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P. \. Is?' ' , The SCOTS PGC College Scholarship Fund Financial statements for the year ended 31' December 2013
Contents to financial report Co 11 eg e i n form a ti o n ...... ------..
Tru ste es' re p o rt ...... Trustees' q u ajificatio ns, expe rie n ce a n d special respo nsibilities ...... 5 A u d ito rs' d e cI a ratio n of i n d e p e n d e n ce ...... 7 st a t e in e n t of co in p re h e n s i v e i n co in e ...... ------' Sta te in e nt offi n a n ci a I P OS iti o n ...... ------..-.... ' State in e nt of ch a n ge s i n e q u ity ...... I O
Sta te in e nt of ca s h fl ows ...... ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, I, I
N otes to fi n a n c i a I stat e in e nts ...... I 2
Tru ste es' d e cl a ra ti o n ...... 2 O
I n d e p e n d e n t a u d it re p o rt...... ,...... 2 I
Page 2 of 22 The SCOTS PGC College Scholarship Fund Financial statements for the Year ended 31 December 2013 Trustinformation
ABN 48506857292
Trustee The SCOTS PGC College Foundation Ltd Robert Wild Andrew J Muir Doug Cosh Jennifer Garde Peter D Campbell Bonnie Locke James Muir
Corporate Company Secretary Andrew Millard B. Bus, CPA of the Trustee
Registered office and 60 Oxenham Street Principal place of business WARWICK QLD 4370
Bankers Uniting Church Investment Service 60 Bayliss Street Auchenflower Qld 4370
National Australia Bank Level 19, 1.00 Creek Street BRISBANE CITY QLD 4000
Auditors Audit Solutions Queensland A division of MCConachie Stedman
Page 3 of 22 The SCOTS PGC College Scholarship Fund Financial statements for the year ended 31 December 201.3 Trustee report
The corporate trustee present this report to the member of The SCOTS PGC College Scholarship Fund for the year ended 3, ." December 2013.
Trustees
The names of each person who has been a councillor during the Year end and to the date of this report are:
Board Name Date appointed Date of cessation A B Robert Wild 27'' Apr 2001 4 4 Andrew J Muir 1, ,, ,,, 1''' 4 Douglas Cosh 7'' Aug 2008 4 4 ,ennifer Garde 7'' Aug 2009 3 4 Peter Campbell 4'' Dec 2009 4 4 Bonnie Locke 2" Dec 201.0 2 4 James Muir 6'' Dec 201.2 4 4 A - Number of meetings attended B - Number of meetings held during the time the director held office during the year
Details of trustees' qualifications, experience and special responsibilities can be found on page 4 of this report.
Short and long-term objectives and strategy The Trust's short and long-term objectives are to: ^* Assist The SCOTS PGC College in attracting students to attend the College. *:. Assist The SCOTS PGC College by providing financial support for and the endowment of the College. ^, To provide scholarships to eligible candidates to enable them to attend The SCOts PGC College.
The Trust's strategy for achieving these objectives includes: .:. Providing The SCOTS PGC College with financial assistance to enable it attract students to attended the College by means of offering eligible students scholarships, bursaries or prizies.
Principal Activities The Trust's principal activities during the year were: ^, Fundraising from gifts, donations, annual appeals and regular giving programs
These activities have assisted the Trust in achieving its objectives by enabling it to: ,:* Providing The SCOTS PGC College with financial support for solely for providing money for eligible scholarships, bursaries or prizes.
Page 4 of 22 The SCOTS PGC College Scholarship Fund Financial statements for the year ended 31' December 2013 Corporate Trustee's Directors qualifications, experience and special responsibilities
Name Qualifications Experience Special responsibilities Robert Wild Councillor of The SCOTS PGC Chair College for 1.3 years and Director of The SCOTS PGC College Foundation for 13 75 years' Andrew, Muir OAM BComm, AAUQ, CPA, FTIA Shell Co of AUSt. Ltd for 9 years, MCCullough Robertson Solicitors for 37 years, Councillor to the SCOTS PGC College for 30 years, QLD Country Ruby Union Management Committee for 26 years, QLD Rugby Union Management Committee and Board of Directors for 20 years' Doug Cosh B. Bus, FCPA, F1PA, JP(Qual) Partner - Cheeseman Applegarth& Partners, Certified Practising Accountant for 21 Years' Councillor to The SCOTS PGC College and The SCOTS PGC College Foundation for 5 years Ienny Garde BSC (Hons) Retired Science teacher, Head of Senior School & Director of Learning SCOTS PGC, past QSA Biology District Panel Chair and State Panel Member, Councillor of The SCOTS PGC College for over 5 years, and a Director of The SCOTS PGC College Foundation for 5 years' Peter Campbell Cert. Mktg. & Mgt. Councillor of The SCOTS PGC Macquarie University College for 6 years and Director of Sydney The SCOTS PGC College Foundation for 3 years' Bonnie Locke Councillor of The SCOTS PGC College for 5 years and Director of The SCOTS PGC College Foundation for 4 years' James Muir BDSc Retired dentist - private practise England, Scotland & Australia, Director and Company Secretary of The SCOTS PGC College Past Student Association for 5 Years'
Page 5 of 22 The SCOTS PGC College Scholarship Fund Financial statements for the year ended 31 December 2013
Auditors' independence
The auditors' declaration of independence appears on page 7 and forms part of the Trustees report for the year ended 31st December 2013.
Signed in accordance with a resolution of the trustees. On behalf of the trustees: 1':11^!;':1jj. ,ha, ,,,,,,,,, ,^;:::; in^" Chairman Company Secretary Warwick QLD, 24th April201.4 Warwick QLD, 24th April2014
Page 6 of 22 Audit Solutions Queensland
Specialists in Audit & Assurance Services A division of MCConachie Sledman
The SCOTS PGC College Scholarship Fund
Auditors Independence Declaration under Section 307C of the Corporations Act 200, to the Directors of The SCOTS PGC College Foundation Ltd as Trustee for The SCOTS PGC College Scholarship Fund
I declare that, to the best of my knowledge and belief, during the year ended 31 December 2013 there have been
(i) no contraventions of the auditor independence requirements as set out h the Corporatibns Act 2001 in relation to the audit; and
('i) no contraventions of any applicable code of professional conduct in relation to the audit
,I^^00 , Mark Liesch Partner Audit Solutions Queensland
24 April2014
Toowoomba
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P: 0746321966 F: 0746385787 619 Ruthven Street, Toowoomba PO Box 3178 Village Fair, Toowoomba Q 4350 Page 7 of 22 mail@auditsolutionsqueensland comau auditsolutionsqueensland. coin au Liability Imiled by a scheme approved under Professional Standards Legislation The SCOTS PGC College Scholarship Fund Financial statements for the year ended 31' December 2013 Statement of profit or loss and other comprehensive income 2013 2012 Note Revenue
Scholorship Fund Donations 21c ) 66,100 20,000
Interest 21c ) 4,955 4,616 Total Revenue 71,055 24,616
Expenditure Scholarship Fund Investment Expense 2(d) 775 Total Expenditure 775
Operating Surplus for the Year 71,055 23,841
Net surplus for the year 71. ,055 23,841.
Other comprehensive income Net changes in fair value of available-for-sale financial assets 4 (3,866) 4,482
Other comprehensive income for the Year (3,866) 4,482
Total comprehensive income for the year 67,189 28,323
The statement of comprehensive 'ncome is to be read in conjunction with the attached notes
Page 8 of 22 The SCOTS PGC College Scholarship Fund Financial statements for the year ended 31 December 201.3 Statement of financial position 2013 2012 I Jan 2012 Note
Assets
Current assets
National Australia Bank - Scholarship Fund 64,502 23,447 50,576
Other Receivables 2(cj 30,620 620
Total current assets 95,122 24,067 50,576
Nori-current assets
Available-for-sale financial investments 4 50,966 54,832
Total nori-current assets 50,966 54,832 Total assets 146,088 78,899 50,576
Net assets 146,088 78,899 50,576
Funds 5
Scholarship Fund 145,472 74,417 50,576
Net unrealised gains reserve 616 4,482 Total Funds 146,088 78,899 50,576
The statement of financ'al position is to be read in conjunction with the attached notes
Page 9 of 22 The SCOTS PGC College Scholarship Fund Financial statements for the Year ended 31 December 201.3
Statement of changes in equity
Unrealised Scholarship Gains Note Fund Reserve Total Funds
Balance at 1st January 201, .
Net surplus/(deficit) 50,576 50,576 Other comprehensive income Total comprehensive income for the year 50,576 50,576 Balance at 31st December 2011. 50,576 50,576
Net surplus/(deficit) 23,841 23,841 Other comprehensive income 4,482 4,482 Total comprehensive income for the Year 23,841 4,482 28,323 Transfers
Balance at 31st December 20.2 74,41.7 4,482 78,899
Net surplus/(deficit) 71,055 71,055 Other comprehensive income (3,866) (3,866) Total comprehensive Income for the Year 71,055 (3,866) 67,189 Transfers
Balance at 31st December 201.3 1.45,472 61.6 1.46,088
Details of the purpose of each reserve and fund are included in Note 5
The statement of changes in funds is to be read in conjunction with the attached notes
Page to of 22 The SCOTS PGC College Scholarship Fund Financial statements for the year ended 31' December 2013
Statement of cash flows
2013 2012 Note Cash flows from Operating Activities Receipts from Donations & Appeals 36,100 20,000 Payments to suppliers (775) Interest received 4,955 3,966
Net cash flow from operating activities 3 41,055 23,221
Cash flows from investing activities Purchase of available-for-sale investments (50,350) Net cash flows used in investing activities (50,350)
Net Increase in cash for the Year 41,055 (27,129) Cash at the beginning of the financial Year 23,447 50,576 Cash at the end of the financial Year 64,502 23,447
IThe dad'erence is due to rounding)
Notes to and forming part of the accounts are attached.
Page ,.,. of 22 The SCOTS PGC College Scholarship Fund Financial statements for the year ended 31. ' December 2013 Notes to financial statements
I. . Corporate information The financial statements of The SCOTS PGC College Scholarship Fund for the year ended 31" December 201.3 were authorised for issue in accordance with a resolution of the Corporate Trustee on 24' April2014.
2. Summary of accounting polices Iai Basis of preparation The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards - Reduced Disclosure Requirements of the Australian Accounting Standards Board. The Trust is a not-for-profit entity for financial reporting purposes under Australian Accounting Standards.
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial statements containing relevant and reliable information about transactions, events and conditions. Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless stated otherwise.
The financial statements, except for the cash flow information, have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. The amounts presented in the financial statement have been rounded to the nearest dollar.
Currency The financial statements are presented in Australian dollars, which is the company's functional currency.
(b) Significant accounting judgements, estimates and assumptions The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other various factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
Page ,. 2 of 22 The SCOTS PGC College Scholarship Fund Financial statements for the year ended 31" December 2013 Notes to financial statements (continued)
(c) Revenue recognition Revenue is recognised when the Trust is legally entitled to the income and the amount can be quantified with reasonable accuracy. Revenues are recognised net of the amounts of goods and services tax (GST) payable to the Australian Taxation Office.
Investment income Investment income is comprised of interest. Interest income is recognised as it accrues.
Revenue from Fundraising Donations Donations collected, including cash are recognised as revenue when the Trust gains control, economic benefits are probable and the amount of the donation can be measured reliably.
No amounts are included in the financial statements for services donated by volunteers.
(d) Expenditure All expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to a particular category they have been allocated to activities on a basis consistent with use of the resources.
Fundraising costs are those incurred in seeking voluntary contributions by donation and do not include cost of dissemination information relating to the activities carried on by the company.
Ie) Cash and cash equivalents Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term deposits. For the purposes of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of any outstanding bank overdrafts.
in Trade and other payables Creditors and borrowings represent liabilities for goods and services provided to the company prior to the end of the financial year that are unpaid. These amounts are usually settled in 30 days. The carrying amount of the creditors and borrowingsis deemed to reflect fair value.
Page 1.3 of 22 The SCOTS PGC College Scholarship Fund Financial statements for the year ended 31' December 2013 (g) Available-for-sale financial investments Available-for-sale investments are those financial assets that are designated as available-for sale. When available-for-sale financial investments are recognised initially, they are measured at fair value.
After initial recognition available-for-sale financial investments are measured at fair value with gains or losses being recognised in other comprehensive income until the investment is derecognised or until the investment is determined to be impaired, at which time the cumulative gain or loss previously recognised in other comprehensive income is reclassified to the statement of comprehensive income.
The fair value of investments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the reporting date. For investments with no active market, fair value is determined using valuation techniques. Such techniques include using recent arm's length market transactions, reference to the current market value of another instrument that is substantially the same, discounted cash flow analysis, and option pricing models.
(h) Taxation Income Tax The Trust is a charitable institution for the purposes of Australian taxation legislation and is therefore exempt from income tax. This exemption has been confirmed by the Australian Taxation Office.
Goods and services tax (GST) Revenues, expenses and assets are recognised net of the amount of GST except where the amount of GST incurred is not recoverable from the Australian Taxation Office, in which case it is recognised as part of the cost of acquisition of an asset or part of an item of expense.
Receivables and payables are recognised inclusive of GST.
The net amount of GST recoverable from or payable to the Australian Taxation Office is included as part of the receivables or payables.
Cash flows are included in the statement of cash flows on a gross basis. The GST component of cash flows arising from investing and financing activities with is recoverable from or payable to the Australian Taxation Office is classified as operating cash flows.
in New, revised or amending Accounting Standards adopted The trust has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by the Australian Standards Board ('AASB') that are mandatory for the current reporting period.
The trust has early adopted 1.53 'Application of Tiers of Australian Accounting Standards', AASB 2010-2 'Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements' and the later amending Standards, as relevant. No other new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have been early adopted.
Any significant impact on the account policies of the trust from the adoption of these Accounting Standards and Interpretations are disclosed below. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the trust.
Page 1.4 of 22 The SCOTS PGC College Scholarship Fund Financial statements for the year ended 31' December 2013 Notes to financial statements (continued)
The following Accounting Standard and Interpretation are most relevant to the company
AASB 1053 Appficotion of Tiers of AUStrolion Accounting Stondords The trust has early adopted AASB 1053 from I January 20.3. This standard establishes a differential financial reporting framework consisting of two Tiers of reporting requirements for preparing general purpose financial statement, being Tier I Australian Account Standards and Tier 2 Australian Accounting Standards - Reduced Disclosure Requirements. The company being classed as Tier 2 continues to apply the full recognition and measurement requirements of Australian Accounting Standards with substantially reduced disclosure in accordance with AASB 2010-2 and later amending Standards, as relevant.
01 Change in accounting policy The SCOts PGC College Scholarship Fund changed its accounting policy for the financial year ending 31 December 2013 relating to the reporting of The SCOts PGC College Scholarship Fund. The Scholarship Fund was previously recognised as part of the Foundation. This change has been implemented as the trustees are of the opinion that The SCOts PGC College Scholarship Fund is an entity in its own right and that the Foundation is the trustee of the said fund.
Page 1.5 of 22 The SCOTS PGC College Scholarship Fund Financial statements for the year ended 31' December 2013 Notes to financial statements (continued)
201.3 2012 Note 3. Cash Flow Information Net surplus for the year 71,055 23,841 Non cash flows in profit
(Increase) decrease in Other Receivables (30,000) ( 620) Increase (decrease) in Other Creditors Net cash flow provided by operating activities 41,055 23,221.
20.3 2012 Note $ 4. Available-for-sale financial investments
Listed investments at fair value in: Fixed interest securities 50,966 54,832 50,966 54,832 Movement in available-for-sale financial investments Balance at 1st January 54,832 Purchases 50,350 Disposals Revaluation increment (3,866) 4,482 Balance at 31st December 50,966 54,832
All available-for-sale investments are quoted via a custo ian service provided by F11G Securities Limited.
Fixed interest securities include corporate bonds which has a coupon rate of 7.13% and maturity dates ranging from April2012 to July 2020. The market value of these securities fluctuates from time to time.
Page 1.6 of 22 The SCOTS PGC College Scholarship Fund Financial statements for the year ended 31' December 2013 Notes to financial statements (continued)
5. Total Funds (a) Movement of Funds Details of the movement in each reserve are provided in the Statement of Changes in Equity.
(b) Details of reserves and funds included in statement of changes in funds. Details of the movement in each reserve are provided in the Statement of Changes in Equity.
Net unrealised gains reserve This reserve records fair value changes in available-for-sale investments.
Scholarship Fund The Scholarship Fund comprises those amounts collected and maintained for the sole use of providing money for eligible scholarships, bursaries or prizes to students of The SCOts PGC College.
Page 1.7 of 22 The SCOTS PGC College Scholarship Fund Financial statements for the year ended 31' December 2013 Notes to financial statements (continued)
6. Financial instruments (a) Financial Risk management - objectives and polices The Trust's financial instruments comprise cash and cash equivalents and available-for-sale financial investments. In addition the company also has amounts payable to trade and other creditors.
The carrying amounts for each category of financial instruments, measured in accordance with AASB 139 as detail in the accounting policies to these financial statements are as follows:
201.3 2012 Note $
Financial assets Cash and cash equivalents 64,502 23,447 Receivables 30,620 620 Available-for-sale financial assets 50,966 54,832 Total financial assets ,. 46,088 78,899
7. Commitment and contingencies
(a) Finance lease commitments The company has no finance lease commitments.
(b) Operating lease commitments The company has no finance lease commitments.
8. Contingent Liabilities and Contingent Assets In the opinion of the Trustees, the Trust did riot have any contingent liabilities or assets at 31 December 201.3.
Page ,. 8 of 22 The SCOTS PGC College Scholarship Fund Financial statements for the year ended 31" December 201.3 otes to financial statements (continued)
9. Related parties (a) Trustees' compensation The Trustees' act in an honorary capacity and receive no compensation for their services.
(b) Key Management personal The key management personal act in an honorary capacity. The names and positions of those having authority for planning, directing and controlling the Trust's activities, directly or indirectly (other than trustees'), are:
Michael Harding, Principal, The SCOTS PGC College Andrew Millard, Company Secretary, The SCOts PGC College Foundation Ltd
,. 0. Events after the end of the Reporting Period No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Trust, the results of those operations or the state of affairs of the Trust in future financial years'
1.1. . Additional company information The SCOTS PGC College Scholarship Fund registered office and its principal place of business is:
60 Oxenham Street WARWICK QLD 4370
Page ,. 9 of 22 The SCOTS PGC College Scholarship Fund Financial statements for the year ended 31' December 2013 Corporate Trustee declaration
The Directors of the Corporate Trustee declare that in their opinion:
a) The attached financial statements and notes thereto comply with accounting standards
by The attached financial statements and notes there to give a true and fair view of the financial position and performance of the Trust
c) There are reasonable grounds to believe the Trust will be able to pay its debts as and when they become due and payable.
Signed in accordance with a resolution of the Trustees, on behalf of the Trustees (^^ ft/,,^ Robert Wild 24'' April 201.4
Page 20 of 22 Audit Solutions Queensland
Specialists in Audit & Assurance Services A division of MCConachie Sledman
The SCOTS College Scholarship Fund
Independent Audit Report to the directors of The SCOTS College Foundation Ltd as Trustee for The SCOTS PGC College Scholarship Fund
eport on the Financial Report
We have audited the accompanying financial report, being a general purpose financial report of The SCOTS College Foundation Ltd, which comprises the statement of financial position as at 31 December 2013 the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the trustees' declaration.
Directors' Responsibility for the Financial Report
The directors of the company are responsible for the preparation of the financial report and have determined that the basis of preparation described in Note I to the financial report is appropriate to meet the requirements of the Corporatibns Act 2001 and is appropriate to meet the needs of the members. The directors' responsibility also includes such Internal control as the directors determine is necessary to enable the preparation of a financial report that Is free from material misstatement, whether due to fraud or error
Auditors Responsibility
Our responsibility is to express an opinion on the financial report based on our audit. We have conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation of the financial report that gives a true and fair view in order to design audit procedures that are appropriate in the circumstances, but riot for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion
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P: 0746321966 F: 0746385787 619 Ruthven Street Toowoomba PO Box 3178 Village Fair Toowoomba Q 4350 Page 21 of 22 mall@auditso!utionsqueensland comau auditsolutionsqueensland comau Liability limited by a scheme approved under Professional Standards Legislation The SCOTS College Scholarship Fund
Independent Audit Report to the directors of The SCOTS College Foundation Ltd as Trustee for The SCOTS PGC College Scholarship Fund
Independence
In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of The SCOTS College Foundation Ltd as Trustee for The SCOTS PGC College Scholarship Fund, would be in the same terms if given to the directors as at the time of the auditor's report.
Opyh^^n
In our opinion the financial report of The SCOTS College Scholarship Fund is in accordance with the Corporations Act 2007, including
(a) giving a true and fair view of the company's financial position as at 31 December 2013 and of its performance for the year ended on that date; and
(b) complying with Australian Accounting Standards Reduced Disclosure Requirements and the Corporations Regulations 2001
^ Mark Liesch Partner Audit Solutions Queensland Toowoomba 24 April2014
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