regional housing limited... · 2019-12-12 · 1 directors’ report the directors present their...

Regional Housing LimitedABN: 14 139 284 647

Financial Statements

For the Year Ended 30 June 2017


ContentsFor the Year Ended 30 June 2017

Page

Financial Statements

Directors' Report 1

Lead Auditor's Independence Declaration 12

Statement of Profit or Loss and Other Comprehensive Income 13

Statement of Financial Position 14

Statement of Changes in Equity 15

Statement of Cash Flows 16

Notes to the Financial Statements 17

Directors' Declaration 33

Independent Audit Report 34

1

Directors’ Report

The Directors present their report on the financial statements of Regional Housing Limited (“the Company”) for the year ended 30 June 2017.

Information on Directors

The names of Directors who held office at any time during, or since the end of the year are set out below together with the information on each Director’s area of expertise:

Names of Directors

Area of Expertise Date

Appointed Date of

Cessation

Lucinda Doughty Legal / Asset Management / Risk 04/09/2009

Denise Tomlin Business / Human Resources 17/12/2012

Jeffrey Kirchner Finance 04/09/2009

Judy Peters Community / Social / Local Government 17/06/2013

Ross Hunter Asset Management 18/02/2013

George Seymour Legal / Community / Local Government 13/10/2014 16/01/2017

Sandra Holebrook Business / Finance / Asset Management 13/10/2014

Cheryl Barrett Community / Business 20/06/2016

Brian Hayhurst Community / Social 20/03/2017

Nathan Freeman Property Development / Town Planning 20/03/2017

2

Meetings of Directors

During the financial year, 12 meetings of Directors were held. Attendances by each Director during the year are as follows:

Directors Meetings Eligible to

Attend Number Attended

Lucinda Doughty 12 12

Denise Tomlin 12 9

Jeffrey Kirchner 12 10

Judy Peters 12 11

Ross Hunter 12 10

George Seymour Resigned 16/01/2017 6 3

Sandra Holebrook 12 11

Cheryl Barrett 12 10

Brian Hayhurst Appointed 20/03/2017 3 3

Nathan Freeman Appointed 20/03/2017 3 3

Corporate Information

The Company is a ‘not for profit’ entity, registered as a company limited by guarantee. It does not issue shares to its members. Under its constitution it does not have the capacity to issue dividends to its members. Any surplus on winding up will be distributed to an organisation which has similar objects as dictated by the Constitution.

The Company has varying classes of membership as set out below:

If the Company is wound up, the Constitution states that each member is required to contribute a maximum of $50 each towards any outstanding obligations of the Company. At 30 June 2017 the number of members was 21 (2016:19)

Details on Members

Each class of membership in the Company

Class Number Liability of Members on Wind up

2017 2016 2017 2016

Ordinary Members 18 16 $900 $800

Life Members 3 3 $150 $150

Total 21 19 $1,050 $950

3

Principal Activities

The principal activities of Regional Housing Limited during the financial year were to develop, manage and facilitate housing and support for people in need with a range of communities and partners.

There have been no significant changes in the nature of Regional Housing Limited’s principal activities during the year.

Strategic Objectives

RHL aspires through these Strategic Objectives to achieve far beyond high quality housing, supports and services for people with housing needs. It is about changing the environment within the community that makes living a fulfilling life possible for every person.

The 2016 - 2019 organisation's strategic objectives are:

To Develop, Manage and Facilitate Housing for People in Need

o This year we: Received the 2017 (QLD) Leading Housing Development Project Award for

residential developments that offer an exemplary model to the sector for their outstanding quality and/or innovation.

Finalised construction of six ‘state of the art’ disability homes under development using capital funding from EPCIT and Accommodation for People with Disability in Residential Aged Care or Public Health Facilities (APIRAC)

Housed 1,132 individuals during 2016/2017 Managed 484 properties in Bundaberg, Hervey Bay and South Burnett Further developed SPM Assets, an Asset Management/Portfolio Condition

Management system to ensure the highest level of maintenance on our properties for our tenants to reside

Relocated the Hervey Bay office to be within the Hervey Bay Community Centre, so that it is readily accessible by tenants and clients.

Formalised partnership with South Burnett CTC Incorporated to provide a satellite service for South Burnett tenants

Submitted proposal to Department of Housing & Public Works for a new purpose built Youth Shelter and supported accommodation units for young people in Hervey Bay

To provide Support for People in Need

o This year we: Provided frontline homelessness support to 1,597 clients Assisted 331 people in immediate crisis with Emergency Relief Funding Achieved a 100% satisfaction rating from Tenants responding to RHL’s 2017

Tenant Satisfaction Survey 83% of vacating tenants surveyed were satisfied (or better) with the overall

quality of housing services provided by RHL 76% of vacating tenants surveyed were either satisfied or very satisfied with

the maintenance of their property during their tenancy 97% of vacating tenants surveyed felt that RHL had supported them to

maintain their tenancy Supported 28 young people in the Youth Shelter Continued the monthly Breakfast Stop in partnership with Rapid Relief Team

4

Formalised partnership with HeadSpace Bundaberg Continued partnerships with Edon Place Domestic and Family Violence

Centre Incorporated and Lifetec Australia Limited Continued the Tenant Participation Advisory Group to share information and

ideas to assist RHL to improve standards of service while providing better outcomes for our tenants and community

Continued the delivery of the Home Safety Security Upgrade program in partnership with Edon Place Domestic and Family Violence Centre Incorporated

Secured 2017- 2018 contract for the delivery of the Home Assist Secure (HAS) program for Hervey Bay

Ensured RHL is an effective advocate for affordable housing supply in our geographical footprint boasting a strong, transparent and respectful relationship with government and key community stakeholders

To develop Community Support and Awareness

o This year we: Engaged with Queensland Police Service to educate tenants on safety,

reporting threats/ violence and community awareness Distributed quarterly RHL newsletters to tenants and stakeholders Actively participated in Community Events held within the region Continually promote the partnership with Headspace Bundaberg and deliver

services from Headspace office when required Continued the Tenant Participation Advisory Group to share information and

ideas to assist RHL to improve standards of service and better outcomes Relocated Hervey Bay office to be within the Hervey Bay Community Centre,

so that it is readily accessible by tenants and clients. Provided regular updates on Website to ensure our strong reputation is

maintained and information is shared with our tenants and community Ensured that RHL was represented by Staff, Management and Directors at

key platforms including advisory groups, Boards, peak bodies, forums, councils and conferences at a local, State and National level

Informing relevant stakeholders and elected members on current issues within the sector

To partner with other Industry Support Providers

o This year we: Ensured that RHL was represented by Staff, Management and Directors at

key platforms including advisory groups, Boards, peak bodies, forums, councils and conferences at a local, State and National level

Engaged with Queensland Police Service to educate tenants on safety and community awareness

Continued partnerships with YHARS, Red Cross, Community Lifestyle Solutions, Open Minds, South Burnett CTC Inc, to provide a complimentary service to RHL

Formalised partnership with HeadSpace Bundaberg Continued partnership with Rapid Relief Team to provide monthly Breakfast

Stop Continued the delivery of the Home Safety Security Upgrade program in

partnership with Edon Place Domestic and Family Centre Incorporated

5

To ensure the Organisations Financial Sustainability

o This year we: Convened 100% of all Board Meetings scheduled as RHL is committed to the

highest standards of corporate governance and financial review Establish and market Property Maintenance Planning social enterprise Independently chaired quarterly Audit & Risk Committee meetings to provide

independent oversight and assistance to the Board of RHL on risk management, control, governance and external accountability responsibilities

Established Viability & Sustainability Committee to commence in 2017 2018 to focus on long term financial sustainability of the organisation

Maintained registration with the National Regulatory System Community Housing by successfully completing the annual compliance review

Reviewed the Business Continuity Plan

Developing the Organisations Cultural Sustainability

o This year we: Completed all requirements and retained registration with the National

Regulatory System Community Housing (NRSCH), Actively applied continuous improvement practices to ensure compliance with

contractual agreements, statutory obligations, organisation safety and health. Submitted the Human Services Quality Framework (HSQF) Self Assessment

Work Book and Continuous Improvement Plan as per contractual requirements.

Conducted bi-annual Staff Performance appraisals providing all staff with constructive feedback on their performance and the opportunity to in turn provide suggestions and feedback on RHL’s performance as an employer

Continued professional development of staff including a multitude of training, workshops, conferences and forum opportunities

Retained an external HR Consultant to effectively manage HR regulations and maintain a high standard as a quality employer

Promoted our achievements and ensured RHL is recognised as an innovative leader following good business practice while maintaining a positive image of the Community Housing Sector

Reviewed the Business Continuity Plan and Succession Plan Proactively engaged in quarterly Contract Performance Review meetings with

the Department of Housing and Public Works

Monitoring the Strategic Plan

o This year we: Commenced review of the Strategic Plan in June 2017, due for completion by

September 2017

6

Auditor’s Independence Declaration

The auditor’s independence declaration for the year ended 30 June 2017 has been received and can be found on page 12 of the financial report.

This Report of the Directors is signed in accordance with a resolution of the Board of Directors.

Director: ...............................................................

Director: ................................................................

Dated this .....18th..... day of .......September....... 2017

Kris

Lucinda Doughty

Kris

Jeff Kirchner

7

Board of Directors

Lucinda Doughty | Chairperson

Lucinda has been a member of RHL’s Board of Directors since 2009 and became Chairperson in 2012. Initially working as a solicitor, Lucinda later transitioned to body corporate management before starting her own business in 2011.

With over 11 years’ experience in the Body Corporate space, experience in property management and a strong understanding of compliance and governance processes, Lucinda brings a wealth of knowledge to RHL’s Board. Her vision for Regional Housing Limited is to continue to expand the provision of housing in the community, both here in the Wide Bay region and throughout Queensland.

Lucinda further supports the community through her involvement with Bundaberg Basketball, Fusion Netball club and Bundaberg Bushwalkers..

Compliance and Governance Expertise Property Management Experience Planning & Development Experience Bachelor of Law – University of Queensland

Denise Tomlin | Vice Chairperson

Denise was appointed as a Director on the Board of Regional Housing Limited in 2013 and brings with her a wealth of experience as a local community person and higher education professional.

Community engagement is a passionate and dedicated component of Denise’s role, not only as a long standing local community member, but also as part of her University academic career.

Denise is keen to make a valuable contribution to the already established intentions and future growth possibilities of Regional Housing Limited in its quest to provide affordable housing. Additionally, Denise continues to support the local community through her role as a director of EDON Place, Women’s Domestic Violence Service Inc.

Masters of Business Administration (General Management, Operations Management, Human Resource Management, Financial Management and Logistics Management)

Bachelor of Business (Human Resource Management and Public Administration)

Certificate IV in Board Governance Professional Member of Australian Human Resource Management

Institute (AHRI) Professional Member of Australian Institute of Management (AIM)

8

Ross Hunter | Secretary – Appointed November 2015

‘To support and deliver an acceptable social housing opportunity to regional Queensland and beyond’, is Ross’ vision for Regional Housing Limited.

Ross has been on the Board of Directors for Regional Housing Limited since its inception, and served for more than 3 years on the board of Bundaberg Housing Services before that. Ross brings considerable local government experience to the board of Regional Housing Limited.

Extensive experience and knowledge of operational works assessment in local government

Extensive experience and knowledge of local government processes Experience and knowledge of regulations relating to engineering

works practices Experience networking and liaising with architects, civil engineers,

designers, government officials, utility providers, civil contractors, and building tradespersons

Bachelor Degree qualifications in Mechanical and Civil Engineering

Jeff Kirchner | Treasurer

Jeff has been serving the Board of Regional Housing Limited since its inception in 2009.

His vision for Regional Housing Limited is for organisational growth so that Regional Housing Limited will become a significant and efficient provider of housing services in the community.

Financial Expertise Experience working with State Government Departments,

processes, procedures and governance Bachelor of Business Accounting with Distinction Certified Practising Accountant Past Branch Chair and Treasurer of CPA Australia – Bundaberg

Judy Peters | Director

Judy has a background in government and corporate business, policy development and stakeholder engagement with extensive experience in corporate governance and financial sustainability. She is a Life Member of ALGWA (Qld) empowering women in leadership.

As a member of the Board of Regional Housing Limited her vision is to ‘deliver sustainable appropriate housing for residents to live comfortably and affordably’.

Diploma Local Government (Administration) Diploma Business (Frontline Management) Justice of the Peace Qualified Advanced Diploma Community Sector Management

9

Sandra Holebrook | Director

Sandra is a business professional with over 25 years of commercial experience in Business Management, Business Development, and Project Management spanning the retail, distribution, wholesaling and manufacturing sectors. She has a track record of successfully deploying complex solutions and business change with an absolute focus on the realisation of tangible business benefits. She is a strategic thinker with effective implementation skills and understands the importance of stakeholder management.

Holding a number of Board positions has provided Sandra with the opportunity to utilise her diverse portfolio of skills and experience at a governance level.

Formerly the Secretary of Youthcare Hervey Bay Inc., Sandra joined RHL’s Board of Directors in October 2014 during the successful merger of Youthcare and RHL.

Qualified Chartered Accountant Graduate Diploma in Marketing Management Licensed Real Estate Agent

Cheryl Barrett | Director

Cheryl joined RHL’s Board of Directors in June 2016 bringing approximately 30 years of experience from the community housing industry, not for profit sector, Local and State Government and private business. Her skills and knowledge of the housing sector, business, community engagement, human resources, and social services combined with her previous experience as Secretary for a not-for-profit board, make Cheryl a valuable addition to the RHL team.

Cheryl is passionate about ensuring that those less fortunate can access safe and affordable housing in their own community.

Cheryl is currently working as the Chief Executive Officer for Southern Cross Support Services and studying a Diploma of Project Management.

Graduate Certificate of Social Science in Housing Management & Policy

Diploma of Management Diploma of Population Health Cert IV in Business Management Cert IV in Training & Assessment

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10

Brian Hayhurst | Director – Appointed March 2017

Brian was appointed to RHL’s Board of Directors in March 2017. His vision is that all people have the opportunity to make choices that can create positive outcomes in their lives. He intends to use his skills to educate others and to support avenues that create opportunities to assist the disadvantaged. Brian brings a wealth of experience to RHL’s Board, having already served as a director for three other not-for-profit organisations. He also understands the frontline challenges of community housing better than most, having previously worked as a Tenancy Manager for Bundaberg Housing Services Inc.

Bachelor of Social Work (MAASW) Justice of the Peace Qualified Authorised Mental Health Practitioner Qualified Mental Health Instructor

Nathan Freeman | Director – Appointed March 2017

Nathan has been a member of RHL’s Planning & Development sub-committee since 2014 and was appointed to the Board of Directors in March 2017. Nathan brings to the Board his knowledge and skills as a qualified Town Planner along with a wealth of experience from his involvement in a number of not-for-profit organisations and committees within the greater Wide Bay community. Nathan’s vision for Regional Housing Limited is to see the organisation grow and expand sustainably while gaining a better understanding of the issues facing our youth, those who are socially disadvantaged and persons living with disability in our community.

Bachelor of Regional and Town Planning (Hons) Certified Practicing Planner with the Planning Institute of Australia Member of the Urban Development Institute of Australia Auxiliary Firefighter with Queensland Fire and Emergency Services Committee Member for Across the Waves Sports Club Inc..

11

George Seymour | Director– Retired January 2017

George is currently a councillor and Deputy Mayor of with the Fraser Coast Regional Council where he oversees the Community, Heritage and Family Services portfolio. Prior to his election to public office George worked as a public servant and as a solicitor. With both a Bachelor of Law and a Masters of Law degree under his belt, George continues to volunteer his legal skills at the Taylor St Community Legal Service in Hervey Bay.

George served as the President of Youthcare Hervey Bay Inc. for 6 years, and then as Treasurer for 2 years, before joining RHL’s Board of Directors during the merger of Youthcare and RHL in October 2014.

Graduate member of the Australian Institute of Company Directors. Bachelor of Laws Master of Laws

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12

Liability limited by a scheme approved under Professional Standards Legislation. UHY Haines Norton is an association of independent firms in Australia and New Zealand and a member of UHY, an international association of independent accounting and consulting firms.

Not your average bean counters…

Level 11 | 42-60 Albert Street | Brisbane | QLD 4000 GPO Box 2876 | Brisbane | QLD 4000

t: +61 7 3210 5500 | f: +61 7 3229 6174 [email protected]

www.uhyhnbrisbane.com.au ABN 76 898 082 094 | AFSL 483056

LEAD AUDITOR’S INDEPENDENCE DECLARATION

TO THE DIRECTORS OF REGIONAL HOUSING LIMITED

In accordance with the requirements of section 60-40 of the Australian Charities and Not-for-profits Commission Act 2012, as lead auditor for the audit of Regional Housing Limited for the year ended 30 June 2017, I declare that, to the best of my knowledge and belief, there have been:

(i) No contraventions of the auditor independence requirements of the Australian Charities and Not-for-profits Commission Act 2012 in relation to the audit; and

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

UHY Haines Norton Reece Jory Chartered Accountants Partner

Brisbane, 6 September 2017

Reece Jory


Statement of Profit or Loss and Other Comprehensive IncomeFor the Year Ended 30 June 2017

Note

2017

$

2016

$

Revenue 2 6,008,709 6,471,498

Other income 2 129,070 85,584

Employee benefits expense 3 (2,211,888) (2,099,190)

Depreciation and amortisation expense (250,389) (236,327)

Rent expense (740,794) (743,767)

Insurance expense (291,754) (292,164)

Rates expense (847,065) (755,829)

Repairs and maintenance expense (526,847) (466,458)

Bad and doubtful debts expense (56,380) (68,872)

Professional fees (91,533) (111,092)

Tenancy and property supplies and services (77,258) (81,655)

Client support services (42,544) (42,041)

IT and telecommunications expense (110,473) (96,995)

Other expenses (159,877) (155,254)

Finance costs (6,203) (5,735)

Surplus for the year 724,774 1,401,703

Other comprehensive income

Other comprehensive income for the year - -

Total comprehensive income for the year 724,774 1,401,703

The accompanying notes form part of these financial statements.13


Statement of Financial PositionAs At 30 June 2017

Note

2017

$

2016

$

ASSETS

CURRENT ASSETS

Cash and cash equivalents 4 1,403,083 2,173,192

Trade and other receivables 5 16,756 9,100

Inventories 14,946 14,050

Other assets 6 264,223 241,227

TOTAL CURRENT ASSETS 1,699,008 2,437,569

NON-CURRENT ASSETS

Property, plant and equipment 7 7,529,680 6,100,007

Intangible assets 8 125,114 177,680

TOTAL NON-CURRENT ASSETS 7,654,794 6,277,687

TOTAL ASSETS 9,353,802 8,715,256

LIABILITIES

CURRENT LIABILITIES

Trade and other payables 9 228,305 361,443

Borrowings 11 28,014 30,735

Employee benefits 12 165,966 160,227

Other liabilities 10 186,321 170,256

TOTAL CURRENT LIABILITIES 608,606 722,661

NON-CURRENT LIABILITIES

Borrowings 11 44,334 50,014

Employee benefits 12 84,885 51,378

TOTAL NON-CURRENT LIABILITIES 129,219 101,392

TOTAL LIABILITIES 737,825 824,053

NET ASSETS 8,615,977 7,891,203

EQUITY

Reserves 1,190,714 1,182,633

Retained earnings 7,425,263 6,708,570

TOTAL EQUITY 8,615,977 7,891,203



Statement of Changes in EquityFor the Year Ended 30 June 2017

2017

Note

RetainedSurplus

$

EquityContribution

Reserve

$

PlannedMaintenance

Reserve

$

EmployeeBenefits Reserve

$

Total

$

Balance at 1 July 2016 6,708,570 447,664 662,591 72,378 7,891,203

Comprehensive income for the year

Surplus for the year 724,774 - - - 724,774

Total comprehensive income for the year 724,774 - - - 724,774

Net transfers from retained surplus toreserve 13(b) (8,081) - 80,459 (72,378) -

Balance at 30 June 2017 7,425,263 447,664 743,050 - 8,615,977

2016

Note

RetainedSurplus

$

EquityContribution

Reserve

$

PlannedMaintenance

Reserve

$

EmployeeBenefits Reserve

$

Total

$

Balance at 1 July 2015 5,551,876 447,664 417,582 72,378 6,489,500

Comprehensive income for the year

Surplus for the year 1,401,703 - - - 1,401,703

Total comprehensive income for the year 1,401,703 - - - 1,401,703

Net transfers from retained surplus toreserve 13(b) (245,009) - 245,009 - -

Balance at 30 June 2016 6,708,570 447,664 662,591 72,378 7,891,203



Statement of Cash FlowsFor the Year Ended 30 June 2017

Note

2017

$

2016

$

CASH FLOWS FROM OPERATING ACTIVITIES:

Receipts from customers and tenants 6,323,971 6,873,209

Payments to suppliers and employees (5,453,502) (5,227,207)

Interest received 7,865 27,039

Finance costs (6,203) (5,735)

Net cash provided by/(used in) operating activities 872,131 1,667,306

CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from sale of plant and equipment 19,090 63,636

Purchase of property, plant and equipment 7 (1,626,466) (1,468,943)

Net cash used by investing activities (1,607,376) (1,405,307)

CASH FLOWS FROM FINANCING ACTIVITIES:

Payment of finance lease liabilities (34,864) (45,639)

Net cash used by financing activities (34,864) (45,639)

Net increase/(decrease) in cash and cash equivalentsheld (770,109) 216,360

Cash and cash equivalents at beginning of year 2,173,192 1,956,832

Cash and cash equivalents at end of financial year 4 1,403,083 2,173,192



Notes to the Financial StatementsFor the Year Ended 30 June 2017

The financial statements are for Regional Housing Limited as an individual entity, incorporated and domiciled inAustralia. Regional Housing Limited is a not-for-profit Company limited by guarantee.

The financial statements are presented in Australian dollars, which is the company’s functional and presentationcurrency.

1 Summary of Significant Accounting Policies

Basis of Preparation

The financial statements are general purpose financial statements that have been prepared in accordance with therequirements of the Australian Charities and Not-For-Profit Commission Act 2012, Australian Accounting Standards -Reduced Disclosure Requirements, Accounting Interpretations and other authoritative pronouncements of theAustralian Accounting Standards Board.

Material accounting policies adopted in the preparation of these financial statements are presented below and havebeen consistently applied unless otherwise stated.

The financial statements, except for the cash flow information, have been prepared on an accruals basis and arebased on historical costs. The amounts presented in the financial statements have been rounded to the nearest dollar.

(a) Comparative Figures

Comparatives are consistent with prior years, unless otherwise stated.

(b) Property, Plant and Equipment

Each class of property, plant and equipment is carried at cost or fair value less, where applicable, anyaccumulated depreciation and impairment.

Where the cost model is used, the asset is carried at its cost less any accumulated depreciation and anyimpairment losses. Costs include purchase price, other directly attributable costs and the initial estimate ofcosts of dismantling and restoring the asset, where applicable.

Land and buildings

Land and buildings are measured using the cost model.

Items of property, plant and equipment acquired for nil or nominal consideration have been recorded at theacquisition date fair value.

Plant and equipment

Plant and equipment are measured using the cost model.

Depreciation

Property, plant and equipment, excluding freehold land, is depreciated on a straight-line basis over the assetsuseful life to the Company, commencing when the asset is ready for use.

Leased assets and leasehold improvements are amortised over the shorter of either the unexpired period of thelease or their estimated useful life.

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(b) Property, Plant and Equipment

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

Fixed asset class Depreciation rate

Freehold Land Nil

Buildings 10 - 50 years

Plant and Equipment 3 - 10 years

Motor Vehicles 2 - 8 years

At the end of each annual reporting period, the depreciation method, useful life and residual value of each assetis reviewed. Any revisions are accounted for prospectively as a change in estimate.

(c) Intangibles

Software

Software has a finite life and is carried at cost less any accumulated amortisation and impairment losses. It hasan estimated useful life of between three and five years.

Amortisation

Amortisation is recognised in surplus of deficit on a straight-line basis over the estimated useful lives ofintangible assets, from the date that they are available for use.

Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted ifappropriate.

(d) Financial Instruments

Financial instruments are recognised initially using trade date accounting, i.e. on the date that Companybecomes party to the contractual provisions of the instrument.

On initial recognition, all financial instruments are measured at fair value plus transaction costs (except forinstruments measured at fair value through profit or loss where transaction costs are expensed as incurred).

Financial Assets

Financial assets are divided into the following categories which are described in detail below:

loans and receivables; and

held-to-maturity investments.

Financial assets are assigned to the different categories on initial recognition, depending on the characteristicsof the instrument and its purpose. A financial instrument’s category is relevant to the way it is measured andwhether any resulting income and expenses are recognised in profit or loss or in other comprehensive income.

The Company's financial assets consist only of loans and receivables which are described in detail below.

All income and expenses relating to financial assets are recognised in the statement of profit or loss and othercomprehensive income in the ‘finance income’ or ‘finance costs’ line item respectively.

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(d) Financial Instruments

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are notquoted in an active market. They arise principally through the provision of goods and services to customers butalso incorporate other types of contractual monetary assets.

After initial recognition these are measured at amortised cost using the effective interest method, less provisionfor impairment. Any change in their value is recognised in profit or loss.

The Company’s trade and other receivables fall into this category of financial instruments.

Discounting is omitted where the effect of discounting is considered immaterial.

Significant receivables are considered for impairment on an individual asset basis when they are past due atthe reporting date or when objective evidence is received that a specific counterparty will default.

The amount of the impairment is the difference between the net carrying amount and the present value of thefuture expected cash flows associated with the impaired receivable.

In some circumstances, the Company renegotiates repayment terms with customers which may lead tochanges in the timing of the payments, the Company does not necessarily consider the balance to be impaired,however assessment is made on a case-by-case basis.

Financial liabilities

Financial liabilities are classified as either financial liabilities ‘at fair value through profit or loss’ or other financialliabilities depending on the purpose for which the liability was acquired. Although the Company uses derivativefinancial instruments in economic hedges of currency and interest rate risk, it does not hedge account for thesetransactions.

The Company‘s financial liabilities include borrowings, trade and other payables, which are measured atamortised cost using the effective interest rate method.

Impairment of financial assets

At the end of the reporting period the Company assesses whether there is any objective evidence that afinancial asset or group of financial assets is impaired.

Financial assets at amortised cost

If there is objective evidence that an impairment loss on financial assets carried at amortised cost has beenincurred, the amount of the loss is measured as the difference between the asset’s carrying amount and thepresent value of the estimated future cash flows discounted at the financial assets original effective interestrate.

Impairment on loans and receivables is reduced through the use of an allowance accounts, all other impairmentlosses on financial assets at amortised cost are taken directly to the asset.

Subsequent recoveries of amounts previously written off are credited against other expenses in profit or loss.

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(e) Cash and Cash Equivalents

Cash and cash equivalents comprises cash on hand, demand deposits and short-term investments which arereadily convertible to known amounts of cash and which are subject to an insignificant risk of change in value.

(f) Impairment of Assets

At the end of each reporting period the Company determines whether there is an evidence of an impairmentindicator for non-financial assets.

Where an indicator exists and regardless for indefinite life intangible assets and intangible assets not yetavailable for use, the recoverable amount of the asset is estimated.

Where assets do not operate independently of other assets, the recoverable amount of the relevant cash-generating unit (CGU) is estimated.

The recoverable amount of an asset or CGU is the higher of the fair value less costs of disposal and the valuein use. Depreciated replacement cost is used to determine value in use where the assets are not heldprincipally for cash generating purpose and would be replaced if the Company was deprived of it. Depreciatedreplacement cost is the current replacement cost of an item of plant and equipment less, where applicable,accumulated depreciation to date, calculated on the basis of such cost. Value is use for all other assets is adiscounted cash flow calculation.

Where the recoverable amount is less than the carrying amount, an impairment loss is recognised in profit orloss.

Reversal indicators are considered in subsequent periods for all assets which have suffered an impairmentloss.

(g) Employee Benefits

Provision is made for the Company's liability for employee benefits arising from services rendered byemployees to the end of the reporting period. Employee benefits that are expected to be wholly settled withinone year have been measured at the amounts expected to be paid when the liability is settled.

Employee benefits expected to be settled more than one year after the end of the reporting period have beenmeasured at the present value of the estimated future cash outflows to be made for those benefits. Indetermining the liability, consideration is given to employee wage increases and the probability that theemployee may satisfy vesting requirements. Cashflows are discounted using market yields on high qualitycorporate bond rates incorporating bonds rated AAA or AA by credit agencies, with terms to maturity that matchthe expected timing of cashflows. Changes in the measurement of the liability are recognised in profit or loss.

(h) Provisions

Provisions are recognised when the Company has a legal or constructive obligation, as a result of past events,for which it is probable that an outflow of economic benefits will result and that outflow can be reliablymeasured.

(i) Trade and other payables

Trade and other payables represent the liability outstanding at the end of the reporting period for goods andservices received by the Company during the reporting period which remain unpaid. The balance is recognisedas a current liability with the amounts normally paid within 30 days of recognition of the liability.

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(i) Trade and other payables

Surplus entitlement to State Government

In accordance with the terms of the granting of properties under the Long Term Community Housing Program,the State Government is entitled to a share of surplus attributed to individual properties. Any surplus entitlementis disclosed under trade and other payables.

(j) Income tax

No provision for income tax has been raised as the Company is exempt from income tax under Div 50 of theIncome Tax Assessment Act 1997.

(k) Revenue and Other Income

Revenue is recognised when the amount of the revenue can be measured reliably, it is probable that economicbenefits associated with the transaction will flow to the Company and specific criteria relating to the type ofrevenue as noted below, has been satisfied.

Revenue is measured at the fair value of the consideration received or receivable and is presented net ofreturns, discounts and rebates.

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

Grant revenue

Grant revenue is recognised in the statement of profit or loss and other comprehensive income when the entityobtains control of the grant, it is probable that the economic benefits gained from the grant will flow to the entityand the amount of the grant can be measured reliably.

When grant revenue is received whereby the entity incurs an obligation to deliver economic value directly backto the contributor, this is considered a reciprocal transaction and the grant revenue is recognised in thestatement of financial position as a liability until the service has been delivered to the contributor, otherwise thegrant is recognised as income on receipt.

Regional Housing Limited receives non-reciprocal contributions of assets from the government and otherparties for zero or a nominal value. These assets are recognised at fair value on the date of acquisition in thestatement of financial position, with a corresponding amount of income recognised in the statement of profit orloss and other comprehensive income.

Rental income

Rental property revenue is recognised on a straight-line basis over the period of the lease term.

Interest revenue

Interest revenue is recognised using the effective interest rate method, which for floating rate financial assets isthe rate inherent in the instrument.

21




(k) Revenue and Other Income

Rendering of services

Revenue in relation to rendering of services is recognised depending on whether the outcome of the servicescan be estimated reliably. If the outcome can be estimated reliably then the stage of completion of the servicesis used to determine the appropriate level of revenue to be recognised in the period.

If the outcome cannot be reliably estimated then revenue is recognised to the extent of expenses recognisedthat are recoverable.

Donations

Donations and bequests are recognised as revenue when received.

(l) Leases

Leases of fixed assets where substantially all the risks and benefits incidental to the ownership of the asset, butnot the legal ownership that are transferred to the Company are classified as finance leases.

Finance leases are capitalised by recording an asset and a liability at the lower of the amounts equal to the fairvalue of the leased property or the present value of the minimum lease payments, including any guaranteedresidual values. Lease payments are allocated between the reduction of the lease liability and the lease interestexpense for the period.

Lease payments for operating leases, where substantially all of the risks and benefits remain with the lessor,are charged as expenses in the periods in which they are incurred. The lease is not recognised in the statementof financial position.

(m) Goods and Services Tax (GST)

Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), exceptwhere the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).

Receivables and payable are stated inclusive of GST.

The net amount of GST recoverable from, or payable to, the ATO is included as part of receivables or payablesin the statement of financial position.

Cash flows in the statement of cash flows are included on a gross basis and the GST component of cash flowsarising from investing and financing activities which is recoverable from, or payable to, the ATO is classified asoperating cash flows.

22




(n) Critical Accounting Estimates and Judgments

The directors make estimates and judgements during the preparation of these financial statements regardingassumptions about current and future events affecting transactions and balances.

These estimates and judgements are based on the best information available at the time of preparing thefinancial statements, however as additional information is known then the actual results may differ from theestimates.

The significant estimates and judgements made have been described below.

Key judgments - grants received

The company has received a number of government grants during the year. Once the company has beennotified of the successful outcome of a grant application, the terms and conditions of each grant are reviewed todetermine whether the funds relate to a reciprocal grant (i.e. payment for services rendered) in which case it isaccounted for under AASB 118 Revenue or a non-reciprocal grant in which case it is accounted for under AASB1004 Contributions.

Key judgments - provision for impairment of receivables

The value of the provision for impairment of receivables is estimated by considering the ageing of receivables,communication with the debtors and prior history.

Key estimates - property, plant and equipment residual values and useful lives

These assets are written down to their estimated residual value over their anticipated useful lives using thestraight-line basis. The Company reviews residual values annually considering market conditions and disposalvalues.

Key estimates - employee benefits

Provisions for employee benefits payable after 12 months from the reporting date are based on future wage andsalary levels, experience of employee departures and periods of service, as discussed in Note 1(g). Theamount of these provisions would change should any of these factors change in the next 12 months.

23



2 Revenue and Other Income

2017

$

2016

$

Revenue

Revenue from (non-reciprocal) government grants and othergrants

- Grants (Federal) - recurrent 34,176 33,938

- Grants (State) - recurrent 1,150,522 1,116,084

- Grants (State) - capital 1,031,104 1,568,467

2,215,802 2,718,489

Other revenue

- Rental revenue 3,761,668 3,705,235

- Interest revenue 7,865 23,371

- Fees 23,329 23,534

- Donations 45 869

3,792,907 3,753,009

Total Revenue 6,008,709 6,471,498

Other Income

- other income 126,986 66,141

- net gain on disposal of property, plant and equipment 2,084 19,443

Total Other Income 129,070 85,584

Total Revenue and Other Income 6,137,779 6,557,082

3 Employee benefits expense

2017

$

2016

$

Wages and salaries 1,994,657 1,895,419

Defined contribution superannuation plan expense 177,985 172,052

Employee benefits provision charges 39,246 31,719

2,211,888 2,099,190

24



4 Cash and Cash Equivalents

2017

$

2016

$

Cash on hand 1,375 1,400

Cash at bank 1,401,708 2,171,792

1,403,083 2,173,192

5 Trade and Other Receivables

2017

$

2016

$

CURRENT

Trade receivables 104,126 79,092

Provision for impairment (92,971) (75,489)

11,155 3,603

Deposits 5,601 5,497

16,756 9,100

6 Other Assets

2017

$

2016

$

CURRENT

Prepayments 242,431 241,227

Accrued income 21,792 -

264,223 241,227

25



7 Property, Plant and Equipment

2017

$

2016

$

LAND AND BUILDINGS

Freehold land

At cost 1,867,012 1,867,012

Total Land 1,867,012 1,867,012

Buildings

At cost 6,007,622 3,290,837

Accumulated depreciation (472,816) (348,396)

Total buildings 5,534,806 2,942,441

Total land and buildings 7,401,818 4,809,453

PLANT AND EQUIPMENT

Capital works in progress

At cost - 1,095,687

Total capital works in progress - 1,095,687

Plant and equipment

At cost 178,688 182,728


Total plant and equipment 13,576 19,013

Motor vehicles

At cost 163,043 171,533


Total motor vehicles 114,286 134,661

Improvements

At cost 164,770 164,770


Total leasehold improvements - 41,193

Total plant and equipment 127,862 1,290,554

7,529,680 6,100,007

26



7 Property, Plant and Equipment

(a) Finance leases

The carrying value of property, plant and equipment held under finance leases at 30 June 2017 was $67,413 (2016:$75,851) relating to motor vehicles. Additions during theyear include $22,406 (2016:$42,116) of property, plant and equipment financed under finance leases. Leased assets are pledged as security for the related finance leaseliabilities.

(b) Movements in Carrying Amounts

Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year:

CapitalWorks inProgress

$

Land

$

Buildings

$

Plant andEquipment

$

MotorVehicles

$

Improvements

$

Total

$

Additions 1,625,470 - - 997 22,406 - 1,648,873

Disposals - written down value (4,372) - - - (17,005) - (21,377)

Transfers (2,716,785) - 2,716,785 - - - -

Depreciation expense - - (124,420) (6,434) (25,776) (41,193) (197,823)

Balance at the end of the year - 1,867,012 5,534,806 13,576 114,286 - 7,529,680

(c) Capital works in progress

Capital works in progress represent the construction of disability homes using capital funding from the Elderly Parent Carer Innovation Trial (EPCIT), and funding from theAccommodation for People with Disability in Residential Aged Care or Public Health Facilities (APIRAC). The construction of the homes for both programs were completedduring the 2017 financial year and were transferred to the buildings category once completed.

27

Year ended 30 June 2017

Balance at the beginning of the year 1,095,687 1,867,012 2,942,441 19,013 134,661 41,193 6,100,007



8 Intangible Assets

2017

$

2016

$

Computer software

Cost 322,243 322,243

Accumulated amortisation andimpairment (197,129) (144,563)

125,114 177,680

(a) Movements in carrying amounts

2017

$

2016

$

Software

Balance at the beginning of the year 177,680 230,246

Amortisation expense (52,566) (52,566)

Total 125,114 177,680

9 Trade and Other Payables

2017

$

2016

$

CURRENT

Trade payables 52,235 149,267

GST (receivable)/payable (3,314) 46,488

Sundry payables and accrued expenses 179,384 165,688

228,305 361,443

Trade and other payables are unsecured, non-interest bearing and are normally settled within 30 days. The carryingamounts are considered to be a reasonable approximation of fair value.

10 Other Liabilities

2017

$

2016

$

CURRENT

Revenue received in advance 162,011 145,946

Unspent grants 24,310 24,310

186,321 170,256

28



11 Borrowings

Note

2017

$

2016

$

CURRENT

Secured liabilities:

Finance lease obligation 28,014 30,735

28,014 30,735

NON-CURRENT

Secured liabilities:

Finance lease obligation 44,334 50,014

44,334 50,014

Total borrowings 14(a) 72,348 80,749

12 Employee benefits

2017

$

2016

$

CURRENT

Long service leave 29,987 24,470

Annual leave 135,979 135,757

165,966 160,227

NON-CURRENT

Long service leave 84,885 51,378

84,885 51,378

13 Reserves

2017

$

2016

$

Equity contribution reserve

Opening balance 447,664 447,664

447,664 447,664

Planned maintenance reserve


Transfers out (88,216) (13,092)

Transfers in 168,675 258,101

743,050 662,591

Employee benefits reserve


Transfers out (72,378) -

- 72,378

Total reserves 1,190,714 1,182,633

29



13 Reserves

(a) Equity contribution reserve

The Equity Contribution Reserve arises through the restructure of Bundaberg Housing Services Inc ('BHS') toRegional Housing Limited, a company limited by guarantee. The BHS board resolved to transfer the net assetsto Regional Housing Limited.

(b) Planned maintenance reserve

This reserve records funds set aside for future planned maintenance of rental properties held by RegionalHousing Limited. The funds set aside are surpluses from Community-Housing Managed Studio Units (CMSU)and Long Term Community Housing Program (LTCHP) properties. Those surpluses are then transferred toRetained Surplus upon incurring maintenance expenditure for those properties.

(c) Employee benefits reserve

The Employee Benefits Reserve records funds set aside for accrued, non-vesting employee benefitentitlements for which there is no present obligation to pay but may become payable in the future.

14 Contingencies and commitments

(a) Finance Leases

Note

2017

$

2016

$

Minimum lease payments:

- not later than one year 33,601 35,949

- between one year and five years 46,695 54,720

Minimum lease payments 80,296 90,669

Less: finance changes (7,948) (9,920)

Present value of minimum lease payments 11 72,348 80,749

Finance leases are in place for motor vehicles which have terms of between two and three years. The leaseshave terms of renewal and purchase options at the end of the term.

(b) Operating Leases

2017

$

2016

$

Minimum lease payments undernon-cancellable operating leases:

- not later than one year 151,228 160,564

- between one year and five years 340,093 47,727

491,321 208,291

The Company has entered into operating leases for certain items of plant and equipment and for officepremises. The Company has the option under some of its leases, to lease the assets for additional terms.Increase in lease commitments may occur in line with the Consumer Price Index (CPI).

30



14 Contingencies and commitments

(c) Capital expenditure commitments

As at 30 June 2016, the Company had entered into contracts for capital expenditure which have not beenprovided for the the financial statements per the table below. There were no such commitments for the currentyear.

2017

$

2016

$

Capital expenditure commitments contractedfor:

Construction of assisted living developments - 1,574,661

- 1,574,661

(d) Committed funds

The Company has accumulated surpluses in relation to the Community-Managed Studio Unit (CMSU) and theLong Term Community Housing (LTCHP) programs, amounting to $1,641,639. Of the total accumulatedsurpluses, $743,050 has been transferred to the planned maintenance reserve. The balance is committed tothe future administration of the programs. The amounts have not been recognised as liabilities as there is nopresent obligation and the company has the ability to direct the funds. The Directors are committed to use thefunds to meet the objectives of the programs.

(e) Contingent liabilities

Estimates of the potential financial effect of contingent liabilities that may become payable:

Granted properties

The Company has been granted 12 properties (2016: 12 properties) from the State of Queensland through theDepartment of Communities for use in providing accommodation under the Long Term Community HousingProgram. Should the Company wish to either sell the properties, have the State release its security or changetheir use, Regional Housing Limited is required, under the Capital Assistance Agreements with the State, to payan amount to the State. The amount is based on a fixed percentage of the market value of both the land andimprovements. Regional Housing Limited has no intention to dispose of or change the use of the properties.The properties are recorded at their historical cost1 of $4,384,837 (2016:$4,384,837). Based on the historicalcost, the State’s fixed percentage entitlement under the Capital Assistance Agreement is $3,336,648(2016:$3,336,648).

1 Four properties acquired by the Company during the 2015 financial year as part of the gifted assets fromYouthcare Hervey Bay Inc were initially measured at fair value due to being received for no consideration.These initial values form the historical cost of the properties.

15 Related Parties

Transactions between related parties are on normal commercial terms and conditions no more favourable than thoseavailable to other parties unless otherwise stated. There were no other related party transactions other than KeyManagement Personnel Remuneration as noted below. Board members do not receive remuneration for their services.

The total remuneration paid to key management personnel of the Company was $271,521 (2016: $267,664).

31



16 Economic Dependency

Regional Housing Limited is dependent on the ongoing support provided by the State and Commonwealthgovernments to support the company's objectives. The State and Commonwealth government provide the companywith grants and the provision of properties from which Regional Housing Limited earns rental income.

At the date of this report, the Board of Directors has no reason to believe the Department will not continue to supportRegional Housing Limited.

17 Events Occurring After the Reporting Date

The financial report was authorised for issue on 18 September 2017 by the board of directors.

No matters or circumstances have arisen since the end of the financial year which significantly affected or maysignificantly affect the operations of the Company, the results of those operations, or the state of affairs of theCompany in future financial years.

32


Directors' Declaration

The Directors declare that in their opinion:

there are reasonable grounds to believe that the Company is able to pay all of its debts, as and when they become due

and payable; and

the financial statements and notes satisfy the requirements of the Australian Charities and Not-for-profits Commission

Act 2012.

Signed in accordance with subsection 60.15(2) of the Australian Charities and Not-for-profit Commission Regulation 2013.

Director ................................................................................................................................................

Director ................................................................................................................................................

Dated this ........18th.................. day of .......September............ 2017

33

Kris

Lucinda Doughty

Kris

Jeff Kirchner



INDEPENDENT AUDIT REPORT

TO THE MEMBERS OF REGIONAL HOUSING LIMITED

OPINION

We have audited the financial report of Regional Housing Limited (the Entity), which comprises the statement of financial position as at 30 June 2017, the statement of profit or loss and other comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and the declaration by those charged with governance.

In our opinion, the accompanying financial report presents fairly, in all material respects, including:

(i) Giving a true and fair view of the Entity's financial position as at 30 June 2017 and of its financial performance for the year then ended; and

(ii) Complying with Division 60 of the Australian Charities and Not-for-profits Commission Act 2012

BASIS FOR OPINION

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described as 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 Division 60 of the Australian Charities and Not-for-profits Commission 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 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 the information included in the Entity's annual report for the year ended 30 June 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 accordingly 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 on the other information obtained prior to the date of this auditor's report, 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.

Level 11 | 42-60 Albert Street | Brisbane | QLD 4000 GPO Box 2876 | Brisbane | QLD 4000

t: +61 7 3210 5500 | f: +61 7 3229 6174 [email protected]

www.uhyhnbrisbane.com.au ABN 76 898 082 094 | AFSL 483056



RRESPONSIBILITIES OF MANAGEMENT AND THE DIRECTORS

Management is responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards – Reduced Disclosure Requirements and Division 60 of the Australian Charities and Not-for-profits Commission Act 2012 and for such internal control as the management determines 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, management is 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 management either intends to liquidate the Entity or to cease operations, or have no realistic alternative but to do so.

The directors are responsible for overseeing the Entity's financial reporting process.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL REPORT

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the 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 directors.

Conclude on the appropriateness of the directors’ 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 directors 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 directors 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.

UHY Haines Norton Reece Jory

Chartered Accountants Partner

Brisbane, 22 September 2017

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