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HOCKEY VICTORIA INC.

FINANCIAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2017


TABLE OF CONTENTS

Financial Report

Statement of Profit or Loss and Other Comprehensive Income 1

Statement of Financial Position 2

Statement of Changes in Members Funds 3

Statement of Cash Flows 4

Notes to the Financial Statements 5

Directors Declarations 13

Independent Auditor’s Report 14

The accompanying notes form part of these financial statements.

- 1 -


STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2017 Notes 2017 2016

$ $

Revenue 2 3,023,175 2,778,735

Employee benefits expenses (1,497,483) (1,415,478)

Championships expenses (264,660) (158,425)

Administration expenses (322,423) (310,389)

Elite programs expenses (362,610) (359,446)

Affiliation expenses (171,810) (204,810)

Competition expenses (207,014) (160,949)

Development expenses (207,394) (174,901)

Loss for the year 1(a) (10,219) (5,663)

Other comprehensive income - -

Total comprehensive loss for the year (10,219) (5,663)


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STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2017

Notes 2017 2016

$ $

CURRENT ASSETS

Cash and cash equivalents 3 102,110 240,326

Trade and other receivables 4 227,283 208,142

Inventories 5 48,433 31,245

Investments 6 701,650 606,520

Other assets 7 66,931 107,063

TOTAL CURRENT ASSETS 1,146,407 1,193,296

NON-CURRENT ASSETS

Plant and equipment 8 72,524 47,658

TOTAL NON-CURRENT ASSETS 72,524 47,658

TOTAL ASSETS 1,218,931 1,240,954

CURRENT LIABILITIES

Trade and other payables 9 372,335 374,918

Provisions 10 150,448 122,190

Other liabilities 11 253,806 300,876

TOTAL CURRENT LIABILITIES 776,589 797,984

NON-CURRENT LIABILITIES

Provisions 10 26,447 16,856

TOTAL NON-CURRENT LIABILITIES 26,447 16,856

TOTAL LIABILITIES 803,036 814,840

NET ASSETS 415,895 426,114

MEMBERS' FUNDS

Reserves 12 275,560 275,560

Accumulated surplus 140,335 150,554

TOTAL MEMBERS’ FUNDS 415,895 426,114


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STATEMENT OF CHANGES IN MEMBERS FUNDS


Reserves

$

Accumulated

surplus

$

Total

$

Balance at 1 January 2016 275,560 156,217 431,777

Loss for the year - (5,663) (5,663)

Total comprehensive loss for the year - (5,663) (5,663)

Balance at 31 December 2016 275,560 150,554 426,114

Loss for the year - (10,219) (10,219)

Total comprehensive loss for the year - (10,219) (10,219)

Balance at 31 December 2017 275,560 140,335 415,895


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STATEMENT OF CASH FLOWS


Notes 2017 2016

$ $

CASH FLOWS FROM OPERATING ACTIVITIES

Receipts from clubs and individual members 2,992,300 2,354,809

Receipts from government grant income 268,486 289,014

Payments to suppliers and employees (3,264,274) (2,680,137)

Interest received 17,015 17,497

Net cash provided by/(used in) operating activities 13(b) 13,527 (18,817)

CASH FLOWS FROM INVESTING ACTIVITIES

Payment for property, plant and equipment (56,613) (35,593)

Investment in term deposits (95,130) (101,809)

Net cash used in investing activities (151,743) (137,402)

Net decrease in cash and cash equivalents (138,216) (156,219)

Cash at beginning of the year 240,326 396,545

Cash at end of the year 13(a) 102,110 240,326


NOTES TO THE FINANCIAL STATEMENTS


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NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

These financial statements are general purpose financial report which have been prepared in accordance with the

Associations Incorporations Reform Act 2012, Australian Accounting Standards – Reduced Disclosure

Requirements, and comply with other requirements of the law.

The financial statements were authorised for issue by the Board of Directors on 7 March 2018.

The report is prepared on an historical cost basis. Historical cost is generally based on the fair values of the

consideration given in exchange of the goods and services.

Critical Accounting Estimates and Judgements

The directors’ estimates and judgements incorporated into the financial report are based on historical results and

the best available current information. Estimates assumes a reasonable expectation of future events and are based

on current trends and economic data from internal and external sources.

In the application of the entity’s accounting policies, which are described below, the directors are required to make

judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily

apparent from other sources. The estimates and associated assumptions are based on historical experience and

other factors that are considered to be relevant. Actual result may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognised in the period in which the estimate is revised if the revision affects only that period or in the period

of the revision and future periods if the revision affects both current and future periods.

Key sources of estimation uncertainty

As described below in note 1(b) the entity reviews the estimated useful lives of property, plant and equipment at

each reporting date. No changes to the useful lives were determined during the current year.

The following specific accounting policies, which are consistent with the previous year unless otherwise stated,

have been adopted in the preparation of this report:

(a) Income Tax

No liability for income tax has been recognised as the Association is exempt from income tax under

Division 50 of the Income Tax Assessment Act 1997.

(b) Non-current Assets

Each class of plant and equipment is recognised in the Statement of Financial Position at cost or fair

value less, where applicable, any accumulated depreciation.




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NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)

(b) Non-current Assets (cont’d)

Depreciation

The depreciable amount of all property, plant and equipment is depreciated on a straight line basis over

the useful lives of the assets to the Association commencing from the time the asset is held ready for use.

The estimated useful lives, residual values and depreciation methods are reviewed at the end of each

reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

The depreciation rates used for each class of depreciable asset are:

Class of Fixed Asset Depreciation Rate

Office Furniture 28.6%

Electrical Equipment 28.6%

Hockey Equipment 28.6%

(c) Employee Benefits

Provision is made for the Association's liability for employee benefits arising from services rendered by

employees to reporting date. Employee benefits expected to be settled within one year, together with

benefits arising from wages and salaries and annual leave which will be settled after one year, have been

measured at the amounts expected to be paid when the liability is settled plus related on-costs. Other

employee benefits payable later than one year have been measured at the present value of the estimated

future cash outflows to be made for those benefits. Contributions are made by the Association to an

employee superannuation fund nominated by an employee and are charged as expenses when incurred.

(d) Unearned Deferred Revenue

Unearned revenue is recognised as a liability in the Statement of Financial Position and will be

recognised as revenue in the Statement of Profit or Loss and Other Comprehensive Income when

relevant services are delivered by the Association.

(e) Cash

For the purposes of the Statement of Cash Flows, cash includes cash on hand and at bank.

(f) Held-to-maturity financial assets

If Hockey Victoria has the positive intent and ability to hold term deposits to maturity, then such

financial assets are classified as held-to-maturity. Held-to-maturity financial assets are recognised

initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition,

held-to-maturity financial assets are measured at amortised cost using the effective interest method, less

any impairment losses. Held to maturity financial assets comprise term deposits.

(g) Revenue

Revenue from the rendering of a service is recognised upon the delivery of the service to the clubs and

individual members. Interest revenue is recognised on a proportional basis taking into account the

interest rates applicable to the financial assets.

Revenue from grant income is recognised in accordance with AASB 1004: Contributions. Grant income

is recognised when the Association gains control over the revenue and there is no unconditional

obligation to repay the revenue.

Other revenue is recognised when the right to receive the revenue has been established.

All revenue is stated net of the amount of goods and services tax (GST).




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NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)

(h) Goods and Services Tax

Revenues, expenses and assets are recognised net of the amount of GST, except:

i) where the amount of GST incurred is not recoverable from the Australian Taxation Office, it is

recognised as part of the cost of acquisition of an asset or as part of an item of expense; or

ii) for receivables and payables which are recognised inclusive of GST.

The net amount of GST recoverable from, or payable to, the taxation authority is included as part of

receivables or payables.

Cash flows are included in the cash flow statement on a gross basis. The GST component of the cash

flows arising from investing and financing activities which is recoverable from, or payable to, the

taxation authority is classified within operating cash flows.

(i) Inventory

Inventories are measured at the lower of cost and net realisable value. The cost of inventories comprise

all costs of purchase, costs of conversion and any other costs incurred in bringing the inventories to their

present location and condition. Costs are assigned on a first-in, first-out.

(j) Trade and other payables

Trade payables and other accounts payable are recognised when the Association becomes obliged to

make future payments resulting from the purchase of goods and services.

(k) Adoption of new and revised Accounting Standards

In the current year, the Club has applied a number of amendments to AASBs and a new Interpretation

issued by the Australian Accounting Standards Board (AASB) that are mandatorily effective for an

accounting period that begins on or after 1 January 2017, and therefore relevant for the current year end.

AASB 1048 Interpretation of Standards

AASB 2016-2 Amendments to Australian Accounting Standards – Disclosure Initiative:

Amendments to AASB 107

AASB 2017-2 Amendments to Australian Accounting Standards – Further Annual Improvements

2014-2016

The application of these amendments does not have any material impact on the disclosures or the

amounts recognised in the financial statements.

Standards and Interpretations in issue not yet adopted

At the date of authorisation of the financial statements, the Standards and Interpretations listed below were

in issue but not yet effective.

Standard/Interpretation

Effective for annual

reporting periods

beginning on or

after

Expected to be

initially applied in

the financial year

ending

AASB 9 ‘Financial Instruments’, and the relevant amending standards 1 January 2018 31 December 2018

AASB 15 ‘Revenue from Contracts with Customers’, AASB 2014-5

‘Amendments to Australian Accounting Standards arising from AASB

15’, AASB 2015-8 ‘Amendments to Australian Accounting Standards –

Effective date of AASB 15’and AASB 2016-3 Amendments to

Australian Accounting Standards – Clarifications to AASB 15

1 January 2019 31 December 2019

AASB 1058 Income for Not-for-Profit Entities

1 January 2019 31 December 2019

AASB 16 Lease 1 January 2019 31 December 2019

The potential effect of the revised Standards/Interpretations on the Association’s financial statements has not

yet been determined.



FOR THE YEAR ENDED 31 DECEMBER 2017 2017 2016

$ $

- 8 -

NOTE 2: REVENUE

Competition revenue 1,002,022 947,952

Development program revenue 111,243 97,843

Affiliation and membership revenue 653,646 636,426

Championships revenue 417,894 188,250

Government grant revenue 268,486 289,014

Ground hire revenue 117,863 94,781

Sponsorship revenue 66,458 101,129

Elite programs revenue 243,152 302,800

Fine revenue 28,997 33,700

Interest revenue 17,015 17,497

Other revenue 96,399 69,343

3,023,175 2,778,735

NOTE 3: CASH AND CASH EQUIVALENTS

Cash on hand 1,010 1,578

Cash at bank 101,100 238,748

102,110 240,326

NOTE 4: TRADE AND OTHER RECEIVABLES

Trade debtors 225,930 205,325

Other debtors 1,353 2,817

227,283 208,142

NOTE 5: INVENTORY

Inventory - uniforms 48,433 31,245

NOTE 6: INVESTMENTS

Term deposits at bank 701,650 606,520

NOTE 7: OTHER ASSETS

Prepayments 40,776 27,512

Deposits 26,155 79,551

66,931 107,063

NOTE 8: PROPERTY, PLANT & EQUIPMENT

Office Furniture Electrical Equipment Hockey Equipment Total

Gross carrying amount

Balance at 1 January 2016 5,375 26,268 5,131 36,774

Additions - 15,058 20,535 35,593

Disposals - - - -

Depreciation expense (3,380) (15,565) (5,764) (24,709)

Balance at 31 December 2016 1,995 25,761 19,902 47,658

Additions 6,200 14,216 36,197 56,613

Disposals - - - -

Depreciation expense (3,565) (16,737) (11,445) (31,747)

Balance at 31 December 2017 4,630 23,240 44,654 72,524




$ $

- 9 -

NOTE 9: TRADE AND OTHER PAYABLES

Trade creditors 228,362 192,182

Sundry creditors and accruals 143,973 182,736

372,335 374,918

NOTE 10: PROVISIONS

CURRENT

Provision for annual leave and long service leave 150,448 122,190

NON-CURRENT

Provision for long service leave 26,447 16,856

(a) Aggregate employee benefits liability 176,895 139,046

(b) Number of employees at year end 18 16

As at 31 December 2017, there are 18 employees (2016:16). The average number of employees throughout the year was 18 (2016:19).

NOTE 11: OTHER LIABILITIES

Deferred income (Payments received in advance) 253,806 300,876

NOTE 12: RESERVES

Balance at beginning of the year 275,560 275,560

Transfers from/to accumulated surplus - -

Balance at end of the year 275,560 275,560




$ $

- 10 -

NOTE 13: STATEMENT OF CASH FLOWS

(a) Reconciliation of cash and cash equivalents

Cash and cash equivalents at the end of the year as shown in the statement of

cash flows is reconciled to the related items in the statement of financial

position as follows:

Cash on hand 3 1,010 1,578

Cash at bank 3 101,100 238,748

102,110 240,326

(b) Reconciliation of loss for the year to net cash flows from operating activities

Loss for the year (10,219) (5,663)

Adjustments for non-cash items

Depreciation 31,747 24,709

Changes in assets and liabilities

(Increase)/decrease in assets:

Trade receivables (19,141) (116,279)

Inventory (17,188) (4,978)

Other assets 40,132 9,753

Increase/(decrease)in liabilities:

Trade and other payables (2,583) 12,749

Provisions 37,849 42,056

Other liabilities (47,070) 18,836

Net cash provided by/(used in) operating activities 13,527 (18,817)

NOTE 14: ASSOCIATION DETAILS

The principal place of business of Hockey Victoria Inc. is:

State Netball and Hockey Centre

Brens Drive

Royal Park Victoria

NOTE 15: CONTINGENT LIABILITIES

There were no contingent liabilities as at 31 December 2017.

NOTE 16: REMUNERATION OF AUDITORS

Audit of the financial report 12,000 9,000

The auditor is Deloitte Touche Tohmatsu

NOTE 17: COMMITMENTS FOR EXPENDITURE

Hockey Victoria Inc lease office space at the State Netball Hockey Centre in Parkville Victoria from the Melbourne Sport Centre Trust

for $60,000 per annum. The current lease expires on 31.12.2018, but it is expected to be renewed under the lease renewal option contained

in the lease.




- 11 -

NOTE 18: KEY MANAGEMENT PERSONNEL REMUNERATION

Mr Andrew Skillern, Chief Executive Officer

Mr Sash Herceg, General Manager – Hockey Operations

Ms Andrea Tacono, General Manger – Business Operations

Ms Susanne Henderson, General Manager – Community Hockey

Mr. Lachlan Anderson, General Manager- Technical Performance (from August 2016)

2017 2016

Short Term – Employee benefits $564,149 $467,793

Post-Employment Benefits $53,594 $44,440

Other Long Term Employee Benefits $51,269 $35,352

NOTE 19: RELATED PARTY TRANSACTIONS

During the year, eight (8) directors are member of Hockey Victoria Inc and have paid a membership fee to Hockey Victoria

Inc. The payment is made under the normal terms of business. Other than directors membership fees to Hockey Victoria Inc.,

made under normal business terms there are no related party transactions during the year.

Hockey Victoria Inc. maintains various bank accounts and term deposits through the National Australia Bank (NAB). Shaun

Dooley (Deputy Chairman) is an employee of the NAB. The bank accounts and deposits are provided by NAB on an arm’s

length basis at rates available to the general public.

The Board of Hockey Victoria Inc. receive no remuneration for their services to the Association.

NOTE 20: FINANCIAL INTRUMENTS

Capital risk strategy

Hockey Victoria receives State Government Funding and the Association is working to secure organic streams of revenue by

retaining its existing members and attracting new participants to support the traditional sport.

The Association is fulfilling the goals of the strategic plan, hence has reasonable ground to be able to continue as going

concern and maximising the benefits to the members.

Hockey Victoria has no debt and the financial assets consist of short term bank deposits that have minimal or no financial

risk.

(a) Market risk

The Association’s exposure to market risk is low. All financial investments consist of short term bank deposits.

(b) Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the

Association. Hockey Victoria trading terms with customers are 14 days. The short payment term helps with liquidity and to

enable prompt action if there are potentially doubtful or bad debt.

The carrying amount of financial assets recorded in the Statement of Financial Position represents the Association’s

maximum exposure.




- 12 -

NOTE 20: FINANCIAL INTRUMENTS (Cont’d))

Capital risk strategy (Cont’d)

(c) Interest rate risk

Interest rate risk is the risk that the market value of the Association’s investments will be adversely affected by fluctuations in

interest rates. The effective weighted average interest rates on those financial assets and financial liabilities, is as follows:

Weighted Average

Interest Weight Fair value

2017 2016 2017 2016

% % $ $

Financial assets

Cash assets - - 102,110 240,326

Investments - short term bank deposits 2.35 2.69 701,650 606,520

Trade receivables - - 227,283 208,142

Total current financial assets 1,031,043 1,054,988

Financial assets:

As at 31 December 2017, cash and cash equivalents held in the Association amount to $102,110 (2016: $240,326).

The Association held short term bank deposits amounts to $701,650 (2016: $606,520) which account for the substantial part

of current assets. The short term bank deposits are kept in an interest bearing account. Therefore, fluctuation in interest rates

will have an impact on revenue earned from this liquid resource. An interest rate change of 0.50% up or down based on the

amount as at 31 December 2017 will increase or decrease revenue by $351 (2016: $303).

(d) Foreign Currency Risk

The Association does not carry out any business that would give rise to foreign currency risk.

(e) Liquidity risk

Liquidity risk is the risk that the Association will have insufficient liquidity to meet its obligations as they fall due. All

payables are non-interest bearing and standard settlement terms apply. This risk is managed by regularly monitoring liquid

reserves and obligations falling due and through holding of cash and only short-term deposits. The Association is cash flow

positive with cash inflows constantly exceeding outflows on a monthly basis.

The Association’s only financial liabilities are payables which are all contracted to be settled within 30 days after reporting

date (2016: 30 days).

NOTE 21: SUBSEQUENT EVENTS

There has not been any matter or circumstances that have arisen since the end of the year that has significantly affected, or

may significantly affect, the operations of the entity, the results of those operations or state of affairs of the entity in future

financial years.

- 13 -


DIRECTORS’ DECLARATION

The Board of Directors’ declares that:

(a) The attached financial reports and notes thereto comply with the Associations Incorporations Reform Act 2012, Australian

Accounting Standards – Reduced Disclosure Requirements, and comply with other requirements of the law;

(b) The financial report presents a true and fair view of the financial position of Hockey Victoria Inc. as at 31 December 2017 and

of the results of its operations, its changes in members’ funds and its cash flows for the financial year ended on that date; and

(c) There are reasonable grounds to believe that the Association will be able to pay its debts as and when they become due and

payable.

This statement is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the Board of

Directors by:

Robert Dalton

Chairman

Dated this 7th March 2018

Deloitte refers to one or more of Deloitte Tourche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/au/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

Liability limited by a scheme approved under Professional Standards Legislation.

Member of Deloitte Touche Tohmatsu Limited

Deloitte Touche Tohmatsu

ABN 74 490 121 060

550 Bourke Street

Melbourne VIC 3000

GPO Box 78

Melbourne VIC 3001 Australia

DX: 111

Tel: +61 (0) 3 9671 7000

Fax: +61 (0) 3 9671 7001

www.deloitte.com.au

Independent Auditor’s Report to the members of Hockey Victoria Incorporated

Opinion We have audited the financial report of Hockey Victoria Incorporated (the “Entity”), which comprises the statement of financial position as at 31 December 2017, the income statement, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and the declaration by the directors.

In our opinion the accompanying financial report of the Entity, is in accordance with the

Associations Incorporation Reform Act 2012, including: (i) giving a true and fair view of the Entity’s financial position as at 31 December 2017 and of

its financial performance for the year then ended; and

(ii) complying with Australian Accounting Standards – Reduced Disclosure Regime.

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 Entity in accordance with the auditor independence requirements of the Associations Incorporation Reform Act 2012 and the

ethical 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. We confirm that the independence declaration required by the Associations Incorporation Reform

Act 2012, which has been given to the directors of the Entity, would be in the same terms if given to the directors 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. Other Information

The directors are responsible for the other information. The other information comprises unaudited

management report for the year ended 31 December 2017, but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other

information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

http://www.deloitte.com/au/about

- 15 -

The Members of the Board’s Responsibilities for the Financial Report The Members of the Board are responsible for the preparation of the financial report that gives a true and fair view in

accordance with Australian Accounting Standards and the Associations Incorporation Reform Act 2012 and for such internal control as the Members of the Board determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. In preparing the financial report, the Members of the Board are responsible for assessing the Entity’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 Members of the Board either intend to liquidate the Entity or to cease operations, or have no

realistic alternative but to do so.

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 the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of 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

Entity’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Members of the Board.

Conclude on the appropriateness of the the Members of the Board’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 Entity’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 Entity 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 the Members of the Board 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 the Members of the Board 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.

- 16 -

From the matters communicated with the Members of the Board, we determine those matters that were of most significance in the audit of the financial report of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because

the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

DELOITTE TOUCHE TOHMATSU

Robert Collie Partner Chartered Accountants Melbourne, 7 March 2018

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