the cardiac society of australia and new zealand · educational expenditure 2 (265,497) (264,198)...

An association of independent firms in Australia and New Zealand and a member of UHY International a network of independent accounting and consulting firms.

Passion beyond numbers

THE CARDIAC SOCIETY OF AUSTRALIA AND NEW ZEALAND SPECIAL PURPOSE FINANCIAL REPORT FOR THE YEAR ENDED 30 APRIL 2019

THE CARDIAC SOCIETY OF AUSTRALIA AND NEW ZEALAND

BOARD REPORT FOR THE YEAR ENDED 30 APRIL 2019

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CONTENTS Board Report 3

Auditor’s Independence Declaration 8

Statement of Profit or Loss and Other Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Statement of Cash Flows 12

Notes to the Financial Statements 13

Members of the Board Declaration 23

Independent Auditor’s Report 24

Auditor’s Disclaimer 27

Detailed statement of Comprehensive Income – Operating 28

Detailed statement of Comprehensive Income – Educational 30



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The Board presents the financial statements of the society for the year ended 30 April 2019. 1. Board Members The names of the Board Members in office at any time during or since the end of the year are listed below. Members have been in office since the start of the financial year to the date of this report unless otherwise stated.

Name & qualifications Responsibilities Appointed / Resigned

A. Almeida MBBS FRACS

Surgical Representative

Appointed 2017 Retired 2018

P. Bridgman MBChB MD FRACP FCSANZ

Chair, Education Committee Appointed 2019

D. Brieger MB BS PhD FRACP FACC FCSANZ

Board Member Appointed 2014

D. Chew MB BS FRACPFACC MPH FCSANZ

Chair, Quality Standards Committee Appointed 2014

C. Chow MB BS FRACP PhD FCSANZ

Honorary Treasurer Appointed 2013

J. Deague MB BS PhD FRACP FCSANZ

Board Member Appointed 2015 Retired August 2018

A.R. Denniss MD MSc FRACP FCSANZ

Editor-in-Chief, Heart Lung and Circulation Appointed 2013

S. Duffy MB BS PhD FRACP MRCP FCSANZ


L. Galligan MB BS FRACP BMed Sc FCSANZ


T. Gentles MBChB DCH FRACP FCSANZ

Paediatric Representative Appointed 2015

S. Inglis BN BHSci PhD

Nursing Representative Appointed 2016

J. Ingles BBioMedSc GDipGenCouns PhD

Allied Health Representative Appointed 2015

G. Jennings AO MBBS MD FRACP FCSANZ

Heart Foundation Representative Appointed 2016



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1. Board Members – Cont’d Name & qualifications Responsibilities Appointed / Resigned

R. Jeremy PhD MB BS FRACP FAHA FESC FCSANZ

Chair, Continuing Professional Development Committee

Appointed 2001 Retired August 2018

L. Kritharides MB BS PhD FRACP FCSANZ

Chair, Specialty Training Committee President

Appointed 2015 August 2018

S. Kumar BSc MBBS PhD FRACP FCSANZ

Chair, Heart Rhythm Council Appointed 2018

M. Lund MBChB FRACP FCSANZ

New Zealand Regional Chair Appointed 2018

A. McGavigan MBChB MRCP MD FRACP FCSANZ

Chair, Heart Rhythm Council Appointed 2013 Retired August 2018

S. Nicholls MB BS FRACP PhD FCSANZ

Honorary Secretary Appointed 2016

W. Parsonage BMedSc MBBS DM FRACP MRCP FCSANZ


J. Rankin MB BS PhD FRACP FCSANZ


C. Semsarian AM MB BS PhD FRACP FCSANZ

Chair, Scientific Committee Appointed 2018

J. Stewart MBChB MD FRCP FRACP FCSANZ

Chair, Interventional Council Appointed 2013 Retired February 2019

A. Thiagalingam MB ChB FRACP PhD FCSANZ

Chair, Professional and Ethical Standards Committee

Appointed 2016

S. Wahi MBBS MD FRACP FCSANZ

Chair, Imaging Council Appointed 2016

M. Webster MB ChB FRACP FCSANZ

Immediate past President Appointed 2016

Matthew WorthleyMBBS FRACP PhD FCSANZ




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2. Objectives The Society is established with the objective of promoting the highest standards of education, training, research and practice in cardiovascular medicine and surgery, through:

(a) contributing to the advancement of knowledge of the cardiovascular system and treatment of diseases;

(b) establishing and supporting the maintenance of professional and ethical standards of practice;

(c) facilitation of the education of trainees in cardiovascular medicine;

(d) facilitation of continuing professional development in cardiovascular medicine;

(e) promotion and defence of equitable access of all Australians and New Zealanders to high quality cardiovascular healthcare; and

(f) promotion of good fellowship among those who primary interest is the practice of cardiovascular medicine or surgery or allied subjects.

3. Strategy for Achieving Objectives To achieve the objective, the Society may do all such things as it considers necessary, incidental or conducive to the objective including taking any gift of money or property, whether subject to any special trust or not, for any one or more of the objects and dealing with any such gift in such manner as is required and allowed by law. 4. Principal Activities The principal activities of the Society during the course of the year were to advance the knowledge of the cardiovascular system, the maintenance of professional and ethical standards and the promotion of good fellowship among those whose primary interest is in the practice of cardiovascular medicine or surgery or research in these or allied subjects. 5. Results of Activities & State of Affairs During the year, the Society’s activities resulted in a surplus of $260,686 (2018: Surplus of $275,574). At the end of the financial year the Society had net assets of $1,384,125 (2018: $1,123,439). There were no significant changes in the nature of activities during the year. 6. Performance Measures The Directors of the Society monitor progress on strategic objectives at each meeting of the Directors. Key strategic projects for the financial year comprised strengthening relationships with local and international partners; constituting a new Education Committee; review of the Society’s membership categories and membership application processes; launch of guidelines for Heart Failure and Atrial Fibrillation in collaboration with the National Heart Foundation of Australia; review of the Society’s Annual Scientific Meeting; implementation of new processes for appointing Chairs and Members of Board committees; organisation of a



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6. Performance Measures – Cont’d scientific meeting on Indigenous Cardiovascular Health held in Wellington, New Zealand; a new publishing agreement for the Society’s journal Heart, Lung and Circulation; and liaison with the Department of Health on various issues including recommendations of the review of cardiac services MBS item numbers. 7. Events Subsequent to Balance Date No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Society, the results of those operations, or the state of affairs of the economic entity in future financial years. 8. Environmental Issues The Society's operations are not regulated by any significant environmental regulation under a law of the Commonwealth or of a State or Territory. 9. Contribution on Winding Up The entity is incorporated under the Corporations Act 2001 and is an entity limited by guarantee. If the Society is wound up during the time of a member's membership or within one year afterwards, the constitution states each member undertakes to contribute to the assets of the Society for payment of:

(a) debts and liabilities of The Society contracted before the member's membership ceases; (b) costs, charges and expenses of the winding up of The Society; and (c) adjustment of the rights of the contributories amongst themselves, such amount as may be required not exceeding $100 (2018: $100)

10. Meeting of Board Members The meetings attended by each board member of the Society during the financial year were as follows:

Board Member Number eligible to attend

Number Attended

A. Almeida 2 0P. Bridgman 1 0D. Brieger 4 2D. Chew 4 4C. Chow 4 4J. Deague 2 2R. Denniss 4 3S. Duffy 4 4L. Galligan 4 2T. Gentles 4 4J. Ingles 4 4



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10. Meeting of Board Members-Cont’d

Board Member Number eligible to attend

Number Attended

S. Inglis 4 4G. Jennings 4 4R. Jeremy 2 1L. Kritharides 4 4S. Kumar 2 2M. Lund 4 4A. McGavigan 2 2S. Nicholls 4 2W. Parsonage 4 4J. Rankin 2 2C. Semsarian 4 4J. Stewart 2 2A. Thiagalingam 4 4S. Wahi 4 3M. Webster 4 4M Worthley 4 3

11. Auditor’s Independence Declaration A copy of the auditor's independence declaration required under section 307C of the Corporations Act 2001 is set out on the following page. This report is made in accordance with a resolution of directors. On behalf of the Directors Board member: ………………………………………… Prof. C. Chow Dated this ………………day of ………………2019.

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STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 APRIL 2019

Note 2019 2018 $ $Operating *RestatedOperating income 2 2,902,453 2,855,657Operating expenditure 2 (2,486,270) (2,516,044)Surplus from Operating Activities 416,183 339,613 Educational Educational income 2 110,000 200,159Educational expenditure 2 (265,497) (264,198)Deficit from Educational Activities (155,497) (64,039) Surplus before income tax expense 260,686 275,574Income tax expense - -Surplus after income tax expense 260,686 275,574 Other Comprehensive Income for the year, net of tax - -Total Comprehensive Income for the year 260,686 275,574

The accompanying notes form part of these financial statements

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STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2019

Note 2019 2018 $ $Current Assets Cash at bank 3 2,722,264 2,725,521Trade and other receivables 4 74,286 215,426Financial assets 5 309,359 109,359Other assets 80,868 22,277Total Current Assets 3,186,777 3,072,583 Non Current Assets Financial assets 5 19,087 19,087Property and equipment 6 20,926 9,230Total Non Current Assets 40,013 28,317 Total Assets 3,226,790 3,100,900 Current Liabilities Trade and other payables 7 77,032 115,094Provisions 8 102,025 107,959Other liabilities 9 1,140,191 1,135,747Deferred revenue 10 515,105 614,446Total Current Liabilities 1,834,353 1,973,246 Non Current Liabilities Provisions 8 8,312 4,215Total Non Current Liabilities 8,312 4,215 Total Liabilities 1,842,665 1,977,461 Net Assets 1,384,125 1,123,439 Accumulated Funds Cardiac society trust fund reserve 39,633 39,633Educational Reserve Fund 11 (655,679) (500,182)Operational Reserve Fund 11 2,000,171 1,583,988 Total Accumulated Funds 1,384,125 1,123,439


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STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2019


Educational Reserve Fund

Operational Reserve Fund

Cardiac Society Trust

Fund Reserve

Total

$ $ $ $ Balance as at 1 May 2017 (436,143) 1,244,375 39,633 847,865 Total comprehensive income / (loss) (64,039) 339,613 - 275,574 Balance as at 30 April 2018 (500,182) 1,583,988 39,633 1,123,439 Balance as at 1 May 2018 (500,182) 1,583,988 39,633 1,123,439 Total comprehensive income / (loss) (155,497) 416,183 - 260,686 Balance as at 30 April 2019 (655,679) 2,000,171 39,633 1,384,125

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STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2019

Note 2019 2018 $ $Cash Flow from Operating Activities Receipts from customers 3,045,752 3,149,359Payments to suppliers & employees (2,833,982) (2,792,333)Interest and other costs of finance paid/received 4,011 5,481Net cash generated from operating activities 12 215,781 362,507 Cash Flow from Investing Activities Reinvestment of term deposits (200,000) (20,922)Purchases of plant & equipment (23,482) (10,494)Net cash (used in) investing activities (223,482) (31,416) Cash Flow from Financing Activities Proceeds from funds to hold on trust 4,444 74,771Net cash generated from financing activities 4,444 74,771 Net (decrease) increase in cash held (3,257) 405,862Cash at the beginning of the financial year 2,725,521 2,319,659 Cash at the end of the financial year 3 2,722,264 2,725,521


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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2019

1 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES In the boards' opinion, the society is not a reporting entity because there are no users dependent on general purpose financial statements. Therefore, special purpose financial statements have been prepared in order to meet the requirements of the Corporations Act 2001. The board has determined that the accounting policies disclosed below are appropriate to meet the needs of the members of the society. These financial statements have been prepared in accordance with the mandatory reporting requirements under the Corporations Act 2001. Such accounting policies are consistent with the previous period unless stated otherwise. The financial statements are for The Cardiac Society of Australia and New Zealand (Australian operations ABN 23 003 635 505). (A) BASIS OF PREPARATION The financial statements have been prepared on an accruals basis, unless stated otherwise, so that income and expenses are accounted for when the right to that asset or liability arise. The financial report is based on historic costs and does not take into account changing money values or current valuations of non-current assets. Cost is based on fair values of consideration given in exchange for assets. (B) SIGNIFICANT ACCOUNTING POLICIES The accounting policies that have been adopted in the preparation of the statements are as follows: REVENUE Revenue is recognised when is probable that the economic benefit will flow to the Society and the revenue can be easily measured. Revenue is measured at the fair value of the consideration received or receivable. Subscriptions Revenue from subscription income and rendering of services is recognised upon delivery of the service to the Member. Subscription income is brought to account evenly over the period to which it relates. Receipts received and expenses incurred before year end in relation to the future services to be provided are deferred as a liability or an asset, as appropriate. (Note 11 – Deferred revenue). Donations Donations collected are recognised as revenue when the entity gains control, economic benefits are probable and the amount of donations can be measured reliably.

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1 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (cont.) Grants A number of the programs are supported by grants received from the third party. If conditions are attached to a grant which must be satisfied before the company is eligible to receive the contribution, recognition of the grant as revenue is deferred until those conditions are satisfied. Where a grant is received on the condition that specified services are delivered to the grantor, this is considered a reciprocal transaction. Revenue is recognised as services are performed and at year end a liability is recognised until the service is delivered. Revenue from a non-reciprocal grant that is not subject to conditions is recognised when the Group obtains control of the funds, economic benefits are probably and the amount can be measured reliably. Where a grant may be required to be repaid if certain conditions are not satisfied, a liability is recognised at year end to the extent that conditions remain unsatisfied. Interest Interest revenue is recognised using the effective interest method, which for floating rate financial assets is the rate inherent in the instrument. All revenue is stated net of the amount of goods and services tax (GST). PROPERTY AND EQUIPMENT Property and equipment are carried at cost less any accumulated depreciation and impairment losses. Property, plant and equipment are depreciated over their estimated useful lives. The depreciable amount of all property and equipment are depreciated on a straight-line basis over their estimated useful lives commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of the lease or the estimated useful lives of the asset. The asset’s residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash at bank and deposits held at-call with banks. FINANCIAL INSTRUMENTS Initial recognition and measurement Financial instruments, incorporating financial assets and financial liabilities, are recognized when the entity becomes a party to the contractual provisions of the instrument.

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1 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (cont.) Financial instruments are initially measured at fair value plus transactions costs where the instrument is not classified as at fair value through profit or loss. Transaction costs related to instrument classified as at fair value through profit or loss are expensed to profit or loss immediately. Financial instruments are classified and measured as set out below. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are stated at amortised cost using the effective interest rate method. Financial liabilities Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised cost using the effective interest rate method. Impairment of financial assets At each reporting date, the Society assesses whether there is objective evidence that a financial instrument has been impaired. Impairment losses are recognised in the statement of profit or loss and other comprehensive income. The carrying amount of financial assets including uncollectible trade receivables is reduced by the impairment loss through the use of an allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss. Derecognition Financial assets are derecognised where the contractual rights to receipt of cash flows expire or the asset is transferred to another party whereby the entity no longer has any significant continuing involvement in the risks and benefits associated with the asset. Financial liabilities are derecognized where the related obligations are either discharged, cancelled or expire. The difference between the carrying value of the financial liability extinguished or transferred to another party and the fair value of consideration paid, including the transfer of non-cash assets or liabilities assumed is recognised in profit or loss. GOODS AND SERVICES TAX (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised as a part of the cost of acquisition of the asset or as part of an item of expense. EMPLOYEE BENEFITS Short-term employee benefits Short-term employee benefits are benefits, other than termination benefits, that are expected to be settled wholly within twelve months after the end of the period in which the employees render the related service. Examples of such benefits include wages and salaries

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1 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (cont.) and non-monetary benefit. Short-term employee benefits are measured at the undiscounted amounts expected to be paid when the liabilities are settled. Other long-term employee benefits The Society’s liabilities for annual leave and long service leave are included in other long term benefits as they are not expected to be settled wholly within twelve months after the end of the period in which the employees render the related service. They are measured at the present value of the expected future payments to be made to employees. The expected future payments incorporate anticipated future wage and salary levels, experience of employee departures and periods of service, and are discounted at rates determined by reference to market yields at the end of the reporting period on government bonds that have maturity dates that approximate the timing of the estimated future cash outflows. Any re-measurements arising from experience adjustments and changes in assumptions are recognised in profit or loss in the periods in which the changes occur. The Society presents employee benefit obligations as current liabilities in the statement of financial position if the Society does not have an unconditional right to defer settlement for at least twelve months after the reporting period, irrespective of when the actual settlement is expected to take place. TRADE AND OTHER RECEIVABLES Trade and other receivables include amounts due from customers for goods sold and services performed in the ordinary course of business. Receivables expected to be collected within 12 months of the end of the reporting period are classified as current assets. All other receivables are classified as non-current assets. TRADE AND OTHER PAYABLES Trade and other payables represent the liabilities for goods and services received by the Society during the reporting period that remain unpaid at the end of the reporting period. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability. INCOME TAX The Society is exempt from paying income tax in Australia due to it being a non-profit society established for the encouragement of science in terms of sections 50-5, item 1.7 of the Income Tax Assessment Act 1997. COMPARATIVE FIGURES Where required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year. ESTIMATION UNCERTAINTY When preparing the financial statements management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses.

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1 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (cont.) The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results. Information about significant judgements, estimates and assumptions that have the most significant effect on recognition and measurement of assets, liabilities, income and expenses is provided below. Provisions – Make Good Provision The liability to make good rental premises is recognised and measured at the present value of the estimated future cash flows to be made in respect of all identified works which the Society has a contractual obligation to perform on the termination of its lease. In determining the present value of the liability inflation and the entities discount rate have been taken into account.

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2 PROFIT BEFORE INCOME TAX 2019 2018 $ $ *RestatedSignificant Revenue and Expenses The following significant revenue and expense items are relevant in explaining the Society’s financial performance:

Operating Income

Subscriptions 656,999 651,251ASM income 2,198,527 2,101,147Conference income - 40,571Other revenue 46,927 62,688Total Operating Income 2,902,453 2,855,657 Operating Expenditure ASM expense 1,513,295 1,458,578Salaries and wages 319,837 275,543Superannuation contributions 30,503 30,265Registry expenses - 50,000Subscriptions journal 251,621 243,823Rent 78,084 106,808Depreciation expenses 11,786 16,313Audit fees 14,390 13,700Consultancy fee 81,434 17,170Fares 28,037 31,240Insurance 31,955 21,125In-training exam expenses 22,135 23,850Guidelines development cost - 50,000Website expenses 3,097 20,096Other expenses 100,096 157,533Total Operating Expenditures 2,486,270 2,516,044 Educational Income Scholarships and fellowships 110,000 100,159Contribution income - 100,000 Total Educational Income 110,000 200,159 Educational Expenditure Research scholarships 130,585 177,296Other scholarships, prizes & allowances 134,912 86,902 Total Educational Expenditures 265,497 264,198

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3 CASH AND CASH EQUIVALENTS 2019 2018 $ $Cash at bank 2,722,225 2,725,482Cardiac Society Trust Fund - Cash at bank 39 39 2,722,264 2,725,521 The cash at bank balance includes funds totalling $1,106,065 (2018: $1,121,621) held on trust for other entities. Corresponding liabilities are recognised for these funds on the Statement of Financial Position. Refer note 9 for details. 4 TRADE AND OTHER RECEIVABLES Accounts receivable 3,920 140,571TAVI Joint Committee 70,366 70,366GST refundable - 4,489 74,286 215,426 5 FINANCIAL ASSETS Current Assets Term deposits 309,359 109,359 309,359 109,359 Non Current Assets Bank guarantee 19,087 19,087 19,087 19,087 6 PROPERTY, PLANT AND EQUIPMENT Written down value as at 1 May 9,230 15,049Additions 23,482 10,494Depreciation (11,786) (16,313)Written down value as at 30 April 20,926 9,230 7 TRADE AND OTHER PAYABLES

Trade creditors 14,708 93,014Other creditors & accruals 62,324 22,080

77,032 115,094

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8 PROVISIONS 2019 2018 $ $Current Annual leave 51,645 55,749Long service leave 8,659 10,489Provision for make good 41,721 41,721 102,025 107,959

The provision to make good was raised to account for estimated make good costs associated with the entities lease at its premises located at Level 12, 189 Kent Street, Sydney. Non-Current 2019 2018 $ $Long service leave 8,312 4,215 8,312 4,215 9 OTHER LIABILITIES Payable to Interventional Council 807,917 804,386Payable to Heart Failure Council 56,540 56,293Payable to Paediatric and Congenital Council 261,608 260,942Payable to Regional committees 14,126 14,126 1,140,191 1,135,747 These liabilities are not interest bearing and any interest earned on related cash balances accrue to these entities, not to the Society. 10 DEFERRED REVENUE

Deferred revenue 515,105 614,446 11 RESERVES

Educational Reserve Fund (655,679) (500,182)Operational Reserve Fund 2,000,171 1,583,988

1,344,492 1,083,806 The Society allocates surpluses and deficits to monitor the historical performance of its various business units. These reserves are not restricted and management has discretion to allocate funds between each class of reserves

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NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 APRIL 2019

12 CASH FLOW RECONCILIATION 2019 2018

$ $Cash flows from operating activities Total Surplus for the period 260,686 275,574 Non-cash flows in operating surplus Depreciation and amortisation expense 11,786 16,313 Net change in assets / liabilities Decrease (Increase) in trade and other receivables 141,140 (85,168)(Increase) in other assets (58,591) (11,659)(Decrease) Increase in trade and other payables (137,403) 220,543(Decrease) in provisions (1,837) (53,096)Net cash from operating activities 215,781 362,507 13 CHANGE IN ACCOUNTING POLICY The Society had previously recognised ASM revenue on a net basis. Under the Accounting Standards, the revenue should be recognised on a gross basis and therefore, the Society decided to change its accounting policy to be in line with the Accounting Standards. The prior year comparatives are restated as indicated below: Statement of profit of loss and other comprehensive income (extract)

2018 Increase/(Decrease)

2018 restated

Operating income 1,403,807 1,451,850 2,855,657Operating expenditure 1,064,194 1,451,850 2,516,044Surplus from operating activities 339,613 - 339,613 Surplus after income tax 275,574 - 275,574Other comprehensive income - - -Total comprehensive income for the year 275,574 - 275,574

14 AUDITOR’S REMUNERATION

2019 2018Remuneration of the auditor UHY Haines Norton for: $ $

auditing or reviewing the financial statements 11,600 11,050other services 2,790 2,650 14,390 13,700 15 CONTINGENT LIABILITIES The Society has given bank guarantees as at 30 April 2019 of $19,087 (2018: $19,087).

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16 COMMITMENTS 2019 2018

$ $Minimum lease payments under non-cancellable operating leases:

- not later than one year 70,870 70,870- between one year and five years 144,407 215,277

215,277 286,147 17 EVENTS AFTER THE REPORTING PERIOD No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Society, the results of those operations, or the state of affairs of the Society in future financial years. 18 SOCIETY DETAILS The registered office and principal place of business of the Society is: The Cardiac Society of Australia and New Zealand Level 12, 189 Kent Street SYDNEY NSW 2000

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MEMBERS OF THE BOARD DECLARATION The Board has determined that the Society is not a reporting entity and that this special purpose report should be prepared in accordance with the accounting policies described in Note 1 to the financial statements. The Board declares that:

1. The financial statements and notes as set out on pages 9 to 22 are in accordance with the Corporations Act 2001 and:

(i) comply with Australian Accounting Standards as detailed in Note

1 to the financial statements; and (ii) give a true and fair view of the Society’s financial position as at

30 April 2019 and of its performance for the year ended on that date in accordance with the accounting policies described in Note 1 to the financial statements;

2. In the Board members’ opinion, there are reasonable grounds to believe

that the Society will be able to pay its debts as and when they become due and payable.

This declaration is signed in accordance with a resolution of the Board made pursuant to section 295(5)(a) of the Corporations Act 2001. Board member: …………………………………. Prof. C. Chow Dated this ………………day of ………………2019.

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THE CARDIAC SOCIETY OF AUSTRALIA AND NEW ZEALAND DETAILED STATEMENT OF COMPREHENSIVE INCOME - OPERATING

FOR THE YEAR ENDED 30 APRIL 2019 OPERATING 2019 2018 $ $ Operating Income Interest 4,011 5,481Subscriptions 656,999 651,251ASM income 2,198,527 2,101,147ACHD Conference income - 40,571Rent recovery 9,830 13,236Reimbursement of ANZET expenses - 10,766Reimbursement of ICCG expenses - 103Reimbursement of Interventional CI expenses 5,000 -Council income - 773Donation 1,000 1,000Exam fees 17,109 18,464Regional committee income - 12,865Miscellaneous income 9,977 -Total operating income 2,902,453 2,855,657 Operating Expenditure Audit fees 14,390 13,700ANZET 1,026 5,341Adult Congenital Symposium expenses - 10,619ASM expenses 1,513,295 1,458,578Bank charges & merchant fees 10,096 11,029Computer expenses 4,780 1,209Consultancy fees 81,434 17,170Councils expenses 4,638 -CPD expenses 15,318 -CSANZ Education Trust expenses (5,633) -Depreciation 11,786 16,313Donations 523 411Electricity 1,164 1,622Employee training & development 1,386 -Exam expenses 22,135 23,850Fares & expenses 28,037 31,241Filing fees 1,178 418Guidelines development costs - 50,000Conference expense 19 42,518Leave provision expense (1,646) 8,724Legal expenses 5,295 26,034Management liability insurance 13,130 2,179Meeting expenses 10,212 7,458Photocopying 6,036 5,680

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OPERATING 2019 2018 $ $ Postage, airfreight & couriers 283 471Professional indemnity & liability insurance 18,825 18,945Regional committee expense 3,651 1,026Registry expenses - 50,000Electronic newsletter 969 2,505Rent 78,084 106,808Salaries & clerical assistance 319,837 275,543Society membership 12,624 13,861Stationery & printing 5,849 7,837Subscriptions journal 262,329 243,823Sundry expenses 3,218 (2,093)Superannuation 30,503 30,265Telephone 8,402 12,864Website 3,097 20,095 Total operating expenditure 2,486,270 2,516,044 Surplus transferred to accumulated operating funds 416,183 339,613

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THE CARDIAC SOCIETY OF AUSTRALIA AND NEW ZEALAND DETAILED STATEMENT OF COMPREHENSIVE INCOME - EDUCATIONAL

FOR THE YEAR ENDED 30 APRIL 2019 EDUCATIONAL 2019 2018 $ $Educational Income Scholarships and fellowships 110,000 100,159Contribution income - 100,000Total educational income 110,000 200,159 Educational Expenditure ASM prizes - 2,000Prizes & scholarships 92,294 32,409Research scholarships 130,585 177,296Travelling fellowship 42,618 52,493Total educational expenditure 265,497 264,198 (Deficit) Transferred to Accumulated Educational Reserve Fund (155,497) (64,039)

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