2019/20 ANNUAL REPORT
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Life-changing housing solutions for people in need.
2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY 1 Moving into an ABS unit, actually changed my life. The immense feeling of security was like a weight lifted and gave me a real sense of feeling “settled”.
- CAROL, TENANT
2 2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY 2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY 3 LETTER FROM THE CHAIR
Gardens and Somerton Park. The The acquisition of these properties is upgrade of one unit was completed conditional on the vendor supporting at each site while several more are the Society’s rental level of 74.9% in the process of being completed. of market rent for an agreed future It is planned that this program will period. continue for several years and will The fact that the Society can result in far better living conditions for contemplate these two purchases tenants and obtaining the maximum of a combined 19 dwellings for life possible from the external building approximately $5.7 million together structure. with undertaking a new 28-unit · Plans were finalised for the development at Sturt reflects its I am pleased to report to Members on redevelopment of the Society’s strong underlying financial position. Discretionary Grants Program which of the Society’s operational and September 2020 to October 2021. the activities and achievements of the property in Franklin Street, Sturt. The The Society has for many years aims to distribute around $50,000 per administration systems. The board The intent of this arrangement was Society during 2019/20. existing 20 units will be demolished, aimed to leverage its NRAS income year to qualifying applicants by paying and staff wish Tim all the best for the to ensure that the Society maintained and a new 28-unit development will to purchase more properties, so it is expenses on their behalf. future. the momentum of the various The 2020 financial year was another be built on the existing site and the well placed financially when its NRAS property acquisitions and renovations very positive period for the Society. The results of the Society during I am pleased to advise that Tim has adjoining property bought several income ends. It is pleasing to report that were underway. 2019/20 are a clear reflection of accepted an offer to join the Society’s The operating surplus for the period years ago. We are currently seeking that this aim has been progressively the dedication and skill of the entire board where his skills, particularly The Society is very fortunate to have increased by 12.9% to $1.496 million the necessary approvals for this achieved. property and administration team in the area of Government relations, a volunteer board with a wide range while financial debt declined by a development to proceed. further $1.258 million during the At 30 June 2020 the Society had and the board thanks Tim Ryan, will be very valuable in continuing to of experience and skills that works year and on 30 June 2020 was $8.74 In addition, in mid-2020 two other total assets of $44.9 million and Necia Pascale , Sonia Williams, advance the Society’s activities. together in a collective and cohesive million. The reduction in debt reflects opportunities were presented to the equity of $30.771 million which is the Jenny Wingrove, Chantelle Ray, manner to progress the Society’s The board considered very carefully the plan put in place when the debt Society. Both involve the acquisition culmination of 171 years of prudent Tina Cosenza, Irene Bouchard (who activities. the future management of the funded acquisitions occurred in of properties from other not for profit financial management. The board is joined in September 2020) and Bryce Society and decided to promote I would like to thank every member 2016/17 and places the Society in a organisations. Legal and property very mindful that all actions must be Suckling for their hard work. Necia Pascale from Operations of the board for their significant sound financial position for further due diligence is currently under financially sustainable to enable the In June 2020 the Society’s CEO, Tim Manager to General Manager, with contribution to the Society and in growth. way on these opportunities which Society to continue to grow and to be Ryan, advised the board that he was a view to appointing Necia the next particular Mr Rob Kennett (Vice comprise: able to provide aid to those in need in resigning to become CEO of the CEO in October 2021. The interim President) and Mr Chris Wood The Society used the 2019/20 year the South Australian community. to plan for future growth and to · A 5-unit retirement village in Allenby Multiple Sclerosis Society of SA & NT. arrangement recognised that Necia (Treasurer) for their continued commence the refurbishment of Gardens which, if purchased, the The Society mainly provides Tim was CEO of the Society for over would be on maternity leave from support and wise counsel. some of the units at its older sites. Society would seek in time to revert to assistance through the provision four years and during that time he October 2020 to June 2021. In Specifically, this involved: a normal rental property; and of housing at 74.9% of market rent guided and developed the activities addition, the board appointed the but it also continues to provide of the Society with great skill which President on a formal paid consulting Examining cost effective alternatives · 14 dwellings over five sites · general assistance to those in need resulted in a number of property basis to work with Necia and manage to do a complete internal refit of the comprising two 5-unit complexes, a Philip B Roberts, President in the community via the Bill Cossey acquisitions and the overhaul the activities of the Society from units most in need at Hampstead duplex and two standalone houses.
4 2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY 2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY 5 IMPACT
Responding to Australia’s housing affordability crisis to support families in need
Having somewhere safe and secure only 22% of properties in the private to live is a fundamental right for all rental market were affordable Australians. A home, whether rented for people on minimum wage High housing or owned, helps people feel safe and and that was only in the case connected to their communities. where households had two costs limit [4] It improves their physical and full-time income earners. For people’s mental health, and connects them single parents or those working VISION AND MISSION to employment, schooling and part-time, there were even fewer opportunities healthcare. Yet Australia has long had options. “Single people on a minimum We believe that in the face of financial hardship and poverty, access a housing affordability crisis, which is wage had just over 2% of properties to more than any placing many of these things at risk. choose from across the whole country,” other factor. to stable and affordable housing is fundamental and life changing. the snapshot found.[5] The housing affordability crisis has many aspects to it, starting with the As a result of spending so much of Our purpose is to provide affordable rental housing and direct financial assistance to South Australians in need. We do rising cost of buying a home – which their income on rent, low-income this in a way that is financially sustainable, continually increasing our housing stock to ensure we can deliver lasting in 2018 had increased by nearly 75% households are often forced to forgo impact. We also use our voice and our history of community leadership to influence social policy to improve the (over the preceding 10 years) nation- other essentials, like food or the extra impacts every area of their life. wellbeing of all people in our South Australian community. wide and 28% in South Australia.[1] costs associated with their children’s This places home ownership out of schooling. High rent can also lead to As the South Australian Council of reach for many, meaning that while households falling behind on utility Social Services explains: many Australians maintain a dream and other bills, pushing them deeper “Stable and secure housing is the of owning their own home,[2] around a into a cycle of debt and forcing them primary platform for connection to third will need to rent rather than buy.[3] to turn to loan sharks or pawn shops economic and social community life. to get by. Others have to rely on Unfortunately there is also an High housing costs limit people’s OUR HISTORY support from welfare organisations affordable housing supply problem opportunities more than any other or move to homes in cheaper in the private rental market, with low factor.”[7] areas, away from their jobs and The Adelaide Benevolent Society has continued to grow our portfolio and combined with our strong financial income earners forced to compete employment prospects which further Providing safe and secure homes, a long history of helping people in now have around 250 houses and base built over many years, has against higher earners for the few limits their hope for the future. which people on low incomes can need, providing affordable housing units throughout South Australia. enabled us to become the innovative rental properties that fall within a comfortably afford, is one of the best and financial assistance to South We’ve built a strong reputation as a and financially sustainable social lower price bracket. In its 2020 Rental When people can’t access affordable ways to prevent families from falling Australians since 1849, including leader in the provision of affordable enterprise that we are today. As Affordability Snapshot, Anglicare housing – or are forced to pay rent into poverty and keep our diverse during the depressed years of the late housing and are recognised throughout pioneers in affordable rental housing, Australia found that Australia-wide, that is beyond their means – it South Australian communities thriving. 1880s and 1890s, and throughout the community as a ‘friend’ to those in we draw upon our rich heritage and both world wars. need. seek to expand our impact into the future. Since renting and then purchasing Our continued investment of surplus [1] Government of South Australia, SA Housing Authority (2018), Housing affordability: Demand and supply in South Australia, p. 9. [2] Commonwealth Parliament, Select Committee on Housing Affordability in Australia (2008), A good house is hard to find: Housing affordability in Australia, p. 15. [3] Ibid. p. 153. [4] Anglicare Australia, Rental affordability snapshot: National report April 2020, p. 7. [5] ibid. p. 8. our first cottages in 1869, we’ve funds into more housing solutions, [6] Government of South Australia, SA Housing Authority (2018), Housing affordability: Demand and supply in South Australia, p. 1.[7] www.sacoss.org.au/housing-affordability
6 2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY 2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY 7 HOLIDAY RENTALS FINANCIAL ASSISTANCE
Everyone deserves the occasional holiday; a time to We know that when times get tough, a little help can unwind, forget the stresses of life and make memories go a very long way. That’s why we offer small grants with the ones they love. But not all can afford it. to South Australians who are experiencing difficult seasons in their lives. Grants can be awarded to cover In the South Australian town of Victor Harbor, the Adelaide items like rent, utility bills, or removalist fees for people Benevolent Society offers generously subsidised holiday fleeing domestic violence. units for people on low incomes, with approved applicants paying just $50 for a six-night stay. Like all our initiatives, our grants are focused on providing temporary support, with a view to helping The time away makes a big difference, helping lift the recipients get back on their feet and able to meet their spirits of people who are dealing with the daily struggles of own needs again. chronic illness, long-term financial hardship or other forms of disadvantage.
“For the first time in many years that I will no Thank you for the lovely holiday accommodation at longer be relying on a government payment for the Koala unit. I had a lovely relaxing time with my support. Thank you for giving me a hand up when WHAT WE DO friend. My recovery from breast cancer and traumas I was so down, and for giving me an opportunity has been extremely difficult. This change has made to work towards building a better life for my
Adelaide Benevolent Society offers a hand up to those who are experiencing disadvantage and a big impact on my life. daughter and me.” finding it difficult to afford the private rental market. Our services are designed for people who GERMAINE, HOLIDAY RENTER EMMA, SMALL GRANT RECIPIENT have a temporary need for support or require help to prevent their situation from worsening.
By offering our tenants discounted rent and other financial assistance, we ensure they have somewhere safe, stable and affordable to live while they pursue their goals for the future. Our desire is that all our tenants would return to self-sufficiency.
HOUSING
We have around 250 houses and units across Adelaide, which we rent out at 25% below market rates to low-income individuals, families and new arrivals to the state. Our tenants are all experiencing some form of disadvantage, whether due to low incomes, an inability to work or find a job, or because they’re studying or volunteering.
We know that having somewhere to call home is fundamental to people feeling safe and secure, and able to care for themselves and their families. Time and time again, we’ve also seen how it helps people build up their capacity to participate in their community again.
When I first contacted ABS back in 2015, I was in a very bad way. I have fought hard since then, studying and retraining. Now I have a career that I love and I’m making good money. I can honestly say that I would not have been able to achieve what I have without the help of ABS.
DAVID, TENANT
8 2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY 2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY 9 THE YEAR IN REVIEW
The people we housed HIGHLIGHTS AND MILESTONES collectively saved over $679,000 in rent.
Tenants received a 25% discount on their yearly rent, although in some cases the discount was up to 40%.
We housed over 300 people in 250 units of accommodation; 112 units in the Northern suburbs, 100 in the Southern suburbs, and 38 in the Eastern suburbs.
70 people stayed at our Victor Harbor holiday units. 15% of tenants surveyed said secure housing The Bill Cossey AM Grant Program provided $56,272 in had enabled them small grants to 140 recipients. to volunteer in the community.
35% of tenants surveyed said secure housing had helped improve their
$5000 was donated to the State independence. Emergency Relief Fund for the Bushfire Appeal.
10 2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY 2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY 11 Living within the Adelaide Benevolent Society housing has helped me beyond measure. From being concerned I would be homeless to having a safe space for my daughter and I to call home has been so beneficial.
DANIELLE, TENANT
12 2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY 2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY 13 STORIES OF CHANGE
Four years ago, Sheila was I was so lucky to be connected to Using my fashion training and employed as a technical Adelaide Benevolent Society. A work experience, I’ve volunteered designer, married, and had townhouse came up for tenancy, at community centres, and helped secure housing. with a garden, and my application groups to prepare for job interviews; was accepted. I was over the moon. what to wear, what colours to choose, Sadly, an experience Last November I moved in, and there building confidence in how to present. of domestic violence, a hasn’t been a bad day since. redundancy and a chronic I can now also do some casual dog- health condition left Sheila The townhouse has so many features sitting from home, when I am able in an extremely uncertain that help me manage my chronic and my health is on track. I walk them position. We are lucky to have pain and health condition. I’m able to an hour in the morning, and hour in Sheila share some of her cook better meals for myself. There’s the afternoon. This work enables me journey here: a bathtub, which helps relieve my to spend on little odds and ends that pain. Instead of using a community I need. It’s a lovely thing to work with I used to be a fashion designer and washing line and parking area, I have animals, and making a contribution a stylist, and worked as a technical my own washing line and a little makes you feel really good. designer for a leading fashion driveway to park my car. label. I found out I was being made I think that without the Adelaide redundant at the same time that my These are all things that I wouldn’t Benevolent Society’s support, I would lease was expiring. have known would make such a have fallen further into depression, difference to my life. When I moved and been in a much more desperate Soon, I had lost full-time work, and in here, I started thinking that life situation. It gives a sense of security, found myself living on a disability isn’t all negative. That good things that I have support there and ready. pension with a chronic disease. I was happen in life too. And when good really sick, boarding with friends and The Adelaide Benevolent Society and things happen, you start to become a with such huge life changes went into Staff really care, and I’m so thankful positive person. I’m just so grateful to a massive depression. I have a home like this that I can be Adelaide Benevolent Society. At 65, I proud of, that I can enjoy. now really think life is worth living.
14 2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY 2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY 15 STRATEGIC PLAN 2019-2023
OUR STRATEGIC PLAN OVER THE NEXT FOUR YEARS IS OUR FUTURE UNDERPINNED BY FIVE PRIMARY PILLARS FOR SUCCESS:
As we look to the future, Adelaide Benevolent Society is excited to explore new and innovative solutions that empower our housing tenants and deliver enduring impact. We have now established a key partnership that will provide a hand-up to current, low-income tenants to pursue their home ownership dreams.
MAINTAINING EMPOWERING With a long history of community Head Start Homes helps families ownership dreams, while at the same leadership, Adelaide Benevolent living in supported housing to pursue time freeing up more affordable MAINTAINING AND EMPOWERING TENANTS Society continues to seek new their home ownership dreams, homes for South Australians in need. ENHANCING OUR BY CONNECTING THEM solutions to further benefit the without the need for a deposit, via ORGANISATION’S WITH HOMEOWNERSHIP Already, one of our tenant households FINANCIAL OTHER HOUSING wellbeing of our diverse South their Head Start Guarantee. Not only has commenced a savings plan with SUSTAINABILITY. OPPORTUNITIES. Australian community. does this empower families to take Head Start Homes and is progressing a step towards greater financial Specifically, the area of home towards become mortgage-ready”. independence and housing stability, ownership for low-income tenants but it also creates a newly vacated This life-changing opportunity is one is one that we are focused on home for another family who is that we look forward to sharing with the immediate future. As private experiencing housing stress or more and more tenants in the years home ownership continues to slip instability. ahead. We know that in the face NURTURING REINVESTING VALUING further out of reach for the average of financial hardship and poverty, Australian, let alone for low-income Tim Ryan, former CEO shares: the provision of stable housing – NURTURING REINVESTING IN OUR VALUING AND households, we are excited to form CORPORATE CURRENT HOUSING AND INVESTING IN “We are excited to be working with particularly through home ownership a partnership with social enterprise PARTNERSHIPS AND GROWING OUR ABILITY TO OUR STAFF. Head Start Homes because our - is life changing, and delivers Head Start Homes to support tenants COLLABORATING TO HOUSE MORE PEOPLE. partnership means we can help economic and social benefits year to overcome structural disadvantage. ACHIEVE INNOVATIVE our tenants achieve their home after year. HOUSING OUTCOMES.
16 2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY 2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY 17 OUR TEAM
We are grateful for the guidance of our expert board members, the dedication of our staff, and the valuable support of our Patron, His Excellency The Honourable Hieu Van Le AO, Governor of South Australia.
BOARD MEMBERS SUE RAYMOND TIM RYAN PHIL TREGENZA PETER WHELAN Board Member Board Member Board Member Board Member Sue is a lawyer of 35 years’ Tim has more than 20 Phil co-founded a major South Peter is a Fellow of Chartered experience, having worked years’ experience across Australian construction group Accountants Australia and across various state and government, private and in the mid ‘80’s, remaining in New Zealand and while now federal tribunals. She has the not for profit sectors. the proprietary/leadership retired, has had over 50 years’ also served as Director of He previously led Adelaide group for some 20 years experience as a professional the South Australian Legal Benevolent Society as CEO, whilst the organisation accountant. During his Practitioners Conduct Board and is now the CEO of MS diversified across medium career, he held the positions and undertaken legal work Society SA & NT. Tim holds a and high density housing, of Managing Partner and PHILIP ROBERTS ROB KENNETT CHRISTOPHER WOOD for the federal and state Bachelor of Economics from civic and commercial Chairman of Partners of a governments. Sue has held the University of Adelaide building, civil engineering and major mid-tier accounting and President Vice President Treasurer the position of Chairperson of which included studies in marine structures, industrial advisory firm. Peter remains Philip is a founder of BPL Corporate Rob is a partner of Cowell Clarke Christopher has owned and operated a community-based childcare politics and social policy. mechanical construction and involved in motorsport, both Advisors, a firm that provides corporate Commercial Lawyers and is also head a group of engineering businesses and centre. property development. as an administrator and advice to listed public companies, large of the firm’s IP & IT team. Rob is a high is currently a Director of several private competitor. private businesses and co-operatives. profile and experienced lawyer with over companies. Chris began his career as Philip has over 35 years’ corporate 30 years’ expertise in dispute resolution, a public accountant, has held various advisory experience and is a senior fellow intellectual property, and commercial law. positions including Managing Director of the Financial Services Institute of He is a member of the Australian Institute and CEO, and spent time as State General OUR STAFF Australasia (FINSIA). He’s also a Non- of Company Directors (MAICD) and Manager for a major investment bank and Executive Director of Wallis Cinemas the SA Legal Practitioners Disciplinary venture capital company. (Group), Vice President of Tennis SA and Tribunal. a member representative from Tennis SA to Tennis Australia.
JOHN MARSHALL ROBIN MATTERS LINDA MATTHEWS DAVID MCARDLE OAM Board Member Board Member Board Member Board Member Robin has had extensive Linda has held several David operates a property involvement with the Real distinguished positions in consultancy business and John is Managing Director Estate Institute of Australia, South Australia, including has extensive experience in of Marshall & Brougham serving as past Chair of the Commissioner for Equal the commercial, retail and Pty Ltd. He has extensive South Australian chapter, Opportunity and Director industrial property sectors. experience in the building and Chair of several institute Funding and Advocacy at He is currently Deputy Chair industry and has held, and committees. He has more the SA Intellectual Disability of Turner Securities. David is still holds, many board level than 30 years’ experience Services Council. Linda also a Life Senior Fellow of the positions in important industry in the property industry, has managed several other Financial Services Institute of organisations. John is one of including corporate work organisations during her Australia. only three life members of the in the residential sector for remarkable career and is also Master Builders Association. Our team of dedicated staff members continue to commit their skill, expertise and passion to deliver results and greatly trustees, financiers, receivers Chairperson for disability assist our community. Working together, we draw on our rich heritage and continue to expand on the positive impact we and administrators. services provider SCOSA, as well as St Mark’s College. have on people’s lives.
18 2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY 2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY 19 STATEMENT OF FINANCIAL POSITION AUDITED FINANCIALS AS AT 30 JUNE 2020 2020 2019 The following pages contain extracts from $ $ Adelaide Benevolent & Strangers’ Friend CURRENT ASSETS Cash an Hand 371 153 Society Inc’s Annual Financial Statements for Cash at Bank 73,659 142,073 the year ended 30 June 2020. The full report Imputation Credits Receivable 33,720 90,215 can be viewed on the ACNC website. Trade & Other Receivables 667,496 740,961 TOTAL CURRENT ASSETS 775,246 973,403
STATEMENT OF COMPREHENSIVE INCOME NON CURRENT ASSETS FOR THE YEAR ENDED 30 JUNE 2020 Investments - General 1,910,723 1,584,673 2020 2019 Property - General $ $ Elder Hall - City Office 874,000 874,000 INCOME Rents Received - General Fund 2,027,108 1,938,526 Property - Investment Rents Received - Lady Kintore 148,547 145,376 General 37,113,999 37,074,798 Donations & Subscriptions 2,007 7,769 Lady Kintore 4,240,800 4,240,800 Dividends & Distributions Received 114,329 302,632 44,139,522 43,774,270 Interest 169 207 Grants - 20,000 Motor Vehides & Office Equipment 13,676 22,197 NRAS/Government Incentives 728,582 823,242 Other Income 67,841 17,691 TOTAL NON CURRENT ASSETS 44,153,198 43,796,467 Legacies & Bequests 273 265 Net Profit on Sale of Investments 38,680 36,188 TOTAL ASSETS 44,928,444 44,769,870 TOTAL INCOME 3,127,536 3,291,895 CURRENT LIABILITIES EXPENSES Creditors & Accruals 105,580 115,283 Property Rates & Insurance 280,528 301,901 Financial Liabilities - 9,999,000 Repairs & Maintenance 476,685 395,961 Employee Entitlements 38,935 46,300 Salaries and Entitlements 471, 948 458,292 Exit Entitlements 79,000 141,000 Motor Vehicle Running Expenses 6,145 7,153 TOTAL CURRENT LIABILITIES 223,515 10,301,583 Motor Vehicle Depreciation 1,065 1,430 Depreciation on Office Equipment 9,716 15,989 NON CURRENT LIABILITIES Other Operations Expenses (290) 222,722 Financial Liabilities 8,740,600 - Financial Assistance 56,589 53,336 Affordable Housing Innovations Grant 5,192,691 5,192,691 Consultancies 35,676 55,536 TOTAL NON CURRENT LIABILITIES 13,933,291 5,192,691 Interest Expense 293,432 454,856 TOTAL LIABILITIES 14,156,806 15,494,274 TOTAL EXPENSES 1,631,494 1,967,176 NET ASSETS 30,771,638 29,275,596 OPERATING SURPLUS 1,496,042 1,324,719
Representing: TOTAL SURPLUS 1,496,042 1,324,719 EQUITY - SOCIETY FUNDS General Funds 27,751,699 26,365,179 Lady Kintore Funds 2,269,307 2,159,785 Asset Revaluation Reserve 750,632 750,632 TOTAL FUNDS 30,771,638 29,275,596
20 2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY 2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY 21 STATEMENT OF CHANGES IN EQUITY STATEMENT OF CASH FLOW FOR THE YEAR ENDED 30 JUNE 2020 FOR THE YEAR ENDED 30 JUNE 2020 Asset Lady Kintore 2020 2019 General Funds Revaluation Total Equity Funds $ $ Reserve Cash Flow from Operating Activities $ $ $ $ Receipts from Customers 3,047,823 2,216 Balance as at 1 July 2018 20,085,382 2,060,837 5,804,657 27,950,876 Dividends and Imputation Credits Received 170,824 243,363 Profit for the Year 1,324,719 1,324,719 Payments to Suppliers and Employees (1,405,789) (1,286,139) Property Revaluation Interest Paid (293,432) (429,906) Transfer to/from Lady Kintore Funds (98,948) 98,948 Interest Received 169 207 Transfer of Investment Property Net Cash Flows from Operating Activities 1,519,594 743,704 Revaluation Reserve to General Funds 5,054,025 (5,054,025) Closing balance as at 30 June 2019 26,365,178 2,159,785 750,632 29,275,596 Cash Flow from Investing Activities Net Proceeds from Sales/Purchases of Property, Plant and Equipment (41,461) 1,062,130 Purchases of Investments (326,050) (329,514) Profit for the Year 1,496,042 1,496,042 Net Proceeds firom Sale of Investments 38,680 36,188 Transfer to/from Lady Kintore Funds (109,522) 109,522 Transfer of Investment Property Net Cash Flows from Investing Activities (328,832) 768,804 Revaluation Reserve to General Funds Cash Flow from Financing Activities Closing balance as at 30 June 2020 27,751,699 2,269,307 750,632 30,771,638 Proceeds from Borrowings - - Repayment of Loan (1,258,400) (1,581,000) Net Cash Flows from Financing Activities (1,258,400) (1,581,000)
Net Increase/(Decrease) in Cash and Cash Equivalents (67,637) (68,492) Cash and Cash Equivalents at the Beginning of the Period 141,666 210,158 Cash at the End of the Period 74,030 141,666
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Auditor’s Responsibilities for t e Audit of t e in n i l Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial report.
As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design INDEPENDENT AUDITOR’S REPORT and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, o t e e bers of The Adelaide Benevolent & Strangers’ Friend Society n orpor ted misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are Report on t e Audit of t e in n i l Report appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Society’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and pinion related disclosures made by the Board. Conclude on the appropriateness of the Boards’ use of the going concern basis of accounting and, based on the e have audited the financial report of The Adelaide Benevolent & Strangers’ Friend Society Inc. (the Society , which audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast comprises the tatement of omprehensive ncome for the year ended une , the tatement of inancial osition as significant doubt on the Society’s ability to continue as a going concern. If we conclude that a material uncertainty at une , the tatement of hanges in quity, the tatement of ash lows for the year then ended, the notes to the exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report financial statements, including a summary of significant accounting policies, and the tatement by embers of the oard of or, if such disclosures are inadequate, to modify our [my] opinion. Our conclusions are based on the audit evidence the ociety. obtained up to the date of our [my] auditor’s report. However, future events or conditions may cause the Society to cease to continue as a going concern. n our opinion the financial report of the ociety has been prepared in accordance with ivision of the Australian Charities Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and and Not-for-Profits Commission Act 2012, including whether the financial report represents the underlying transactions and events in a manner that achieves fair a giving a true and fair view of the ociety’s financial position as at une and of its financial performance for presentation. the year then ended and We communicate with the Board regarding, among other matters, the planned scope and timing of the audit and b complying with ustralian ccounting tandards to the extent described in ote , and ivision the Australian significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Charities and Not-for-profits Commission Regulation 2013. We communicate with the Board regarding, among other matters, the planned scope and timing of the audit and significant sis for pinion audit findings, including any significant deficiencies in internal control that we identify during our audit. e conducted our audit in accordance with ustralian uditing tandards. ur responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. e are A R AR R independent of the ociety in accordance with the ethical requirements of the ccounting rofessional and thical tandards AR R A A Board’s APES 110 Code of Ethics for Professional Accountants the ode that are relevant to our audit of the financial report in ustralia. e have also fulfilled our other ethical responsibilities in accordance with the ode.
e believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
p sis of tter sis of A ountin e draw attention to ote to the financial report, which describes the basis of accounting. he financial report has been prepared for the purpose of fulfilling the ociety’s financial reporting responsibilities under the Australian Charities and Not- for-profits Commission Act 2012. s a result, the financial report may not be suitable for another purpose. ur opinion is not A A A R modified in respect of this matter. AR R
th Responsibilit of t e o rd for t e in n i l Report Signed on the 27 day of October 2020, at 214 Melbourne Street, North Adelaide 5006 he oard of the ociety is responsible for the preparation of the financial report that gives a true and fair view and have determined that the basis of preparation described in ote to the financial report is appropriate to meet the requirements of the Australian Charities and Not-for-profits Commission Act 2012. he Board’s responsibility also includes such internal control as the oard determine is necessary to enable the preparation of a financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
n preparing the financial report, the oard is responsible for assessing the ociety’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the oard either intend to liquidate the ociety or to cease operations, or have no realistic alternative but to do so.
he oard is responsible for overseeing the ociety’s financial reporting process. 2
Liability limited by a scheme approved under Professional Standard Legislation 24 2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY 2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY 25 The compassion shown by Adelaide Benevolent Society in helping people at the worst time in their lives is remarkable. Without Adelaide Benevolent Society I would have been living on the streets, with very few options.
- TINA, TENANT
26 2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY 2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY 27 CONTACT US
To learn more about us, or to apply for housing, please contact us:
17 Morialta Street, Adelaide, 5000 South Australia
08 8231 5321
www.adelaide.org.au
28 2019/2020 ANNUAL REPORT ADELAIDE BENEVOLENT SOCIETY