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Good360 Australia Ltd ABN 93 161 292 664

Financial Report - 30 June 2018

Good360 Australia Ltd Corporate directory 30 June 2018

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Directors A Covington K Shilling (Resigned on 17 August 2017) J Shin G Byron A Gordon P Shorthouse M Barnett (Appointed on 17 August 2017) Company secretary Jessica Cameron (Appointed on 23 August 2017) Registered office and Principal Place of Business

Unit 2C Heritage Business Park 5-9 Ricketty Street Mascot NSW 2020

Auditor HLB Mann Judd Assurance (NSW) Pty Ltd

Good360 Australia Ltd Directors' report 30 June 2018

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The directors present their report, together with the financial statements, on the company for the year ended 30 June 2018. Principal activities The principal activity of the entity during the financial period were to provide donated goods to be used solely to relieve poverty, sickness, suffering or disability. Operating and Financial Review The company achieved a surplus for the year ended 30 June 2018 of $9,472,037 (2017: $2,150,306). Short and long-tern objectives and strategies Vision: To create the best charitable inventory solution in Australia. Purpose: To efficiently connect businesses that have goods with charities who need them, with an ongoing positive impact on the environment and on communities big and small. Mission: To provide charities of all sizes and causes nationwide with access to vital corporate product donations enabling them to save money, expand programs and strengthen their impact. We will apply innovative technological solutions to our unique online donation marketplace, providing a seamless process that links ordering, shipping, warehousing operations and member support together and eliminates delays in meeting demand. Our innovative approach will leverage social network functionality creating new and engaging online solutions that expand the impact of each build corporate citizenship and create positive outcomes for companies, communities and the environment. Performance measures To achieve these objectives, the entity has adopted the following strategies: To attract and retain quality staff and volunteers who are committed to our vision statement. The entity believes that attracting and retaining quality staff and volunteers will assist with the success of the entity in both the short and long term. Staff and volunteers will be committed to providing the best outcomes on behalf of those with whom the organization is involved. Committed staff and volunteers allow the entity the ability to engage in continuous improvement. The entity's staff and volunteers will strive to meet consistent standards of best practice and provide clear expectations of professional accountabilities and responsibilities to all stakeholders. Information on directors Name: Alison Covington Title: Director, Appointed 19 November 2012 - Present Qualifications: Business Strategy and Strategic Planning Experience and expertise: Founder and Managing Director of Good360 Australia Ltd. Experienced

senior executive in the public transport sector. Developed an enviable record for innovation, a reputation for raising standards, increasing profitability inloss-making companies and guiding them through the obstacles of majorindustry reform.

Good360 Australia Ltd Directors' report 30 June 2018

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Name: Matt Barnett Title: Chairman, Appointed 17 August 2017 - Present Qualifications: Business Strategy, Digital Strategy and Distribution Experience and expertise: 16 years' experience as a Director (FAICD). 10 years' former experience as

CEO of medical technology and distribution businesses. Specialization indigital business strategy and execution including 3 years' experience as aDirector of early stage and start-up digital businesses.

Name: Kate Shilling Title: Advisory, Appointed 6 May 2013 - 17 August 2017 Qualifications: Partnerships, Strategy and Commercial Experience and expertise: General Manager, Sales, marketing and Distribution at Australian Traveller

Media. 20 years' experience in senior management roles in retail, wholesaleand online travel organisations. Specialises in partnerships, strategy andcommercial.

Name: John Shin Title: Non-Executive Director, Appointed 14 October 2015 - Present Qualifications: Venture Capital and Arbitrage Fund Experience and expertise: Principal of Attalis Capital, Portfolio Manager at SQF and Consultant at M.H.

Carnegie & Co. Also Non-Executive Director at Devicedesk. Over 16 years' experience in the Australian & European financial markets. Specialises ininvestments, arbitrage fund and venture capital.

Name: Georgina Byron Title: Non-Executive Director, Appointed 9 February 2016 - Present Qualifications: Philanthropic Sector Experience and expertise: CEO at The Snow Foundation. 11 years of experience working in the

philanthropic sector. Experienced in delivering strategy, marketing anddistribution, project management, product development and portfoliomanagement.

Name: Adam Gordon Title: Non-Executive Director, Appointed 25 August 2016 - Present Qualifications: Venture Capital and Private Equity Experience and expertise: Associate Director at CHAMP Private Equity. Professional experience

includes Venture Capital & Private Equity. Also a Non-Executive Director of national Children's and Youth Law Centre.

Name: Peter Shorthouse Title: Non-Executive Director, Appointed 14 September 2016 - Present Qualifications: Chartered Accountant, Investment Markets Experience and expertise: Senior Partner at Crestore Wealth Management formerly UBS Wealth

Management and UBS Investment Banking, Sydney and London. Over 26years financial markets experience covering all assets classes as auditor, consultant, equity analyst and investment advisor.

Information on company secretary Name: Jessica Cameron Title: Company Secretary, Appointment 23 August 2017 - Present Qualifications: Executive Business Manager, Lawyer, Commercial, IP/IT and Compliance Experience and expertise: General Manager at Good360 Australia Ltd. Founder and Director of Haus of

Hund Pty Limited, experience as business owner, copywriter and lawyerspecializing in intellectual property, technology, commercial, governance andregulatory compliance.

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GOOD360 AUSTRALIA LTD ABN 93 161 292 664

AUDITOR’S INDEPENDENCE DECLARATION

We declare that, to the best of our knowledge and belief, there have been no contraventions of any applicable code of professional conduct in relation to the audit of the financial report of Good360 Australia Ltd for the year ended 30 June 2018.

HLB Mann Judd Assurance (NSW) Pty Ltd K L Luong Chartered Accountants Director Sydney, NSW 15 October 2018

Good360 Australia Ltd Contents 30 June 2018

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Statement of comprehensive income 7Statement of financial position 8 Statement of changes in equity 9 Statement of cash flows 10 Notes to the financial statements 11 Directors' declaration 19 Independent auditor's report to the members of Good360 Australia Ltd 20 General information The financial statements cover Good360 Australia Ltd as an individual entity. The financial statements are presented in Australian dollars, which is Good360 Australia Ltd's functional and presentation currency. Good360 Australia Ltd is a not-for-profit unlisted public company limited by guarantee. The financial statements were authorised for issue, in accordance with a resolution of directors, on 15 October 2018. The directors have the power to amend and reissue the financial statements.

Good360 Australia Ltd Statement of comprehensive income For the year ended 30 June 2018

2018 2017 $ $

The above statement of comprehensive income should be read in conjunction with the accompanying notes 7

Revenue Grants 895,000 835,005 Charity fees for service 372,331 258,307 Donations and other corporate revenue 524,220 250,788 Total revenue excluding In-Kind 1,791,551 1,344,100 In-Kind revenue - Goods donated 22,653,406 7,900,214 In-Kind revenue - Services 2,283,970 1,616,175 Total revenue 26,728,927 10,860,489 Expenses Professional fees (38,947) (13,933)Administration expense (78,851) (63,153)Shipping costs (57,101) (49,883)Travel and meeting expenses (21,846) (13,680)Credit and bank charges (19,456) (19,560)Employment expenses (1,154,848) (1,011,930)IT services (225,227) (115,144)Other expenses (282) (283)Marketing and promotions (25,099) (8,642)Warehouse and storage expenses (9,435) (17,709)Total expenses excluding In-Kind (1,631,092) (1,313,917) Operating surplus before In-Kind expenses 25,097,835 9,546,572 In-Kind - Goods donated to charities (12,840,270) (5,242,147)In-Kind - Expenses (2,283,969) (1,616,176)In-Kind - Goods sold to non-charities (501,559) (537,943) Surplus before income tax expense 9,472,037 2,150,306 Income tax expense - - Surplus after income tax expense for the year 9,472,037 2,150,306 Other comprehensive income for the year, net of tax - - Total comprehensive income for the year 9,472,037 2,150,306

Good360 Australia Ltd Statement of financial position As at 30 June 2018

Note 2018 2017 $ $

The above statement of financial position should be read in conjunction with the accompanying notes 8

Assets Current assets Cash and cash equivalents 3 316,292 122,564 Trade and other receivables 4 142,113 16,026 Inventories 5 17,029,930 7,718,353 Total current assets 17,488,335 7,856,943 Non-current assets Property, plant and equipment 6 8,946 - Intangibles 7 55,603 - Total non-current assets 64,549 - Total assets 17,552,884 7,856,943 Liabilities Current liabilities Trade and other payables 8 194,715 26,925 Borrowings 9 161,250 159,870 Employee benefits 10 40,718 25,329 Income in advance 11 104,313 64,968 Total current liabilities 500,996 277,092 Total liabilities 500,996 277,092 Net assets 17,051,888 7,579,851 Equity Retained surplus 17,051,888 7,579,851 Total equity 17,051,888 7,579,851

Good360 Australia Ltd Statement of changes in equity For the year ended 30 June 2018

The above statement of changes in equity should be read in conjunction with the accompanying notes 9

Retained Total equity surplus

$ $ Balance at 1 July 2016 5,429,545 5,429,545 Surplus after income tax expense for the year 2,150,306 2,150,306 Other comprehensive income for the year, net of tax - - Total comprehensive income for the year 2,150,306 2,150,306 Balance at 30 June 2017 7,579,851 7,579,851 Retained

Total equity surplus $ $ Balance at 1 July 2017 7,579,851 7,579,851 Surplus after income tax expense for the year 9,472,037 9,472,037 Other comprehensive income for the year, net of tax - - Total comprehensive income for the year 9,472,037 9,472,037 Balance at 30 June 2018 17,051,888 17,051,888

Good360 Australia Ltd Statement of cash flows For the year ended 30 June 2018

Note 2018 2017 $ $

The above statement of cash flows should be read in conjunction with the accompanying notes 10

Cash flows from operating activities Donations and gifts 840,461 390,198 Grants received 895,000 835,000 Interest received 15 27 Payments to suppliers and employees (1,464,773) (1,328,047)Interest paid (9,870) (5,684) Net cash from/(used in) operating activities 260,833 (108,506) Cash flows from investing activities Payments for property, plant and equipment 6 (67,105) - Net cash used in investing activities (67,105) - Cash flows from financing activities Net cash from financing activities - - Net increase/(decrease) in cash and cash equivalents 193,728 (108,506)Cash and cash equivalents at the beginning of the financial year 122,564 231,070 Cash and cash equivalents at the end of the financial year 3 316,292 122,564

Good360 Australia Ltd Notes to the financial statements 30 June 2018

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1. Significant accounting policies The financial statements cover Good360 Australia Ltd ('the company") as an individual entity, incorporated and domiciled in Australia. Good360 Australia Ltd is a company limited by guarantee. New or amended Accounting Standards and Interpretations adoptedThe company has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ("AASB") that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. Basis of preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards - Reduced Disclosure Requirements and Interpretations issued by the Australian Charities and Not-for-profits Commission Act 2012. Good360 Australia Ltd is a not-for-profit entity for the purpose of preparing the financial statements. Comparatives are reclassified where appropriate to enhance comparability. Historical cost convention The financial statements have been prepared under the historical cost convention, except for, where applicable, the revaluation of available-for-sale financial assets, financial assets and liabilities at fair value through surplus or deficit, investment properties, certain classes of property, plant and equipment and derivative financial instruments. Critical accounting estimates The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2. Revenue recognition and income in advanceNon-reciprocal grant revenue is recognised in surplus or deficit when the entity obtains control of the grant and it is probable that the economic benefits gained from the grant will flow to the entity and the amount of the grant can be measured reliably. If conditions are attached to the grant which must be satisfied before it is eligible to receive the contribution, the recognition of the grant as revenue will be deferred until those conditions are satisfied. When grant revenue is received whereby the entity incurs the obligation to deliver the economic value directly back to the contributor, this is considered a reciprocal transaction and the grant revenue is recognised in the statement of financial position as liability until the service has been delivered to the contributor, otherwise the grant is recognised as income on receipt. Good360 Australia Limited receives non-reciprocal donation of goods from third parties for zero or nominal consideration. These assets are recognised at estimated retail value on the date of acquisition in the statement of financial position, with a corresponding amount of income recognised in profit or loss. Interest revenue is recognised as it accrues using the effective interest method, which for floating rate financial assets the rate inherent in the instrument. Revenue from the rendering of service is recognised upon the delivery of the services to the customers. All revenue is stated net of the amount of goods and services tax. Revenue is recognised when the company is legally entitled to the income and the amount can be quantified with reasonable accuracy. In-Kind services In-Kind services are included at the fair value to the company where these can be quantified and a third party is bearing the costs.


1. Significant accounting policies (continued)

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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 the use of resources. Fundraising costs are those incurred in seeking voluntary contributions by donation and do not include costs of disseminating information relating to the activities carried on by the company. Income tax The company is a charitable institution in terms of subsection 50-5 of the Income Tax Assessment Act 1997, as amended, and is therefore exempt from paying income tax. The company holds Deductible Gift Recipient Status. Cash and cash equivalentsCash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Trade and other receivablesTrade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any allowance for impairment. Trade receivables are generally due for settlement within 30 days. Collectability of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectable are written off by reducing the carrying amount directly. An allowance for impairment of trade receivables is raised when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation and default or delinquency in payments (more than 60 days overdue) are considered indicators that the trade receivable may be impaired. The amount of the impairment allowance is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. Cash flows relating to short-term receivables are not discounted if the effect of discounting is immaterial. Other receivables are recognised at amortised cost, less any allowance for impairment. Inventories Inventories comprise goods held for distribution at no consideration as part of the company's charitable activities. Donated goods and goods purchased for nominal consideration held for distribution are recognised at estimated retail value. Product inventory includes items on hand at various warehouse that have not been distributed to the ultimate recipients but are under the control of the company. As the donated product inventory is shipped, it is released from inventory and reported as product inventory distributions in the statement of profit or loss and other comprehensive income. Donated goods are only sold where explicit permission is granted by the donor for use in the company fundraising events. Property, plant and equipment Office equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation is calculated on a straight-line basis over their expected useful lives as follows: Office Equipment 3 years



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Intangible assets Intangible assets acquired as part of a business combination, other than goodwill, are initially measured at their fair value at the date of the acquisition. Intangible assets acquired separately are initially recognised at cost. Indefinite life intangible assets are not amortised and are subsequently measured at cost less any impairment. Finite life intangible assets are subsequently measured at cost less amortisation and any impairment. The gains or losses recognised in surplus or deficit arising from the derecognition of intangible assets are measured as the difference between net disposal proceeds and the carrying amount of the intangible asset. The method and useful lives of finite life intangible assets are reviewed annually. Changes in the expected pattern of consumption or useful life are accounted for prospectively by changing the amortisation method or period. Software Significant costs associated with software are deferred and amortised on a straight-line basis over the period of their expected benefit, being their finite life of 5 years. Trade and other payables These amounts represent liabilities for goods and services provided to the company prior to the end of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition. Borrowings Loans and borrowings are initially recognised at the fair value of the consideration received, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method. Where there is an unconditional right to defer settlement of the liability for at least 12 months after the reporting date, the loans or borrowings are classified as non-current. Employee benefits Short-term employee benefits Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled. Other long-term employee benefits The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are measured at the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. Fair value measurement When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market. Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.



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Goods and Services Tax ('GST') Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement of financial position. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority. Going concern The financial report has been prepared on a going concern basis, which contemplates continuity of normal trading activities and the realisation of assets and settlement of liabilities in the normal course of business. The company's continued existence is ultimately dependent upon generating revenue from service fees, securing grants and donations from philanthropic and corporate supporters. The company is forecasting a cash surplus as at October 2019. Due to the company’s current growth strategy, it will experience an increase in costs and operating cash outflows and remains dependent on the continued financial support from its partners, donors and members. However, to assist managing its working capital the company adopts various strategies including raising more funding and identifying stock that can be sold to non-charities via partners with established distribution channels, which would provide in excess of $1,000,000 in cash. The company believes that the availability of these strategies and its strong ties with key stakeholders will ensure there are sufficient funds to enable the company to continue to pay its debts as and when they fall due and payable and remain a going concern. 2. Critical accounting judgements, estimates and assumptions The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below. Inventories Inventory consists of donated goods recorded on initial recognition at their retail value. The company reviews the inventory on hand periodically for any loss in service potential and recognises an allowance for impairment. The distribution of the product inventory is based on the specific identification method. The net realisable value of inventories held at the balance sheet date is estimated to be sufficient to ensure that realisable net current asset are positive. 3. Current assets - cash and cash equivalents 2018 2017 $ $ Cash at bank and on hand 316,292 122,564


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4. Current assets - trade and other receivables 2018 2017 $ $ Accounts receivable and other debtors 139,114 7,810 Sundry receivables 2,999 8,216 142,113 16,026 5. Current assets - inventories 2018 2017 $ $ Inventories 17,029,930 7,718,353 6. Non-current assets - property, plant and equipment 2018 2017 $ $ Office equipment 11,502 - Accumulated depreciation (2,556) - 8,946 - Reconciliations Reconciliations of the written down values at the beginning and end of the current financial year are set out below:

Office

Equipment

Total $ $ Balance at 1 July 2017 - - Additions 11,502 11,502 Depreciation expense (2,556) (2,556) Balance at 30 June 2018 8,946 8,946


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7. Non-current assets - intangibles 2018 2017 $ $ Software WIP - at cost 55,603 - Reconciliations Reconciliations of the written down values at the beginning and end of the current financial year are set out below:

Software

Development

Total $ $ Balance at 1 July 2017 - - Additions 55,603 55,603 Balance at 30 June 2018 55,603 55,603 8. Current liabilities - trade and other payables 2018 2017 $ $ Accounts payable 79,100 13,332 Sundry payables 115,615 13,593 194,715 26,925 9. Current liabilities - borrowings 2018 2017 $ $ Loan payable - director (Note 15) 161,250 159,870 The loan from a director related entity of the company is unsecured and carries an interest of 7.5% p.a. (2017: 7.5%). The repayment date of the loan is 30 June 2019. 10. Current liabilities - Employee benefits 2018 2017 $ $ Annual leave 40,718 25,329 11. Current liabilities - Income in advance 2018 2017 $ $ Prepaid to charity registration 86,018 60,370 Grants received in advance - general 18,295 4,248 Grant - charity sponsorship - 350 104,313 64,968


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12. Charitable fundraising activities 2018 2017 $ $ (a) Details of aggregate gross income and total expenses of fundraising appeals

Gross proceeds from fundraising 16,634 70,369 Value of donated goods 22,653,406 7,900,214 Less: expenditure from fundraising appeals (206) (3,420)Less: value of goods distributed (12,840,270) (5,242,144) Net surplus from fundraising 9,829,564 2,725,019 2018 2018 2017 2017 $ % $ % Direct costs of fundraising, excluding In-Kind 206 - 3,420 - Gross proceeds from fundraising, excluding In-Kind 16,634 1% 70,369 5% In-Kind fundraising expenditure (including goods distributed) 12,840,270 - 5,242,144

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In-Kind fundraising income (including goods donated) 22,653,406 57% 7,900,214 66% Total costs of fundraising 12,840,476 - 5,245,564 - Total income from fundraising 22,670,040 57% 7,970,583 66% Net surplus from fundraising, excluding In-Kind 16,428 99% 66,949 95% Net surplus from fundraising, including In-Kind 9,829,564 43% 2,725,019 34% (b) Fundraising income activities Fundraising income activities carried out during the year related predominantly to the non-cash In-Kind acquisition of goods for distribution, with a small amount generated from online activities. (c) Expenditure of funds raised Surplus funds from fundraising are applied to carry out the objectives of the company. Expenditure related predominantly to the non-cash In-Kind distribution of costs to charities. 13. Financial Risk Management The company is not exposed to any significant financial risks in respect to the financial instruments that it held at the end of the reporting period. The board of directors have the overall responsibility for identifying and managing operational and financial risks. The company’s financial instruments consist mainly of deposits with banks, trade receivables and payables The carrying amounts for each category of financial statements are as follows: 2018 2017 $ $ Financial assets Cash and cash equivalents 316,292 122,564 Trade and other receivables 142,113 16,026 458,405 138,590


13. Financial Risk Management (continued)

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2018 2017 $ $ Financial liabilities Trade and other payables 194,715 26,925 Borrowings 161,250 159,870 Income in advance 104,313 64,968 460,278 251,763 14. Capital commitments The company has a capital commitment of $286,960 up to February 2019 to develop both software and an online platform. 15. Related party transactions Remuneration of non-executive directors No remuneration was received or is receivable by non-executive directors. No superannuation contributions were paid or are payable in respect of non-executive directors. Key management personnel compensation Key management personnel is any person who has the authority and responsibility for planning directing and controlling the activities of the company directly or indirectly. The total remuneration paid to key management personnel during the year is as follows: 2018 2017 $ $ Key management personnel compensation 811,606 631,739 2018 2017 $ $ Borrowings from Agoo Australia Pty Ltd, a company related to Alison Covington

Opening balance 159,870 154,304 Interest paid (9,870) (5,684)Interest accrued 11,250 11,250 Closing balance 161,250 159,870 16. Events after the reporting period No matter or circumstance has arisen since 30 June 2018 that has significantly affected, or may significantly affect the company's operations, the results of those operations, or the company's state of affairs in future financial years.

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INDEPENDENT AUDITOR’S REPORT

To the Members of Good360 Australia Ltd Opinion We have audited the financial report of Good360 Australia Ltd (“the company”) which comprises the statement of financial position as at 30 June 2018, the statement of comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and the directors’ declaration. In our opinion, the accompanying financial report of Good360 Australia Ltd has been prepared in accordance with Division 60 of the Australian Charities and Not-for-profits Commission Act 2012, including: (a) giving a true and fair view of the company’s financial position as at 30 June 2018 and of its financial

performance for the year then ended; and

(b) complying with Australian Accounting Standards - Reduced Disclosure Requirements to the extent described in Note 1 and Division 60 of the Australian Charities and Not-for-profits Commission Regulation 2013.

(c) we have been given all information, explanation and assistance necessary for the conduct of the audit; (d) the company has kept financial records sufficient to enable a financial report to be prepared and audited; (e) the company has kept other records as required by Part 3.2 of the Australian Charities and Not-for-profits

Commission Act 2012; (f) any property received as a result of fundraising appeals conducted during the year ended 30 June 2018

has been properly accounted for and applied in accordance with the Charitable Fundraising Act 1991 and the Regulations thereto;

(g) the financial statements and associated records have been properly kept during the financial year in

accordance with provisions of Charitable Fundraising Act 1991 and the Regulations thereto; and (h) at the date of this statement there are reasonable grounds to believe the company will be able to pay its

debts as and when they fall due. Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the company in accordance with the auditor independence requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (“the Code”) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

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INDEPENDENT AUDITOR’S REPORT (CONTINUED)

Basis for Opinion (Continued) We confirm that the independence declaration required by Division 60 of the Australian Charities and Not-for-profits Commission Act 2012, which has been given to the directors, would be in the same terms if given as at the time of this auditor’s report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of the Directors for the Financial Report The directors are responsible for the preparation of the financial report that gives a true and fair view in accordance with the Australian Accounting Standards – Reduced Disclosure Requirements, the Australian Charities and Not-for-Profits Commissions Regulations 2013 and the Australian Charities and Not-for-profits Commission Act 2012 and for such internal control as the directors determines is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error. In preparing the financial report, directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Directors are responsible for overseeing the company’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial report, whether due to fraud or

error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.

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INDEPENDENT AUDITOR’S REPORT (CONTINUED)

Auditor’s Responsibilities for the Audit of the Financial Report (Continued)

• Conclude on the appropriateness of the management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide with those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. HLB Mann Judd Assurance (NSW) Pty Ltd K L Luong Chartered Accountants Director Sydney, NSW 15 October 2018

Good360 is ready to take our impact to the next level, we need investment to scale our operations with high-impact, proven distribution channels.

Contact [email protected] for further information.

Good360 is seeking funding for: Capacity building & strategic growth

Good360 will 1. Deliver transformative digital strategy 2. Scale-up additional delivery channels 3. Develop capacity to increase income generation 4. Build the Good360 brand

We will collaborate with more partners to deliver

Good360 is ready to take our impact to the next level, we need investment to scale our operations with high-impact, proven distribution channels.

Contact Good360 Founder & MD, Alison Covington at [email protected] for further information.

good360 australia ltd€¦ · place of business unit 2c heritage business park 5-9 ricketty street...

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