annual report - western...

Annual Report2010 – 2011

Western Chances would like to thank the following people for their generosity in contributing to this annual report.

AcknowledgementsAuditor

Chris Sargent Partner, Audit KPMG

Editor

Karen Stephens Carmine Consulting

Design

Per Smith Smart Works Studio

Printing

Roy Barker Barker & Barker Media

Western Chances is endorsed as a deductible gift recipient. Gifts of $2 or more to Western Chances are deductible for tax purposes.

Western Chances PO Box 294 St Albans Victoria 3021

T (03) 8345 1850 F (03) 8345 0470

[email protected]

www.westernchances.org.au ABN 17 110 713 865

“I grew up in a refugee camp and I always had a dream to be a motor mechanic. Western chances helped me with books and equipment for my mechanics course. Western Chances is very much part of my story.”

MelkieCambridge College

Contents page

Highlights 6

About Western Chances 7

Our vision 7

Our purpose 7

Guiding principles 7

Strategic goals 2010–2013 7

Message from Chair and CEO 8

Message from the Patron 10

Scholarship Program 11

LINKS Program 18

Scholarship Program evaluation 21

Fundraising and marketing 23

Our supporters 25

Western Chances Board and Subcommittees 28

Treasurer’s Report 29

Financial Statements 30

Directors’ Report 30

Lead Auditor’s Independence Declaration 36

Statement of Comprehensive Income 38

Statement of Financial Position 39

Statement of Changes in Equity 40

Statement of Cash Flows 41

Notes to the Financial Statements 42

Directors’ Declaration 47

Independent Auditor’s Report 49

Highlights1 July 2010 – 31 December 2011

Awarded 594 scholarships

to 498 recipients.

Distributed more than $577,000

to talented young people from

Melbourne’s West.

Hosted 5 scholarship presentation

ceremonies.

Welcomed 111 new donors.

Continued improvement of

operations.

Conducted a comprehensive program

evaluation, with positive results.

Met fundraising goals in a difficult

economic climate.

About Western ChancesWestern Chances supports young people in Melbourne’s West to achieve their full potential by providing scholarships, opportunity programs and ongoing support.

Many young people in the region cannot fully realise their potential due to lack of resources, lack of money or absence of networks. This is where Western Chances steps in. The organisation facilitates career and educational outcomes by creating ongoing economic, social, cultural and educational opportunities where resources and support can make a difference.

Since 2003, Western Chances has invested over $1.8 million directly into the young people of Melbourne’s West. State primary and secondary schools and community organisations identify talented and self-motivated young people to be nominated for the programs.

Our visionTo see young people in Melbourne’s western suburbs achieve their full potential.

Our purposeWestern Chances assists motivated young people in Melbourne’s West to realise their potential by providing scholarships, opportunity programs and ongoing support.

Guiding principles • Award merit based scholarships that are targeted to young people in Melbourne’s West who have limited opportunities and financial resources.

• Provide programs and networks that advance the talents and pathways of young people in Melbourne’s West.

• Recognise, nurture and celebrate the talent and potential talent of young people.

• Build partnerships that are aligned with our vision to support the sustainability of Western Chances.

Strategic goals 2010–2013• Program reach is expanded and our programs deliver lasting

benefits to Melbourne’s West.

• Western Chances is sustainable by increasing and diversifying income.

• Western Chances is a positive contributor to Melbourne’s West.

• Western Chances has strong governance and operating systems.

Message from Chair and CEO It is with great pleasure that we present the Western Chances 2010 – 2011 Annual Report. We are delighted to share our progress and development over the past 18 months, as we move from reporting on a financial year to a calendar year.

This 18 month period was one of considerable change for Western Chances. Our small organisation gained momentum in a difficult economic climate, awarding a record number of scholarships in a time of greater need. During this time we also streamlined our internal systems and strengthened our governance practices.

Impact

Thanks to the generosity of a private donor, we commissioned the first formal evaluation of our Western Chances Scholarship Program.

As part of the evaluation, we asked two key questions:

1. Are Western Chances Scholarships making a difference to the pathways of its scholarship recipients?

2. What is it about the Western Chances Scholarship that makes a difference?

The answer to the first question is a resounding ‘yes’ and to find out just how our scholarships make a difference, please continue reading through this report.

Our statistics relating to Year 12 graduates and their pathways continued to be impressive, with a high percentage going on to further education, employment and training each year. We are extremely proud to announce that St. Albans Secondary College’s first perfect ATAR score was achieved by a Western Chances Scholarship recipient.

Funding

During the reporting period, more donors recognised the value of providing longer term funding. They understand that, just like any other type of business, not-for-profit organisations need funding to cover operating costs. This type of support enables us to focus more of our valuable time and resources on the important area of service delivery.

We would like to acknowledge the Department of Education and Early Childhood Development Western Metropolitan Region, the Lord Mayor’s Charitable Foundation, Sunshine Foundation and Western Health for supporting this crucial area of our business.

In December 2011, Melbourne Airport generously committed to supporting Western Chances over the next three years and we are very excited by the potential of this wonderful partnership.

Our programs

The Western Chances Scholarship Program and our LINKS Program, which offers work experience opportunities, continued to play a vital role. They bridge the gap for young people in Melbourne’s West who cannot afford to remain in secondary education and progress on to further education or training.

To ensure our funding is achieving maximum impact, we made a strategic decision to concentrate solely on our core business – supporting and nurturing our scholarship recipients. While we are no longer involved in the Victoria University Science Experience, the Orchestra Victoria Music Education Workshop and (from 2012) the ACMI Digital Storytelling Workshop, these programs continue to thrive and provide opportunities to hundreds of young people in Melbourne’s West. We would like to acknowledge the great work of our collaborators on these programs.

Our direction

Given that Melbourne’s West is the fastest growing area in Australia, demands for our support will continue to increase. This brings many challenges but it also creates exciting opportunities to innovate and collaborate. Western Chances has established strong partnerships with schools and community organisations in Melbourne’s West as well as Victoria University, Western Bulldogs, Western Health and William Angliss Institute. All these organisations are committed to improving the lives of our young people.

To accomplish our objectives, we will work more closely with schools and young people to streamline our programs and focus on securing major multi-year donors to enable us to do this. The western suburbs is a unique area of Melbourne that has vast potential. With its vibrancy, diversity and robust community, it is a region that donors should feel inspired by and proud to support.

Our thanks

Our sincere thanks to the Western Chances Board and staff for their hard work and dedication during the reporting period. In October 2011, we said goodbye to Board member James Higgins and we thank him for his contribution.

We would also like to thank the many trusts and foundations, businesses and individuals who continued their support during these financially uncertain times through cash donations, pro bono support and in-kind gifts.

A big thank you to our wonderful volunteers, who are vital to our organisation. To keep costs down we employ only a small team of staff, so it’s the ongoing support of our volunteer office personnel, Board and committee members that helps us to achieve our positive outcomes.

We look forward to continuing to work with our supporters to build a leading model for social change. By helping Western Chances to fulfil its potential, our young people will fulfil theirs.

Terry Bracks, Chair Rhyll Dorrington, Chief Executive Officer

Message from the Patron Our national and international social and economic environments are accelerating to such an extent that it is impossible to predict what Australian society will look like, even a few years from now.

However, one thing seems certain. We must ensure that our young people are educationally and socially equipped to participate fully. In this way we will ensure our community can meet the challenges and take advantage of emerging opportunities.

From whatever perspective these developments are approached, including the values encompassed by the notion of a ‘fair go’, we must encourage the development of all the talent available and endeavour to realise the potential of those who are in socially advantaged situations as well as those who are not.

Many young people in Melbourne’s West possess real potential in widely different pursuits of importance to the social, economic and cultural advancement of our community. Yet because of their circumstances, they may see their futures as confined so either hesitate to aspire or regard their aspirations as being unattainable.

Due to the generosity of its contributors and the dedication of its Board and staff, Western Chances has been able to provide much-needed encouragement and practical support to many of these young people. The value of these activities to the students, their families and school communities hardly needs emphasis. What must also be appreciated, however, is their significance as a contribution to the future of our state and country.

Frank Vincent AO QC Patron Western Chances

Scholarship ProgramWestern Chances provides tailor-made scholarships to support young people. These scholarships range from $100 to $1,000 per year and applicants can receive the scholarships annually if their need is ongoing.

Western Chances Scholarships are merit based. They are flexible and shaped by the recipients, nominators and family to meet specific needs at a specific time. Funds are provided for everything from computers and textbooks to specialist lessons. The young person is introduced to skills development opportunities and into the Western Chances network where support in work placements, career management and transition to university is provided.

Our new scholarship applicants must meet the following criteria:

• be 12 to 25 years of age when applying for a new scholarship

• demonstrate a talent or potential talent and motivation or interest that, given the opportunity could develop further

• are enrolled in a public education institution

• come from a financially disadvantaged background

• reside in Brimbank, Hobsons Bay, Maribyrnong, Melton, Moonee Valley or Wyndham

During the reporting period, Western Chances Scholarship numbers continued to be impressive. From 1 July 2010 to 31 December 2011, 594 scholarships were awarded to 498 recipients in excess of $581,000.

The scholarships comprised:

• 152 new scholarships.

• 138 SKILLS scholarships for VET and/or VCAL study.

• 304 renewal scholarships.

The Western Chances Scholarship Program introduced some great new initiatives that strengthened it and extended its reach, including:

• an online application process introduced in April 2011

• a streamlined application process for Western Chances Victoria University Access Scholarships, which resulted in an increase in the number of young people receiving these scholarships from seven in 2010 to 20 in 2011

• revision of scholarship eligibility criteria to ensure that Western Chances support has the most impact

Several new scholarship partnerships were established over the 18 months, and current partnerships were strengthened.

• A new partnership was established with William Angliss Institute to support two Western Chances recipients undertaking tertiary studies in food, tourism and hospitality. Recipients received scholarships valued at $3,000 to assist them with their William Angliss Institute study costs. Both recipients said they could not have afforded to study at the Institute without this assistance.

• The Milowka family and Mummu Media established an annual scholarship to honour the life and accomplishments of globally respected cave diver and environmentalist Agnes Milowka. The Western Chances/Agnes Milowka Memorial Environmental Award supports young people in Melbourne’s West in learning, experimenting and interacting with the environment and nature. The first award was made in 2011 to a Melton Secondary College student undertaking a Bachelor of Environmental Science (Marine Biology) at Deakin University’s Warrnambool campus.

• The partnership with the Mick Young Scholarship Trust continued throughout 2010, supporting 138 young people with a focus on a vocational interest through VET/VCAL SKILLS scholarships. This concluded a very successful partnership with the Trust enabling the injection of $180,00 into Melbourne’s western suburbs over two years and delivering 204 scholarships to young people looking to follow their vocational passion.

Western Chances continued its scholarship award ceremonies, which began in March 2010. They are a very popular and significant event for scholarship awardees, families, nominators and supporters. A highlight from ceremonies in the past 18 months was the Hon. Peter Garrett AM MP, Minister for School Education, Early Childhood and Youth, as a special guest speaker at the SKILLS scholarship award ceremony in August 2011. Minister Garrett spoke about the power of education to transform lives. Western Chances is grateful to Hobsons Bay City Council, Maribyrnong City Council, Moonee Valley City Council and Victoria University for offering their venues for these very special events and to Zouki for providing the catering.

Two types of further scholarships were offered during the reporting period:

• Western Chances Victoria University Access Scholarships are available to current Western Chances recipients who go on to study at Victoria University. They are $1,000 per year for the duration of the recipient’s Victoria University course (up to two years for TAFE and up to four years for a tertiary course). At the end of 2010, 20 recipients received one of these scholarships to support their study at Victoria University commencing in 2011.

• Western Chances Victoria University Success Scholarships enable Western Chances Scholarship recipients to attend Victoria University without the need to pay HECS fees. Two of these scholarships were awarded. Many thanks to Victoria University for providing the access and success scholarships.

Unable to contact

Seeking pathway

Apprenticeship

Gained employment

Other tertiary institution

TAFE

University

26%

54%

3%3% 2%

6%

6%

Year 12 Scholarship Recipient Pathways for 2011

Overall by category

Study support items purchased by recipients with their Western Chances Scholarships included computers, internet connections, textbooks, travel cards, VET subject fees, mandatory tools and equipment, private tutoring and music, dance and drama lessons. Support was provided for recipients pursuing leadership, academic pursuits, vocational pathways, music, dance, drama and visual arts.

Scholarships overall by municipality

Academic tutoring

Textbooks

Calculators

Travel costs

Computer IT and support

Music, dance and drama lessons and materials

Visual arts lessons and materials

VET and VCAL fees and mandatory VET/VCAL items

Study materials and stationery

Study camps, leadership courses and TAFE subject fees

24%

16%

15%

15%

3%

4%

9%

3%6%

5%

City of Moonee Valley

Outer District

Wyndham City Council

Melton Shire Council

Maribynong City Council

City of Hobsons Bay

Brimbank City Council

17%

38%

3%6%

12%

15%

9%

“My scholarship helped to cover the cost of text books and travel expenses and I was also provided with several work placements through the LINKS program and these were fantastic opportunities for me.”

LeesaSwinburne University

Case study – Billiang RahtinBilliang arrived in Australia with her parents and six siblings in 2007. Refugees from the Chin state in Burma, they came via a refugee camp in India where Billiang quickly learnt Hindi and volunteered at a local hospital.

At just 12 years old, Billiang found herself translating for a woman giving birth and suffering from internal bleeding. Billiang assured this patient that she would be all right, while calling out frantically to the doctor. The doctor never came and the woman died. Billiang felt guilty for having lied to the woman and anger at the doctor for not coming. It was then she decided to become a doctor.

When she arrived in Australia, Billiang worked very hard to learn English. Her teachers were impressed by her efforts and nominated her for a Western Chances scholarship in Year 11. Western Chances has supported her studies through VCE and into university by subsidising her transport costs, study resources, tutoring and textbooks.

Billiang’s hard work paid off with an ATAR score of 70.2 and she enrolled in a Bachelor of Biomedical Science at Deakin University as a pathway into a medical degree. She completed her first year with credits for all subjects and is now in second year. During her semester breaks she works as an interpreter in hospitals. Her father has since had a stroke and the family finances are even more strained.

“Western Chances scholarships meant I was able to study without worrying about costs,” she said. “I’ve invested all this money into my studies. And I’ll use all my skills, knowledge and abilities to support the Australian community and others who need help in the future.”

Photo credit Susan Gordon-Brown

LINKS ProgramThe LINKS Program is an ideal companion to the Scholarship Program. It provides scholarship recipients with access to quality paid work placement that has a potential career focus.

Western Chances invites scholarship recipients to be part of the program, which links them with a company/organisation that fits with their career pathways. Western Chances then provides support compiling resumes, arranging interviews, liaising with supervisors and conducting onsite visits to young people in the workplace. This support enables participants to concentrate on making the most of their work experience opportunity.

During mid-year and end of year holidays in the reporting period, 31 young people participated in the LINKS Program.

Placements occurred in a diverse range of roles and industries including interior design, human resources, accounting, marketing, engineering, psychology, biomedical engineering, early years education and youth service.

Supporting organisations included City West Water, Como Financial Services, Doherty Lynch, Maribyrnong City Council, McConnell Dowell, NHP Electrical Engineering, Royal Women’s Hospital, Transurban, Western Health, Western Highway – Anthony’s Cutting Realignment and Western Water. Western Chances also participated in the LINKS Program by employing scholarship recipients to assist in the areas of multimedia, marketing, fundraising and event management. In addition to scholarship recipients benefiting from this experience, Western Chances reaped the rewards of the contribution these students made to the organisation.

The generous support of the Sunshine Foundation enables the ongoing employment of the LINKS Program Manager.

Our thanksWe extend our thanks to the many donors and other supporters whose generosity continues to make a difference to so many talented young people in Melbourne’s West.

On behalf of Western Chances I want to express appreciation to all those who nominate the young people for consideration for scholarships – teachers, principals, tutors and others who recognise the potential so many young people have.

Thank you also to all the recipients who have ‘given back’ to Western Chances this year and spoken or performed at our events. And a very sincere thank you to the hard-working Scholarships and Programs Subcommittee members who have to make the tough decisions but also experience the joy of seeing so much talent among our western suburbs young people.

Thank you to David Lawrence who resigned at the end of 2010, to Christine Hurwood who began a leave of absence in 2011 and to Eliza Costigan, whose leave of absence continued from 2010 into 2011. Welcome to new members Colleen Arms and Jacinta Waugh, and to Jade Moffatt who returned from maternity leave to rejoin the subcommittee in 2011.

Lynne Wannan AM Chair Western Chances Scholarships and Programs Subcommittee

Other activitiesWestern Chances also offers opportunity programs to young people in the West. These include targeted workshops and activities in a range of disciplines such as science, dance, music, debating and digital storytelling.

During the reporting period, some scholarship recipients undertook leadership activities through partnerships with Lord Somers Camp, Power House and the Rotary Young Leaders Association. In addition, Western Chances facilitated the following opportunities for local young people.

2010 Orchestra Victoria Music Education Program

This program offers musically high-achieving secondary students studying an instrument the opportunity to rehearse and perform alongside professional musicians from Orchestra Victoria and to experience playing in a full orchestra. The free two-day workshop had 70 students from across Melbourne’s West working under the guidance of conductor Stephen Williams. It was followed by the traditional evening concert, where students performed pieces by Puccini, Rimsky-Korsakov and Elgar in front of their family and friends.

Australian Centre for the Moving Image (ACMI) Digital Storytelling Workshop

Western Chances’ partnership with ACMI, which began in 2005, enables young people from the western suburbs to experience a Digital Storytelling Workshop. The results are an extraordinary collection of digital stories.

The Western Chances ACMI Workshop in July 2011 had nine Western Chances recipients make a film about their lives and what was important to them. There was a public viewing of the final films in September 2011, at which Joan Kirner AM, former Premier of Victoria, was a special guest. There was also a screening of the films made at the June 2010 workshop in October of that year.

Scholarship program evaluation

In 2011, with the generous support of a private philanthropist, Western Chances conducted its first independent formal evaluation of the Scholarship Program.

Social researcher Dr James Harley was commissioned to carry out the evaluation, which was designed to answer two key questions:

1. Are Western Chances Scholarships making a difference to the pathways of their recipients?

2. What is it about the Western Chances Scholarship that makes a difference?

To address the questions, the evaluation concentrated on a cohort of 138 applicants who received a scholarship in 2010. The evaluation process was a two-phased approach consisting of a desk audit followed by interviews.

Interviews were conducted with 53 scholarship recipients and questions were asked about the impact of the program specifically and about Western Chances generally. A literature review was also undertaken to compare and contrast the retention rate and pathways of Western Chances recipients against local, state and national statistics.

Results indicated that Western Chances is delivering impressive outcomes for disadvantaged young people.

1. The Scholarship Program is meeting its objective to make a difference in the lives of recipients. 100 per cent of interviewees said that the scholarship helped them achieve their goals.

2. Scholarships contribute directly to the recipients’ ability to continue to engage in their talent, pathway or passion and to assist with the cost of education.

3. 75 per cent of recipients note that scholarships are the key to overcoming the barriers to their pathway.

4. Western Chances rated highly as being part of the recipients’ support network.

5. Western Chances supports the recipients in more ways than simply disbursing funds, and continues to help recipients across many facets of their lives.

Benchmarking against local and national statistics

Western Chances scholarship recipients perform well above their district when compared with data sets compiled by the Department of Education and Early Childhood Development. The recipients perform at higher rates than the state average and data indicates that their educational outcomes are consistent with students from more affluent backgrounds.

• Recipients achieved a 100 per cent Year 12 completion rate, which is significantly higher than the national average of 78 per cent.

• 54 per cent of recipients who finished secondary college in 2010 advanced to university, while 34 per cent embarked on further education and apprenticeships. This is higher than the Victorian average, which is 48.5 per cent and 26.3 per cent respectively.

• 54 per cent of recipients are undertaking bachelor degrees, which is twice the national percentage (26.9 per cent) for completion of these qualifications.

These results show that the program has significant social benefits. Year 12 completion or an equivalent has been shown to reduce the probability of unemployment, increase workforce participation and increase a person’s capacity to earn a higher income compared with people who have not completed secondary school.

The evaluation confirmed that the Western Chances Scholarship Program is delivering significant benefits to disadvantaged young people. It provides Western Chances with information that will help shape strategic decisions, review procedures and application processes, and identify opportunities for improvement.

Most importantly, the findings provide Western Chances with the case for support to secure funding from governments, philanthropic foundations, corporate supporters and donors to continue the program into the future.

Fundraising and marketingDuring the reporting period, Western Chances marketing and fundraising activities continued to gain traction in a challenging economic climate. Concerted efforts across the organisation resulted in fundraising targets being exceeded.

Donors

Key donors to Western Chances during the reporting period were Melbourne Airport, Department of Education and Early Childhood Development, Sunshine Foundation and Mick Young Scholarship Trust.

Ongoing donations were gratefully received from local councils – Brimbank, Hobsons Bay, Maribyrnong, Melton, Moonee Valley and Wyndham.

Philanthropic foundations that donated to Western Chances included Australian Communities Foundation, Besen Family Foundation, Brasher Foundation, Collier Charitable Fund, Cranwell Family Trust, Danks Trust, Flack Trust, Invergowrie Foundation, Lord Mayor’s Charitable Foundation, Newsboys Foundation, RM Ansett Trust, State Trustees, Trawalla Foundation, Trust Company, Shane Warne Foundation and Zagora Foundation.

Loyal corporate supporters again assisted with work experience placements as well as donations. In addition to Melbourne Airport, major corporate donors are the Coca Cola Foundation, Leon Gorr and McConnell Dowell (see page 25-26 for a full list of supporters).

Ongoing pro bono supporters of Western Chances include Barker & Barker Media, Smart Works, KPMG, Leader Newspaper Group, Lime Consulting and Western Health. Western Chances looks forward to welcoming Victorian Employers Chamber of Commerce (VECCI) as a new pro bono supporter.

Good Business Forum

Western Chances provides businesses with an opportunity to demonstrate their community commitment by attending the Good Business Forum fundraising event. In this way, business people can play a key partnership role in the sustainability of the Western Chances Scholarship and LINKS Programs.

In May 2011, Macquarie Bank executive and Australian of the Year 2011 Simon McKeon was guest speaker at the Good Business Forum. Simon shared his insights about how small and medium sized enterprises can help the community in which they are based.

Western Chances supporter events

More and more companies, organisations and individuals are hosting their own fundraising events to raise money for Western Chances, and gratitude is extended to Victoria University, staff at the Department of Health Melbourne and Hobsons Bay Churches.

Our thanksOnce again, I would like to extend our warmest thanks to our loyal supporters, who understand the opportunities that we provide to talented young people in Melbourne’s West.

We are privileged to have the ongoing support of a number of foundations and donors, and we also welcome new donors who joined us during the last 18 months. Again, our fantastic pro bono supporters helped us by providing invaluable professional services so that we can ensure that the majority of our donated funds can be directed to the needs of young people.

As our profile grows, an increasing number of people and businesses are fundraising on our behalf. I would urge our supporters to consider doing the same, so that our work can continue and more deserving young people can receive assistance.

Many thanks to the Fundraising and Marketing Subcommittee members for their valuable contributions. Welcome to Angelique Dingle who joined us in October 2011 and a big thank you to Arbel Givargis, who resigned from the subcommittee in July 2011.

Kelvyn Lavelle Chair, Western Chances Fundraising and Marketing Subcommittee

Donors

Adam AdlerAdrian CallilAirstream JetsAllandale Foundation Altus TrafficAndrew FraatzAndrew WilsonAngela AltairAngus MacnabAnnamila Pty LtdAssociation of Civilian Widows VictoriaAustralian Communities Foundation (Initiate Action Community)Australian Communities Foundation (Annamila Fund)Australian Communities Foundation (DDJE Fund)Australian Mortgage ManagersBarbara HornBaron CorporationBen WardBesen Family FoundationBongiorno GroupBrasher FoundationBrett NormanBrimbank City CouncilBroadmeadows Magistrates’ CourtBruce MillerBurbank HomesCallan CameronCandice LanceCharter Keck KramerChris CanavanChris DeightonCity of Moonee Valley City West WaterCoca Cola FoundationCollier Charitable FundCommonwealth BankCranwell Family TrustCredit SuisseDanks TrustDavid CookeDavid GibbsDepartment of Education and Early Childhood Development

Desal plant workersDimity Reed & Associates ArchitectsDon WilsonErnst & YoungEthel WhiteEugene CesterFiona DunsterFitzgerald OptometryFlack TrustFloral AffairsForte GroupFosters GroupGuy O’ConnorHamtonHayden Stephens Helen SpicerHilary ChapmanHobson Bay ChurchesHobsons Bay City CouncilInvergowrie FoundationJacqueline BirrellJames WS PetersJames WeaverJane CollinsonJennifer BarryJennifer CunichJim and Kylie BergJo HopkinsonJo SwiftJoan StennettJohn Connolly & PartnersJohn FitzgeraldJohn MacKinnonJohn MichelmoreJohn NicollJosh SlatteryJules WyldKay HamiltonKevin HuntKraft FoodsLeadWestLeon GorrLifestyle Communities LtdLinda WestonLindy TwycrossLinking Melb AuthorityLord Mayor’s Charitable Foundation Lorraine ChisholmLucy Spedo Mirandola

Lynne WannanMacroplanMadman EntertainmentMagistrates’ Court of Victoria Maria McGarvieMarian O’CallaghanMaribyrnong City CouncilMark HollandMark MaddenMark RasmussenMark TaylorMary and Richard RuddMary-Anne ThomasMatthew WilsonMcConnell DowellMelbourne AirportMessageworks Pty LtdMichael BarlowMichael WheelahanMick Young Scholarship TrustMilton CationsMontlaur Project Services Moonee Valley City CouncilMr ShowbagsMummu MediaMurray to Moyne DHSNewsboys FoundationNina BilewiczNufarmOddfellowsOnesteelPam FullerParkthorn Tourism & Leisure IndustriesPatrick KelsoPaul BellPaula DorringtonPedals on the PathPeter LemonPeter SouthwellPetrina Dorrington

Our supporters

Donors (continued)

Philippa HamiltonPhilippa JacksonPrain WritingQenosRM Ansett Trust Rachael PurcellRamsay Property GroupRichard BradleyRob SheehanRodger DallingRoisin O’DwyerRos WillettRosemount WinesSally FreemanSally WattsSchweppesShane Warne FoundationShelley PennShire of MeltonShona WatsonSolange RoussetSophia VirjiSt Albans Community CentreState TrusteesSteven SmithStuart GauntSue WhelanSummerhill Financial ServicesSunshine FoundationSusan PrainSuzanne EvansSwinburne TAFE alumniSwinburne Philanthropy alumniTax Matters & Business Affairs Pty LtdTony Crabb

Trawalla FoundationTri-Tech Chemical Company Pty LtdTrust CompanyVECCIVicki NeilVictoria Racing ClubVictoria University VR & SM PrainVU student fundraisersWannan Raysmith EnterprisesWerribee Magistrates’ CourtWestern Health Western WaterWillett Marketing William Angliss InstituteWilliam EllisWrightsairWyndham City Council Zagora FoundationZdraveski TrustZouki

Pro bono supporters

Barker & Barker MediaCarmine ConsultingDreampool ProductionsEmergent FuturesFreehills Lawyers James CumingKids Under CoverKPMGLeader Community NewspapersNHP Electrical EngineeringLime ConsultingNous GroupPitcher Partners

Prain WritingRogenSiRosemary HenrySlater & GordonSimon McKeonSmart WorksVECCIWarr Financial PartnersWestern Health

Other/Partnerships

Australian Centre for Effective PartnershipsFootscray Community Arts CentreLeader Community Newspapers LeadWestMuseum VictoriaNewport Sub-stationOur Community Plenary Group Victoria UniversityWestern Bulldogs William Angliss Institute

Angelique DingleAnne NicolBill HorrocksChris Thomson Christine HurwoodColleen ArmsDarryl ForbesDean LivesleyDenise MillsGabrielle Keating Geoff Mabbett

Jacinta WaughJade MoffattJane CollinsonJim BergJohn MacKinnonKate HullsKirsten Davidson-BlueKylie BergLetitia TownsendLex McArthurLouise Whiting

Mary HollowayNeil McCarthyPaul HigginsPaul LarkinPetrina DorringtonPaula DorringtonSam ButcherStuart JohnsonSue Wilson Wendy MacManus

Our volunteers We couldn’t do it without you!

“Thank you for giving me the opportunity to organise the award ceremony. It was such an honour to be given this responsibility and I enjoyed floor managing the evening. Thank you for believing in me.”

JuliaVictoria College of the Arts

Terry Bracks BEd GradDipAppSc Founding Chair

Lynne Wannan AM BA DipEd GAICD Deputy Chair

Patrick J Flannigan BBus FAIM FAICD Dip Treasurer

Deborah Beale BComm MBA Board Member

James Higgins (resigned October 2011) BA LLB Board Member

Kelvyn Lavelle MA GradDipUrbResearch Board Member

Guy Nelson BComm LLB Board Member

Rosie Salvaris BA DipEd GradDipEdAdm GradDip CivilCeleb Board Member

Rosalind Willett BEd Board Member

Rozanna (Roz) Zalewski BA LLB GradCertProfEthics Board Member

Western Chances Board and Subcommittees

Board of Directors

Board Subcommittees

Scholarships and Programs Subcommittee

Lynne Wannan (Chair)Colleen ArmsJane CollinsonEliza Costigan (leave of absence since Jan 2011)Darryl ForbesMary HollowayBill HorrocksChristine Hurwood (leave of absence since Jan 2011)Gabrielle KeatingWendy McManusJade MoffattRosie SalvarisJacinta Waugh Sue WilsonRoz Zalewski

Finance and Audit Subcommittee

Patrick Flannigan (Chair)Deb BealeTerry BracksRhyll DorringtonRosie Henry

Fundraising and Marketing Subcommittee

Kelvyn Lavelle (Chair)Angelique Dingle Rhyll DorringtonArbel Givargis (resigned July 2011)Neil McCarthyGuy NelsonRos Willett

Treasurer’s Report 2010 – 2011As mentioned elsewhere in this report, the Western Chances reporting period is an abnormal one because we are aligning our programs with the academic year (calendar year) instead of the financial year.

Throughout this period we continued to experience a difficult operating and general economic environment for our fundraising activities. Yet total funds raised during the 18 months exceeded $1 million, a very respectable result.

Importantly, we invested a similar amount directly into our scholarships and programs.

The economic environment will continue to provide challenges in terms of volatility and uncertainty. This emphasises the need to manage our finances with diligence and prudence to ensure that we maintain our sustainability.

Again, I would like to take this opportunity to thank our auditors (KPMG) for their continued support and my fellow Board members who served on the Finance Committee for their efforts over the last 18 months.

Patrick J. Flannigan Honorary Treasurer

Financial Statements

Directors’ Report The directors of the Company at any time during or since the end of the financial period are:

Founding Chair

Terry Bracks BEd GradDipAppSc

Terry Bracks is Patron of Heide Gallery, Deputy Chair of the Breast Cancer Network Australia, Trustee of the Victorian Arts Centre Trust, Board Member National Film and Sound Archive, past Board member of the Australian Children’s Television Foundation and the Number One Female Ticket Holder of the Melbourne Football Club.

Terry has worked as a teacher in regional Victoria and as an electorate officer to Federal MPs. She received a Centenary Medal and was awarded an Honorary Doctorate by Victoria University.

Deputy Chair

Lynne Wannan AMBA DipEd GAICD

Lynne Wannan is the Director of the Victorian Government’s Office for the Community Sector, and a non-executive Director of GoodStart Child Care Limited. Her immediate past roles include Chair of the Victorian Government Children’s Services Advisory Council, Chair of the Victorian Government’s Adult Community and Further Education Board, Convener of the National Association of Community Based Children’s Services and Chair of Community Child Care Victoria.

Lynne’s previous positions included member of the Victorian Qualifications Authority, Commissioner at the Victorian Learning and Skills Commission, member of the Child Care Reference Group of the Commonwealth Department of Family and Children’s Services, member of the Post-Compulsory Education Reference Group at the City of Hobson’s Bay, member of the Victorian Premier’s Children’s Advisory Committee and Manager of Community Services at the City of Sunshine.

Treasurer

Patrick J Flannigan BBus FAIM FAICD Dip

Patrick Flannigan has over 25 years of commercial experience in the industrial services, hospitality and tourism sectors. He has held senior positions up to CEO level with responsibilities for a wide range of activities including finance, operations and marketing. He has established his own business and currently serves on the Boards of various companies, both public and private.

Patrick is a Fellow of the Australian Institute of Management and a Fellow of the Australian Institute of Company Directors. He holds a business degree from Victoria University.

Board Members

Deborah Beale BComm MBA

Deborah Beale has a Bachelor of Commerce from the University of Melbourne, a Graduate Diploma from the Securities Institute of Australia and a Master of Business Administration from Melbourne Business School.

Deborah has broad experience in the areas of finance, corporate governance, fundraising, public relations and risk management.

James Higgins (resigned October 2011)BA LLB

James Higgins is the Victorian head of Slater & Gordon’s Commercial and Project Litigation division. Prior to his current role, James headed up the Queensland office of the firm during its inception. Before joining Slater & Gordon, he worked as Director of Parliamentary and Legal Affairs in the Office of the Premier of Victoria.

James completed an honours degree in law at Monash University, as well as an honours degree in arts, majoring in political science, drama and theatre studies.

Kelvyn Lavelle MA GradDipUrbResearch

Kelvyn Lavelle is Executive Director Corporate Affairs for Plenary Group, a leading public infrastructure business across Australia and Canada. His expertise is in the social infrastructure and construction sectors. Prior to joining Plenary Group, Kelvyn worked in public relations where he represented both the private and public sectors in the public–private partnership market.

Kelvyn has also held senior public sector positions. Before working in public relations he was Manager of Training and Youth Affairs for the Commonwealth Department of Education, Training and Youth Affairs. His academic qualifications include a Master of Arts by research and a Graduate Diploma in Urban Research and Policy.

Guy Nelson BComm LLB

Guy Nelson has over 25 years of experience in corporate finance and investment banking in Australia and Asia, including more recently 10 years at Macquarie Group where he was an Executive Director. He is now Managing Director of Alpha Partners, a boutique property investment and capital advisory business.

Guy originally practised commercial law before moving into investment banking. Prior to his role at Macquarie he was a senior executive with Bankers Trust Australia. He served as a Board member on many Macquarie investments and also on Property Council of Australia advisory committees and is a Fellow of the Australian Property Institute. As well as his Board role at Western Chances, he sits on advisory boards of a number of private companies in the property sector.

Guy holds a Bachelor of Laws and Bachelor of Commerce from the University of Melbourne.

Rosie Salvaris BA DipEd GradDipEdAdm GradDip CivilCeleb

Rosie Salvaris has a Bachelor of Arts, Diploma of Education, Graduate Diploma of Educational Administration and Graduate Diploma of Civil Celebrants. She is currently working as a University Colleague with Victoria University and has recently retired as the Principal of a large secondary school.

Rosie is a well-known educational leader with strong knowledge of corporate governance, finance, fundraising and human resource management.

Rosalind Willett BEd

Rosalind Willett is Managing Partner of Willett Marketing. She has a Bachelor of Education and has held teaching, Deputy Principal and Principal positions in secondary schools, which included developing and providing specialist education programs for disadvantaged youth.

Ros has extensive experience in corporate and government sponsorship, events, and community and education communication programs.

Rozanna (Roz) Zalewski BA LLB GradCertProfEthics

Roz Zalewski is a lawyer with experience in a variety of areas including criminal law, asylum advocacy, refugee decision making and legal professional standards. Between 2003 and 2010 she was a senior complaints officer and solicitor to the Legal Services Commissioner of Victoria.

Roz has, for many years, been actively engaged with community and human rights organisations and was a member of the International Humanitarian Law Advisory Committee of the Australian Red Cross. Currently, she is Deputy Chairperson of the Dame Nellie Melba Opera Trust, a scholarship fund for graduate students of opera performance, and is also a member of the Finance and Audit Committee of the Trust.

Roz is also enrolled in graduate studies in applied human rights.

Attendance at meetings

Board Member Eligible to attend Attended

Terry Bracks (Chair) 9 6

Lynne Wannan (Deputy Chair) 9 7

Deborah Beale 9 9

Patrick Flannigan 9 3

Kelvyn Lavelle 9 7

Ros Willett 9 9

Roz Zalewski 9 6

Rosie Salvaris 9 8

James Higgins 8 2

Guy Nelson 9 8

Short and long term objectives of the entity

Western Chances’ vision is to see young people in Melbourne’s western suburbs achieve their full potential.

Strategy for achieving these objectives

• Awarding merit-based scholarships that are targeted to young people in Melbourne’s West who have limited opportunities and financial resources.

• Providing opportunity programs and networks that advance the talents and pathways of young people in Melbourne’s West.

• Recognising, nurturing and celebrating the talent and potential talent of young people.

• Building partnerships that are aligned with the Western Chances vision to support the sustainability of the organisation.

Principal activities

The principal activities during the course of the financial period were to provide scholarships and the LINKS work experience program to young people in Melbourne’s western suburbs and to raise funds in order to run these programs.

How principal activities assisted in achieving the entity’s objectives

In 2011, Western Chances conducted its first external evaluation of our scholarship program and key findings confirmed that the organisation’s activities are achieving its objectives:

• Western Chances scholarship recipients achieved a 100% year 12 completion rate in comparison to the national average of 78%.

• 54% of WC recipients who finished secondary college in 2010 advanced to university. The Victorian average is 48.5%.

• 34% embarked on further education and apprenticeships. The Victorian average is 26.3%.

• 54% of the recipients are undertaking bachelor degrees, which is twice the national percentage (26.9%) for completion of these qualifications.

How performance is measured, including any key performance indicators (KPIs) used by the entity

Western Chances measures performance by:

• Renewing scholarships annually following evidence of progress and a self-assessment from each young person.

• Annual monitoring of recipients’ education and career pathways, post secondary school.

• Conducting evaluation projects of its activities.

Key Performance Indicators

• Budget on target.

• Over 90% of scholarship recipients go on to university, TAFE, apprenticeship or employment pathways.

Operating and financial reviewCommentary on operating results

Operating income for the financial period was $1,105,567 (2010: $767,910) from donations, sponsorship, investments and bank interest. Total expenditure for the financial period of $1,109,695 (2010: $662,742) included approved scholarships of $581,052 (2010: $382,829).

Significant changes in the state of affairs

In the opinion of the Directors there were no significant changes in the state of affairs of the Company that occurred during the financial period under review.

Change to the financial reporting date

During the financial period, the Directors elected to change the financial reporting date from 30 June to 31 December. This change is to align the financial reporting period of the Company with the scholastic calendar year, as Western Chances programs run within the timeframe from January to December. As such, this financial report is for a period of 18 months (“the financial period”), and comparative figures are not entirely comparable as they represent a period of 12 months.

Events subsequent to reporting dateThere has not arisen in the interval between the end of the financial period and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors of the Company, to affect significantly the operations of the Company, the results of those operations, or the state of affairs of the Company, in future financial years.

Likely developmentsThe Company will continue to provide scholarships to young people in the western suburbs to fund their studies.

Lead auditor’s independence declarationThe lead auditor’s independence declaration is set out on page 36 and forms part of the Directors’ Report for the financial period ended 31 December 2011.

Rounding off The financial report is presented in Australian dollars and all values are rounded to the nearest dollar unless otherwise stated.

Liability of members if the company is wound up

Every member undertakes to contribute an amount not more than $100 to the property of the Company if it is wound up while the person is a member or within one year after the person ceases to be a member, for:

(a) payment of the Company’s debts and liabilities contracted before the time he or she ceased to be a member;

(b) the costs, charges and expenses of winding up; and

(c) the adjustment of the rights of the contributories among themselves.

This report is made with a resolution of the directors:

Lynne Wannan Patrick Flannigan Deputy Chair Treasurer

Melbourne 27 April 2012

Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001

To: the Directors of Western Chances (a company limited by guarantee)

I declare that, to the best of my knowledge and belief, in relation to the audit for the financial period ended 31 December 2011 there have been:

(i) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and

(ii) no contraventions of any applicable code of professional conduct in relation to the audit.

KPMG

Chris Sargent Partner


KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (”KPMG International”), a Swiss entity.

Liability limited by a scheme approved under Professional Standards Legislation.

“I struggled to even purchase a calculator in the early days of studying for a Bachelor of Oral Health. Five years down the track, I completed my course and received an award for my academic performance. I am currently employed and I am grateful for the chance western chances gave me.”

JamillaUniversity of Melbourne

Western Chances Statement of Comprehensive Income For the period ended 31 December 2011

Note 2011 2010

Revenue 4 1,105,567 767,910

Expenses (excluding finance costs) 5 (1,109,695) (662,742)

Finance Costs (10,283) (5,601)

Results from operating activities (14,411) 99,567

Net gain / (loss) on investments (28,524) 19,803

Profit / (loss) before income tax (42,935) 119,370

Income tax expense - -

Profit / (loss) for the period (42,935) 119,370

Total comprehensive income / (loss) for the period (42,935) 119,370

The notes on pages 42 to 46 are an integral part of these financial statements.

Western Chances Statement of Financial Position As at 31 December 2011

Note 2011 2010

Assets

Cash and cash equivalents 6 668,477 702,332

Investments/Financial Assets 368,410 365,026

Trade and Other receivables 1,890 865

Total current assets 1,038,777 1,068,223

Property, plant and equipment 7 6,187 -

Total non-current assets 6,187 -

Total assets 1,044,964 1,068,223

Liabilities

Trade and other payables 8 130,974 126,934

Employee benefits 9 22,043 12,733

Total current liabilities 153,017 139,667

Employee benefits 9 16,219 9,893

Total non-current liabilities 16,219 9,893

Total liabilities 169,236 149,560

Net assets 875,728 918,663

Equity

Retained earnings 412,728 455,663

Restricted Scholarship Fund 463,000 463,000

Total equity 875,728 918,663


Western Chances Statement of Changes in Equity For the period ended 31 December 2011

Restricted Scholarship

Fund

Retained earnings

Total

Balance at 1 July 2009 463,000 336,293 799,293

Total comprehensive income for the period

Profit / (loss) for the period - 119,370 119,370

Total comprehensive income for the period - 119,370 119,370

Balance at 30 June 2010 463,000 455,663 918,663

Balance at 1 July 2010 463,000 455,663 918,663

Total comprehensive income / (loss) for the period

Profit / (loss) for the period - (42,935) (42,935)

Total comprehensive income / (loss) for the period - (42,935) (42,935)

Balance at 31 December 2011 463,000 412,728 875,728


Western Chances Statement of Cash Flows For the period ended 31 December 2011

Note 2011 2010

Cash flows from operating activities

Cash receipts from donors 944,612 626,653

Cash receipts from supporters and events 92,361 114,507

Interest received 27,564 12,895

Cash generated from operations 1,064,537 754,055

Payments to suppliers and employees (512,002) (270,386)

Scholarship payments (577,701) (258,356)

Net cash from operating activities 6 (25,166) 225,313

Cash flows from investing activities

Purchases of Property, Plant and Equipment (8,689) -

Net cash from investing activities (8,689) -

Cash flows from financing activities

Net cash from financing activities - -

Net increase (decrease) in cash and cash equivalents (33,855) 225,313

Cash and cash equivalents at beginning of year 702,332 477,019

Cash and cash equivalents at end of period 6 668,477 702,332


Western Chances Notes to the Financial Statements

1. Reporting entityWestern Chances (“the Company”) is a Company domiciled in Australia. The address of the Company’s registered office is 176 Furlong Road, St. Albans VIC 3021. The Company primarily is involved in providing scholarships and the LINKs work experience program to young people in Melbourne’s Western Suburbs.

Western Chances is a company limited by guarantee. The liability of members is limited.

In the opinion of the directors, the Company is not a reporting entity. The financial report of the Company has been drawn up as a special purpose financial report for distribution to the members and for the purpose of fulfilling the requirements of the Corporations Act 2001.

2. Basis of preparation(a) Statement of compliance

The special purpose financial report has been prepared in accordance with the requirements of the Corporations Act 2001 and the recognition, measurement and classification aspects of all applicable Australian Accounting Standards (AASBs) adopted by the Australian Accounting Standards Board (AASB).

The financial report does not include the disclosure requirements of all AASBs except for the following minimum requirements:

AASB 101 Presentation of Financial Statements

AASB 107 Cash Flow Statements

AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors

AASB 1031 Materiality

AASB 1048 Interpretation and Application of Standards

The financial statements were approved by the Board of Directors on 27 April 2012.

(b) Change to the financial reporting date

During the financial period, the Directors elected to change the financial reporting date from 30 June to 31 December. This change is to align the financial reporting period of the Company with the scholastic calendar year, as Western Chances programs run within the timeframe from January to December. As such, this financial report is for a period of 18 months (“the financial period”), and comparative figures are not entirely comparable as they represent a period of 12 months.

(c) Basis of measurement

The financial statements have been prepared on the historical cost basis except for the following:

• financial assets (investments) are measured at fair value through the income statement

(d) Functional and presentation currency

These financial statements are presented in Australian dollars, which is the Company’s functional currency.


3. Significant accounting policiesThe accounting policies set out below have been applied consistently to all periods presented in these financial statements.

(a) Property, plant and equipment

(i) Recognition and measurement

Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses.

(ii) Depreciation

Depreciation is recognised in profit or loss on a straight line basis over the estimated useful life of each part of an item of property, plant and equipment.

The depreciation rates for the current and comparative periods are as follows:

2011 2010

• Computer, printer and fax 33% 33%

Depreciation methods, useful lives and residual values are reviewed at each reporting date.

(b) Impairment

(i) Property, plant and equipment

The carrying value of property, plant and equipment are reviewed for impairment at each reporting date.

(c) Employee benefits

All employee expenses and entitlements are initially paid through Western Health. Western Chances then reimburses Western Health. Annual and long service leave provisions held by Western Chances represent the amounts to be paid to Western Health to reimburse these costs in future periods.

The amounts provided in respect of employee benefits is the amount of future benefit that employees have earned in return for their service in the current or prior periods, plus related on-costs. Any non-current amounts are discounted to present value.


3. Significant account policies (continued)(d) Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and revenue can be reliably measured, such as when funds are actually received.

Funds received are classified as Sponsorship where public recognition is appropriate.

Funds received are classified as Donations where public recognition is not required.

(e) Finance costs

Finance expenses comprise bank fees, merchant fees and investment management fees.

(f) Goods and services tax

Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred is not recoverable from the taxation authority. In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of the expense.

Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the ATO is included as a current asset or liability in the statement of financial position.

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

(g) Income Tax

Western Chances is an approved not for profit organisation under the Income Tax Assessment Act and therefore is exempt from income tax.

Western Chances was endorsed as a Deductible Gift Recipient on 24 February 2006, meaning monies received are tax deductible to donors.

(h) Financial assets

Financial assets, being the Company’s investment portfolio, are carried at fair value. Changes in fair value are recognised in current period earnings as the investments are able to be realised with one months notice and are therefore considered to be short term in nature.


4. Revenue2011 2010

Donations 944,612 626,653

Sponsorship and event income 92,361 114,507

Investment Income 41,030 13,855

Bank Interest 27,564 12,895

Total revenue 1,105,567 767,910

5. Expenses2011 2010

Scholarship expenses 581,052 382,829

Program Administration 98,910 71,703

Program Development 145,236 96,042

Program Marketing 79,279 -

Program Coordinators 118,236 66,496

Program Evaluation 31,000 -

Administration and other operating expenses 55,982 45,672

Total expenses 1,109,695 662,742

6. Cash and cash equivalents2011 2010

Cash at bank 668,477 702,332

Cash and cash equivalents in the statements of cash flows 668,477 702,332

Reconciliation of cash flows from operating activities

2011 2010

Cash flows from operating activities

Profit / (loss) for the period (42,935) 119,370

Adjustments for:

Depreciation 2,502 -

Non cash movement in Financial Assets (3,384) (27,989)

Operating profit before changes in working capital and provisions (43,817) 91,381

Change in trade and other payables 4,040 124,473

Change in provisions and employee benefits 15,636 10,324

Change in trade and other receivables (1,025) (865)

Net cash from operating activities (25,166) 225,313


7. Property, plant and equipment2011 2010

Cost

Balance at start of period 909 909

Additions 8,689 -

Disposals - -

Balance at end of period 9,598 909

Accumulated depreciation

Balance at start of period (909) (909)

Depreciation (2,502) -

Balance at end of period (3,411) (909)

Carrying value

Cost at end of period 9,598 909

Accumulated depreciation at end of period (3,411) (909)

Carrying value at end of period 6,187 -

8. Trade and other payables2011 2010

Trade payables 46,686 64,571

Accrued Liabilities 84,288 62,363

130,974 126,934

9. Employee benefits 2011 2010

Current

Liability for annual leave 22,043 12,733

Non-current

Liability for long-service leave 16,219 9,893

Total employee benefits 38,262 22,626

10. Subsequent eventsThere have been no events subsequent to balance date which would have a material effect on the Company’s financial report at 31 December 2011.

Western Chances Directors’ Declaration

In the opinion of the directors of Western Chances (“the Company”):

(a) the Company is not a reporting entity;

(b) the financial statements and notes, set out on pages 38 to 46, are in accordance with the Corporations Act 2001, including:

(i) giving a true and fair view of the financial position of the Company as at 31 December 2011 and of its performance, as represented by the results of its operations and its cash flows, for the financial period ended on that date in accordance with the statement of compliance and basis of preparation described in Note 2; and

(ii) complying with Australian Accounting Standards (including the Australian Accounting Interpretations) to the extent described in Note 2, and the Corporations Regulations 2001; and

(c) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of directors.

Lynne Wannan Patrick Flannigan Deputy Chair Treasurer

Dated at Melbourne this day of 27 April 2012

“As a teacher, it was inspiring to listen to the students talk about how the scholarships had changed their lives.”

Mary Chiodo Copperfield College

Independent Audit Report to the members of Western Chances (a company limited by guarantee)

Report on the financial report

We have audited the accompanying financial report, being a special purpose financial report, of Western Chances (the Company), which comprises the statement of financial position as at 31 December 2011, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the period ended on that date, Notes 1 to 10 comprising a summary of significant accounting policies and other explanatory information, and the directors’ 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 2 to the financial report is appropriate to meet the requirements of the Corporations Act 2001 and is appropriate to meet the needs of the members. The directors’ responsibility also includes such internal control as the directors determine necessary to enable the preparation of a financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. These Auditing 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 not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report.

These procedures have been undertaken to form an opinion whether, in all material respects, the financial report is presented fairly in accordance with the basis of accounting described in Notes 2 to 3 to the financial statements so as to present a true and fair view which is consistent with our understanding of the Company’s financial position, and of its performance.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (”KPMG International”), a Swiss entity.

Liability limited by a scheme approved under Professional Standards Legislation.

Independence

In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001.

Auditor’s opinion

In our opinion the financial report of Western Chances is in accordance with the Corporations Act 2001, including:

(a) giving a true and fair view of the Company’s financial position as at 31 December 2011 and of its performance for the period ended on that date in accordance with the accounting policies described in Note 3; and

(b) complying with Australian Accounting Standards to the extent described in Note 2 and the Corporations Regulations 2001.

Basis of Accounting

Without modifying our opinion, we draw attention to Note 1 to the financial report, which describes the basis of accounting. The financial report has been prepared for the purpose of fulfilling the directors’ financial reporting responsibilities under the Corporations Act 2001. As a result, the financial report may not be suitable for another purpose.

KPMG

Chris Sargent Partner


Western Chances PO Box 294 St Albans Victoria 3021

T (03) 8345 1850 F (03) 8345 0470

[email protected]

www.westernchances.org.au ABN 17 110 713 865

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