consolidated financial statements for the year ended 31...
TRANSCRIPT
EDA.0005.0001.0154
ROMAN CATHOLIC TRUSTS CORPORATION
for the Diocese of Melbourne ABN: 52 768159 282
as Trustees for the Catholic Archdiocese of Melbourne
ABN: 64 047 619 369
CATHOLIC ARCHDIOCESE OF MELBOURNE
Consolidated Financial Statements
for the year ended 31 December 2013
CTJH.221.04010.0154
EDA.0005.0001.0155
1 2-4 5 6 7-19
20-21
ROMAN CATHOLIC TRUSTS CORPORATION
for the Diocese of Melbourne ABN: 52 768 619 282
as Trustees for the Catholic Archdiocese of Melbourne ABN: 64 047 619 369
CATHOLIC ARCHDIOCESE OF MELBOURNE
Index
Statement by RCTC Secretary and Treasurer Consolidated Statement of Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Cash Flow Consolidated Notes to the Financial Statements Auditors' Report
CTJH.221.04010.0155
EDA.0005.0001.0156
ROMAN CATHOLIC TRUSTS CORPORATION
for the Diocese of Melbourne ABN: 52 768 159 282
CATHOLIC ARCHDIOCESE OF MELBOURNE ABN: 64 047 619 369
Statement by the RCTC Secretary and the Treasurer
In the opinion of the RCTC Secretary and the Treasurer of the Catholic Archdiocese of Melbourne this special purpose financial report has been prepared in accordance with the accounting policies described in Note 1 to the financial statements.
The RCTC Secretary and Treasurer of the Catholic Archdiocese of Melbourne declare that;
a. The financial statements and notes present fairly the financial position of the Catholic Archdiocese of Melbourne as at 31 December 2013 and its performance for the period ended on that date in accordance with the accounting polices described in Note 1 to the financial statements; and
b. In their opinion there are reasonable grounds to believe that the Catholic Archdiocese of Melbourne will be able to pay their debts as and when they become due and payable.
Signed at East Melbourne on th~ayof March 2014
F X Moore Treasurer
CTJH.221.04010.0156
EDA.0005.0001.0157
ROMAN CATHOLIC TRUSTS CORPORATION for the Diocese of Melbourne ABN: 52 768 159 282 And Controlled Entities
as Trustee for the Catholic Archdiocese of Melbourne ABN: 64 047 619 369
CATHOLIC ARCHDIOCESE OF MELBOURNE
Consolidated Statement of Comprehensive Income for the year ended 31 December 2013
Income
Books, publications & resources Cathedraticum income Conferences & workshops Course fees Donations Grants Interest - bank & other Investment -capital growth Investment - interest & dividend Investment - profit on sale Investment - rent from investment properties Other income Land acquisition levy Quota income Profit on sale of operating assets Rental Service fees Sponsorships Subscriptions
Total Income
Other Expense
Administration support Advertising Appeal costs Archive costs Audit fees Australian Episcopal Conference fee Bad & doubtful debts Bank charges Board & lodging Books, publications & resources Cartage & freight Catering Chapel costs Cleaning Client expenses Compensation payments Computer expenses Conferences/seminars/retreats Consultants Contract staff Courses Sub Total Carried Forward
Notes 2013 $
2,364,244 739,629 328,086
1,104,353 2,050,469 9,390,532
455,575 11,502,182 5,120,880 2,678,213 1,498,590 5,146,600 1,774,915 3,693,576
344,381 1,685,131 2,452,714
110,786 352,492
52,793,346
238,239 11,668
7,835 1,923
40,355 1,664,406
100,000 42,535
151,779 136,621 26 ,689
199,821 45,774
491,289 233,804
1,260,000 72 ,892
445,181 3,867,530
296,299 253,028
9,587,665
2012 $
2,784,637 710,319 270,065
1,097,070 3,554,418 8,699,235
200,285 7,250,389 5,473,501
921 ,506 1,443,436 4,579,541
425,889 3,493,490 (116,078) 1,629,680 2,427,795
119,935 314,505
45,279,617
166,021 19,680 6,789 4,179
61 ,396 805,166 100,000 43,477 86,374
132,081 22,111
200,883 51 ,544
525,931 188,797 685,706
56,100 391,311
2,823,962 320,928 289,341
6,981 ,775
The Consolidated Statement of Comprehensive Income is to be read in conjunction with the Consolidated Notes to the Financial Statements and the Auditor's Report.
2
CTJH.221.04010.0157
EDA.0005.0001.0158
ROMAN CATHOLIC TRUSTS CORPORATION for the Diocese of Melbourne ABN: 52 768159 282 And Controlled Entities
as Trustee for the Catholic Archdiocese of Melbourne ABN: 64 047 619 369
CATHOLIC ARCHDIOCESE OF MELBOURNE
Consolidated Statement of Comprehensive Income for the year ended 31 December 2013
Notes 2013 2012 $ $
Other Expenses
Sub Total Brought Forward 9,587,665 6,981,775 Depreciation 1,537,169 1,512,102 Distribution of income 533,783 590,513 Donations 4,771 ,245 4,416,257 Electricity & gas 448,414 413,542 Episcopal Trustee fees 603,915 750,1 41 Food provisions 62,494 37,571 Formation Expenses 1,500 19,423 Fringe benefits tax 47,003 78,491 General expenses 241 186 Hospitality (entertainment) 104,863 97,671 Household expenses 8,105 12,894 Insurance 988,907 927,445 Interest expense 3,362,792 3,104,615 Investment expenses 290,175 210,255 Lease expenses 188,204 187,100 Lecture fees 279,101 268,944 Legal fees 3,740,947 2,828,842 Maintenance & repairs 1,254,535 1,374,484 Medical expenses 175,156 129,862 Motor vehicle costs 214,461 230,485 Office furniture & equipment purchases 42,357 40,239 Ordination costs 1,602 49,828 Parish support 228,863 211,631 Payroll Costs 43,937 51,552 Photocopy, facsimile & printing 120,767 114,295 Postage 233,247 249,653 Printing 611 ,391 673,327 Public relations & media 159,174 158,607 Purchase of stock for resale 1,210,710 1,376,101 Quotas 37 ,048 32 ,908 Rates 183,259 173,562 Remuneration - clergy 696,815 756,543 Rents paid 543,055 461,947 Research expenses 14,183 32,907 Rubbish removal 27,396 22,797 Sabbatical leave 109,246 114,066 Scholarship costs 325,656 384,173 Security 250,441 267,734 Staff amenities 46,615 49,595 Staff recruitment costs 2,255 17,069 Staff training 54,684 93,268 Stationary & office supplies 139,637 112,525 Stipends 1,109,370 1,036,252 Sub Total Carried Forward 34,392,383 30,653,179
The Consolidated Statement of Comprehensive Income is to be read in conjunction with the Consolidated Notes to the Financial Statements and the Auditor's Report.
3
CTJH.221.04010.0158
EDA.0005.0001.0159
ROMAN CATHOLIC TRUSTS CORPORATION for the Diocese of Melbourne ABN: 52 768 159 282 And Controlled Entities
as Trustee for the Catholic Archdiocese of Melbourne ABN: 64 047 619 369
CATHOLIC ARCHDIOCESE OF MELBOURNE
Consolidated Statement of Comprehensive Income for the year ended 31 December 2013
Other Expense
Sub Total Brought Forward Subscriptions Superannuation for contractors Supply payments Telecommunications Travel & accommodation Vestments Workcover- payments
Total Other Expense
Salary Expenses
Leave - annual leave movement Leave - long service leave provision Salary & wages Superannuation Workcover- insurance premiums
Total Salary Expenses
Internal Transfers
Accounting charges Computer support General contribution Inter department service charge Internal Photocopying charge
Total Internal Transfers
Total Expenditure
Operating Surplus/( Deficit) for year
Accumulated funds at 1 January 2013
Increased Archdiocese Equity in Carlton Seminary
Accumulated funds at 31 December 2013
Notes 2013 $
34,392,383 191,895
10,602 27,831
295,421 696,055
6,754 2,094
35,623,035
129,312 313,974
11,455,742 978,984
76,144 12,954,156
(20,039) (74,400)
10,500 6,648
(7,671) (84,962)
48,492,228
4,301,118
208,055,613
208,055,613
212,356,731
2012 $
30,653,179 153,627
7,1 14 18,812
330,673 601 ,702
5,208 982
31 ,771 ,297
163,342 311,844
10,901,820 922,052
77,017 12,376,075
(18,346) (66,600)
10,500 3,825
~7,657)
F 8,278!
44,069,094
1,210,523
206,845,090
206,845,090
208,055,613
The Consolidated Statement of Comprehensive Income is to be read in conjunction with the Consolidated Notes to the Financial Statements and the Auditor's Report.
Statement of Financial Position as at 31 December 2013
4
CTJH.221.04010.0159
EDA.0005.0001.0160
ROMAN CATHOLIC TRUSTS CORPORATION for the Diocese of Melbourne ABN: 52 768 159 282 And Controlled Entities
as Trustee for the Catholic Archdiocese of Melbourne ABN: 64 047 619 369
CATHOLIC ARCHDIOCESE OF MELBOURNE
Notes 2013 2012 $ $
Current Assets
Cash 4 5,591,703 5,320,325 Trade receivables 5 2,259,447 2,720,838 Other receivables 6 1,952,580 1,896,855 Inventories 986,360 1,149,303 Investments 7(a) 9,124,834 18,682,062 Current assets other 8 588,462 833,046
Total Current Assets 20 ,503,386 30,602,430
Non Current Assets
Loans 9(a) 6,650,052 6,779,707 Work in Progress 10 4,329,548 3,171,452 Investments 7(b) 165,163,301 155,858,667 Fixed assets 11 3,990,156 4,496,018 Properties 12 109,197,758 1 06,548,805
Total Non Current Assets 289,330,816 276,854,649
Total Assets 309,834,202 307,457,079
Current Liabilities
Creditors 708,118 593,586 Employee deductions 13 315,340 319,463 Employee entitlements 14 3,445,780 3,074,412 Current liabilities other 15 1,689,181 2,092,778
Total Current Liabilities 6,158,419 6,080,240
Non Current Liabilities
Loans 9(b) 81,228,032 83,230,206 Total Non Current Liabilities 81,228,032 83,230,206
Total Liabilities 87,386,451 89,310,446
Net Assets 16 222,447,751 218,146,633
Equity
Accumulated funds 212,356,731 208,055,613 Reserves 4,486,011 4,486,011 Corpus funds 5,605,010 5,605,010
Total Equity 222,447,751 218,146,633
The Consolidated Statement of Financial Position is to be read in conjunction with the Consolidated Notes to the Financial Statements and the Auditor's Report.
5
CTJH.221.04010.0160
EDA.0005.0001.0161
ROMAN CATHOLIC TRUSTS CORPORATION for the Diocese of Melbourne ABN: 52 768 159 282 And Controlled Entities
as Trustee for the Catholic Archdiocese of Melbourne ABN: 64 047 619 369
CATHOLIC ARCHDIOCESE OF MELBOURNE
Consolidated Statement of Cash flow for the year ended 31 December 2013
Notes 2013 2012 $ $
Cash flows from Operating Activities
Receipts from customers 28,440,526 24,616,235 Receipts from Grants 9,390,532 8,673,795 Payments to suppliers and employees (47,314,737) (42,509,721) Interest & Dividends Received 4,953,833 4,355,578
Net Cash flows from Operating Activities 17 {4,529,847) {4,864, 113)
Cash flows from Investing Activities
(Purchase) Sale of Investments 8,739,223 8,987,596 (Payment)/Sale of Property,plant & equipment (2,065,479) (16,350,561)
Net Cash flows from Investing Activities 6,673,744 (7 ,362,965)
Cash flows from Financing Activities
Loans (1,872,520) 11,048,487 Equity 0
Net Cash flows from Financing Activities (1 ,872,520) 11 ,048,487
Net lncrease/(Decrease) in Cash Held 271,378 (1 ,178,591)
Cash at the beginning of the reporting period 5,320,325 6,498,916 Cash at the end of the reporting period 4 5,591,703 5,320,325
The Statement of Cash flow is to be read in conjunction with the Consolidated Notes to the Financial Statements and the Auditor's Report.
6
CTJH.221.04010.0161
EDA.0005.0001.0162
ROMAN CATHOLIC TRUSTS CORPORATION for the Diocese of Melbourne ABN: 52 768159 282 And Controlled Entities
as Trustee for the Catholic Archdiocese of Melbourne ABN: 64 047 619 369
CATHOLIC ARCHDIOCESE OF MELBOURNE
Consolidated Notes to the Financial Statements for the year ended 31 December 2013
1 Statement of Significant Accounting Policies
This financial report is a special purpose financial report prepared in order to satisfy the reporting requirements of the Roman Catholic Church in Victoria. The Trustees for the Catholic Archdiocese of Melbourne (herein after called "the Archdiocese") have determined that they are not a reporting entity.
The financial report have been prepared in accordance with the following Australian Accounting Standards:
Materiality AAS5 AAS8 Events occurring after the reporting date
No other Australian Accounting Standards, Urgent Issue Group Consensus Views or other authoritative pronouncements have been applied.
The financial report has been prepared on a historical cost basis and does not take into account changing values, or except where specifically stated, current valuations of non current assets.
The following specific accounting policies, which are consistent with the previous period unless otherwise stated, have been adopted in the preparation of this financial report.
(a) Income Tax
As part of the Roman Catholic Church in Victoria, the Archdiocese falls under the exemption for Religious organisations as defined under Section 50 - 5 of the Income Tax Assessment Act 1997.
(b) Investments
All the investments of the Archdiocese have been recorded at their historical cost and do not take into account changing values except for those investments which are managed by external Fund Managers or directly invested in shares listed on the stock exchange, and in these cases, all investments have been marked to market value.
7
CTJH.221.04010.0162
EDA.0005.0001.0163
1
ROMAN CATHOLIC TRUSTS CORPORATION for the Diocese of Melbourne ABN: 52 768 159 282 And Controlled Entities
as Trustee for the Catholic Archdiocese of Melbourne ABN: 64 047 619 369
CATHOLIC ARCHDIOCESE OF MELBOURNE
Consolidated Notes to the Financial Statements for the year ended 31 December 2013
Statement of Significant Accounting Polices
(c)
(d)
Fixed Assets
Fixed assets of the Archdiocese are included at cost, independent or Trustee valuations. All assets excluding freehold land and buildings (see Note 1 (d) } are depreciated over their useful life on the following basis
(i) Motor Vehicles
Diminishing value
(ii) Computer Equipment
Straight line over 3 years
(iii) Industrial Airconditioning Units
Straight line over 1 0 years
(iv) Other Assets
Straight line over 5 years
Freehold Land and Buildings
(i) Used for Commercial Purposes
Freehold land and buildings of the Archdiocese other than those controlled by the Parishes, which are used for commercial purposes are amortised over their useful life. Any improvements are amortised over the remaining estimated useful life of the property.
(ii) Used for Non - Commercial Purposes
Freehold land and buildings of the Archdiocese other than those controlled by the Parishes, which are not used for commercial purposes are not amortised.
8
CTJH.221.04010.0163
EDA.0005.0001.0164
ROMAN CATHOLIC TRUSTS CORPORATION for the Diocese of Melbourne ABN: 52 768 159 282 And Controlled Entities
as Trustee for the Catholic Archdiocese of Melbourne ABN: 64 047 619 369
CATHOLIC ARCHDIOCESE OF MELBOURNE
Consolidated Notes to the Financial Statements for the year ended 31 December 2013
1 Statement of Significant Accounting Polices
(e) Employee Entitlements
(i) Long Service Leave (LSL)
The Archdiocese provides for LSL for all permanent employees within the Diocesan office from the date of commencement until 15 months after termination of reasonable prospect of future employment. If an employee transfers or commences with a Parish or Agency office within 12 months of termination of employment at the Diocesan office then the LSL entitlement is transferred to that Parish or Agency, upon request within 13 months of the last day of service at the Diocesan office.
(ii) Annual Leave (AL}
The Fund provides for AL for all permanent employees within the Diocesan office from the date to commencement, until the date of termination.
(iii) Movement in Entitlements
The increase/( decrease) in the entitlements for the current year were as follows
Long service leave Annual leave
(f) Comparative Figures
Where required by Accounting Standards comparative figures have Standards comparative figures have been adjusted to conform with changes in presentation for the current financial year.
2 Roman Catholic Trusts Corporation
Legislation was enacted by the Parliament of Victoria in 1907 which provided for the creation of Corporate Bodies of Trustees in which property belonging to the Roman Catholic Church in Victoria may be vested, and for other purposes.
The Roman Catholic Trusts' Corporation for The Diocese of Melbourne was constituted on the 13 January 1908 to act as Corporate Trustee for the purpose of holding, managing and dealing with property in Trust for the benefit of the Archdiocese of Melbourne.
9
2013 $
241 ,606 129,763 371,368
2012 $
147,420 163,342 310,762
CTJH.221.04010.0164
EDA.0005.0001.0165
ROMAN CATHOLIC TRUSTS CORPORATION for the Diocese of Melbourne ABN: 52 768159 282 And Controlled Entities
as Trustee for the Catholic Archdiocese of Melbourne ABN: 64 047 619 369
CATHOLIC ARCHDIOCESE OF MELBOURNE
Consolidated Notes to the Financial Statements for the year ended 31 December 2013
3 Internal Trust Funds
Over time funds have been given by donors or Deceased Estates to the Archdiocese, some for a specific purpose, others of a general nature. lt became common practice to refer to these funds as "Trust Funds" even though no strict trust requirement existed in the majority of cases.
Each contribution of funds received, whether for a specific or general purpose, have been accounted for as a separate ''Trust Fund".
The allocation depending on whether a specific purpose was indicated, or if silent, which general purpose "Trust Fund" was deemed appropriate.
(a) As at the 31 December the following amounts have been consolidated into the Statement of Financial Position under the heading Internal Trust Funds
Assets
Cash Other receivables Investments
Liabilities
Trade creditors Current liabilities other
Net Assets
Equity Accumulated funds Corpus funds
Total Equity
(i) At the 31 December the cash figure is made up of
Cash at Bank
The NAB - main account figure is a derived figure used to balance each individual ''Trust Fund".
10
1,402,023 69,776
17,595,618 19,067,417
3,537 0
3,537
19,063,880
13,481 ,642 5,582,238
19,063,880
1,402,023 1,402,023
1,601,103 137,017
16,848,018 18,586,139
0 0 0
18,586,138
13,003,901 5,582,238
18,586,138
1,601,103 1,601,103
CTJH.221.04010.0165
EDA.0005.0001.0166
ROMAN CATHOLIC TRUSTS CORPORATION for the Diocese of Melbourne ABN: 52 768159 282 And Controlled Entities
as Trustee for the Catholic Archdiocese of Melbourne ABN: 64 047 619 369
CATHOLIC ARCHDIOCESE OF MELBOURNE
Consolidated Notes to the Financial Statements for the year ended 31 December 2013
3 Internal Trust Funds
(ii ) At the 31 December the Current Liabilities Other amount comprises Accrued expenses other
(b) For the year ended 31 December 2013 the following amounts have been consolidated into the Statement of Comprehensive Income of under the heading Internal Trust Funds.
Income
Donations Investment- capital growth Investment- interest & dividend
Total Income
Other Expenditure Audit Fees Bank charges Distribution of Income Donations Investment expenses Stipends
Total Other Expenditure
Internal Transfers
Accounting General contributions Interest recharge
Total Internal Transfers
Total Expenditure
Operating Surplus for year
Accumulated funds as at 1 January 2013
Trf to Arch Direct Funds
Accumu lated funds as at 31 December 2013
11
2013 $
0 0
62,445 727,676 709,638
1,499,759
0 97
533,783 116,604 25,783
4,000 680,268
17,426 326,242
0 343,668
1,023,936
475,823
13,003,901
1,919
13,481,642
2012 $
0 0
74,545 387,669 872,833
1,335,047
1,200 130
590,513 86,917 22,169
0 700,928
16,797 283,500
45,380 345,677
1,046,605
288,442
15,151,211
(2,435,752)
13,003,901
CTJH.221.04010.0166
EDA.0005.0001.0167
ROMAN CATHOLIC TRUSTS CORPORATION for the Diocese of Melbourne ABN: 52 768 159 282 And Controlled Entities
as Trustee for the Catholic Archdiocese of Melbourne ABN: 64 047 619 369
CATHOLIC ARCHDIOCESE OF MELBOURNE
Consolidated Notes to the Financial Statements for the year ended 31 December 2013
4 Cash
Cash at Bank Petty Cash
5 Trade Receivables
Trade debtors Provision for uncollected quota fund income Debtors - general other systems Recoverable costs from CatholicCare
6 Other Receivables
Accrued income - other Accrued interest - income GST paid
7 Investments
(a) Current
National Australia Bank Term deposits
Catholic Development Fund Funds at call Term deposits
(b) Non Current
Investment properties Shares not quoted on stock exchange Share quoted on stock exchange Convertible notes
8 Current Assets Other
Prepayments Sundry costs
12
5,584,703 7,000
5,591,703
2,828,479 (535,830) (33,987)
785 2,259,447
1,737,996 44,955
169,629 1,952,580
1,686,076
660,417 6,778,341 9,124,834
72,969,990 90,430,132
983,180 780,000
165,163,301
604,544 (16,082) 588,462
5,313,325 7,000
5,320,325
3,087,230 (435,830)
68,522 916
2,720,838
2,423,500 41,563
(568,208) 1,896,855
1,481,615
10,427,564 6,772,884
18,682,062
75,476,533 79 ,041,518
585,141 755,475
155,858,667
824,901 8,145
833,046
CTJH.221.04010.0167
EDA.0005.0001.0168
ROMAN CATHOLIC TRUSTS CORPORATION for the Diocese of Melbourne ABN: 52 768 159 282 And Controlled Entities
as Trustee for the Catholic Archdiocese of Melbourne ABN: 64 047 619 369
CATHOLIC ARCHDIOCESE OF MELBOURNE
Consolidated Notes to the Financial Statements for the year ended 31 December 2013
9 Loans
(a) Non Current Assets
Loans to parishes - serviced sites Loans to others Loan - Retirement Investment Fund
(b) Non Current Liabi lities
Catholic Development Fund
10 Work in Progress
11
Capital and property Parish projects
Fixed Assets
(a) Furniture and fittings
Accumulated costs Less Accumulated depreciation
(b) Plant and equipment
Accumulated costs Less Accumulated depreciation
(c) Motor vehicles
Accumulated costs Less Accumulated depreciation
(d) Computer equipment and software
Accumulated costs Less Accumulated depreciation
13
5,452 1,463,800 5,180,801 6,650,052
81,228,032
81 ,228,032
3,890,254 439,294
4,329,548
975,539 892,143
83,395
4,343,724 1,671,718 2,672,006
1,073,313 603,190 470,123
3,345,850 2,581 ,219
764,631
3,990,156
48,973 1,549,933 5,180,801 6,779,707
83,230,206
83,230,206
1,807,979 1,363,473 3,171,452
1,072,261 943,273 128,987
4,1 40,424 1,175,141 2,965,283
1,059,009 471 ,089 587,919
3,107,089 2,293,261
813,828
4,496,018
CTJH.221.04010.0168
EDA.0005.0001.0169
ROMAN CATHOLIC TRUSTS CORPORATION for the Diocese of Melbourne ABN: 52 768 159 282 And Controlled Entities
as Trustee for the Catholic Archdiocese of Melbourne ABN: 64 047 619 369
CATHOLIC ARCHDIOCESE OF MELBOURNE
Consolidated Notes to the Financial Statements for the year ended 31 December 2013
12 Property
(a) Equity in property
Mercy College 1,220 1,220 Archdiocese equity in Carlton Seminary 8,234,639 8,234,639 Rice Village unit 11,271 11,271
8,247,130 8,247,130
(b) Properties under construction
St Catherine's - Balwyn 584,040 604,836 584,040 604,836
(c) Freehold land and buildings
Freehold land & buildings at cost 57,937,384 57,937,384 Building improvements 2,604,183 2,232,278 Property purchase - non service sites 45,357,564 43,026,915
105,899,131 103,196,576 Accumulated depreciation - buildings 5,787,544 5,499,736
100,111,587 97,696,840
109,197,758 106,548,805
13 Employee Deductions
Catholic Superannuation Fund clearing 29,695 15,486 Other superannuation fund clearing 2,594 1,014 Group tax (2,802) (2,041) Suspense - salaries clearing (27,351) (41 ,047) Salary sacrifice clearing 303,249 341,407 Social club 9,955 4,644
315,340 319,463
14 Employee Entitlements
Long service leave 2,074,823 1,833,217 Annual leave 1,370,958 1,241 ,195
3,445,780 3,074,412
14
CTJH.221.04010.0169
EDA.0005.0001.0170
ROMAN CATHOLIC TRUSTS CORPORATION for the Diocese of Melbourne ABN: 52 768159 282 And Controlled Entities
as Trustee for the Catholic Archdiocese of Melbourne ABN: 64 047 619 369
CATHOLIC ARCHDIOCESE OF MELBOURNE
Consolidated Notes to the Financial Statements for the year ended 31 December 2013
2013 2012 $ $
15 Current Liabilities Other
Accrued expenses - other 1 '111 ,599 1,129,098 Accrued purchase of stock for resale 336,524 336,524 GST collected 28,455 0 Collection - Holy Places 5,291 5,275 Collection - Holy Father 415 82,519 Collection - Apostleship of Sea 1,292 1,292 Collection - DEAF Appeal 14,486 5,955 Charitable - Bushfire Appeal 4,967 259,291 Other creditors 18,412 18,211 Unpaid commitments 210,661 212,810 Workcare- premiums clearing (42,920) (37,751)
1,689,181 2,092,778
16 Net Assets are represented by Funds held on behalf of
Diocesan General Purpose Funds 139,201,726 139,586,314 Diocesan Pastoral and Development Fund 17,730,569 15,265,953 Education of Priests 16,237,995 14,122,509 Religious Education Text 4,219,888 4,094,478 Internal Trust Funds 19,063,880 18,586,138 Archbishop's Funds 25,993,693 26,491 ,241
222,447,751 218,146,633
17 Financial Instruments
(i) Financial instruments assets
Cash and liquid assets 5,591,703 5,320,325 Loans 6,650,052 6,779,707 Total Financial instruments assets 12,241,755 12,100,032
Catholic Development Fund Loans 81,228,032 83,230,206 Total Financial Instruments Liabilities 81 ,228,032 83,230,206
(i i) Liquidity Assets Variable Interest rates Deposits as Call 660,417 10,427,564 Variable Interest rates Term Deposits 8,464,417 8,254,499 Variable Interest rates Convertible Notes 780,000 755,475 Stock Exchange Shares 983,180 585,141 Managed Funds 90,430,132 79,041,518
101,318,145 99,064,197
Liabilities Catholic Development Fund Loans 81 ,228,032 83,230,206
Interest Risk
15
CTJH.221.04010.0170
EDA.0005.0001.0171
ROMAN CATHOLIC TRUSTS CORPORATION for the Diocese of Melbourne ABN: 52 768 159 282 And Controlled Entities
as Trustee for the Catholic Archdiocese of Melbourne ABN: 64 047 619 369
CATHOLIC ARCHDIOCESE OF MELBOURNE
Assets Variable Interest rates Deposits as Call Variable Interest rates Term Deposits Variable Interest rates Convertible Notes Stock Exchange Shares Managed Funds
Liabilities Catholic Development Fund Loans
18 Reconciliation of Cash Flow from Operating Activities with the Operating Surplus for year
Operating surplus for year Non cash flows in operating surplus
Investment - capital growth Investment- profit on sale Profit on sale of operating assets Depreciation
Movement in operating assets & liabilities (Decrease)/increase in current assets Increase/( decrease) in current liabilities
Net cash flow from operating activities
16
2.88% 3.93% 8.90%
24.78% 17.86%
5.40%
4,301 ,118
(11 ,502,182) (2,678,213)
(344,381) 1,537,169
6,277,053 {2 ,120,410) (4,529,847)
2.45% 6.50% 7.39% 9.93% 4.94%
5.40%
1,210,523
{7,250,389) {921 ,506)
116,078 1 ,512, 102
1,156,414 (687,335)
(4,864, 113)
CTJH.221.04010.0171
EDA.0005.0001.0172
ROMAN CATHOLIC TRUSTS CORPORATION for the Diocese of Melbourne ABN: 52 768 159 282 And Controlled Entities
as Trustee for the Catholic Archdiocese of Melbourne ABN: 64 047 619 369
CATHOLIC ARCHDIOCESE OF MELBOURNE
Consolidated Notes to the Financial Statements for the year ended 31 December 2013
19 Contingent Asset
Insurance Recoveries
The Archdiocese is having ongoing discussions with the Catholic Church Insurance Limited (CCI) for the recovery of certain expenditure incurred by the Archdiocese in relation to notified complaints.
Total recoveries to date
Recoveries this period
Since balance date and the date of this report further recoveries from CC! have been received.
lt Is possible that further significant recoveries will be received in future.
20 Contingent Liabilities
(a) Debts for organisation within the Archdiocese
The Archbishop has provided a Note in Hand to the National Australia Bank in respect of debts for other organisations within the Archdiocese.
(b) Unrelated Deposits
Under the provision of the Corporations Act 2001, Sub Section 111 AT -Exemption to "Charitable" Bodies, the Archdiocese has acknowledge a a liability to unrelated depositors with the Catholic Development Fund
As at 31 December 2013 the Catholic Development Fund had a surplus (deficiency) of funds available to meet the demands of unrelated depositors
17
2013 $
10,080,186
1,138,369
0
7,576,500
1,043,055
2012 $
8,941,818
747,770
0
7,576,500
45,650,510
CTJH.221.04010.0172
EDA.0005.0001.0173
21
ROMAN CATHOLIC TRUSTS CORPORATION for the Diocese of Melbourne ABN: 52 768159 282 And Controlled Entities
as Trustee for the Catholic Archdiocese of Melbourne ABN: 64 047 619 369
CATHOLIC ARCHDIOCESE OF MELBOURNE
Consolidated Notes to the Financial Statements for the year ended 31 December 2013
Contingent Liabilities
(b) Unrelated Deposits
This surplus/( deficiency) has been determined as follows
Funds avai lable to satisfy unrelated depositors
Unrelated loans Retained earnings held by the
Catholic Development Fund
Total funds available
Unrelated deposits
Surplus/( deficiency) of funds available
The Archbishop believes that the Catholic Development Fund is capable of meeting any request for repayment by these unrelated depositors.
(c) RC Education Supplies Pty Ltd
2013 $
215,567,840
116,589,418
332,157,258
331,114,203
1,043,055
The RC Education Supplies Pty Ltd, is a separate company set up by the Archdiocese, to acquire and manage motor vehicles for Diocesan clergy.
The Archdiocese has underwritten any deficiency incurred by the company. as at 31 December 2013 the accumulated deficiency was $Nil (2012 $Nil}
In addition the company has a contingent liability in respect of unexpired financial lease contracts, which is funded by contractual payments due from the participating parishes.
18
1,428 ,024
2012 $
262,210,193
104,790,159
367,000,352
321 ,349,842
45,650,510
1,591,918
CTJH.221.04010.0173
EDA.0005.0001.0174
ROMAN CATHOLIC TRUSTS CORPORATION for the Diocese of Melbourne ABN: 52 768159 282 And Controlled Entities
as Trustee for the Catholic Archdiocese of Melbourne ABN: 64 047 619 369
CATHOLIC ARCHDIOCESE OF MELBOURNE
22 Catholic Archdiocese of Melbourne manages the accounts of Episcopal Trustees, Parish Funds and Priests Retirement Investment Fund and as at 31 December 2013 held the following balances:
(a) Episcopal Trustees
Cash 1 ,258,142 1,022,799 Investments 676,686 394,822 Property & Other Assets 9,416,535 9,526,410 Liablities (219,010) (155,382) Total Accumulated Funds Held 11,132,353 10,788,649
(b) Parish Funds Cash 30,553 20,288 Investments 3,399,324 3,613,306 Property & Other Assets 35,744 26,233 Total Accumulated Funds Held 3,465,621 3,659,827
(c) Priests Retirement Investment Fund Investments 36,835,357 34,834,818 Property & Other Assets 2,652,030 2,747,494 Liablities (14,614,900) (1 4,608,301 ) Total Accumulated Funds Held 24,872,487 22,974,012
19
CTJH.221.04010.0174
EDA.0005.0001.0175
INDEPENDENT AUDIT REPORT TO THE TRUSTEES OF THE ROMAN CATHOLIC TRUSTS' CORPORATION
Scope
The financial report and Trustees' responsibility
Chaundy & Henry CHARTERED ACCOUNTANTS A.B.N. 50 175 251 428
P W Selkng F C A D A Manton F C A
We have audited the attached financial repot1, being a special purpose financial report. The financial report comprises the Statement of Financial Position, The Statement of Comprehensive income, Cash Flows, accompanying notes to the financial statements, and the RCTC Tmstee Member and Treasurer's statement for the Roman Catholic Trusts ' Corporation for the year ended 31st December 2013.
The Trustees of the Corporation are responsible for the preparation and true and fair presentation of the financial report and have determined that the accounting policies used and described in Note 1 to the financial statements are appropriate to meet the needs of the members. This includes responsibility for the maintenance of adequate accounting records and internal controls that are designed to prevent and detect fraud and error, and for the accounting policies and accounting estimates inherent in the financial repo11.
The financial report has been prepared for distribution to members. We disclaim any assumptions of responsibi lity for any reliance on this report or on the financial report to which it relates to any person other than the members, or for any purpose other than that for which it was prepared.
Audit Approach
We conducted an independent audit in order to express an opinion to the Trustees. Our audit was conducted in accordance with Australian Auditing Standards, in order to provide reasonable assurance as to whether the financial report is free of material misstatement. The nature of an audit is influenced by factors such as the use of professional judgement, selective testing, the inherent limitations of internal control, and the availabi lity of persuasive rather than conclusive evidence. Therefore, an audit cannot guarantee that all material misstatements have been detected.
We performed procedures to assess whether in all material respects the financial repo11 is presented fairly in accordance with the accounting policies described in Note 1, so as to present a view which is consistent with our understanding of the Trusts ' financial position, and of its performance as represented by the results of its operations. These policies do not require the application of all Accounting Standards and other mandatory professional rep011ing requirements in Australia. No opinion is expressed as to whether the accounting policies used and described in Note 1, are appropriate to the needs ofthe members.
We formed our audit opinion on the basis of these procedures, which included:
• examining, on a test basis, information to provide evidence supporting the amounts and disclosures in the financial report, and
• assessing the appropriateness of the accounting policies and disclosures used and the reasonableness of significant accounting estimates made by the Trustees
32 Church Street. Abbotsford. Vie. 3067 Phone (03) 9427 7255 Fax (03) 9427 7227 Ema111nfo@chaundyandhenry com au In association with Chaundy & Henry Services Pty. Lld.
A. B. N. 90 605 648 024 Liability limited by a scheme approved under Professional Standards Legislation
CTJH.221.04010.0175
EDA.0005.0001.0176
While we considered the effectiveness of management's internal controls over financial reporting when determining the nature and extent of our procedures, our audit was not designed to provide assurance on internal controls.
Independence
In conducting our audit, we followed applicable independence requirements of Australian professional ethical pronouncements.
Audit Opinion
We have only verified freehold properties contained in the accounts and accordingly, we express no opinion as to freehold properties, the title deeds of which are in the name of the Corporation but the equity belongs to the individual parishes.
In our opinion, the financial statements of the Roman Catholic Trusts' Corporation are properly drawn up so as to give a true and fair view, in accordance with the basis of accounting policies described in Note I to the financial statements.
Subject to the above and matters outlined in Note 1, in our opinion:
(iii) all trust monies have been properly kept and accounted for;
(iv) the accounts are properly drawn up so as to give a true and fair view of the state of affairs of the Roman Catholic Trusts' Corporation for the Diocese of Melbourne as at the 31st December 2013, and results for the period ended on that date.
CHAUNDY & HENRY Chartered Accountants
P. W. SELKRIG Partner
Melbourne, 2ih day of March 2014
CTJH.221.04010.0176