50 T otal 94,903 94,903 94,853 -­‐ -­‐ 50 (d) Credit Risk (d) Credit Risk Film(d) Credit Victoria's Risk maximum exposure to credit risk at the balance sheet date in relation to each class of recognised financial asset is the carrying amount of those assets as indicated in the Balance Sheet.Film(d) Credit Victoria's Risk maximum exposure to credit risk at the balance sheet date in relation to each class of recognised financial asset is the carrying amount of those assets as indicated in the Balance Sheet.(d) Credit Risk Sheet.(d)Film Credit Victoria's Risk maximum exposure to credit risk at the balance sheet date in relation to each class of recognised financial asset is the carrying amount of those assets as indicated in the Balance Film Victoria's maximum exposure to credit risk at the balance sheet date in relation to each class of recognised financial asset is the carrying amount of those assets as indicated in the Balance Sheet.Film(d) Credit Victoria's Risk maximum exposure to credit risk at the balance sheet date in relation to each class of recognised financial asset is the carrying amount of those assets as indicated in the Balance Sheet.Within the Film Victoria Cash Flow Facility, the maximum exposure cannot exceed $3,000,000 for each of the following: Sheet.WithinFilm - any Victoria's one the Australian Film maximum Victoria distributor, Cashexposure Flow broadcaster to Facility, credit therisk or maximumatsales the agent balance exposure sheet cannot date in exceed relation $3,000,000 to each class for of each recognised of the following: financial asset is the carrying amount of those assets as indicated in the Balance Sheet. Within- any one the Australianoverseas Film Victoria distributor, distributor, Cash Flow broadcaster broadcaster Facility, theor or sales maximumsales agent agent exposure cannot exceed $3,000,000 for each of the following: Within- any one the overseasAustralianproducer Film Victoria distributor,(producers distributor, Cash Flow broadcasterare broadcaster eligibleFacility, to theor or apply sales maximumsales toagent agent Film exposure Victoria cannotfor an equity exceed investment $3,000,000 for for the each same of project). the following: Within- any one the Australianproducer Film Victoria (producers distributor, Cash Flow are broadcaster eligibleFacility, tothe or apply maximumsales to agent Film exposure Victoria cannotfor an equity exceed investment $3,000,000 for for the each same of project). the following: - any one Australianproduceroverseas distributor,(producers distributor, broadcasterare broadcaster eligible to or or apply sales sales toagent agent Film Victoria for an equity investment for the same project). Within- any one the produceroverseas Film Victoria distributor,(producers Cash Flow broadcasterare eligibleFacility, to theor apply sales maximum toagent Film exposure Victoria cannotfor an equity exceed investment $3,000,000 for for the each same of project). the following: Credit- any one risk producerAustralianoverseas in trade receivables distributor,(producers distributor, broadcasterisare broadcaster managed eligible toin or or theapply sales sales following toagent agent Film ways: Victoria for an equity investment for the same project). Credit - anyby operating one risk producer in trade under receivables (producers payment terms isare managed eligible of 30 daysinto theapply following to Film ways:Victoria for an equity investment for the same project). - byany operating one overseas under distributor, payment termsbroadcaster of 30 days or sales agent Credit- anybydebt operating one riskcollection producer in trade under policies receivables (producers payment and procedures. terms isare managed eligible of 30 daystoin theapply following to Film ways:Victoria for an equity investment for the same project). Credit - debt riskcollection in trade policies receivables and procedures. is managed in the following ways: Credit - debtby operating riskcollection in trade under policies receivables payment and procedures. terms is managed of 30 daysin the following ways: - debtby operating collection under policies payment and procedures. terms of 30 days (i) CreditThe - by followingoperating risk in tradetable under receivablesdiscloses payment the terms is creditmanaged of quality30 daysin the of followingfinancial assets ways: that are neither past due nor impaired (i) The - debt following collection table policies discloses and the procedures. credit quality of financial assets that are neither past due nor impaired (i) The- bydebt followingoperating collection table under policies discloses payment and the procedures. terms credit of quality30 days of financial assets that are neither past due nor impaired The- debt following collection table policies discloses and the procedures. credit quality of financial assets that are neither past due nor impairedFinancial (i) Government Government Other (min triple-B Total Financial(i) Government Government Other (min triple-B Total The following table discloses the credit quality of financial assets that are neither past due norinstitutions impairedFinancial (triple-(i) agenciesGovernment (triple-A agenciesGovernment (triple-B Othercredit (min triple-B rating) Total The following table discloses the credit quality of financial assets that are neither past due norinstitutions impaired (triple- agencies (triple-A agencies (triple-B credit rating) 2015 institutionsA creditFinancial (triple-(i)rating) agenciescreditGovernment (triple-A rating) agenciescreditGovernment (triple-B rating) Othercredit (min triple-B rating) Total 2015The following table discloses the credit quality of financial assets that are neither past due nor impairedA creditFinancial rating) creditGovernment rating) creditGovernment rating) Other (min triple-B Total 2015 institutionsA creditFinancial (triple-rating) agenciescreditGovernment (triple-A rating) agenciescreditGovernment (triple-B rating) Othercredit (min triple-B rating) Total institutions (triple- agencies (triple-A agencies (triple-B credit rating) 2015 institutionsA credit (triple-rating)$ agenciescredit (triple-A rating)$ agenciescredit (triple-B rating)$ credit rating)$ $ 2015 A creditFinancial rating)$ creditGovernment rating)$ creditGovernment rating)$ Other (min triple-B$ Total$ Cash2015 and deposits institutionsA credit (triple-rating)98,320$ agenciescredit (triple-A rating)$ agenciescredit (triple-B rating)$ credit rating)$ 98,320$ Cash and deposits 98,320$ $ $ $ 98,320$ Receivables2015Cash and deposits A credit rating)98,320$ credit1,125,154 rating)$ credit rating)$ 13,888$ 1,139,04298,320$ ReceivablesCash and deposits 98,320$ 1,125,154$ $ 13,888$ 1,139,04298,320$ InvestmentsCashReceivables and deposits and other financial assets 98,320 22,230,0001,125,154 13,888 22,230,0001,139,04298,320 ReceivablesCash and deposits 98,320$ 1,125,154$ $ 13,888$ 1,139,04298,320$ Investments and other financial assets 22,230,000 22,230,000 CashTotalReceivables andfinancial deposits assets 98,32098,320 23,355,1541,125,154 0 13,88813,888 23,467,3621,139,04298,320 TotalInvestmentsReceivables financial and assets other financial assets 98,320 22,230,00023,355,1541,125,154 0 13,88813,888 22,230,00023,467,3621,139,042 InvestmentsTotal financial and assets other financial assets 98,320 22,230,00023,355,154 0 13,888 22,230,00023,467,362 TotalInvestmentsReceivables financial and assets other financial assets 98,320 22,230,00023,355,1541,125,154 0 13,88813,888 22,230,00023,467,3621,139,042 InvestmentsTotal financial and assets other financial assets Financial98,320 Government22,230,00023,355,154 Government0 Other (min triple-B13,888 22,230,00023,467,362Total Total financial assets institutionsFinancial (triple-98,320 agenciesGovernment23,355,154 (triple-A agenciesGovernment (triple-B0 Othercredit (min triple-B rating)13,888 23,467,362Total institutions (triple- agencies (triple-A agencies (triple-B credit rating) 2014Total financial assets institutionsA creditFinancial (triple-98,320rating) agenciescreditGovernment23,355,154 (triple-A rating) agenciescreditGovernment (triple-B rating)0 Othercredit (min triple-B rating)13,888 23,467,362Total 2014 A creditFinancial rating) creditGovernment rating) creditGovernment rating) Other (min triple-B Total 2014 institutionsA creditFinancial (triple-rating) agenciescreditGovernment (triple-A rating) agenciescreditGovernment (triple-B rating) Othercredit (min triple-B rating) Total institutions (triple- agencies (triple-A agencies (triple-B credit rating) 2014 institutionsA credit (triple-rating)$ agenciescredit (triple-A rating)$ agenciescredit (triple-B rating)$ credit rating)$ $ 2014 A creditFinancial rating)$ creditGovernment rating)$ creditGovernment rating)$ Other (min triple-B$ Total$ Cash2014 and deposits institutionsA credit1,030,200 (triple-rating)$ agenciescredit (triple-A rating)$ agenciescredit (triple-B rating)$ credit rating)$ 1,030,200$ 2014Cash and deposits A credit1,030,200 rating)$ credit rating)$ credit rating)$ $ 1,030,200$ ReceivablesCash and deposits 1,030,200$ 25,674$ $ 45,705$ 1,030,20071,379$ ReceivablesCash and deposits 1,030,200$ 25,674$ $ 45,705$ 1,030,20071,379$ InvestmentsCashReceivables and deposits and other financial assets 1,030,200 22,565,00025,674 45,705 22,565,0001,030,20071,379 ReceivablesCash and deposits 1,030,200$ 25,674$ $ 45,705$ 1,030,20071,379$ Investments and other financial assets 22,565,000 22,565,000 TotalReceivablesCash andfinancial deposits assets 1,030,2001,030,200 22,590,67425,674 0 45,70545,705 23,666,5781,030,20071,379 TotalInvestmentsReceivables financial and assets other financial assets 1,030,200 22,590,67422,565,00025,674 0 45,70545,705 22,565,00023,666,57871,379 InvestmentsTotal financial and assets other financial assets 1,030,200 22,590,67422,565,000 0 45,705 22,565,00023,666,578 TotalInvestmentsReceivables financial and assets other financial assets 1,030,200 22,590,67422,565,00025,674 0 45,70545,705 22,565,00023,666,57871,379 Total(i)Investments The financial total amounts and assets other disclosed financial here assets exclude statutory amounts (e.g. amounts owing from Victorian government1,030,200 and GST22,590,67422,565,000 input tax credit recoverable) and0 prepayments. 45,705 22,565,00023,666,578 (i)Total The financial total amounts assets disclosed here exclude statutory amounts (e.g. amounts owing from Victorian government1,030,200 and GST22,590,674 input tax credit recoverable) and0 prepayments. 45,705 23,666,578 (i)Total The financial total amounts assets disclosed here exclude statutory amounts (e.g. amounts owing from Victorian government1,030,200 and GST22,590,674 input tax credit recoverable) and0 prepayments. 45,705 23,666,578 (i) The total amounts disclosed here exclude statutory amounts (e.g. amounts owing from Victorian government and GST input tax credit recoverable) and prepayments. (i)The The following total amounts table discloses disclosed the here ageing exclude of financial statutory assets: amounts (e.g. amounts owing from Victorian government and GST input tax credit recoverable) and prepayments. The following table discloses the ageing of financial assets: The(i) The following total amounts table discloses disclosed the here ageing exclude of financial statutory assets: amounts (e.g. amounts owing from Victorian government and GST input tax credit recoverable) and prepayments. The following table discloses the ageing of financial assets: Carrying Amount Not past due and Past due but not impaired Impaired The following table discloses the ageing of financial assets: Carrying Amount Not notpast impaired due and Past due but not impaired Impaired The following table discloses the ageing of financial assets: not impaired Past due but not impaired Carrying Amount Not notpast impaired due and Less thanPast due30 days but not impaired30-365 days Impaired The following table discloses the ageing of financial assets: Carrying Amount Not past due and Less than 30 days 30-365 days Impaired Carrying Amount Not notpast impaired due and Less thanPast due30 days but not impaired30-365 days Impaired $ not impaired$ Past due but$ not impaired $ $ Carrying Amount Not notpast impaired due and Less than 30 days 30-365 days Impaired $ $ Less thanPast due30 days but$ not impaired30-365 days$ $ 2015 not impaired Less than 30 days 30-365 days 2015 $ $ $ $ $ 2015 $ $ Less than 30 days$ 30-365 days$ $ Financial assets $ $ $ $ $ Financial2015 assets 2015Financial assets $ $ $ $ $ 2015Cash on hand and cash at bank 98,320 98,320 0 0 0 CashFinancial on hand assets and cash at bank 98,320 98,320 0 0 0 2015FinancialCash on hand assets and cash at bank 98,320 98,320 0 0 0 FinancialShort term assets / at call deposits 22,230,000 22,230,000 0 0 0 ShortCash onterm hand / at and call cash deposits at bank 22,230,00098,320 22,230,00098,320 0 0 0 CashShort onterm hand / at and call cash deposits at bank 22,230,00098,320 22,230,00098,320 0 0 0 CashFinancial Flowon hand assets Facility and cash- Producer at bank Loans 98,3200 98,3200 0 0 0 CashShort Flowterm Facility/ at call - deposits Producer Loans 22,230,0000 22,230,0000 0 0 0 CashShort onFlowterm hand Facility/ at and call cash- deposits Producer at bank Loans 22,230,00098,3200 22,230,00098,3200 0 0 0 OtherShort term receivables / at call (excluding deposits prepayments) 22,230,0001,139,042 22,230,0001,139,042 0 0 0 OtherCash Flow receivables Facility (excluding- Producer prepayments)Loans 1,139,0420 1,139,0420 0 0 0 ShortCashOther Flowterm receivables Facility/ at call (excluding- deposits Producer prepayments)Loans 22,230,0001,139,0420 22,230,0001,139,0420 0 0 0 TotalCash Flowfinancial Facility assets - Producer Loans 23,467,3620 23,467,3620 0 0 0 TotalOther financial receivables assets (excluding prepayments) 23,467,3621,139,042 23,467,3621,139,042 0 0 0 CashOtherTotal Flowfinancial receivables Facility assets (excluding- Producer prepayments)Loans 23,467,3621,139,0420 23,467,3621,139,0420 0 0 0 TotalOther financial receivables assets (excluding prepayments) 23,467,3621,139,042 23,467,3621,139,042 0 0 0 OtherTotal financial receivables assets (excluding prepayments) 23,467,3621,139,042 23,467,3621,139,042 0 0 0 Total financial assets Carrying23,467,362 Amount Not past23,467,362 due and Past due but0 not impaired 0 Impaired0 Carrying Amount Not notpast impaired due and Past due but not impaired Impaired Total financial assets 23,467,362 not23,467,362 impaired Past due but0 not impaired 0 0 Carrying Amount Not notpast impaired due and Less thanPast due30 days but not impaired30-365 days Impaired Carrying Amount Not past due and Impaired Carrying Amount Not notpast impaired due and Less thanPast due30 days but not impaired30-365 days Impaired not impaired Past due but not impaired $ not impaired$ Less than 30 days$ 30-365 days$ $ Carrying Amount Not past due and Past due but not impaired Impaired $ $ Less than 30 days$ 30-365 days$ $ 2014 not impaired Less than 30 days 30-365 days 2014 $ $ $ $ $ 2014 $ $ Less than 30 days$ 30-365 days$ $ Financial assets $ $ $ $ $ Financial2014 assets 2014Financial assets $ $ $ $ $ 2014Cash on hand and cash at bank 1,030,200 1,030,200 0 0 0 CashFinancial on hand assets and cash at bank 1,030,200 1,030,200 0 0 0 2014FinancialCash on hand assets and cash at bank 1,030,200 1,030,200 0 0 0 FinancialShort term assets / at call deposits 22,565,000 22,565,000 0 0 0 ShortCash onterm hand / at and call cash deposits at bank 22,565,0001,030,200 22,565,0001,030,200 0 0 0 CashShort onterm hand / at and call cash deposits at bank 22,565,0001,030,200 22,565,0001,030,200 0 0 0 CashFinancial Flowon hand assets Facility and cash- Producer at bank Loans 1,030,200509,135 1,030,2000 0 0 509,1350 CashShort Flowterm Facility/ at call - deposits Producer Loans 22,565,000509,135 22,565,0000 0 0 509,1350 CashShort onFlowterm hand Facility/ at and call cash- deposits Producer at bank Loans 22,565,0001,030,200509,135 22,565,0001,030,2000 0 0 509,1350 OtherShort term receivables / at call (excluding deposits prepayments) 22,565,00071,379 22,565,00071,379 0 0 0 OtherCash Flow receivables Facility (excluding- Producer prepayments)Loans 509,13571,379 71,3790 0 0 509,1350 ShortCashOther Flowterm receivables Facility/ at call (excluding- deposits Producer prepayments)Loans 22,565,000509,13571,379 22,565,00071,3790 0 0 509,1350 TotalCash Flowfinancial Facility assets - Producer Loans 24,175,714509,135 23,666,5790 0 0 509,135509,135 TotalOther financial receivables assets (excluding prepayments) 24,175,71471,379 23,666,57971,379 0 0 509,1350 CashOtherTotal Flowfinancial receivables Facility assets (excluding- Producer prepayments)Loans 24,175,714509,13571,379 23,666,57971,3790 0 0 509,135509,1350 TotalOther financial receivables assets (excluding prepayments) 24,175,71471,379 23,666,57971,379 0 0 509,1350 (e)OtherTotal Liquidity financial receivables risk assets (excluding prepayments) 24,175,71471,379 23,666,57971,379 0 0 509,1350 (e)Total Liquidity financial risk assets 24,175,714 23,666,579 0 0 509,135 Total(e) Liquidity financial risk assets 24,175,714 23,666,579 0 0 509,135 (e) Liquidity risk (e) Liquidity risk (e)Liquidity Liquidity risk riskis the risk that Film Victoria would be unable to meet its financial obligations as and when they fall due. Film Victoria has a payments policy of settling financial obligations within 7 days. Liquidity risk is the risk that Film Victoria would be unable to meet its financial obligations as and when they fall due. Film Victoria has a payments policy of settling financial obligations within 7 days. (e) Liquidity risk Liquidity risk is the risk that Film Victoria would be unable to meet its financial obligations as and when they fall due. Film Victoria has a payments policy of settling financial obligations within 7 days. Liquidity risk is the risk that Film Victoria would be unable to meet its financial obligations as and when they fall due. Film Victoria has a payments policy of settling financial obligations within 7 days. FilmLiquidity Victoria's risk is maximum the risk that exposure Film Victoria to liquidity would risk be is unable the carrying to meet amounts its financial of financial obligations liabilities as and as whendisclosed they in fall the due. face Film of theVictoria balance has sheeta payments and the policy amounts of settling related financial to net commitments obligations within disclosed 7 days. in Film Victoria's maximum exposure to liquidity risk is the carrying amounts of financial liabilities as disclosed in the face of the balance sheet and the amounts related to net commitments disclosed in LiquidityFilmNote Victoria's 9. Film risk Victoria is maximum the risk manages that exposure Film its Victoria liquidity to liquidity would risk riskby: be is unable the carrying to meet amounts its financial of financial obligations liabilities as and as whendisclosed they in fall the due. face Film of theVictoria balance has sheeta payments and the policy amounts of settling related financial to net commitments obligations within disclosed 7 days. in NoteFilm Victoria's 9. Film Victoria maximum manages exposure its liquidity to liquidity risk riskby: is the carrying amounts of financial liabilities as disclosed in the face of the balance sheet and the amounts related to net commitments disclosed in Film - maintaining Victoria's an maximum adequate exposure level of touncommitted liquidity risk funds is the that carrying can be amounts drawn atof shortfinancial notice liabilities to meet as itsdisclosed short‑term in the obligations face of the balance sheet and the amounts related to net commitments disclosed in Film Note- maintaining Victoria's 9. Film Victoria an maximum adequate manages exposure level its of liquidity touncommitted liquidity risk riskby: funds is the that carrying can be amounts drawn atof shortfinancial notice liabilities to meet as itsdisclosed short‑term in the obligations face of the balance sheet and the amounts related to net commitments disclosed in Note - maintainingcareful 9. Film maturity Victoria an adequate planning manages levelof its its of financial liquidity uncommitted investmentsrisk by: funds basedthat can on be forecasts drawn atof shortcurrent notice needs to andmeet likely its short future‑term cash obligations flows FilmNote- carefulmaintaining Victoria's 9. Film maturitymonitoring Victoria an maximum adequate planning ofmanages commitments exposure levelof its its of financial liquidity touncommitted liquiditypayable investmentsrisk andriskby: funds isreceivable. the basedthat carrying can on be forecastsamounts drawn atof shortfinancialcurrent notice needs liabilities to andmeet as likely itsdisclosed short future‑term in cash the obligations flowsface of the balance sheet and the amounts related to net commitments disclosed in - maintainingcareful monitoring an adequate of commitments level of uncommitted payable and funds receivable. that can be drawn at short notice to meet its short‑term obligations Note- careful 9. Film monitoringmaturity Victoria planning ofmanages commitments of its its financial liquidity payable investmentsrisk andby: receivable. based on forecasts of current needs and likely future‑ cash flows - carefulmaintaining maturity an adequate planning levelof its of financial uncommitted investments funds basedthat can on be forecasts drawn atof shortcurrent notice needs to andmeet likely its short futureterm cash obligations flows - careful maturitymonitoring planning of commitments of its financial payable investments and receivable. based on forecasts of current needs and likely future cash flows - carefulmaintaining monitoring an adequate of commitments level of uncommitted payable and funds receivable. that can be drawn at short notice to meet its short‑term(i) obligations The following table discloses the contractual maturity analysis for Film Victoria's contractual financial liabilities (i) - careful maturitymonitoring planning of commitments of its financial payable investments and receivable. based on forecasts of current needs and likely future cash(i) flows The following table discloses the contractual maturity analysis for Film Victoria's contractual financial liabilities The - careful following monitoring table discloses of commitments the contractual payable maturity and receivable. analysis for Film Victoria's contractual financial liabilities (i) The following table discloses the contractual maturity analysis for Film Victoria's contractual financial liabilities (i) The2 0 15 following table discloses the contractual maturity analysis for Film Victoria's contractualC arrying financial liabilitiesNominal (i) less than 1 month -­‐ 1 -­‐ 5 5 + 2 0 15 C arrying Nominal less than 1 month -­‐ 1 -­‐ 5 5 + The2 0 15 following table discloses the contractual maturity analysis for Film Victoria's contractualC arrying financial liabilitiesNominal (i) less than 1 month -­‐ 1 -­‐ 5 5 + amount amount one less month than 1 month 1 y ear -­‐ years1 -­‐ 5 years5 + 2 0 15 Camount arrying Nominal amount one month 1 y ear years years 2 0 15 Camount arrying Nominal amount one less month than 1 month 1 y ear -­‐ years1 -­‐ 5 years5 + 2 0 15 $C arrying Nominal $ less $ than 1 $ month -­‐ $ 1 -­‐ 5 $ 5 + $amount $amount one $ month $ 1 y ear $ years $ years 2 0 15 $Camount arrying Nominal $amount one less $ month than 1 $ month 1 y ear -­‐ $ years1 -­‐ 5 $ years5 + Payables: (ii) amount amount one month 1 y ear years years Payables: (ii) $ $ $ $ $ $ Payables: (ii) $amount $amount one $ month $ 1 y ear $ years $ years Supplies and services $ 160 ,279 $ 160 ,279 $ 160 ,279 $ $ $ Supplies Payables: and (ii) services 160 ,279 160 ,279 160 ,279 Payables: Supplies and (ii) services $ 160 ,279 $ 160 ,279 $ 160 ,279 $ $ $ Payables: Payable to (ii) government and agencies 77,287 77,287 77,287 Payable Supplies to and government services and agencies 160 77,287 ,279 160 77,287 ,279 160 77,287 ,279 Supplies Payables: Payable to and (ii) government services and agencies 160 77,287 ,279 160 77,287 ,279 160 77,287 ,279 Supplies Other payables and services 160 94,775 ,279 160 94,775 ,279 160 94,725 ,279 50 Other Payable payables to government and agencies 94,77577,287 94,775 77,287 94,72577,287 50 Payable Supplies Other payables to and government services and agencies 160 94,77577,287 ,279 160 94,77577,287 ,279 160 94,72577,287 ,279 50 Payable T otal to government and agencies 332,341 77,287 332,341 77,287 332,291 77,287 -­‐ -­‐ 50 TOther otal payables 332,341 94,775 332,341 94,775 332,291 94,725 -­‐ -­‐ 50 Other Payable T otal payables to government and agencies 332,341 94,77577,287 332,341 94,775 77,287 332,291 94,72577,287 -­‐ -­‐ 50 TOther otal payables 332,341 94,775 332,341 94,775 332,291 94,725 -­‐ -­‐ 50 TOther otal payables 332,341 94,775 332,341 94,775 332,291 94,725 -­‐ -­‐ 50 T otal 332,341 332,341 less 332,291 than 1 month -­‐ -­‐ 1 -­‐ -­‐ 5 5 50 + 2 0 14 C arrying Nominal less than 1 month -­‐ 1 -­‐ 5 5 + 2T 0 otal 14 C 332,341 arrying Nominal 332,341 less 332,291 than 1 month -­‐ -­‐ 1 -­‐ -­‐ 5 50 5 + amount amount one less month than 1 month 1 y ear -­‐ years1 -­‐ 5 years5 + 2 0 14 Camount arrying Nominal amount one month 1 y ear years years 2 0 14 Camount arrying Nominal amount one less month than 1 month 1 y ear -­‐ years1 -­‐ 5 years5 + 2 0 14 $C arrying Nominal $ less $ than 1 $ month -­‐ $ 1 -­‐ 5 $ 5 + $amount $amount one $ month $ 1 y ear $ years $ years 2 0 14 $Camount arrying Nominal $amount one less $ month than 1 $ month 1 y ear -­‐ $ years1 -­‐ 5 $ years5 + Payables: (ii) amount amount one month 1 y ear years years Payables: (ii) $ $ $ $ $ $ Payables: (ii) $amount $amount one $ month $ 1 y ear $ years $ years Supplies and services $ 39,313 $ 39,313 $ 39,313 $ $ $ Supplies Payables: and (ii) services 39,313 39,313 39,313 Payables: Supplies and (ii) services $ 39,313 $ 39,313 $ 39,313 $ $ $ Payable Payables: to (ii) government and agencies -­‐ -­‐ -­‐ Payable Supplies to and government services and agencies 39,313 -­‐ 39,313 -­‐ 39,313 -­‐ Payable Supplies Payables: to and (ii) government services and agencies 39,313 -­‐ 39,313 -­‐ 39,313 -­‐ Other Supplies payables and services 55,590 39,313 55,590 39,313 55,540 39,313 50 Other Payable payables to government and agencies 55,590 -­‐ 55,590 -­‐ 55,540 -­‐ 50 Payable Other Supplies payables to and government services and agencies 55,590 39,313 -­‐ 55,590 39,313 -­‐ 55,540 39,313 -­‐ 50 Payable T otal to government and agencies 94,903 -­‐ 94,903 -­‐ 94,853 -­‐ -­‐ -­‐ 50 Other T otal payables 94,903 55,590 94,903 55,590 94,853 55,540 -­‐ -­‐ 50 Other Payable T otal payables to government and agencies 94,903 55,590 -­‐ 94,903 55,590 -­‐ 94,853 55,540 -­‐ -­‐ -­‐ 50 Other T otal payables 94,903 55,590 94,903 55,590 94,853 55,540 -­‐ -­‐ 50 (i)Other T maturity otal payablesanalysis is presented using the contractual undiscounted cash flows. 94,903 55,590 94,903 55,590 94,853 55,540 -­‐ -­‐ 50 T otal 94,903 94,903 94,853 -­‐ -­‐ 50 (ii)T otalthe carrying amounts disclosed exclude statutory amounts (e.g. GST payables). 94,903 94,903 94,853 -­‐ -­‐ 50

(f) Interest rate sensitivity analysis Interest rate sensitivity analysis is based on balances of financial assets not exceeding one year, which are at fixed or floating rates. Minimum and maximum exposures are calculated at shifts of plus or minus 1% respectively. The table below details Film Victoria's sensitivity to shifts in interest rate. The exposures are based on management's best estimates of the possible adverse effects of changes in interest rate as at 30 June 2015 and 30 June 2014.

Market risk exposure - Interest rate

2015 Carrying Amount Interest Rate -1% FINANCIAL +1%STATEMENTS 41 Net Result Accumulated surplus Net result Accumulated surplus $ $ $ $ $ Financial assets Cash and deposits 22,328,320 (223,283) (223,283) (223,283) (223,283) Total Impact (223,283) (223,283) (223,283) (223,283)

2014 Carrying Amount Interest Rate -1% +1% Net Result Accumulated surplus Net result Accumulated surplus $ $ $ $ $ Financial assets Cash and deposits 23,595,200 (235,952) (235,952) 235,952 235,952 Total Impact (235,952) (235,952) 235,952 235,952

(g) Fair value The carrying amount of financial instruments assets and liabilities recorded in the financial statements are a fair approximation of their fair values, because of the short-term nature of the financial instruments and the expectation that they are paid in full except where an impairment allowance has been made. The following table shows that the fair values of the financial assets are the same as the carrying amounts.

Carrying amount Fair value Carrying amount Fair value Financial assets 2015 2015 2014 2014 $ $ $ $ Fair value measurement at end of reporting period using: Level 1 Cash on hand and cash at bank 98,320 98,320 1,030,200 1,030,200 Short term/at call deposits 22,230,000 22,230,000 22,565,000 22,565,000 Other receivables (excluding prepayments) 1,139,042 1,139,042 71,379 71,379 Level 3 Cash Flow Facility - Producer Loans 0 0 0 0 Total financial assets 23,467,362 23,467,362 23,666,578 23,666,578

Reconciliation of level 3 fair value movements Cash Flow Facility – Producer Loans 2015 2014 $ $ Opening balance 0 95,000 Loan advances 0 7,588 Loan principal repayments 0 (102,588) Impairments (recognised in Comprehensive Operating Statement) 0 0 Closing balance 0 (0) 2 0 15 C arrying Nominal less than 1 month -­‐ 1 -­‐ 5 5 + 2 0 15 C arrying Nominal less than 1 month -­‐ 1 -­‐ 5 5 + amount amount one month 1 y ear years years amount amount one month 1 y ear years years $ $ $ $ $ $ $ $ $ $ $ $ Payables: (ii) Payables: (ii) Supplies and services 160 ,279 160 ,279 160 ,279 Supplies and services 160 ,279 160 ,279 160 ,279 Payable to government and agencies 77,287 77,287 77,287 Payable to government and agencies 77,287 77,287 77,287 Other payables 94,775 94,775 94,725 50 Other payables 94,775 94,775 94,725 50 T otal 332,341 332,341 332,291 -­‐ -­‐ 50 T otal 332,341 332,341 332,291 -­‐ -­‐ 50

2 0 14 C arrying Nominal less than 1 month -­‐ 1 -­‐ 5 5 + 2 0 14 C arrying Nominal less than 1 month -­‐ 1 -­‐ 5 5 + amount amount one month 1 y ear years years amount amount one month 1 y ear years years $ $ $ $ $ $ $ $ $ $ $ $ Payables: (ii) Payables: (ii) Supplies and services 39,313 39,313 39,313 Supplies and services 39,313 39,313 39,313 Payable to government and agencies -­‐ -­‐ -­‐ Payable to government and agencies -­‐ -­‐ -­‐ Other payables 55,590 55,590 55,540 50 Other payables 55,590 55,590 55,540 50 T otal 94,903 94,903 94,853 -­‐ -­‐ 50 T otal 94,903 94,903 94,853 -­‐ -­‐ 50

(i) maturity analysis is presented using the contractual undiscounted cash flows. (i) maturity analysis is presented using the contractual undiscounted cash flows. (ii) the carrying amounts disclosed exclude statutory amounts (e.g. GST payables). (ii) the carrying amounts disclosed exclude statutory amounts (e.g. GST payables).

(f) Interest rate sensitivity analysis (f) Interest rate sensitivity analysis Interest rate sensitivity analysis is based on balances of financial assets not exceeding one year, which are at fixed or floating rates. Minimum and maximum exposures are calculated at shifts of plus orInterest minus rate 1% respectively. sensitivity analysis is based on balances of financial assets not exceeding one year, which are at fixed or floating rates. Minimum and maximum exposures are calculated at shifts of plus or minus 1% respectively. The table below details Film Victoria's sensitivity to shifts in interest rate. The exposures are based on management's best estimates of the possible adverse effects of changes in interest rate as at 30 JuneThe table 2015 belowand 30 details June 2014.Film Victoria's sensitivity to shifts in interest rate. The exposures are based on management's best estimates of the possible adverse effects of changes in interest rate as at 30 June 2015 and 30 June 2014. Market risk exposure - Interest rate Market risk exposure - Interest rate

2015 Carrying Amount Interest Rate 2015 Carrying Amount Interest Rate -1% +1% -1% +1% Net Result Accumulated surplus Net result Accumulated Net Result Accumulated surplus Net result Accumulatedsurplus surplus $ $ $ $ $ $ $ $ $ $ Financial assets Financial assets Cash and deposits 22,328,320 (223,283) (223,283) (223,283) (223,283) Cash and deposits 22,328,320 (223,283) (223,283) (223,283) (223,283) Total Impact (223,283) (223,283) (223,283) (223,283) Total Impact (223,283) (223,283) (223,283) (223,283)

2014 Carrying Amount Interest Rate 2014 Carrying Amount Interest Rate -1% +1% -1% +1% Net Result Accumulated surplus Net result Accumulated Net Result Accumulated surplus Net result Accumulatedsurplus surplus $ $ $ $ $ $ $ $ $ $ Financial assets Financial assets Cash and deposits 23,595,200 (235,952) (235,952) 235,952 235,952 Cash and deposits 23,595,200 (235,952) (235,952) 235,952 235,952 Total Impact (235,952) (235,952) 235,952 235,952 Total Impact (235,952) (235,952) 235,952 235,952 (g) Fair value (g) Fair value The carrying amount of financial instruments assets and liabilities recorded in the financial statements are a fair approximation of their fair values, because of the short-term nature of the financial Theinstruments carrying and amount the expectation of financial instrumentsthat they are assets paid inand full liabilities except whererecorded an impairment in the financial allowance statements has been are a made. fair approximation of their fair values, because of the short-term nature of the financial instruments and the expectation that they are paid in full except where an impairment allowance has been made. The following table shows that the fair values of the financial assets are the same as the carrying amounts. The following table shows that the fair values of the financial assets are the same as the carrying amounts. Carrying amount Fair value Carrying amount Fair value Carrying amount Fair value Carrying amount Fair value Financial assets 2015 2015 2014 2014 Financial assets 2015 2015 2014 2014 $ $ $ $ $ $ $ $ Fair value measurement at end of reporting period using: Fair value measurement at end of reporting period using: Level 1 Level 1 Cash on hand and cash at bank 98,320 98,320 1,030,200 1,030,200 Cash on hand and cash at bank 98,320 98,320 1,030,200 1,030,200 Short term/at call deposits 22,230,000 22,230,000 22,565,000 22,565,000 Short term/at call deposits 22,230,000 22,230,000 22,565,000 22,565,000 Other receivables (excluding prepayments) 1,139,042 1,139,042 71,379 71,379 Other receivables (excluding prepayments) 1,139,042 1,139,042 71,379 71,379 Level 3 Level 3 Cash Flow Facility - Producer Loans 0 0 0 0 Cash Flow Facility - Producer Loans 0 0 0 0 Total financial assets 23,467,362 23,467,362 23,666,578 23,666,578 Total financial assets 23,467,362 23,467,362 23,666,578 23,666,578 Reconciliation of level 3 fair value movements Reconciliation of level 3 fair value movements Cash Flow Facility – Producer Loans Cash Flow Facility – Producer Loans 2015 2014 2015$ 2014$ $ $ Opening balance 0 95,000 Opening balance 0 95,000 Loan advances 0 7,588 Loan advances 0 7,588 Loan principal repayments 0 (102,588) Loan principal repayments 0 (102,588) Impairments (recognised in Comprehensive Operating Statement) 0 0 Impairments (recognised in Comprehensive Operating Statement) 0 0 Closing balance 0 (0) Closing balance 0 (0)

Note 12. Cash flow information For the purposes of the Cash Flow Statement, cash includes cash on hand and in banks and investments in money market instruments, net of outstanding bank overdrafts. Cash at the end of the financial year as shown in the Cash Flow Statement is reconciled to the related items in the balance sheet as follows: (a) Reconciliation of cash and cash deposits 2015 2014 $ $ Cash on hand 800 800 Cash at bank 97,520 1,029,400 Short term/at call deposits – programs and operating activities 12,239,135 11,176,723 Short term/at call deposits – Cashflow facility fund 9,990,865 11,388,277 Balance as per cash flow statement 22,328,320 23,595,200

The Cash Flow Facility is a revolving loan facility. Short term/at call deposits - cashflow facility fund may only be used to advance loans.

(b) Reconciliation of net result for the period to net cash flows from operating activities: 2015 2014 $ $ Net result (812,923) (2,706,398)

Depreciation of non-current assets 213,342 215,958 (Gain)/loss on sale of non-financial assets 213 (229) Impairment allowance 0 0

Changes in net assets and liabilities

(Increase)/decrease in assets: Current receivables (918,568) 718,439 Other current assets 54,402 (103,535)

Increase/(decrease) in liabilities: Current payables 237,438 34,591 Current provisions 53,880 (136,018) Non-current provisions (89,626) (145,610)

Net cash from/(used in) operating activities (1,261,841) (2,122,800)

Note 13. Ex-gratia expenses 42 2015 2014 $ $ Payments to former employees as part of redundancy packages i 29,898 22,754 i) The amount above includes ex-gratia payments recognised in the comprehensive operating statement under 'Employee expenses'. Note 14. Responsible persons

The names of persons who were Responsible Persons at any time during the 12 month financial reporting period are:

Minister for Creative Industries - from 4 December 2014 Martin Foley MP

Minister for Innovation - to 3 December 2014 The Hon Louise Asher MP

Governing Board Ian Robertson, President Debra Allanson Ann Darrouzet Dan Fill Lyn Maddock Michael McMahon David Parker Caroline Pitcher John Rundell Jan Sardi Daryl Talbot

Chief Executive Officer and Accountable Officer Jenni Tosi

Members of the Governing Board were remunerated. Remuneration was based on the Victorian Public Sector Commission's Appointment and Remuneration Guidelines for Victorian Government Boards Statutory Bodies and Advisory Committees.

Total remuneration was based on the following bands: $30,000-$39,999 (one member), $10,000-$19,999 (ten members). Remuneration for 2013/14 was based on the following bands: $30,000-$39,999 - (one member) and $10,000-$19,999 (nine members), and $0-$9,999 (two members). The remuneration of the Minister is reported separately in the financial statements of the Department of Premier and Cabinet.

Remuneration received by the Accountable Officer in connection with management of Film Victoria during the period was in the range $260,000 - $269,999 ($250,000 - $259,999 in 2013/2014). Note 12. Cash flow information Note 12. Cash flow information For the purposes of the Cash Flow Statement, cash includes cash on hand and in banks and investments in money market instruments, net of outstanding bank overdrafts. Cash at the end of the Forfinancial the purposes year as shown of the in Cash the CashFlow Statement,Flow Statement cash isincludes reconciled cash to on the hand related and initems banks in andthe balanceinvestments sheet in as money follows: market instruments, net of outstanding bank overdrafts. Cash at the end of the financial year as shown in the Cash Flow Statement is reconciled to the related items in the balance sheet as follows: (a) Reconciliation of cash and cash deposits (a) Reconciliation of cash and cash deposits 2015 2014 2015 2014 $ $ $ $ Cash on hand 800 800 Cash on hand 800 800 Cash at bank 97,520 1,029,400 Cash at bank 97,520 1,029,400 Short term/at call deposits – programs and operating activities 12,239,135 11,176,723 Short term/at call deposits – programs and operating activities 12,239,135 11,176,723 Short term/at call deposits – Cashflow facility fund 9,990,865 11,388,277 Short term/at call deposits – Cashflow facility fund 9,990,865 11,388,277 Balance as per cash flow statement 22,328,320 23,595,200 Balance as per cash flow statement 22,328,320 23,595,200 The Cash Flow Facility is a revolving loan facility. Short term/at call deposits - cashflow facility fund may only be used to advance loans. The Cash Flow Facility is a revolving loan facility. Short term/at call deposits - cashflow facility fund may only be used to advance loans. (b) Reconciliation of net result for the period to net cash flows from operating activities: (b) Reconciliation of net result for the period to net cash flows from operating activities: 2015 2014 2015 2014 $ $ $ $ Net result (812,923) (2,706,398) Net result (812,923) (2,706,398)

Depreciation of non-current assets 213,342 215,958 Depreciation of non-current assets 213,342 215,958 (Gain)/loss on sale of non-financial assets 213 (229) (Gain)/loss on sale of non-financial assets 213 (229) Impairment allowance 0 0 Impairment allowance 0 0

Changes in net assets and liabilities Changes in net assets and liabilities

(Increase)/decrease in assets: (Increase)/decrease in assets: Current receivables (918,568) 718,439 Current receivables (918,568) 718,439 Other current assets 54,402 (103,535) Other current assets 54,402 (103,535)

Increase/(decrease) in liabilities: Increase/(decrease) in liabilities: Current payables 237,438 34,591 Current payables 237,438 34,591 Current provisions 53,880 (136,018) Current provisions 53,880 (136,018) Non-current provisions (89,626) (145,610) Non-current provisions (89,626) (145,610)

Net cash from/(used in) operating activities (1,261,841) (2,122,800) Net cash from/(used in) operating activities (1,261,841) (2,122,800) Note 13. Ex-gratia expenses Note 13. Ex-gratia expenses 2015 2014 2015 2014 $ $ $ $ Payments to former employees as part of redundancy packages i 29,898 22,754 Payments to former employees as part of redundancy packages i 29,898 22,754 i) The amount above includes ex-gratia payments recognised in the comprehensive operating statement under 'Employee expenses'. i) The amount above includes ex-gratia payments recognised in the comprehensive operating statement under 'Employee expenses'. Note 14. Responsible persons Note 14. Responsible persons The names of persons who were Responsible Persons at any time during the 12 month financial reporting period are: The names of persons who were Responsible Persons at any time during the 12 month financial reporting period are: Minister for Creative Industries - from 4 December 2014 MartinMinister Foley for Creative MP Industries - from 4 December 2014 Martin Foley MP Minister for Innovation - to 3 December 2014 TheMinister Hon forLouise Innovation Asher MP- to 3 December 2014 The Hon Louise Asher MP Governing Board IanGoverning Robertson, Board President DebraIan Robertson, Allanson President AnnDebra Darrouzet Allanson DanAnn FillDarrouzet LynDan MaddockFill MichaelLyn Maddock McMahon DavidMichael Parker McMahon CarolineDavid Parker Pitcher JohnCaroline Rundell Pitcher JanJohn Sardi Rundell DarylJan Sardi Talbot Daryl Talbot Chief Executive Officer and Accountable Officer JenniChief TosiExecutive Officer and Accountable Officer Jenni Tosi

Members of the Governing Board were remunerated. Remuneration was based on the Victorian Public Sector Commission's Appointment and Remuneration Guidelines for Victorian Government Members of the Governing Board were remunerated. Remuneration was based on the Victorian Public Sector Commission's Appointment and Remuneration Guidelines for Victorian Government Boards Statutory Bodies and Advisory Committees. Boards Statutory Bodies and Advisory Committees. Total remuneration was based on the following bands: $30,000-$39,999 (one member), $10,000-$19,999 (ten members). Remuneration for 2013/14 was based on the following bands: $30,000-$39,999 - (oneTotal member) remuneration and $10,000-$19,999 was based on the (nine following members), bands: and $30,000-$39,999 $0-$9,999 (two members).(one member), $10,000-$19,999 (ten members). Remuneration for 2013/14 was based on the following bands: $30,000-$39,999 - (one member) and $10,000-$19,999 (nine members), and $0-$9,999 (two members). The remuneration of the Minister is reported separately in the financial statements of the Department of Premier and Cabinet. The remuneration of the Minister is reported separately in the financial statements of the Department of Premier and Cabinet. Remuneration received by the Accountable Officer in connection with management of Film Victoria during the period was in the range $260,000 - $269,999 ($250,000 - $259,999 in 2013/2014). Remuneration received by the Accountable Officer in connection with management of Film Victoria during the period was in the range $260,000 - $269,999 ($250,000 - $259,999 in 2013/2014).

Note 15. Related Party Transactions

Other discretionary transactions during the financial year with responsible persons and responsible person-related entities are set out in the table below.

The transactions cover payments and receipts relating to Film Victoria programs for equity investments, production attraction, content development, cash flow funding and professional development as well as participation in committees.

All such transactions are carried out at arms length with the entities involved and receive the same amount of scrutiny that apply to all applicants to the Film Victoria program.

Entity Transaction Type 2015 2014 $ $ Chocolate Liberation Front Pty Ltd / Dan Fill Payments 230,000 369,325 Receipts 0 (37,758) Cut Snake Productions Pty Ltd / Michael McMahon Payments 1,000 471,900 Receipts 0 (43,065) Matchbox Pictures Pty Ltd / Michael McMahon Payments 2,200 0 Receipts 0 0 Matchbox Productions Pty Ltd / Michael McMahon Payments 0 0 Receipts (1,000) 0 Nowhere Boys 2 Productions Pty Ltd / Michael McMahon Payments 437,000 0 Receipts (10,000) 0 Perplexing New Reality Pty Ltd / Michael McMahon Payments 457,250 0 Receipts 0 0 Cascade Film Pty Ltd / David Parker Payments 1,000 6,621 Receipts 0 0 Breakaway Scripts Pty Ltd / Jan Sardi Payments 0 1,705 Receipts 0 0 The Australian Writers Guild Pty Ltd / Jan Sardi Payments 25,000 17,600 Receipts 0 0 Oddball Holdings Pty Ltd / Daryl Talbot Payments 30,000 0 Receipts 0 0 Oddball Productions Pty Ltd / Daryl Talbot Payments 122,000 0 Receipts (83,050) 0 The Film Company Pty Ltd / Daryl Talbot Payments 0 346,500 Receipts 0 0 WTFN Entertainment Pty Ltd / Daryl Talbot Payments 0 47,000 Receipts 0 0

Film Victoria’s Board, committees, internal staff assessment panels, CEO and staff are bound by the Conflict of Interest provisions of the Film Act 2001 (Vic.) (sections 39-42), together with the Code of Conduct for the Victorian Public Sector (sections 34-37).

A member who has a conflict of interest in a matter must not be present during any deliberations on the matter, unless the President directs otherwise, and is not entitled to vote on the matter.

Note 16. Remuneration of executives and payments to other personnel (i.e. contractors with significant management responsibilities) a) Remuneration of executives The number of executive officers, other than ministers and accountable officers, and their total remuneration during the reporting period are shown in the first two columns in the table below in their relevant income bands. The base remuneration of executive officers is shown in the third and fourth columns. Base remuneration is exclusive of bonus payments, long service leave payments, redundancy payments and retirement benefits. The total annualised employee equivalent provides a measure of full time equivalent executive officers over the reporting period.

Certain factors affect total remuneration payable to executives over the year. Two executives received bonus payments during the year. These bonus payments depended on the terms of the individual employment contracts, which provides for an annual bonus payment.

Income band Total remuneration Base remuneration 2015 2014 2015 2014 No. No. FINANCIALNo. STATEMENTS No.43 $100,000 - 109,999 $110,000 - 119,999 $120,000-129,999 $130,000 - 139,999 $140,000 - 149,999 $150,000 - 159,999 1 1 1 $160,000 - 169,999 1 1 1 $170,000 - 179,999 1 1 Total number of executives 2 2 2 2 Total annualised employee equivalents (i) 2 2 2 2 Total amount $337,358 $323,440 $333,136 $323,440 Note: (i) annualised employee equivalent is based on paid working hours of 38 ordinary hours per week over the 52 weeks for a reporting period. b) Payments to other personnel (i.e. contractors with significant management responsibilities) There were no payments made to other personnel (i.e. contractors with significant management responsibility) in 2014/15 (2013/14 - nil).

Note 17. Remuneration of auditors 2015 2014 $ $ Victorian Auditor General's Office Audit of the financial statements 21,200 20,700 21,200 20,700

Note 18. Subsequent events

Film Victoria is not aware of any material events after the balance sheet date which would affect these financial statements.

Accountable officer's declaration and Compliance with model financial report and chief finance and accounting officer's declaration

The attached financial statements for Film Victoria have been prepared in accordance with Standing Direction 4.2 of the Financial Management Act 1994, applicable Financial Reporting Directions, Australian accounting standards and other mandatory professional reporting requirements.

We further state that, in our opinion, the information set out in the Comprehensive Operating Statement, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and accompanying notes, presents fairly the financial transactions during the year ended 30 June 2015 and financial position of Film Victoria at 30 June 2015. Note 15. Related Party Transactions Note 15. Related Party Transactions

Other discretionary transactions during the financial year with responsible persons and responsible person-related entities are set out in the table below. Other discretionary transactions during the financial year with responsible persons and responsible person-related entities are set out in the table below. The transactions cover payments and receipts relating to Film Victoria programs for equity investments, production attraction, content development, cash flow funding and professional development The transactions cover payments and receipts relating to Film Victoria programs for equity investments, production attraction, content development, cash flow funding and professional development as well as participation in committees. as well as participation in committees. All such transactions are carried out at arms length with the entities involved and receive the same amount of scrutiny that apply to all applicants to the Film Victoria program. All such transactions are carried out at arms length with the entities involved and receive the same amount of scrutiny that apply to all applicants to the Film Victoria program.

Entity Transaction Type 2015 2014 Entity Transaction Type 2015 2014 $ $ $ $ Chocolate Liberation Front Pty Ltd / Dan Fill Payments 230,000 369,325 Chocolate Liberation Front Pty Ltd / Dan Fill Payments 230,000 369,325 Receipts 0 (37,758) Receipts 0 (37,758) Cut Snake Productions Pty Ltd / Michael McMahon Payments 1,000 471,900 Cut Snake Productions Pty Ltd / Michael McMahon Payments 1,000 471,900 Receipts 0 (43,065) Receipts 0 (43,065) Matchbox Pictures Pty Ltd / Michael McMahon Payments 2,200 0 Matchbox Pictures Pty Ltd / Michael McMahon Payments 2,200 0 Receipts 0 0 Receipts 0 0 Matchbox Productions Pty Ltd / Michael McMahon Payments 0 0 Matchbox Productions Pty Ltd / Michael McMahon Payments 0 0 Receipts (1,000) 0 Receipts (1,000) 0 Nowhere Boys 2 Productions Pty Ltd / Michael McMahon Payments 437,000 0 Nowhere Boys 2 Productions Pty Ltd / Michael McMahon Payments 437,000 0 Receipts (10,000) 0 Receipts (10,000) 0 Perplexing New Reality Pty Ltd / Michael McMahon Payments 457,250 0 Perplexing New Reality Pty Ltd / Michael McMahon Payments 457,250 0 Receipts 0 0 Receipts 0 0 Cascade Film Pty Ltd / David Parker Payments 1,000 6,621 Cascade Film Pty Ltd / David Parker Payments 1,000 6,621 Receipts 0 0 Receipts 0 0 Breakaway Scripts Pty Ltd / Jan Sardi Payments 0 1,705 Breakaway Scripts Pty Ltd / Jan Sardi Payments 0 1,705 Receipts 0 0 Receipts 0 0 The Australian Writers Guild Pty Ltd / Jan Sardi Payments 25,000 17,600 The Australian Writers Guild Pty Ltd / Jan Sardi Payments 25,000 17,600 Receipts 0 0 Receipts 0 0 Oddball Holdings Pty Ltd / Daryl Talbot Payments 30,000 0 Oddball Holdings Pty Ltd / Daryl Talbot Payments 30,000 0 Receipts 0 0 Receipts 0 0 Oddball Productions Pty Ltd / Daryl Talbot Payments 122,000 0 Oddball Productions Pty Ltd / Daryl Talbot Payments 122,000 0 Receipts (83,050) 0 Receipts (83,050) 0 The Film Company Pty Ltd / Daryl Talbot Payments 0 346,500 The Film Company Pty Ltd / Daryl Talbot Payments 0 346,500 Receipts 0 0 Receipts 0 0 WTFN Entertainment Pty Ltd / Daryl Talbot Payments 0 47,000 WTFN Entertainment Pty Ltd / Daryl Talbot Payments 0 47,000 Receipts 0 0 Receipts 0 0

Film Victoria’s Board, committees, internal staff assessment panels, CEO and staff are bound by the Conflict of Interest provisions of the Film Act 2001 (Vic.) (sections 39-42), together with the Code Film Victoria’s Board, committees, internal staff assessment panels, CEO and staff are bound by the Conflict of Interest provisions of the Film Act 2001 (Vic.) (sections 39-42), together with the Code of Conduct for the Victorian Public Sector (sections 34-37). of Conduct for the Victorian Public Sector (sections 34-37).

A member who has a conflict of interest in a matter must not be present during any deliberations on the matter, unless the President directs otherwise, and is not entitled to vote on the matter. A member who has a conflict of interest in a matter must not be present during any deliberations on the matter, unless the President directs otherwise, and is not entitled to vote on the matter.

Note 16. Remuneration of executives and payments to other personnel Note 16. Remuneration of executives and payments to other personnel (i.e. contractors with significant management responsibilities) (i.e. contractors with significant management responsibilities) a) Remuneration of executives a) Remuneration of executives The number of executive officers, other than ministers and accountable officers, and their total remuneration during the reporting period are shown in the first two columns in the table below in their The number of executive officers, other than ministers and accountable officers, and their total remuneration during the reporting period are shown in the first two columns in the table below in their relevant income bands. The base remuneration of executive officers is shown in the third and fourth columns. Base remuneration is exclusive of bonus payments, long service leave payments, relevant income bands. The base remuneration of executive officers is shown in the third and fourth columns. Base remuneration is exclusive of bonus payments, long service leave payments, redundancy payments and retirement benefits. The total annualised employee equivalent provides a measure of full time equivalent executive officers over the reporting period. redundancy payments and retirement benefits. The total annualised employee equivalent provides a measure of full time equivalent executive officers over the reporting period.

Certain factors affect total remuneration payable to executives over the year. Two executives received bonus payments during the year. These bonus payments depended on the terms of the Certain factors affect total remuneration payable to executives over the year. Two executives received bonus payments during the year. These bonus payments depended on the terms of the individual employment contracts, which provides for an annual bonus payment. individual employment contracts, which provides for an annual bonus payment.

Income band Total remuneration Base remuneration Income band Total remuneration Base remuneration 2015 2014 2015 2014 2015 2014 2015 2014 No. No. No. No. No. No. No. No. $100,000 - 109,999 $100,000 - 109,999 $110,000 - 119,999 $110,000 - 119,999 $120,000-129,999 $120,000-129,999 $130,000 - 139,999 $130,000 - 139,999 $140,000 - 149,999 $140,000 - 149,999 $150,000 - 159,999 1 1 1 $150,000 - 159,999 1 1 1 $160,000 - 169,999 1 1 1 $160,000 - 169,999 1 1 1 $170,000 - 179,999 1 1 $170,000 - 179,999 1 1 Total number of executives 2 2 2 2 Total number of executives 2 2 2 2 (i) Total annualised employee equivalents (i) 2 2 2 2 Total annualised employee equivalents (i) 2 2 2 2 Total amount $337,358 $323,440 $333,136 $323,440 Total amount $337,358 $323,440 $333,136 $323,440 Note: Note: (i) annualised employee equivalent is based on paid working hours of 38 ordinary hours per week over the 52 weeks for a reporting period. (i) annualised employee equivalent is based on paid working hours of 38 ordinary hours per week over the 52 weeks for a reporting period. b) Payments to other personnel (i.e. contractors with significant management responsibilities) b) Payments to other personnel (i.e. contractors with significant management responsibilities) There were no payments made to other personnel (i.e. contractors with significant management responsibility) in 2014/15 (2013/14 - nil). There were no payments made to other personnel (i.e. contractors with significant management responsibility) in 2014/15 (2013/14 - nil). Note 17. Remuneration of auditors Note 17. Remuneration of auditors 2015 2014 2015 2014 $ $ $ $ Victorian Auditor General's Office Victorian Auditor General's Office Audit of the financial statements 21,200 20,700 Audit of the financial statements 21,200 20,700 21,200 20,700 21,200 20,700 Note 18. Subsequent events Note 18. Subsequent events Film Victoria is not aware of any material events after the balance sheet date which would affect these financial statements. Film Victoria is not aware of any material events after the balance sheet date which would affect these financial statements. Accountable officer's declaration and Compliance with model financial report and chief finance and accounting officer's declaration Accountable officer's declaration and Compliance with model financial report and chief finance and accounting officer's declaration

The attached financial statements for Film Victoria have been prepared in accordance with Standing Direction 4.2 of the Financial Management Act 1994, applicable Financial Reporting Directions, The attached financial statements for Film Victoria have been prepared in accordance with Standing Direction 4.2 of the Financial Management Act 1994, applicable Financial Reporting Directions, Australian accounting standards and other mandatory professional reporting requirements. Australian accounting standards and other mandatory professional reporting requirements. We further state that, in our opinion, the information set out in the Comprehensive Operating Statement, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and accompanying We further state that, in our opinion, the information set out in the Comprehensive Operating Statement, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and accompanying notes, presents fairly the financial transactions during the year ended 30 June 2015 and financial position of Film Victoria at 30 June 2015. notes, presents fairly the financial transactions during the year ended 30 June 2015 and financial position of Film Victoria at 30 June 2015. At the time of signing, we are not aware of any circumstance which would render any particulars included in the financial statements to be misleading or inaccurate.

We authorise the attached financial statements for issue on 25 August 2015.

I. Robertson J. Tosi G. Reeves President Chief Executive Officer Chief Financial Officer Film Victoria Film Victoria Film Victoria

Sydney Melbourne Melbourne

24 August 2015 25 August 2015 25 August 2015

44

FILM VICTORIA ANNUAL REPORT 2014/15 FILM.VIC.GOV.AU @ Cover image Cover Australia Gallipoli, Endemol STREET 55 COLLINS 3, LEVEL 3000 VICTORIA MELBOURNE AUSTRALIA CONTACT WWW.FILM.VIC.GOV.AU DISCLOSURE OF PAYMENTS

The following is a list of payments made in the 2014/15 financial year and may in some cases represent only a portion of the full amount committed to projects, businesses or people through our funding programs.

PROJECT COMPANY/PERSON PAYMENTS 2014/15 DEVELOPMENT PROGRAMS AND INITIATIVES FICTION DEVELOPMENT AND INITIATIVES Preggers Janet Duncan 5,250 In The Blood Nigel Karikari 15,000 Romeo and Cheryl Monkey Business Film Services Pty Ltd 11,200 Resistance Maxo Pty Ltd 14,000 Morning Glory Zizani Films Pty Ltd 6,825 Dysmorphia Eleventh Marina Pty Ltd 10,500 River’s Edge RML Production Pty Ltd 16,250 Tanna (pka Taboo) Contact Films Pty Ltd 13,000 Tigress Sense and Centsability Pty Ltd 13,000 The Fabulous Dead Provincial Films Pty Ltd 13,000 Stingray Rogue Star Productions Pty Ltd 13,000 eQuinoxe eQuinoxe Europe E.V. 20,000 Santa Lost Down Under Bruce’s Dream Productions Pty Ltd 30,000 Late Night With The Devil Cyan Films Pty Ltd 28,000 Manic F G Film Productions (Australia) Pty Ltd 25,000 Pinball Wildheart Films Pty Ltd 8,500 Past The Shallows Madman Production Company Pty Ltd 26,000 Aries Typhon Pictures Pty Ltd 15,600 Australian Gothic Geoffrey Wright 16,250 In Jerusalem G.A. Hambly, I.R. Pringle & J.R. Roper 25,000 Emergence Pictures in Paradise Pty Ltd 38,000 Tackling Romeo Faraway Films Entertainment Pty Ltd 15,000 The Three Lucias Redman Entertainment Pty Ltd 20,000 Spontaneous Combustion FG Film Productions (Australia) Pty Ltd 8,000 Option B Harvey Taft Productions Pty Ltd 9,750 Wolf Creek Three Emu Creek Pictures Pty Ltd 16,250 The Circus Circus Productions Pty Ltd 3,250 Bitten 403 Productions Pty Ltd 2,100 Suspect Moustache Fabian Lapham 10,000 Sarbi Ruby Entertainment Pty Ltd 40,663 The Ex PM Jigsaw Entertainment Pty Ltd 26,579 Moonman Renegade Films Pty Ltd 17,904 The National Standard Marieke Hardy 9,000 Trip For Biscuits Timothy Powell (t/a Robot Panther) 19,800 Humongous Fungus Princess Pictures Holding Pty Ltd 16,900

FILM VICTORIA DISCLOSURE OF PAYMENTS 2014/15 01 PROJECT COMPANY/PERSON PAYMENTS 2014/15

Bleak Princess Pictures Holding Pty Ltd 16,000 Little Acorns Trudy Hellier 12,000 Wormholes! (pka Cursed) Michael Greaney 32,000 Muscles McQuack Ivan Dixon 25,908 Monster Playground Oh Yeah Wow Pty Ltd 32,000 The Portable Door Story Bridge Films Pty Ltd 3,000 Canopy Finer Films Pty Ltd 2,000 Heart Of Darkness Arclight Films Pty Ltd 16,000 Stonerunner Stonerunner Productions Pty Ltd 3,000 SAS Red Notice Feisty Dames Productions 5,000 TOTAL FICTION DEVELOPMENT AND INITIATIVES $725,479

DOCUMENTARY DEVELOPMENT Underground Australia SunJive Pty Ltd 10,000 Citizen Science Jonnie & Kate Films Pty Ltd 4,950 The A Women Joanna Bence 8,500 The Puppet and the Power Gary Friedman 5,000 Slim Dusty Many Miles to Go John Moore Productions Pty Ltd 4,000 The Rock – Uluru – The Untold Story Of the 360 Degree Films Pty Ltd 5,000 Heart Of A Nation The Age Of Aquarius Harvey Taft Productions Pty Ltd 1,500 Land Artists Renegade Films Pty Ltd 10,000 Dancing The Invisible Faraway Productions Pty Ltd 6,000 Prisoner X Nerdy Girl Pty Ltd 7,500 William Cooper Lowlands Media Pty Ltd 12,000 The Biggest Estate on Earth LM Films Pty Ltd 7,500 The Extraordinary Life of Isabella Blow Marina Films Pty Ltd 6,500 Baywara Jonnie & Kate Films Pty Ltd 6,755 Conviction DD & B Productions Pty Ltd 7,000 TOTAL DOCUMENTARY DEVELOPMENT $102,205

GAMES DEVELOPMENT AND INITIATIVES Armello League of Geeks Pty Ltd 15,000 Blastpoints Checkbox Studios Pty Ltd t/a Pub Games 3,625 SDK Three Phase Interactive Pty Ltd 15,000 Kingdoms Rise Flyleap Studios Pty Ltd 7,875 Framed Loveshack Entertainment Pty Ltd 5,000 Spy Class Fractal Multimedia Pty Ltd 20,000 Warrior Defense Good Game Productions Pty Ltd 12,000 Crawl Powerhoof Pty Ltd 5,000 Agent of Plague Green Stripe Snake Pty Ltd 9,000 Arx Pub Games 20,000 Escape From Pleasure Planet Multimedia Pty Ltd 31,680 Warhammer Snotling Fling Wicked Witch Software Pty Ltd 90,000 Wander Wander MMO Pty Ltd 24,000 Space Dust Racing Space Dust Studios Pty Ltd 176,000

02 PROJECT COMPANY/PERSON PAYMENTS 2014/15

Nosferatu MD Grapple Gun Games Pty Ltd 48,000 Puzzle Wiz Sculptured Entertainment Pty Ltd 90,000 Desync The Foregone Syndicate Pty Ltd 36,000 Zombie Fort: Smackdown Zero Latency Pty Ltd 36,000 Leaves Many Monkeys Development Pty Ltd 50,000 Ice Caves of Europa Io Normal Pty Ltd 30,000 Screencheat Samurai Punk Pty Ltd 20,000 Global Games Jam 2015 Global Games Jam 2015 3,000 Freeplay Independent Games Festival 2015 Freeplay Inc 5,000 TOTAL GAMES DEVELOPMENT AND INITIATIVES $752,180

VICTORIA INDIA CO-PRODUCTION DEVELOPMENT INITIATIVES Go Dodo Moody Street Kids Pty Ltd 2,000 God’s Triangle Deep Rock Pty Ltd 2,000 Fearless Nadia Mind Blowing World Pty Ltd 13,500 TOTAL VICTORIA INDIA CO-PRODUCTION DEVELOPMENT INITIATIVES $17,500 TOTAL DEVELOPMENT PROGRAMS AND INITIATIVES $1,597,364

SCREEN MARKETING PROGRAMS AND INITIATIVES GAMES RELEASE Dungeon Dashers Sum, Andrew Liam 2,500 Muse (pka Alpha Muse) Current Studios Pty Ltd t/a Current Circus 2,500 Zombitsu (pka Zombie Slash) Ruma Studios Pty Ltd 2,400 Under The Sun Stegabyte Pty Ltd 2,500 Push Me Pull You Jacob Strasser 22,500 Baffles History of Puzzles Baffles the Fox Pty Ltd 22,500 Mutt Runners Crackerjack Games Pty Ltd 22,500 Bean Dreams Kumobius Pty Ltd 22,500 Agent A: A Puzzle in Disguise Yak & Co 22,500 Framed Loveshack Entertainment Pty Ltd 22,500 TOTAL GAMES RELEASE $144,900 TOTAL SCREEN MARKETING PROGRAMS AND INITIATIVES $144,900

SKILLS DEVELOPMENT PROGRAMS AND INITIATIVES INTERNATIONAL FELLOWSHIPS Liam Esler Liam Esler 2,000 Melissa Johnston Melissa Johnston / Cultural Vistas 34,604 Jessica Leslie Jessica Leslie 20,000 Lisa Sbarrato Lisa Sbarrato 19,500 Cherie Davidson Cherie Davidson 28,900 TOTAL FELLOWSHIPS $105,004

INDIGENOUS PRODUCTION PLACEMENTS My Mistress – Dallas Winmar My Mistress Productions 416 TOTAL INDIGENOUS PLACEMENTS $416

FILM VICTORIA DISCLOSURE OF PAYMENTS 2014/15 03 PROJECT COMPANY/PERSON PAYMENTS 2014/15

GAMES PROFESSIONAL PLACEMENT Junior Animator Big Ant Studios Pty Ltd 18,000 Concept Artist Current Studios Pty Ltd t/a Current Circus 18,000 Junior Producer/Associate Illustrator Good Games Productions Pty Ltd 18,000 Junior/Trainee Porgrammer Robot Circus Pty Ltd 20,000 Production Coordinator Surprise Attack Pty Ltd 18,000 Unity Programmer Tin Man Games Pty Ltd 18,000 Lead Artist League of Geeks Pty Ltd 18,000 Junior Artist Wicked Witch Software 18,000 TOTAL GAMES PROFESSIONAL PLACEMENT $146,000

INDUSTRY ACTIVITIES Open Channel funding for 2014 Open Channel 130,000 Open Channel funding for 2015 Open Channel 120,000 AWG 2015 Victorian Member Professional Development Australian Writers’ Guild 15,000 Program Arts Law – Advice, Resources and Education for Screen Arts Law Centre of Australia 1,000 Creaters 2013-14 Arts Law – Advice, Resources and Education for Screen Arts Law Centre of Australia 2,500 Creaters 2014-15 ADG Programme 2014 – Seminars, Workshops and Awards Australian Directors Guild Ltd 1,000 ADG Programme 2015 – Seminars, Workshops and Awards Australian Directors Guild Ltd 10,000 AIDC presents NET-WORK-PLAY Australian International Documentary Conference Ltd 15,000 Seth Shapiro Masterclass 2014 X Media Lab 6,000 MIAF Render 2015 Melbourne International Animation Festival 8,000 TOTAL INDUSTRY ACTIVITIES $308,500

INDUSTRY AWARDS Swinburne Tertiary Student Awards 2014 Swinburne University 1,000 Victorian College of the Arts Tertiary Student Awards 2014 Victorian College of the Arts 1,000 RMIT Tertiary Student Awards 2014 RMIT 1,000 ATOM Awards 2014 Australian Teachers of Media Ltd (ATOM) 1,000 ATOM Awards 2015 Australian Teachers of Media Ltd (ATOM) 6,000 AWGIE Awards & Pathways Networking Event 2015 Australian Writers’ Guild 10,000 Greg Tepper Award 2015 Anna McLeish and Sarah Shaw 5,000 Tim Richards Award 2015 Loveshack Entertainment Pty Ltd 5,000 Jill Robb Award 2015 Nadia Tass 5,000 John Howie Award 2015 Bryce Menzies 5,000 TOTAL INDUSTRY AWARDS $40,000 TOTAL SKILLS DEVELOPMENT PROGRAMS AND INITIATIVES $599,920

04 PROJECT COMPANY/PERSON PAYMENTS 2014/15

BUSINESS PROGRAMS AND INITIATIVES INTERNATIONAL TRAVEL David Parker to attend PFM in London 2013 Cascade Films Australia Pty Ltd 1,000 Tait Brady to attend Cannes Marché du Film 2014 The ACME Film Company Pty Ltd 1,000 Megan Stevenson to undertake Targeted Business Megan Stevenson 1,000 Travel 2014 Bruce Kane to attend The International Animation Film Bogan Entertainment Solutions Pty Ltd 1,000 Market (MIFA) 2014 Lucy Maclaren to attend Sunny Side of the Doc 2014 Renegade Films Australia Pty Ltd 1,000 Brian McKenzie to attend Sunny Side of the Doc 2014 Brian McKenzie Film Productions Pty Ltd 1,000 Trevor Blainey to attend Toronto International Film Retro Active Films Pty Ltd 3,000 Festival 2014 Ty Johnson to attend London Film Festival Ty Johnson 3,000 Anna McLeish to undertake Targeted Business Travel Warp Films Australia Pty Ltd 3,000 Jane Liscombe to attend MIPCOM Jane Says Pty Ltd 3,000 Leanne Tonkes to undertake Targeted Business Travel Sense & Centsability Pty Ltd 3,000 Steve Kearney to attend PFM Kmunications Pty Ltd 3,000 Stephen Luby to attend Ausfilm week London Ruby Entertainment Pty Ltd 3,000 Amanda Higgs to attend Ausfilm week London Amanda Higgs Pty Ltd 3,000 Bridget Callow-Wright to attend Ausfilm week London Midwinter Films Pty Ltd 3,000 Joanna Werner to attend Ausfilm week London Werner Film Productions Pty Ltd 3,000 Veronica Sive to attend Ausfilm week LA SunJive Pty Ltd 3,000 Steve Turnbull to undertake targeted business travel Faraway Entertainment Pty Ltd 3,000 Joshua Boggs to attend IndieXchange LA Loveshack Entertainment Pty Ltd 2,085 Katy Morrison to attend IDFA Katy Morrison 2,105 Nick Batzias to attend IDFA Madman Production Company Pty Ltd 3,000 Anna Grieve to attend IDFA Big Stories Company Pty Ltd 2,500 Sarah Shaw to attend Sundance Film Festival Warp Films Australia Pty Ltd 3,000 Maggie Miles to attend Berlin International Film Festival Arenamedia Pty Ltd 3,000 Adrian Moore to attend Independent Games Loveshack Entertainment Pty Ltd 3,000 Festival Awards Christina Radburn to attend South by South West (SXSW) Christine Radburn 2,847 Toby Parkinson to attend MIPTV Bluedog Productions Pty Ltd 3,000 Kristy Fuller to attend MIPTV 1440 Productions Pty Ltd 3,000 Lee Matthews to undertake Arclight Films placement Matthewswood Pty Ltd 5,000 Craig Monahan to attend Cannes Marché du Film 2015 Point Blank Pictures Pty Ltd 3,000 Screen Australia cofunding reimbursement -2,000 Blake Mizzi to undertake Targeted Business Travel League of Geeks Pty Ltd 3,000 TOTAL INTERNATIONAL TRAVEL $78,537

SCREEN BUSINESS ONLINE Moppet Mode Pty Ltd Moppet Mode Pty Ltd 2,000 Matchbox Pictures Pty Ltd Matchbox Pictures Pty Ltd 2,000 Proud Mother Pictures Pty Ltd Proud Mother Pictures Pty Ltd 2,000 TOTAL SCREEN BUSINESS ONLINE $6,000 TOTAL BUSINESS PROGRAMS AND INITIATIVES $84,537

FILM VICTORIA DISCLOSURE OF PAYMENTS 2014/15 05 PROJECT COMPANY/PERSON PAYMENTS 2014/15

PRODUCTION INVESTMENT AND INITIATIVES FICTION FEATURE FILM Cut Snake Matchbox Pictures Pty Ltd 1,000 Fell Fell Film Pty Ltd 5,000 Now Add Honey Now Add Honey Pty Ltd 44,060 Partisan Partisan Pty Ltd 11,400 The Dressmaker Film Art Media Pty Ltd 569,300 Sucker Robyn Kershaw Productions Pty Ltd 55,000 and Jason Byrne Productions Pty Ltd Force of Destiny Paul’s Next Feature Pty Ltd 6,000 Oddball (pka An Oddball Solution) The Film Company Pty Ltd 122,000 Holding the Man Goalpost Pictures Pty Ltd 177,000 Parer’s War Parer’s War Pty Ltd 4,800 Tying The Knot TTK Productions Pty Ltd 100,000 Looking For Grace Gecko Films Pty Ltd 153,000 Downriver Downriver Productions Pty Ltd 176,000 Scare Campaign Cyan Films Pty Ltd 112,000 Tanna (pka Taboo) Contact Films Pty Ltd 40,000 The Legend of Ben Hall Two Tone Pictures Pty Ltd 21,000 The Wedding Party (pka Kin) Kin Films Pty Ltd 10,000 TOTAL FICTION FEATURE FILM $1,607,560

TELEVISION FICTION Prank Patrol Series Three Active TV Pty Ltd 5,000 Dance Academy Series Three Werner Film Productions Pty Ltd 2,800 Get Ace Galaxy Pop Pty Ltd 8,000 Lowdown Series Two Hire Wire Films Pty Ltd 1,000 Jack Irish: Dead Point Essential Media and Entertainment Pty Ltd 1,398 Offspring Series Five Southern Star Entertainment Pty Ltd 17,500 Little Lunch Little Lunch Holdings Pty Ltd 380,000 Wentworth Series Two FreemantleMedia Australia 75,000 House Husbands Series Three Playmaker Media Pty Ltd 23,000 The Time of Our Live Series Two JAHM Pictures Pty Ltd 8,000 Upper Middle Bogan Series Three Upper Middle Bogan Pty Ltd 65,625 The Secret River The Secret River Holdings Pty Ltd 270,000 The Adventures of Figaro Series Two Chocolate Liberation Front Pty Ltd 150,000 It’s a Date Series Two Hell and High Waters Holdings Pty Ltd 25,000 Nowhere Boys Series Two Matchbox Productions Pty Ltd 400,000 Kuu Kuu Harajuku (pka HJ5) Moody Street Kids Pty Ltd 225,000 1001 Nights 1001 Nights Productions Pty Ltd 80,000 Molly M4 Entertainment Pty Ltd 240,000 Dogstar: Christmas in Space Media World Pictures Pty Ltd 75,000 House Husbands – Series Four Playmaker Media Pty Ltd 250,000 Miss Fisher’s Murder Mysteries Series Three Every Cloud Productions Pty Ltd 480,000 Glitch Matchbox Pictures Pty Ltd 427,500 The Beautiful Lie Endemol Australia Pty Ltd 280,000

06 PROJECT COMPANY/PERSON PAYMENTS 2014/15

SammyJ and Randy in Rickett’s Lane Sticky Pictures Pty Ltd 245,000 Doctor Blake Mysteries Series Three December Media Pty Ltd 432,000 Please Like Me Series Three Please Like Me Holdings Pty Ltd 60,000 TOTAL TELEVISION FICTION $4,226,823

DOCUMENTARY FEATURES AND TELEVISION Hidden Universe December Films Pty Ltd 1,000 Children of the Sex Trade (pka Grey Man) Fairtrade Films Pty Ltd 4,200 Licence to Kill (pka Trigger Point) DD & B Productions Pty Ltd 6,000 Electric Boogaloo Wild Fury Pty Ltd 6,500 Judith Lucy Is All Woman Bearded Lady Productions Pty Ltd 11,750 First Contact Blackfella Films Pty Ltd 7,500 Head First Series Two Head First Media Pty Ltd 10,000 The Whistleblowers (pka Code of Silence) Mint Pictures and Identity Films Pty Ltd 3,000 Putuparri John Moore Productions Pty Ltd 18,000 After The Wave: The World’s Greatest Forensic Flaming Star Films Pty Ltd 83,725 Detective Story Wacky Racers (pka Wacky World Beaters) Active TV Pty Ltd 16,625 Monkey Grip – Story of a Novel Liz Burke Media Pty Ltd 23,000 Neon Wild Fury Pty Ltd 28,800 Other Earths – Life in Space December Cinema Productions Pty Ltd 140,000 The Great Australian Fly 360 Degree Films Pty Ltd 80,000 Uranium – Twisting the Dragon’s Tale Genepool Productions Pty Ltd 166,250 Ecco Homo Ghost Pictures Pty Ltd 56,000 The Missing Ingredient Licketty Split Pty Ltd 40,000 Deception by Design (pka Razzle Dazzle) Jonnie & Kate Films Pty Ltd 40,000 Winter At Westbeth Unicorn Films Pty Ltd 49,500 Love & Marriage in Little India 360 Degree Films Pty Ltd 48,000 DNA Nation Blackfella Films Pty Ltd 62,500 The Great Australian Education Experiment Cordell Jigsaw Productions Pty Ltd 25,000 On Richard’s Side Pericles Film Productions Pty Ltd 20,000 Land Artists Renegade Films Pty Ltd 20,000 TOTAL DOCUMENTARY FEATURES AND TELEVISION $967,350 TOTAL PRODUCTION INVESTMENT AND INITIATIVES $6,801,733

AUDIENCE ENGAGEMENT PROGRAMS AUDIENCE ACCESS ATOM Activities 2015 Australian Teachers of Media Ltd (ATOM) 10,000 Freeplay Independent Games Festival 2015 Freeplay Inc 5,000 Little Big Shots Petite Grand Kaboom Ltd 12,000 Pause Fest 2015 Djordje Joksimovic 3,000 Senses of Cinema Senses of Cinema Inc 3,000 The Melbourne Cinematheque 2015 The Melbourne Cinematheque 12,000 The Other Film Festival Arts Access Society Inc 10,000 Talkin’ Pictures – Indigenous Film Festival Footscray Community Arts Centre 5,000 TOTAL AUDIENCE ACCESS $60,000

FILM VICTORIA DISCLOSURE OF PAYMENTS 2014/15 07 PROJECT COMPANY/PERSON PAYMENTS 2014/15

REGIONAL ACCESS Lorne Film 2014 Lorne Film Pty Ltd 3,000 Peninsula Short Film Festival 2015 Peninsula Short Film Festival Pty Ltd 3,000 Shepparton Festival: Shep Shorts Short Film Event 2015 Shepparton Arts Festival Inc 3,000 Briagolong Film Festival 2015 Briagolong Mechanics Institute Committee 3,000 of Management Inc TOTAL REGIONAL ACCESS $12,000

SCREEN ORGANISATIONAL FUNDING MIFF – Screen Organisation Funding Melbourne International Film Festival 1,074,225 MIFF Premiere Fund 2014 Melbourne International Film Festival 50,000 MIFF Premiere Fund 2015 Melbourne International Film Festival 10,000 MIFF 37 South 2014 Melbourne International Film Festival 50,000 MIFF 37 South 2015 Melbourne International Film Festival 380,000 ACTF Grant 2013/2014 Australian Children’s Television Foundation 62,500 ACTF Grant 2014/2015 Australian Children’s Television Foundation 187,500 St Kilda Film Festival 2014/2015 St Kilda Film Festival 14,000 Melbourne Bollywood Indian Film Festival 2015 Mind Blowing Films 64,091 Melbourne Bollywood Indian Film Festival Evaluation Sapere Research Group Limited 36,669 AFI/AACTA 2014 Australian Film Institute (AFI/AACTA) 50,000 Other Screen Industry Events 920,000 TOTAL SCREEN ORGANSATIONAL FUNDING $2,898,985 TOTAL AUDIENCE ENGAGEMENT PROGRAMS $2,970,985

SPECIAL INITIATIVES Experimenta 2013/14 Experimenta Media Arts 17,500 Bernard Bories – Cinema des Antipodes at Cannes Bernard Bories 1,500 Cinephiles 2014 Bernard Bories – Cinema des Antipodes at Cannes Bernard Bories 2,000 Cinephiles 2015 Neighbours – 30th Anniversary FremantleMedia 35,000 Festival of Phryne – final episode screening event Every Cloud Productions 3,500 The Secret River – Preview screening Ruby Entertainment Pty Ltd 1,700 Women in Games Game Developers’ Association of Australia 5,000 Warwick Holt Writer’s Placement – House Husbands Warwick Holt 4,000 Series Four Under The Radar – A Decade of Low Budget Desireline Productions Pty Ltd 1,000 Australian Cinema TOTAL SPECIAL INITIATIVES $71,200

INCENTIVES Production Incentive Attraction Fund (PIAF) 3,168,276 Regional Location Assistance Fund (RLAF) 413,750 TOTAL INCENTIVES $3,582,026 TOTAL PAYMENTS $15,852,665

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