2006-2007 Financial Report

2006-2007FINANCIALREPORT

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2 Income Statement 3 Balance Sheet 5 Statement in changes in equity 6 Cash Flow Statement 7 Notes to the Financial Statements 38 Statement by State Council 39 Auditor’s Report

CONTENTS

2 • St Vincent de Paul Society Victoria Inc.

Income StatementWE SEE... WE HEAR... WE HELP

FOR THE YEAR ENDED 30 JUNE 2007

CONSOLIDATED CONSOLIDATED PARENT PARENT ENTITY ENTITY ENTITY ENTITY Note 2007 2006 2007 2006 $ $ $ $

REVENUE

Fundraising 3 (a) 6,772,869 6,417,317 5,766,370 5,800,821

Government Grants 3 (b) 17,368,125 19,057,839 287,429 1,644,873

Sale of Goods 3 (c) 17,624,855 16,236,499 16,585,171 15,212,555

Other Revenue 3 (d) 7,653,183 6,658,501 1,072,166 869,398

Changes in Value 3 (e) 7,542 5,765 7,542 5,765of Investment

TOTAL REVENUE 49,426,574 48,375,921 23,718,678 23,533,412

OTHER INCOME

Net Gain on Sale of 3 (f) 20,304 869,275 27,385 921,994 Property, Plant and Equipment

OPERATING EXPENSES

Cost of Sales 4 (a) (11,547,447) (10,667,585) (9,865,753) (9,090,658)

Fundraising/Public Relations 4 (b) (760,733) (656,462) (760,733) (656,462)

Administration 4 (c) (2,794,277) (3,065,529) (2,794,277) (3,065,529)

(15,102,457) (14,389,576) (13,420,763) (12,812,649)

TOTAL FUNDS AVAILABLE 34,344,420 34,855,620 10,325,300 11,642,757 FOR CLIENT ACTIVITIES

CLIENT SERVICES EXPENSES

People in Need Services 4 (d) (7,257,754) (7,203,456) (7,270,449) (7,239,939)

Aged Care Services 4 (e) (13,469,512) (12,953,499) - -

Homelessness 4 (f) (8,120,568) (7,798,384) - - & Housing Services

Support Services 4 (g) (2,225,752) (2,243,462) (2,225,752) (2,243,462)

(31,073,586) (30,198,801) (9,496,201) (9,483,401)

TOTAL EXPENSES (46,176,043) (44,588,377) (22,916,964) (22,296,050)

SURPLUS FOR THE PERIOD 3,270,835 4,656,819 829,099 2,159,356

The accompanying notes form part of these fi nancial statements.

2006-2007 Financial Report • 3

Balance SheetWE SEE... WE HEAR... WE HELP

AS AT 30 JUNE 2007


CURRENT ASSETS

Cash and cash equivalents 6 10,101,449 20,161,336 4,072,228 9,440,889

Trade and other receivables 7 1,020,938 2,056,680 557,905 1,607,916

Inventories 8 117,783 183,060 97,190 154,927

Financial assets 9 21,053,600 13,026,978 8,053,600 2,026,978

Other assets 10 733,184 414,192 512,958 270,259

TOTAL CURRENT ASSETS 33,026,954 35,842,246 13,293,881 13,500,969

NON-CURRENT ASSETS

Property, plant & equipment 11 57,790,859 53,084,588 21,272,509 21,609,310

Financial assets 9 - - 51,805,739 50,859,829

Intangibles 12 14,119,095 14,139,561 60,287 56,913

TOTAL NON-CURRENT ASSETS 71,909,954 67,224,149 73,138,535 72,526,052

TOTAL ASSETS 104,936,908 103,066,395 86,432,416 86,027,021

CURRENT LIABILITIES

Trade and other payables 13 1,774,237 1,965,705 593,046 1,032,099

Provisions 14 3,506,988 3,488,671 923,806 784,749

Other liabilities 15 9,718,435 11,076,031 432,710 548,940

TOTAL CURRENT LIABILITIES 14,999,660 16,530,407 1,949,562 2,365,788

NON-CURRENT LIABILITIES

Provisions 14 621,397 490,972 208,872 216,350

TOTAL NON-CURRENT LIABILITIES 621,397 490,972 208,872 216,350

TOTAL LIABILITIES 15,621,057 17,021,379 2,158,434 2,582,138

NET ASSETS 89,315,851 86,045,016 84,273,982 83,444,883

EQUITY

Reserves 16 35,727,327 31,188,770 14,371,867 13,235,238

Retained earnings 53,588,524 54,856,246 69,902,115 70,209,645

Total parent entity interest 89,315,851 86,045,016 84,273,982 83,444,883

TOTAL EQUITY 89,315,851 86,045,016 84,273,982 83,444,883



Statement of changes in equityWE SEE... WE HEAR... WE HELP


CONSOLIDATED ENTITY Reserves

Retained Asset Revaluation Capital Profi ts Bequest Fund-a-Future Total Earnings Reserve Reserve Reserve Reserve $ $ $ $ $ $

Balance at 1 July 2005 49,324,601 31,735,560 198,036 - 130,000 81,388,197

Surplus from ordinary activities 4,656,819 - - - - 4,656,819

Transfer from Asset Revaluation Reserve 874,826 (874,826) - - - -

BALANCE AT 30 JUNE 2006 54,856,246 30,860,734 198,036 - 130,000 86,045,016


Transfer to Bequest Reserve (4,538,557) - 4,538,557 - -

AT 30 JUNE 2007 53,588,524 30,860,734 198,036 4,538,557 130,000 89,315,851

PARENT ENTITY Reserves

Retained Asset Revaluation Capital Profi ts Bequest Fund-a-Future Total Earnings Reserve Reserve Reserve Reserve $ $ $ $ $ $

Balance at 1 July 2005 67,175,463 14,110,064 - - - 81,285,527


Transfer from Asset Revaluation Reserve 874,826 (874,826) - - - -

BALANCE AT 30 JUNE 2006 70,209,645 13,235,238 - - - 83,444,883

Surplus from ordinary activities 829,099 - - - - 829,099

Transfer to Bequest Reserve (1,136,629) - - 1,136,629 - -

AT 30 JUNE 2007 69,902,115 13,235,238 - 1,136,629 - 84,273,982

The accompanying notes form part of these fi nancial statements


WE SEE... WE HEAR... WE HELPCash Flow Statement



CASH FLOWS FROM OPERATING ACTIVITIES:

Receipts from operating activities 41,843,518 37,156,605 17,898,733 14,829,803

Receipts from supporters 6,290,183 8,070,783 6,290,183 8,070,783

Payments to clients, suppliers and employees (45,275,431) (44,316,196) (22,911,510) (22,525,043)

Repayment of unutilised government funding (10,195) - - -

Interest received 2,181,589 1,777,512 830,912 589,333

NET CASH PROVIDED BY 19 (B) 5,029,664 2,688,704 2,108,318 964,876OPERATING ACTIVITIES

CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds - sale of property, plant and equipment 836,213 2,214,728 724,374 1,978,493

Proceeds from investments - 138,704 - -

Payment for property, plant and equipment (7,521,328) (5,055,797) (1,223,732) (1,772,028)

Payments for intangible assets (46,744) (90,210) (12,631) (53,249)

Payments for investments (8,019,080) (5,000,000) (6,019,080) (1,000,000)

Capital contributed to subsidiaries - - (945,910) -

NET CASH PROVIDED BY/ (14,750,939) (7,792,575) (7,476,979) (846,784)(USED IN) INVESTING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from residents’ accommodation bonds 4,092,945 5,665,373 - -

Repayment of residents’ accommodation bonds (4,431,557) (2,635,504) - -

NET CASH PROVIDED BY/ (338,612) 3,029,869 - - (USED IN) FINANCING ACTIVITIES

NET INCREASE/(DECREASE) (10,059,887) (2,074,002) (5,368,661) 118,092IN CASH AND CASH EQUIVALENTS

CASH AND CASH 20,161,336 22,235,338 9,440,889 9,322,797 EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL YEAR

CASH AND CASH 19 (A) 10,101,449 20,161,336 4,072,228 9,440,889 EQUIVALENTS AT THE END OF THE FINANCIAL YEAR



Notes to the Financial StatementsWE SEE... WE HEAR... WE HELP

NOTE 1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe St Vincent de Paul Society Victoria Inc. is a non government welfare agency incorporated under the Associations Incorporations Act (Vic) 1981 and is domiciled in Australia. The Society operates a separate company limited by guarantee to run its aged care, community services and disability employment services.

The fi nancial statements were authorised for issue by State Council on 22 September 2007.

BASIS OF PREPARATION The fi nancial report is a general purpose fi nancial report prepared in accordance with Accounting Standards, Interpretations and the Associations Incorporations Act (Vic) 1981.

The fi nancial report covers the consolidated entity being St Vincent de Paul Society Victoria Inc., St Vincent de Paul Aged Care and Community Services, St Vincent de Paul Victoria Endowment Fund and Society of St Vincent de Paul (Victoria). The consolidated entity in these fi nancial statements will be referred to as “the Group”. The parent entity is St Vincent de Paul Society Victoria Inc.

The fi nancial report has been prepared on an accruals basis and is based on historic costs modifi ed by the revaluations of selected non-current assets and fi nancial assets and liabilities, for which the fair value basis of accounting has been applied. Cost is based on the fair value of the consideration given in exchange for assets. The fi nancial report is presented in Australian dollars. The following specifi c accounting policies have been consistently applied, unless otherwise stated.

Statement of ComplianceThe fi nancial report of St Vincent de Paul Society Victoria Inc. complies with Australian Accounting Standards to the extent noted above, which include Australian equivalents to International Financial Reporting Standards (AIFRS). Due to the application of Australian specifi c provisions for not-for-profi t entities contained only within the AIFRS, the fi nancial reports and notes thereto are not necessarily compliant with all International Accounting Standards.

Judgements and EstimatesIn the application of AIFRS, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstance, the results of which form the basis of making the judgements. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ong oing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgements made by management in the application of AIFRS that have signifi cant effects on the fi nancial statements and estimates with a signifi cant risk of material adjustments in the next year are disclosed, where applicable, in the relevant notes to the fi nancial statements.

Accounting policies are selected and applied in a manner which ensures that the resulting fi nancial information satisfi es the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions or other events is reported.

(A) PRINCIPLES OF CONSOLIDATIONThe combined fi nancial report of St Vincent de Paul Society Victoria Inc. comprises the consolidated fi nancial reports of St Vincent de Paul Society Victoria Inc., St Vincent de Paul Aged Care and Community Services, St Vincent de Paul Victoria Endowment Fund and Society of St Vincent de Paul (Victoria).

A controlled entity is any entity controlled by St Vincent de Paul Society Inc. Control exists where St Vincent de Paul Society Inc. has the capacity to dominate the decision-making in relation to the fi nancial and operating policies of another entity so that the other entity operates with St Vincent de Paul Society Victoria Inc. to achieve the objectives of St Vincent de Paul Society Inc. A list of controlled entities is contained in Note 9.

All inter-entity balances and transactions between entities in the economic entity have been eliminated on consolidation.

(B) REVENUEThe St Vincent de Paul Society Victoria Inc. is a non-profi t organisation and receives a principal part of its income from donations, as cash or in kind. Amounts donated can be recognised only as revenue when the entity gains control, economic benefi ts are probable and the amount of the contribution can be measured reliably. State Council has the responsibility for ensuring that all voluntary and other revenues to which the Society gains control are accounted for properly. This involves establishing controls to ensure that voluntary revenue is recorded in the fi nancial records, however at times it is impractical to maintain controls over the collection of such revenue prior to its initial entry into the fi nancial records or to ensure that any economic benefi t can be measured reliably. Therefore, voluntary revenue is recognised in these accounts when control, benefi t and reliable measurement can be achieved.



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Revenue from the sale of goods is recognised upon delivery of the goods to customers.

Government grants are principally of a recurrent or capital nature and intended to fund ongoing operations or asset acquisitions.

Income from grants is measured at the fair value of the contributions received or receivable and only when all the following conditions have been satisfi ed:• the Group obtains control of the

grant funds or the right to receive the grant funds;

• it is probable that the economic benefi ts comprising grants will fl ow to the Group; and

• the amount of the grant can be measured reliably.

Grants are recognised in the accounting period in which the rights are fulfi lled.

Resident contributions are recognised when the service is provided.

Revenue from donations and bequests is recognised when received into the Gift Account.

Interest revenue from banks and from residents with outstanding bonds, is recognised on a time proportionate basis that takes into account the effective yield on the fi nancial asset.

The net profi t from the sale of an asset is included as revenue when control of the asset passes to the buyer. The profi t or loss on disposal is calculated as the differnece between the carrying amount of the asset at the time of disposal and net proceeds.

(C) INCOME TAXThe Group is not subject to income tax.

(D) CASH AND CASH EQUIVALENTSCash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts.

For the purposes of the Cash Flow Statement, cash and cash equivalents

consist of cash and cash equivalents as defi ned above, net of outstanding bank overdrafts.

(E) FINANCIAL INSTRUMENTSFinancial AssetsAll fi nancial assets are initially recognised at cost, being the fair value of the consideration given and including acquisition charges associated with the investment. Where an asset is acquired at no cost, or for a nominal cost, the cost is its fair value as at the date of acquisition.

Held to maturity investmentsThese are investments that have fi xed maturities and it is the Group’s intention to hold these investments to maturity. Any investments held to maturity by the Group are stated at amortised cost using the effective interest method.

Financial assets at fair value through profi t and lossA fi nancial asset is classifi ed in this category if it is held for trading; that is principally with the objective of selling in the short-term with a profi t making intention. In addition, any other fi nancial assets so designated by management on initial recognition are included in this category. Realised and unrealised gains and losses arising from changes in the fair value of these assets are included in the income statement in the period in which they arise.

Loans and receivablesLoans and receivables are non-derivative fi nancial assets with fi xed or determinable payments that are not quoted in an active market and are stated at amortised cost using the effective interest rate method.

Available for sale fi nancial assetsAvailable-for-sale fi nancial assets include all fi nancial assets not included in the above categories. Available for sale fi nancial assets are refl ected at fair value. Unrealised gains and losses arising from the changes in fair value are taken directly to equity.

Financial LiabilitiesFinancial liabilities, including loans and borrowings, are recognised at amortised cost, comprising original debt less principal payments and amortisation.

Fair valueFair value is determined based on current bid prices for all quoted investments. Valuation techniques are applied to determine the fair value for all unlisted securities, including recent arms length transactions, reference to similar instruments and pricing models.

ImpairmentAt each reporting date, State Council assesses whether there is objective evidence that a fi nancial instrument has been impaired. In the case of ‘available-for-sale’ fi nancial assets, a prolonged decline in the value of the instrument is considered to determine whether an impairment has arisen. Impairment losses are recognised in the income statement.

(F) ACCOMMODATION BONDSAccommodation bonds are repayable upon demand.

(G) ASSETS HELD IN TRUSTThe company, Society of St Vincent De Paul (Victoria), holds various properties and bed licences in trust for St Vincent de Paul Society Victoria Inc.

(H) GOODS AND SERVICES TAX (GST)Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Offi ce. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of the expense. Receivables and payables in the Balance Sheet are shown inclusive of GST. Cashfl ows are included in the cash fl ow statement on a gross basis. The GST component of cash fl ows arising from investing and fi nancing activities which is recoverable from, or payable to, the taxation authority is classifi ed as operating cash fl ows.


Notes to the Financial Statements (cont.)



(I) FIXED ASSETSLand is measured on the cost basis. All other property, plant and equipment is measured at cost, less accumulated depreciation and impairment. Cost includes expenditure that is directly attributable to the acquisition of an item. In the event that settlement of all or part of the purchase consideration is deferred, cost is determined by discounting the amounts payable in the future to their present value as at the date of acquisition.

DepreciationDepreciation is calculated on a straight line basis so as to write off the net cost or other revalued amount of each asset over its expected useful life to the Group to its residual value, except leasehold improvements, which are over the shorter of the estimated useful life of the asset or the term of the lease, as follows:

Class of Depreciation rateFixed Asset and method

Buildings 1% to 2.5% straight lineBuilding 10% straight lineImprovementsLeasehold Over the termimprovements of the leaseFurniture, Plant 7% to 20% & Equipment straight lineComputer 33% straight lineHardwareMotor Vehicles 15% to 20% straight line

Artwork and antiquities are not depreciated.

Land is not a depreciable asset.

(J) IMPAIRMENTThe carrying values of tangible and intangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

If any such indication exists and where the carrying values exceed the estimated recoverable amount, the assets are written down to their recoverable amount.

At each reporting date, State Council reviews a number of factors affecting tangible and intangible assets (which includes property, plant and equipment) including their carrying values, to determine if these assets may be impaired. If an impairment indicator exists, the recoverable amount of the asset, being the higher of the asset’s ‘fair value less costs to sell’ and ‘value in use’ is compared to the carrying value. Any excess of the asset’s carrying value over its recoverable amounts is expensed in the Income Statement as an impairment expense.

As the future economic benefi ts of the Group’s assets are not primarily dependant on their ability to generate net cash infl ows, and if deprived of the asset, the Group would replace the asset’s remaining future economic benefi ts, ‘value in use’ is determined as the depreciated replacement cost of the asset, rather than by using discounted future cash fl ows.

Depreciated replacement cost is defi ned as the current replacement cost of an asset less, where applicable, accumulated depreciation calculated on the basis of such cost to refl ect the already consumed or expired future economic benefi ts of the asset. The current replacement cost of an asset is its cost measured by reference to the lowest cost at which the future economic benefi ts of that asset could currently be obtained in the normal course of business.

Impairment losses are recognised in the Income Statement.

(K) INTANGIBLESIntangible assets are only recognised if they meet the identifi ability criterion, that is it is separable from the Group and arises from contractual or other legal rights. All intangibles are initially recognised at their cost, or when acquired for no consideration, at their fair value at the date of acquisition.

Computer SoftwareComputer software that is not integral to the operation of a related piece of

hardware or plant is classifi ed as an intangible (for example, accounting systems software), and is initially recognised at cost. Subsequent to initial recognition, computer software is carried at its cost less accumulated amortisation and impairment losses. Computer software has a fi nite life, and is amortised on a systematic basis over its estimated useful life, being on a straight line basis over 3 years.

Aged Care Bed LicencesBed licences that are purchased are initially recorded at cost. Bed licences that are received for no consideration are recognised at their fair value at the date of acquisition, having regard to recent sale activity within the industry, which the Group then uses to record the licences at deemed cost. Bed licences have an indefi nite life, as long as the Group continues to comply with the terms and conditions imposed by Government. Bed licences are therefore tested annually for impairment.

Subsequent to initial recognition, bed licences continue to be carried at their original deemed cost (being their fair value on acquisition), less any impairment losses.

(L) INVENTORIES Inventories held for sale are valued at the lower of cost and net realisable value. Where inventories are held for distribution or are to be consumed by the Group in providing services or aid at no or nominal charge, they are valued at the lower of cost and replacement cost.

(M) TRADE AND OTHER RECEIVABLESTrade debtors are recognised when the risks and rewards of ownership of the underlying sales transactions have passed to customers. This event usually occurs on delivery of goods or services to customers. Trade debtors are recorded at nominal amounts. Credit terms are 30 days. Collectability of overdue accounts is assessed on an ongoing basis.



(N) TRADE AND OTHER CREDITORSTrade and other creditors represent unpaid liabilities for goods received by and services provided to the Group prior to the end of the fi nancial year. The amounts are unsecured and are normally settled within 30 days.

(O) LEASESLeases where the lessor retains substantially all the risks and benefi ts of ownership of the asset are classifi ed as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as the lease income.

Operating lease payments are recognised as an expense in the Income Statement on a straight-line basis over the lease term.

Finance leases which transfer to the Group substantially all the risks and benefi ts included in ownership of the leased item, are capitalised at the inception of the lease at the fair value of the leased property or, if lower, at the present value of the minimum lease payments.

Lease payments are apportioned between the fi nance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly against income.

Capitalised leased assets are depreciated over the shorter of the estimated useful life of the asset or the lease term.

(P) EMPLOYEE BENEFITSWages, salaries, annual leave and sick leaveLiabilities for wages, salaries and annual leave expected to be settled within 12 months of the reporting date represent present obligations resulting from employees’ services provided up to the reporting date, calculated at undiscounted amounts based on

remuneration wage and salary rates that the Group expects to pay as at reporting date including on-costs.

Long service leaveThe provision for long service leave represents the present value of the estimated future cash outfl ows to be made resulting from employees’ services provided up to reporting date.

The provision is calculated using expected future increases in wage and salary rates including related on-costs and expected settlement dates based on turnover history and is discounted using the rates attaching to national government bonds at reporting date which most closely match the terms of maturity of the related liabilities.

SuperannuationThe Group contributes to complying funds at the required rate of the employees’ wages and salaries. Superannuation contributions are recognised as an expense when incurred.

(Q) DEFICIENCY IN TRUST RIGHT OF INDEMNITYSt Vincent de Paul Society Victoria Inc. acts as trustee of the St Vincent de Paul Victoria Endowment Fund. Liabilities have been incurred on behalf of the Fund in the Association’s capacity as trustee.

Liabilities incurred on behalf of the trust are not recognised in the fi nancial report of St Vincent de Paul Society Victoria Inc. when it is not probable that the Association will have to meet any of those trust liabilities from its own resources. When it is probable that the Association will have to meet some trust liabilities, a liability for the Defi ciency in Trust Right of Indemnity is brought to account.

The assets of St Vincent de Paul Victoria Endowment Fund, which lie behind the right of indemnity, are not available to meet any liabilities of St Vincent de Paul Society Victoria Inc. acting in its own right.

The assets of the trust were suffi cient to discharge all liabilities of the trust at 30 June 2007.

(R) COMPARATIVE FIGURESWhen required by Accounting Standards, comparative fi gures have been adjusted to conform to changes in presentation for the current fi nancial year.

NOTE 2RESTATEMENT OF PRIOR YEAR BALANCESDuring the fi nancial year, the parent entity made the following adjustments following the reconciliation of the Fixed Asset Register.

(a) Recorded the disposal of the property, 57 Burke Street in Maryborough, which was sold in January 2005, but not disposed of in the books as at 30 June 2006. Instead, the property, 54 High Street in Maryborough, was incorrectly disposed of in the books as at 30 June 2006.

(b) Recorded motor vehicles purchased under fi nance leases that were previously not recorded as assets as at 30 June 2006.

(c) A recalculation of accumulated depreciation for all property, plant and equipment was performed as at 30 June 2006 and depreciation adjustments were made. As the Society’s assets were not tracked in a fi xed asset register in prior years, depreciation expense was calculated based on the general ledger value at the end of each year. As a consequence of not being able to track asset movements and classifi cations accurately, the accumulated depreciation as at 30 June 2006 was incorrect.

The fi nancial statements of 2006 have been restated to refl ect these adjustments. The effect of the restatement on those fi nancial statements is summarised in the schedule on the following page.





NOTE 2RESTATEMENT OF PRIOR YEAR BALANCES CONTINUED

Previously reported at Effect of adjustment Restated balance at 1 July 2005 1 July 2005 Note $ $ $

Consolidated EntityReconciliation of Equity at 1 July 2005

ASSETS

CURRENT ASSETSCash and cash equivalents 22,235,338 - 22,235,338Trade and other receivables 438,246 - 438,246Inventories 153,737 - 153,737Financial assets 8,159,917 - 8,159,917Other assets 489,561 - 489,561TOTAL CURRENT ASSETS 31,476,799 - 31,476,799

NON-CURRENT ASSETSProperty, plant and equipment 2 (a) 51,020,060 31,240 51,140,436 2 (b) 89,136Intangibles 13,585,744 - 13,585,744TOTAL NON-CURRENT ASSETS 64,605,804 120,376 64,726,180

TOTAL ASSETS 96,082,603 120,376 96,202,979

CURRENT LIABILITIESTrade and other creditors 1,333,277 - 1,333,277Provisions 3,007,525 - 3,007,525Other liabilities 9,810,617 - 9,810,617TOTAL CURRENT LIABILITIES 14,151,419 - 14,151,419

NON-CURRENT LIABILITIESProvisions 663,363 - 663,363TOTAL NON-CURRENT LIABILITIES 663,363 - 663,363

TOTAL LIABILITIES 14,814,782 - 14,814,782

NET ASSETS 81,267,821 120,376 81,388,197

EQUITYReserves 32,063,596 - 32,063,596Retained earnings 2 (a) 49,204,225 31,240 49,324,601 2 (b) 89,136

TOTAL EQUITY 81,267,821 120,376 81,388,197




Previously reported at Effect of adjustment Restated balance at 1 July 2005 1 July 2005 Note $ $ $

Parent EntityReconciliation of Equity at 1 July 2005

ASSETSCURRENT ASSETSCash and cash equivalents 9,322,797 - 9,322,797Trade and other receivables 132,418 - 132,418Inventories 125,792 - 125,792Financial assets 1,021,213 - 1,021,213Other assets 298,424 - 298,424TOTAL CURRENT ASSETS 10,900,644 - 10,900,644

NON-CURRENT ASSETSProperty, plant and equipment 2 (a) 21,640,758 31,240 21,761,134 2 (b) 89,136Intangibles 5,192 - 5,192Other fi nancial assets 50,859,829 - 50,859,829TOTAL NON-CURRENT ASSETS 72,505,779 120,376 72,626,155

TOTAL ASSETS 83,406,423 120,376 83,526,799

CURRENT LIABILITIESTrade and other creditors 247,107 - 247,107Provisions 591,717 - 591,717Other liabilities 1,130,749 - 1,130,749TOTAL CURRENT LIABILITIES 1,969,573 - 1,969,573



NET ASSETS 81,165,151 120,376 81,285,527

EQUITYReserves 14,110,064 - 14,110,064Retained earnings 2 (a) 67,055,087 31,240 67,175,463 2 (b) 89,136TOTAL EQUITY 81,165,151 120,376 81,285,527





Previously reported at Effect of adjustment Restated balance at 30 June 2006 30 June 2006 Note $ $ $

Consolidated EntityReconciliation of Equity at 30 June 2006

ASSETSCURRENT ASSETSCash and cash equivalents 20,161,336 - 20,161,336Trade and other receivables 2,056,680 - 2,056,680Inventories 183,060 - 183,060Financial assets 13,026,978 - 13,026,978Other assets 414,192 - 414,192TOTAL CURRENT ASSETS 35,842,246 - 35,842,246

NON-CURRENT ASSETSProperty, plant and equipment 2 (a) 53,042,409 31,240 53,084,587 2 (b) 44,057 2 (c) (33,119)Intangibles 2 (c) 14,122,030 17,531 14,139,561TOTAL NON-CURRENT ASSETS 67,164,439 59,709 67,224,148

TOTAL ASSETS 103,006,685 59,709 103,066,394

CURRENT LIABILITIESTrade and other creditors 1,965,704 - 1,965,704Provisions 3,488,671 - 3,488,671Other liabilities 11,076,031 - 11,076,031TOTAL CURRENT LIABILITIES 16,530,406 - 16,530,406



NET ASSETS 85,985,307 59,709 86,045,016

EQUITYReserves 31,188,770 - 31,188,770Retained earnings 2 (a) 54,796,537 31,240 54,856,246 2 (b) 44,057 2 (c) (15,588) TOTAL EQUITY 85,985,307 59,709 86,045,016






Parent EntityReconciliation of Equity at 30 June 2006

ASSETSCURRENT ASSETSCash and cash equivalents 9,440,889 - 9,440,889Trade and other receivables 1,607,916 - 1,607,916Inventories 154,927 - 154,927Financial assets 2,026,978 2,026,978Other assets 270,259 - 270,259TOTAL CURRENT ASSETS 13,500,969 - 13,500,969

NON-CURRENT ASSETSProperty, plant and equipment 2 (a) 21,567,132 31,240 21,609,310 2 (b) 44,057 2 (c) (33,119)Intangibles 2 (c) 39,382 17,531 56,913Financial assets 50,859,829 - 50,859,829TOTAL NON-CURRENT ASSETS 72,466,343 59,709 72,526,052

TOTAL ASSETS 85,967,312 59,709 86,027,021

CURRENT LIABILITIESTrade and other creditors 1,032,099 - 1,032,099Provisions 784,749 - 784,749Other liabilities 548,940 - 548,940TOTAL CURRENT LIABILITIES 2,365,788 - 2,365,788



NET ASSETS 83,385,174 59,709 83,444,883

EQUITYReserves 13,235,238 - 13,235,238Retained earnings 2 (a) 70,149,936 31,240 70,209,645 2 (b) 44,057 2 (c) (15,588) TOTAL EQUITY 83,385,174 59,709 83,444,883


WE SEE... WE HEAR... WE HELPNotes to the Financial Statements (cont.)




Consolidated EntityReconciliation of Profi t or Loss 2006

REVENUE AND OTHER INCOME

Fundraising 6,417,317 - 6,417,317

Government grants 19,057,839 - 19,057,839

Sale of goods 16,236,499 - 16,236,499

Other income 6,658,501 - 6,658,501

Net gain on sale of property, plant & equipment 2 (a) 869,275 - 869,275

Changes in value of investment 5,765 - 5,765

TOTAL REVENUE FROM OPERATING ACTIVITIES 49,245,196 - 49,245,196

EXPENSES FROM OPERATING ACTIVITIES

Cost of sales 2 (c) (10,622,506) (45,079) (10,667,585)

Fundraising/Public relations (656,462) - (656,462)

Administration 2 (c) (3,049,941) (15,588) (3,065,529)

TOTAL EXPENSES FROM OPERATING ACTIVITIES (14,328,909) (60,667) (14,389,576)

TOTAL FUNDS AVAILABLE FOR OTHER ACTIVITIES 34,916,287 (60,667) 34,855,620

EXPENSES FROM OTHER ACTIVITIES

People in need services (7,203,456) - (7,203,456)

Aged care services (12,953,499) - (12,953,499)

Homeless & housing services (7,798,384) - (7,798,384)

Support services (2,243,462) - (2,243,462)

(30,198,801) - (30,198,801)

SURPLUS FROM OPERATING ACTIVITIES 4,717,486 (60,667) 4,656,819





Parent EntityReconciliation of Profi t or Loss 2006

REVENUE AND OTHER INCOME

Fundraising 5,800,821 - 5,800,821

Government grants 1,644,873 - 1,644,873

Sale of goods 15,212,555 - 15,212,555

Other income 869,398 - 869,398

Net gain on sale of property, plant & equipment 921,994 - 921,994

Changes in value of investment 5,765 - 5,765

TOTAL REVENUE FROM OPERATING ACTIVITIES 24,455,406 - 24,455,406

EXPENSES FROM OPERATING ACTIVITIES

Cost of sales (9,045,579) (45,079) (9,090,658)

Fundraising/Public relations (656,462) - (656,462)

Administration 2 (c) (3,049,941) (15,588) (3,065,529)

TOTAL EXPENSES FROM OPERATING ACTIVITIES (12,751,982) (60,667) (12,812,649)

TOTAL FUNDS AVAILABLE FOR OTHER ACTIVITIES 11,703,424 (60,667) 11,642,757

EXPENSES FROM OTHER ACTIVITIES

People in need services (7,239,939) - (7,239,939)

Support services (2,243,462) - (2,243,462)

(9,483,401) - (9,483,401)

SURPLUS FROM OPERATING ACTIVITIES 2,220,023 (60,667) 2,159,356




CONSOLIDATED CONSOLIDATED PARENT PARENT ENTITY ENTITY ENTITY ENTITY 2007 2006 2007 2006 $ $ $ $

NOTE 3 REVENUE AND OTHER INCOME

(A) FUNDRAISING ACTIVITIES

Bequests 2,059,443 2,427,252 1,576,763 2,128,436

Donations 4,713,426 3,990,065 4,189,607 3,672,385

6,772,869 6,417,317 5,766,370 5,800,821

(B) GOVERNMENT GRANTS

Councils/Conferences/Centres 287,429 1,644,873 287,429 1,644,873

Community & Support Services Group 8,056,708 7,640,684 - -

Aged Care Group 9,023,988 9,132,282 - -

Aged Care bed licences granted - 640,000 - -

17,368,125 19,057,839 287,429 1,644,873

(C) SALE OF GOODS

Sales - Centres of Charity 16,153,652 14,688,699 16,153,652 14,688,699

Sales - Groceries 118,600 249,155 118,600 249,155

Sales - Piety 312,919 274,701 312,919 274,701

Sales - Ozanam Enterprises 1,039,684 1,023,944 - -

17,624,855 16,236,499 16,585,171 15,212,555

(D) OTHER INCOME

Client rent/fees 4,489,316 4,056,714 - -

Accomodation bonds retention 307,542 295,128 - -

Interest received - other persons 2,449,516 1,966,322 830,912 597,151

Sundry income 406,809 340,337 241,254 272,247 (Includes money paid to SW from CC)

7,653,183 6,658,501 1,072,166 869,398

(E) CHANGES IN VALUE OF INVESTMENT 7,542 5,765 7,542 5,765

TOTAL REVENUE 49,426,574 48,375,921 23,718,678 23,533,412

OTHER INCOME

(F) NET GAIN ON SALE OF PROPERTY, 20,304 869,275 27,385 921,994 PLANT AND EQUIPMENT




NOTE 4OPERATING SURPLUS

OPERATING EXPENSES

(A) COST OF SALES

Employee salaries & benefi ts 5,463,864 4,954,656 4,120,977 3,705,941 Cost of goods sold - purchases/materials 865,117 862,699 793,335 795,494 Selling & Administration 5,218,466 4,850,230 4,951,441 4,589,223 11,547,447 10,667,585 9,865,753 9,090,658

(B) FUNDRAISING/PUBLIC RELATIONS

Employee salaries & benefi ts 313,598 251,036 313,598 251,036 Promotion 320,376 313,255 320,376 313,255 Other 126,759 92,171 126,759 92,171 760,733 656,462 760,733 656,462

(C) ADMINISTRATION

Computer maintenance 191,594 175,145 191,594 175,145 Legal & Audit 75,641 101,932 75,641 101,932 Employee salaries & benefi ts 1,199,689 1,155,080 1,199,689 1,155,080 Depreciation & amortisation 243,603 272,574 243,603 272,574 Insurance 38,493 69,255 38,493 69,255 Motor vehicle running costs 24,801 35,955 24,801 35,955 Occupancy 3,650 2,700 3,650 2,700 Printing/Postage/Offi ce supplies 109,223 176,460 109,223 176,460 Repairs & maintenance 56,960 100,372 56,960 100,372 Telephone 43,063 48,896 43,063 48,896 Training 37,545 28,138 37,545 28,138 Travel & accommodation 11,741 22,646 11,741 22,646 Other 228,419 240,627 228,419 240,627 State Council 529,855 635,749 529,855 635,749 2,794,277 3,065,529 2,794,277 3,065,529





NOTE 4OPERATING SURPLUS CONTINUED

(D) PEOPLE IN NEED SERVICES

Accommodation/Transport 548,244 407,009 548,244 407,009 Cash 20,670 38,576 20,670 38,576 Food vouchers 3,087,261 2,716,769 3,087,261 2,716,769 Food purchases 1,222,799 1,014,178 1,222,799 1,014,178 Whitegoods 362,133 367,161 362,133 367,161 Utilities 334,582 223,973 334,582 223,973 Medical 81,707 68,298 81,707 68,298 Education 562,603 320,342 562,603 320,342 Compassionate 15,000 17,672 15,000 17,672 Youth 56,969 25,592 56,969 25,592 Migrant & Refugees 50,658 1,200,199 50,658 1,200,199 Overseas 422,855 537,169 422,855 537,169 Indigenous Program - 20,000 - 20,000 Bursary 38,599 19,472 38,599 19,472 Sundry 453,674 227,046 466,369 263,529 7,257,754 7,203,456 7,270,449 7,239,939

(E) AGED CARE SERVICES

Catering & Food 703,683 675,541 - - Cleaning 356,004 307,892 - - Depreciation 582,536 609,818 - - Employee salaries & benefi ts 9,502,167 9,186,744 - - Occupancy 159,682 222,503 - - Medical & other supplies 207,253 189,046 - - Legal & Audit 171,244 171,377 - - Motor vehicle running 44,177 48,880 - - Repairs & maintenance 239,190 305,629 - - Resident amenities 30,127 30,671 - - Telephone 39,690 44,978 - - Utilities 335,811 344,675 - - Workcover 185,512 202,740 - - Write off of construction costs 193,438 - - - Interest paid - other persons 32,104 - - - Other 686,894 613,005 - - 13,469,512 12,953,499 - -





(F) HOMELESSNESS & HOUSING SERVICES

Cleaning/Waste removal 208,786 203,606 - -

Client support/Emergency accommodation 1,077,515 1,047,896 - -

Depreciation 364,108 386,712 - -

Employee salaries & benefi ts 5,245,856 5,031,569 - -

Occupancy 173,056 159,474 - -

Legal & Audit 86,450 134,270 - -

Motor vehicle running 134,173 146,892 - -

Repairs & Maintenance 139,371 141,809 - -

Telephone 80,045 87,441 - -

Utilities 106,771 93,654 - -

Other 504,437 365,061 - -

8,120,568 7,798,384 - -

(G) SUPPORT SERVICES

Accounting & payroll support 176,400 168,000 176,400 168,000

Conference Support - Employee salaries & benefi ts 887,662 717,717 887,662 717,717

Conference Support - Other 196,071 185,905 196,071 185,905

State, National, International Councils 234,903 524,835 234,903 524,835

Conference operating 730,716 579,515 730,716 579,515

Vinnies Budget Groceries set up - 67,490 - 67,490

2,225,752 2,243,462 2,225,752 2,243,462

46,176,043 44,588,377 22,916,964 22,296,050






(I) SURPLUS FROM OPERATING ACTIVITIES HAS BEEN DETERMINED AFTER:(I) EXPENSESDepreciation and amortisation of property, plant & equipment - Buildings 603,489 714,336 261,362 390,535 - Building Improvements 44,721 33,804 487 - - Leasehold Improvements 9,433 12,502 - - - Furniture, Plant and Equipment 471,013 323,961 146,746 33,030 - Motor Vehicles 593,135 611,759 413,315 425,064 - Computer Equipment 83,920 50,106 41,635 18,723 1,805,711 1,746,468 863,545 867,352

AMORTISATION OF COMPUTER SOFTWARE 67,210 176,393 9,257 1,528

WRITE OFF OF PLANT AND EQUIPMENT - 19,725 - -

WRITE OFF OF CONSTRUCTION COSTS 193,438 - - -

BAD AND DOUBTFUL DEBTS 6,469 11,449 - -

Rental expense on operating leases - Minimum lease payments 1,599,440 1,422,546 1,530,829 1,337,904 Remuneration of Auditor - Audit 58,642 79,121 22,776 40,011 - Other Services 33,037 - 33,037 - 91,679 79,121 55,813 40,011

(II) NET GAINS GAIN ON SALE OF PROPERTY, 20,304 869,275 27,385 921,994 PLANT AND EQUIPMENT

NOTE 5KEY MANAGEMENT PERSONNEL COMPENSATIONShort-term employee benefi ts - Salary & Fees 1,332,100 1,092,877 609,000 514,380 - Non-Cash Benefi ts 87,600 96,000 48,000 48,000 - Other 44,400 23,013 6,000 11,013 Post-employment benefi ts - Superannuation 119,890 98,358 54,810 46,294 TOTAL 1,583,990 1,310,248 717,810 619,687

Key management personnel include the Chief Executive Offi cer (CEO), those offi cers that report to the CEO and State Councillors. All State Councillors volunteer their services without remuneration.




NOTE 6CASH AND CASH EQUIVALENTS

Cash on hand 53,686 20,394 34,646 3,004Cash deposits with banks - Councils & Central Offi ce 67,896 109,604 67,896 109,604 - Centres 423,552 (292,425) 423,552 (292,425) - Aged Care & Community Services 852,627 913,726 - - - SVDP Victoria Endowment Fund 941,037 - - - - Society of St Vincent de Paul (Victoria) 4,873 - - - Term DepositsCouncils, Central Offi ce & Conferences 3,546,134 9,620,706 3,546,134 9,620,706 Aged Care & Community Services - Funds Awaiting Utilisation - - - - - Employee Entitlements 2,995,708 2,978,544 - - - Residents’ Trust 1,215,936 6,810,787 - - 10,101,449 20,161,336 4,072,228 9,440,889

NOTE 7TRADE AND OTHER RECEIVABLES

Trade debtors 543,385 411,078 215,758 115,282Allowance for doubtful debts (24,700) (22,587) - - 518,685 388,491 215,758 115,282 Other debtors 502,254 1,668,189 340,258 1,492,634Amount receivable from subsidiary - - 1,889 -

TOTAL CURRENT RECEIVABLES 1,020,939 2,056,680 557,905 1,607,916

NOTE 8INVENTORIES

Finished goods - average cost 117,783 183,060 97,190 154,927





NOTE 9OTHER FINANCIAL ASSETS

CURRENTMedium term notes - Funds Awaiting Distribution 10,633,471 9,482,500 8,019,080 2,000,000 - Residents’ Trust 8,385,609 3,517,500 - - Units in equity linked investment 2,000,000 - - - Fair-value through profi t and loss: - Shares in listed corporations at fair value 34,520 26,978 34,520 26,978 21,053,600 13,026,978 8,053,600 2,026,978

The redemption value of units in the equity linked investment as at 30 June 2007 was $2,048,400. This investment is for a 5 year term with the original investment capital guaranteed by the ANZ Bank.

NON CURRENT

Investment in Controlled entities - - 51,805,739 50,859,829

Country of Incorporation Percentage Owned

PARENT ENTITY:

St Vincent de Paul Society Victoria Inc. Aust - -

CONTROLLED ENTITIES OF ST VINCENT DE PAUL SOCIETY VICTORIA INC.

St Vincent de Paul Aged Care and Community Services Aust 100% 100%

Society of St Vincent de Paul (Victoria) Aust 100% 100%

St Vincent de Paul Victoria Endowment Fund Aust 100% N/A

During the fi nancial year, St Vincent de Paul Society Victoria Inc. transferred funds of $4,873 to the company, Society of St Vincent de Paul (Victoria).

During the fi nancial year, St Vincent de Paul Society Victoria Inc. established the St Vincent de Paul Society Victoria Endowment Fund. Established on 27 November 2006, the fund is a Prescribed Private Fund with St Vincent de Paul Society Victoria Inc. as trustee.

The purpose of the fund is to provide a separate entity into which bequests will be channelled over a period of time, and remain within the fund with interest earnings fl owing back to St Vincent de Paul Society Victoria Inc. It is the trustee’s intention that the principal of each bequest will remain within the fund for perpetuity.




NOTE 10OTHER ASSETS - CURRENT

GST recoveries 347,508 225,970 260,325 225,970Prepayments 385,676 150,933 252,633 7,000 Accrued income - 37,289 - 37,289 733,184 414,192 512,958 270,259

NOTE 11PROPERTY, PLANT & EQUIPMENT

LANDAT COST 25,169,125 25,389,601 9,398,114 9,618,590BUILDINGSAt cost 24,174,007 24,038,688 10,520,082 10,381,263 Buildings under construction 6,691,923 1,026,310 71,300 -Less accumulated depreciation (3,373,408) (2,774,779) (1,378,265) (1,121,763) 27,492,522 22,290,219 9,213,117 9,259,500BUILDING IMPROVEMENTSAt cost 536,008 402,785 52,985 - Less accumulated depreciation (93,251) (48,530) (487) - 442,757 354,255 52,498 - LEASEHOLD IMPROVEMENTSAt cost 22,689 43,103 - - Less accumulated depreciation (18,663) (28,160) - - 4,026 14,943 - -FURNITURE, PLANT & EQUIPMENTAt cost 4,661,678 4,365,414 1,451,607 1,341,252Less accumulated depreciation (2,413,780) (1,943,786) (505,524) (358,778) 2,247,898 2,421,628 946,083 982,474 MOTOR VEHICLESAt cost 4,632,348 4,601,134 3,408,678 3,390,950 Less accumulated depreciation (2,349,780) (2,113,094) (1,811,506) (1,702,154) 2,282,568 2,488,040 1,597,172 1,688,796 COMPUTER HARDWAREAt cost 486,445 378,410 250,241 203,091Less accumulated depreciation (335,007) (252,508) (184,716) (143,141) 151,438 125,902 65,525 59,950 ARTWORK & ANTIQUITIESAt cost 525 - - - 57,790,859 53,084,588 21,272,509 21,609,310





NOTE 11PROPERTY, PLANT & EQUIPMENT CONTINUED

RECONCILIATIONSReconciliations of the carrying amounts of each class of property, plant & equipment at the beginning and end of the current and previous fi nancial year are set out below:TOTAL LANDCarrying amount at beginning of fi nancial year 25,389,601 24,700,699 9,618,590 9,714,753Additions 708 1,063,722 708 278,657 Disposals (96,000) (374,820) (96,000) (374,820) Reclassifi cations (125,184) - (125,184) - CARRYING AMOUNT AT END 25,169,125 25,389,601 9,398,114 9,618,590OF FINANCIAL YEARTOTAL BUILDINGSCarrying amount at beginning of fi nancial year 22,290,219 21,512,715 9,259,500 9,502,497Additions 5,929,637 1,806,218 145,386 397,418Disposals (55,591) (249,880) (55,591) (249,880) Reclassifi cations 125,184 (64,498) 125,184 - Write off of construction costs (193,438) - - - Less depreciation (603,489) (714,336) (261,362) (390,535)CARRYING AMOUNT AT END 27,492,522 22,290,219 9,213,117 9,259,500OF FINANCIAL YEARTOTAL BUILDING IMPROVEMENTSCarrying amount at beginning of fi nancial year 354,255 187,194 - - Additions 133,223 203,878 52,985 -Disposals - (3,013) - -Reclassifi cations - - - - Less depreciation (44,721) (33,804) (487) - CARRYING AMOUNT AT END 442,757 354,255 52,498 - OF FINANCIAL YEARTOTAL LEASEHOLD IMPROVEMENTSCarrying amount at beginning of fi nancial year 14,943 26,354 - -Additions - 1,091 - -Disposals (1,484) - - - Less depreciation (9,433) (12,502) - -CARRYING AMOUNT AT END 4,026 14,943 - - OF FINANCIAL YEAR




NOTE 11PROPERTY, PLANT & EQUIPMENT CONTINUED

TOTAL FURNITURE, PLANT & EQUIPMENTCarrying amount at beginning of fi nancial year 2,421,628 1,912,311 982,474 739,973Additions 299,149 804,616 110,355 275,531Disposals (317) - - -Impairment losses - (16,051) - -Reclassifi cations (1,549) 44,714 - -Less depreciation (471,013) (323,962) (146,746) (33,030)CARRYING AMOUNT AT END 2,247,898 2,421,628 946,083 982,474OF FINANCIAL YEAR TOTAL MOTOR VEHICLESCarrying amount at beginning of fi nancial year 2,488,040 2,706,188 1,688,796 1,763,214 Additions 1,046,685 1,090,877 863,723 782,445 Disposals (659,022) (717,740) (542,032) (431,799)Reclassifi cations - 20,474 - -Less depreciation (593,135) (611,759) (413,315) (425,064) CARRYING AMOUNT AT END 2,282,568 2,488,040 1,597,172 1,688,796 OF FINANCIAL YEAR TOTAL COMPUTER HARDWARECarrying amount at beginning of fi nancial year 125,902 94,976 59,950 40,696 Additions 111,402 85,396 50,576 37,977 Disposals (3,495) - (3,366) - Impairment losses - (3,674) - - Reclassifi cations 1,549 (690) - - Less depreciation (83,920) (50,106) (41,635) (18,723) CARRYING AMOUNT AT END 151,438 125,902 65,525 59,950 OF FINANCIAL YEARTOTAL ARTWORK & ANTIQUITIESAdditions 525 - - - CARRYING AMOUNT AT END OF YEAR 525 - - - TOTAL PROPERTY, PLANT & EQUIPMENTCarrying amount at beginning of fi nancial year 53,084,588 51,140,437 21,609,310 21,761,133Additions 7,521,328 5,055,797 1,223,732 1,772,028Disposals (815,908) (1,345,453) (696,989) (1,056,499)Impairment losses - (19,725) - - Write off of construction costs (193,438) - - - Less depreciation (1,805,711) (1,746,468) (863,545) (867,352)CARRYING AMOUNT AT END 57,790,859 53,084,588 21,272,509 21,609,310 OF FINANCIAL YEAR

A valuation of land and buildings was undertaken by State Council on 30 June 2007. This valuation was based on independent valuations undertaken by m3 Property Strategists on 30 June 2004 and 30 June 2005. A rolling valuation of the property portfolio is conducted every 2 years. State Council’s valuation disclosed a current market value of land & buildings of $65,941,106 for the Group and $30,507,429 for the parent entity..





NOTE 12INTANGIBLES

AGED CARE BED LICENCES

AGED CARE BED LICENCES AT COST 14,000,000 14,000,000 - -

COMPUTER SOFTWARE & IT DEVELOPMENT

At cost 658,344 611,600 78,853 66,222

Less accumulated amortisation (539,249) (472,039) (18,566) (9,309)

119,095 139,561 60,287 56,913

TOTAL INTANGIBLES 14,119,095 14,139,561 60,287 56,913

RECONCILIATIONS

Reconciliations of the carrying amounts of each class of intangible assets at the beginning and end of the current and previous fi nancial year are set out below:

AGED CARE BED LICENCES

Carrying amount at beginning of fi nancial year 14,000,000 13,360,000 - -

Additions - contributed by Government - 640,000 - -

CARRYING AMOUNT AT END 14,000,000 14,000,000 - - OF FINANCIAL YEAR

TOTAL COMPUTER SOFTWARE & IT DEVELOPMENT

Carrying amount at beginning of fi nancial year 139,561 225,744 56,913 5,192

Additions 46,744 90,210 12,631 53,249

Less amortisation (67,210) (176,393) (9,257) (1,528)

CARRYING AMOUNT AT END 119,095 139,561 60,287 56,913 OF FINANCIAL YEAR

TOTAL INTANGIBLES

Carrying amount at beginning of fi nancial year 14,139,561 13,585,744 56,913 5,192

Additions 46,744 730,210 12,631 53,249

Less amortisation (67,210) (176,393) (9,257) (1,528)

CARRYING AMOUNT AT END 14,119,095 14,139,561 60,287 56,913OF FINANCIAL YEAR




NOTE 13TRADE AND OTHER PAYABLES

Unsecured:

Trade creditors 638,947 478,570 399,196 125,386

Accrued creditors 188,491 978,514 15,870 839,414

Other creditors 386,627 253,828 177,980 58,304

Amount payable to subsidiary - - - 8,995

Grants in advance 560,172 254,793 - -

1,774,237 1,965,705 593,046 1,032,099

NOTE 14PROVISIONS - CURRENT

Employee benefi ts (a) 3,506,988 3,488,671 923,806 784,749

PROVISIONS - NON-CURRENT

Employee benefi ts (a) 621,397 490,972 208,872 216,350

(A) AGGREGATE EMPLOYEE 4,128,385 3,979,643 1,132,678 1,001,099ENTITLEMENT LIABILITY

NOTE 15OTHER LIABILITIES

Unsecured:

Refundable accommodation bonds 9,601,545 10,328,287 - -

Prepaid income 47,590 - 397,590 400,000

Other liabilities 34,180 484,749 - -

GST payable 35,120 262,995 35,120 148,940

9,718,435 11,076,031 432,710 548,940





NOTE 16RESERVES

NATURE AND PURPOSE OF RESERVES:

Asset revaluation reserveRepresents previous increases in valuation of land and buildings. Land and buildings are now held at deemed cost, however the entity is using this reserve to keep a record of those previous revaluations.

Capital profi ts reserveRepresents the capital value of land and building sold.

Fund-a-Future reserveRepresents funds set aside for an accommodation and support program to homeless young people between the ages of 15 and 24.

Bequest reserveThe Group receives bequests where the bequestor has nominated a specifi c purpose or service to which the funds are to be directed. In these instances the Group establishes a reserve to recognise the unapplied funds from bequests of this nature. The reserve is supported by the Donations and Bequest Register that details the breakdown of the reserve.

NOTE 17LEASE COMMITMENTS RECEIVABLE

Commitments in relation to a lease contracted for at the reporting date but not recognised as assets receivable:Within one year - 38,233 50,000 50,000 Later than one year but not later than 5 years - - 200,000 200,000 Later than fi ve years - - 100,000 150,000 - 38,233 350,000 400,000 REPRESENTINGNON-CANCELLABLE OPERATING LEASE - 38,233 350,000 400,000

NOTE 18CAPITAL AND LEASE COMMITMENTS

(a) Lease Commitments Payable Commitments in relation to leases contracted for at the reporting date but not recognised as liabilities payable: PROPERTY – OPERATING LEASES Not later than one year 1,164,555 1,304,489 1,119,757 1,216,644 Later than one year but not later than 5 years 1,533,218 1,248,861 1,514,357 1,208,460 Later than fi ve years 8,189 12,533 7,444 11,783 2,705,962 2,565,883 2,641,558 2,436,887 The property leases are non cancellable leases spanning various terms with rental paid monthly in advance. This covers property leases for Centres and Community Services.(b) Capital Commitments Capital expenditure commitments contracted for: Capital expenditure projects 5,540,361 - - - 5,540,361 - - - PAYABLE NOT LATER THAN ONE YEAR 5,540,361 - - -




NOTE 19NOTES TO THE STATEMENT OF CASH FLOWS

(A) RECONCILIATION OF CASH AND CASH EQUIVALENTS

Cash and cash equivalents at the end of the fi nancial period as shown in the Cash Flow Statement is reconciled to the related items in the Balance Sheet as follows:Cash on hand 53,686 20,394 34,646 3,004

Cash deposits with banks 2,289,985 730,905 491,448 (182,821)

Bank term deposits 7,757,778 19,410,037 3,546,134 9,620,706

BALANCE PER CASH FLOW STATEMENT 10,101,449 20,161,336 4,072,228 9,440,889

(B) RECONCILIATION OF CASH FLOW FROM OPERATIONS WITH OPERATING SURPLUS AFTER INCOME TAX

Operating surplus 3,270,835 4,656,819 829,099 2,159,356

Cash fl ows in operating activities but not in operating resultNon-cash fl ows in operating surplus

Depreciation and amortisation 1,872,921 1,922,861 872,802 868,880

(Profi t)/loss on sale of fi xed assets (20,304) (869,275) (27,385) (921,994)

Residents’ accommodation bond retentions (300,240) (284,607) - -

Interest deducted from residents’ (119,995) (129,182) - - accommodation bond

Interest paid and payable on refund of 32,104 - - - residents’ accommodation bond

Fixed assets written off - 19,725 - -

Write off of construction costs 193,438 - - -

Aged Care bed licences granted - (640,000) - -

Changes in value of investment (7,542) (5,765) (7,542) (5,765)

Changes in assets and liabilities(Increase)/decrease in receivables 723,617 (1,600,523) 901,837 (1,448,591)

(Increase)/decrease in inventories 65,277 (29,323) 57,737 (29,134)

(Increase)/decrease in prepayments (234,743) 98,463 (208,344) 1,258

Increase/(decrease) in payables (594,447) (700,998) (441,465) 203,183

Increase/(decrease) in provisions 148,742 250,509 131,579 137,683

CASH FLOWS FROM OPERATIONS 5,029,664 2,688,704 2,108,318 964,876



NOTE 20

FINANCIAL INSTRUMENTS

(A) FINANCIAL RISK MANAGEMENT The Group’s fi nancial instruments consist mainly of deposits with banks, short-term investments, accounts receivable and

payable, and refundable accommodation bonds.

The Group’s investment strategies and associated risk profi le is set out in the Treasury Policy, and is reviewed by the Finance Committee. Membership of the Finance Committee consists of representatives from State Council and the St Vincent de Paul Aged Care & Community Services Board as well as external members selected for their particular fi nancial and legal expertise.

The Group does not have any derivative instruments at 30 June 2007.

(i) Treasury Risk Management The Chief Financial Offi cer is delegated the responsibility of determining the spread of investments across available fi nancial

investment options within the confi nes of the Group’s Treasury Policy and analysing interest rate exposure in the context of the most recent economic conditions and forecasts. The Finance Committee meet on a regular basis to monitor movement in the fi nancial investments and make recommendations.

(ii) Financial Risks The main risks the Group is exposed to through its fi nancial instruments are interest rate risk, liquidity risk and credit risk.

Interest rate risk The Group is subject to normal commercial interest rate fl uctuations on its bank accounts and money market instruments.

For further details on interest rate risk, refer to Note 20(b).

Foreign currency risk The Group is not exposed to fl uctuations in foreign currencies.

Liquidity risk The Group manages liquidity risk by monitoring forecast cash fl ows and ensuring that adequate unutilised borrowing facilities

are maintained.

Credit risk The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date to recognised

fi nancial assets, is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the balance sheet and notes to the fi nancial statements.

Price risk The Group is not exposed to any material commodity price risk.

(B) INTEREST RATE RISK The Group’s exposure to interest rate risk, which is the risk that a fi nancial instrument’s value will fl uctuate as a result of

changes in market interest rates, and the effective weighted average interest rates on those fi nancial assets and fi nancial liabilities, are presented in the schedule on the following page.

Exposures arise predominantly from assets bearing variable interest rates as the Group intends to hold fi xed interest rate assets to maturity.





NOTE 20 (B)FINANCIAL INSTRUMENTS - CONTINUED

Financial Instruments Total carrying Weighted average amount as per effective Non Interest the statement of interest rate Floating Interest Rate 1 year or less Over 1 to 5 years bearing financial position

2007 2006 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006 $ $ $ $ $ $ $ $ $ $ $ $

(I) FINANCIAL ASSETS

Cash - SVDP Inc. 6.21% 5.84% 813,412 1,290,342 2,732,722 8,150,547 - - 526,096 - 4,072,230 9,440,889

- ACCS 5.89% 6.26% - - 5,050,795 10,703,056 - - 32,516 17,390 5,083,311 10,720,446

- SVDP VIC 4.50% N/A - - 941,037 - - - - - 941,037 - Endowment Fund

- Society of SVDP (Victoria) - - - - - - 4,873 - 4,873 -

Trade and Other Receivables - SVDP Inc. - - - - - - - - 556,016 1,607,916 556,016 1,607,916

- ACCS - - - - - - - - 576,806 480,346 576,806 480,346

Other Financial Assets - SVDP Inc. 6.67% 6.02% 8,019,080 2,000,000 - - - - 34,520 26,978 8,053,600 2,026,978

- ACCS 7.63% 6.80% 13,000,000 11,000,000 - - - - - - 13,000,000 11,000,000

TOTAL FINANCIAL ASSETS 21,832,492 14,290,342 8,724,554 18,853,603 - - 1,730,827 2,132,630 32,287,873 35,276,575

(II) FINANCIAL LIABILITIES

Trade and Other Payables - SVDP Inc. - - - - - - 593,045 1,023,104 593,045 1,023,104

- ACCS - - - - - - 621,021 801,862 621,021 801,862

Refundable Accommodation Bonds and Other Liabilities - SVDP Inc. - - - - - - 35,120 148,940 35,120 148,940

- ACCS - - - - - - 9,601,545 10,328,287 9,601,545 10,328,287

TOTAL FINANCIAL LIABILITIES - - - - - - 10,850,731 12,302,193 10,850,731 12,302,193

Non-interest bearing other fi nancial assets consist of shares in listed entities, carried at fair value.

Fixed interest rate maturing in:




NOTE 20

FINANCIAL INSTRUMENTS - CONTINUED

(C) NET FAIR VALUES The net fair values of listed investments have been valued at the quoted market bid price at balance date adjusted for

transaction costs expected to be incurred. For other assets and liabilities, the net fair value approximates their carrying value. No fi nancial assets and fi nancial liabilities are readily traded on organised markets in standardised form other than listed investments.

The aggregate net fair values and carrying amounts of the Group’s fi nancial assets and fi nancial liabilities are disclosed in the Balance Sheet and in the notes to the fi nancial statements.

Aggregate net fair values and carrying amounts of the Group’s fi nancial assets and fi nancial liabilities at balance date

2007 2006

Carrying Amount Net Fair Value Carrying Amount Net Fair Value $ $ $ $

FINANCIAL ASSETS

Cash 10,101,451 10,101,451 20,161,335 20,161,335

Trade and other receivables 1,132,822 1,108,122 2,088,262 2,065,675

Other fi nancial assets 21,053,600 21,102,000 13,026,978 13,026,978

32,287,873 32,311,573 35,276,575 35,253,988

FINANCIAL LIABILITIES

Trade and other payables 1,249,186 1,249,186 1,973,906 1,973,906

Refundable accommodation bonds 9,601,545 9,601,545 10,328,287 10,328,287

10,850,731 10,850,731 12,302,193 12,302,193

Fair values are materially in line with carrying values.



NOTE 21

RELATED PARTY DISCLOSURESTransactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated.

The parent entity is St Vincent de Paul Society Victoria Inc.

The amount receivable from St Vincent de Paul Aged Care and Community Services is disclosed in Note 7 to the fi nancial statements (2006: the amount payable to St Vincent de Paul Aged Care and Community Services is disclosed in Note 13).

St Vincent de Paul Aged Care and Community Services received the following revenue from the Society during the fi nancial year :

• sales totalling $12,695.

During the fi nancial year, St Vincent de Paul Aged Care and Community Services paid the Society $50,000 for the rental of the offi ce premises at Prospect Street, Box Hill.

During the fi nancial year, St Vincent de Paul Society Victoria Inc. transferred funds of $4,873 to the company, Society of St Vincent de Paul (Victoria).

During the fi nancial year, St Vincent de Paul Society Victoria Inc. transferred funds of $941,037 to the St Vincent de Paul Victoria Endowment Fund for the purpose disclosed in Note 9.

NOTE 22

SEGMENT REPORTING

ST VINCENT DE PAUL SOCIETY INC.For management purposes, the parent entity is organised into two major operating divisions, being centres of charity and conferences and councils. The divisions are the basis on which the Parent entity reports its primary segment information.

The centres of charity segment provides material aid free of charge to those in need and sells surplus donated goods.

The conferences and councils segment provides assistance to those in need.

Financial information about the parent entity’s business segments is presented in the schedule on the following page.

ST VINCENT DE PAUL AGED CARE AND COMMUNITY SERVICESFor management purposes, the Company is organised into three major operating divisions, being Aged Care Services, Community Services and Disability Employment Services. The divisions are the basis on which the Company reports its primary segment information.

The Aged Care Services segment provides care and accommodation for elderly and disadvantaged citizens through a mix of hostels, nursing homes, and a day therapy centre.

The Community Services segment operates a range of accommodation and support initiatives for people who experience homelessness; providing help with issues such as general health concerns, drug and alcohol abuse, employment education and training options, social exclusion and isolation, and supporting victims of family violence. This segment also includes managing the delivery of care to the elderly in their homes, also known as the Community Aged Care Packages program, and the management of independent living units.

The Disability Employment Services segment provides supported employment for people with a disability.

During the fi nancial year, the Community Aged Care Packages program and the management of independent living units were transferred from the Aged Care segment to the Community Services segment. In addition, the Disability Employment Services has been segregated from the Community Services segment into an independent segment. The prior year’s comparative fi gures have been reclassifi ed to refl ect this transfer and conform to changes in presentation for the current fi nancial year.

There are no inter-segment transactions.

Financial information about the Company’s business segments is presented in the schedule on the following page.




NOTE 22SEGMENT INFORMATION CONTINUED

Primary reporting - business segments

Disability Centres Conferences Aged Community Employment of Charity & Councils Care Services Services Elimination Consolidated $ $ $ $ $ $ $

2007REVENUE

Fundraising activities - 5,766,370 388,775 609,091 8,633 6,772,869

Government grants - 287,429 9,023,988 7,476,066 580,642 17,368,125

Sale of goods 16,159,251 425,920 - - 1,052,379 (12,695) 17,624,855

Client / resident fees - - 3,635,542 853,774 - 4,489,316

Accommodation bond retentions - - 307,542 - - 307,542

Accommodation charge - - 82,056 - - 82,056

Interest received 357,120 473,792 1,283,960 279,817 54,826 2,449,516

Funds transferred from Centres - 6,865,994 - - - (6,865,994) -

Sundry income 4,590 236,664 44,082 70,756 18,662 (50,000) 324,754

Changes in value of investment - 7,542 - - - 7,542

TOTAL SEGMENT REVENUE 16,520,961 14,063,711 14,765,945 9,289,504 1,715,142 (6,928,689) 49,426,574

OTHER INCOME

Net gain/(loss) on sale of property, 91,340 (63,955) (5,811) (1,260) (10) 20,304 plant & equipment

RESULT

SEGMENT SURPLUS/(DEFICIT) 267,835 561,264 1,319,246 1,071,446 51,043 3,270,834

ASSETS

Segment assets 21,258,961 14,308,753 39,418,943 9,960,250 950,219 (351,889) 85,545,237

Unallocated Group assets 19,391,673

CONSOLIDATED TOTAL ASSETS 104,936,910

LIABILITIES

Segment liabilities 1,998,991 159,445 11,393,112 1,185,655 234,935 (351,889) 14,620,249

Unallocated Group liabilities 1,000,811

CONSOLIDATED TOTAL LIABILITIES 15,621,060

Depreciation and amortisation of segment assets 529,768 343,033 582,536 364,108 53,474 1,872,919

Write off of construction costs - - 193,438 - - 193,438

Acquisition of non-current segment assets 618,730 617,633 6,089,593 225,200 16,918 7,568,074



NOTE 22SEGMENT INFORMATION CONTINUED

Primary reporting - business segments

Disability Centres Conferences Aged Community Employment of Charity & Councils Care Services Services Elimination Consolidated $ $ $ $ $ $ $

2006REVENUEFundraising activities - 5,800,821 76,693 560,038 1,673 (21,908) 6,417,317 Government grants - 1,644,873 9,772,282 7,242,126 398,558 19,057,839 Sale of goods 14,688,699 523,856 - - 1,038,519 (14,575) 16,236,499 Client / resident fees - - 3,439,100 617,614 - 4,056,714 Accommodation bond retentions - - 295,128 - - 295,128 Accommodation charge - - 48,183 - - 48,183 Interest received 203,684 393,467 1,033,230 328,633 7,308 1,966,322 Funds transferred from Centres - 5,984,215 - - - (5,984,215) - Sundry income - 272,247 38,832 28,993 2,082 (50,000) 292,154 Changes in value of investment - 5,765 - - 5,765 TOTAL SEGMENT REVENUE 14,892,383 14,625,244 14,703,448 8,777,404 1,448,139 (6,070,698) 48,375,921

OTHER INCOMENet gain/loss on sale of property, 964,177 (42,183) (12,039) (41,061) 381 869,275 plant & equipment

RESULTSEGMENT SURPLUS/(DEFICIT) 1,389,623 769,733 2,037,714 545,309 (85,560) 4,656,819

ASSETSSegment assets 20,439,881 14,718,316 34,083,935 10,167,752 992,695 (400,000) 80,002,579 Unallocated Group assets 23,063,815 CONSOLIDATED TOTAL ASSETS 103,066,395

LIABILITIESSegment liabilities 954,781 1,618,362 12,499,528 856,417 212,331 (400,000) 15,741,419 Unallocated Group liabilities 1,279,960 CONSOLIDATED TOTAL LIABILITIES 17,021,379 Depreciation and amortisation of segment assets 455,709 368,092 573,338 423,192 57,451 1,877,782 Write off of property, plant & equipment - - 7,012 9,996 2,717 19,725 Acquisition of non-current segment assets 476,075 1,349,202 2,777,644 477,202 65,885 5,146,008 Aged Care bed licences acquired - - 640,000 - 640,000

SECONDARY REPORTING - GEOGRAPHIC SEGMENTSt Vincent de Paul Society Victoria Inc. operates within Australia.St Vincent de Paul Aged Care and Community Services operates within Australia.




NOTE 23

ADOPTION OF NEW AND REVISED ACCOUNTING STANDARDSIn the current year, the Group has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (the AASB) that are relevant to its operations and effective for the current annual reporting period. The adoption of these new and revised Standards and Interpretations has not affected the amounts reported for the current or prior years.

STANDARDS AND INTERPRETATIONS IN ISSUE BUT NOT YET ADOPTEDAt the date of authorisation of the fi nancial report, a number of Standards and Interpretations were in issue but not yet effective.

Initial application of the following Standards will not affect any of the amounts recognised in the fi nancial report, but will change the disclosures presently made in relation to the Group’s fi nancial report:

Standard Effective for annual reporting Expected to be initially applied periods beginning on or after in the fi nancial year ending

AASB 7 ‘Financial Instruments: Disclosures’ and consequential 1 January 2007 30 June 2008amendments to other accounting standards resulting from its issue

AASB 101 ‘Presentation of Financial Statements’ 1 January 2007 30 June 2008– revised standard

AASB 2007-7 ‘Amendments to Australian Accounting Standards’ 1 July 2007 30 June 2008

AASB 8 ‘Operating Segments’ 1 January 2009 30 June 2010

Initial application of the following Standards and Interpretations is not expected to have any material impact to the fi nancial report of the Group:

AASB Interpretation 10 ‘Interim Financial Reporting 1 November 2006 30 June 2008and Impairment’

AASB Interpretation 11 ‘AASB 2 – Group and 1 March 2007 30 June 2008Treasury Share Transactions’

AASB 2007-1 ‘Amendments to Australian Accounting 1 March 2007 30 June 2008Standards arising from AASB Interpretation 11’

AASB Interpretation 12 ‘Service Concession Arrangements’ 1 January 2008 30 June 2009

AASB 2007-2 ‘Amendments to Australian Accounting 1 January 2008 30 June 2009Standards arising from AASB Interpretation 12’

AASB 2007-4 ‘Amendments to Australian Accounting 1 July 2007 30 June 2008Standards arising from ED 151 and Other Amendments’

AASB Interpretation 13 ‘Customer Loyalty Programmes’ 1 July 2008 30 June 2009

AASB Interpretation 14 ‘AASB 119 – The Limit on a 1 January 2008 30 June 2009Defi ned Benefi t Asset, Minimum Funding Requirements and their Interaction’

AASB 123 ‘Borrowing Costs’ – revised standard 1 January 2009 30 June 2010

AASB 2007-6 ‘Amendments to Australian Accounting 1 January 2009 30 June 2010Standards arising from AASB 123’



NOTE 24

ECONOMIC DEPENDENCYA signifi cant portion of the revenue of the subsidiary, St Vincent de Paul Aged Care and Community Services, is provided by the Commonwealth and State Governments in the form of grants and subsidies.

NOTE 25

ASSOCIATION & COMPANY DETAILS

(A) THE REGISTERED OFFICE OF THE ASSOCIATION IS; St Vincent de Paul Society Victoria Inc. 43 - 45 Prospect Street, Box Hill. Victoria 3128

(B) THE PRINCIPAL PLACE OF BUSINESS IS: St Vincent de Paul Society Victoria Inc. 43 - 45 Prospect Street, Box Hill. Victoria 3128


In the opinion of the State Council the fi nancial report as set out on pages 2 to 37:

1. Presents a true and fair view of the fi nancial position of the St Vincent de Paul Society Victoria Inc. as at 30 June 2007 and its performance for the year ended on that date in accordance with Accounting Standards, Urgent Issues Group Interpretations and the Associations Incorporations Act (Vic) 1981.

2. At the date of this statement, there are reasonable grounds to believe that the St Vincent de Paul Society Victoria Inc. will be able to pay its debts as and when they become due and payable.

This statement is made in accordance with a resolution of the State Council, and is signed for and on behalf of the State Council by:

Jim Grealish Peter JacksonState President Treasurer

Dated this 22nd day of September 2007

Statement by State Council

St Vincent de Paul Society Victoria Inc.

ABN: 28 911 702 061RN: A0042727Y

43 Prospect Street, Box Hill Vic 3128Locked Bag 4800, Box Hill Vic 3128

Telephone: (03) 9895 5800Facsimile: (03) 9895 5850

Email: [email protected]

Website: www.vinnies.org.au/vic

Donation Hotline: 13 18 12


We have audited the accompanying fi nancial report of St Vincent de Paul Society Victoria Inc and its consolidated entities, which comprises the balance sheet as at 30 June 2007, and the income statement, cash fl ow statement and statement of changes in equity for the year ended on that date, a summary of signifi cant accounting policies, other explanatory notes and the Statement by State Council for both St Vincent de Paul Society Victoria Inc (the Association) and its consolidated entities as set out on pages 2 to 38. The consolidated entity comprises the company and the entities it controlled at the year’s end or from time to time during the fi nancial year.

THE RESPONSIBILITY OF STATE COUNCIL FOR THE FINANCIAL REPORT State Council is responsible for the preparation and fair presentation of the fi nancial report in accordance with Australian Accounting Standards including the Australian Accounting Interpretations and the Associations Incorporations Act (Vic) 1981. This responsibility also includes establishing and maintaining internal control relevant to the preparation and fair presentation of the fi nancial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

AUDITOR’S RESPONSIBILITYOur responsibility is to express an opinion on the fi nancial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. These Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the fi nancial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fi nancial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the fi nancial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the fi nancial report 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the State Council, as well as evaluating the overall presentation of the fi nancial report.

We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion.

Independent Auditor’s Report to the Members of St Vincent de Paul Society Victoria Inc.

Deloitte Touche Tohmatsu

ABN: 74 490 121 060

180 Lonsdale Street, Melbourne VIC 3000GPO Box 78, Melbourne VIC 3001 Australia

DX 111Telephone: +61 (0) 3 9208 7000

Facsimile: +61 (0) 3 9208 7001

www.deloitte.com.au

Liability limited by a scheme approved under Professional Standards Legislation.


AUDITOR’S INDEPENDENCE DECLARATIONIn conducting our audit, we have complied with the independence requirements of the Australian professional accounting bodies.

AUDITOR’S OPINIONIn our opinion, the fi nancial report gives a true and fair view, in all material respects, of the fi nancial position of St Vincent de Paul Society Victoria Inc and its consolidated entities as at 30 June 2007, and of their fi nancial performance, their cash fl ows and their changes in equity for the year ended on that date in accordance with Australian Accounting Standards including the Australian Accounting Interpretations and the Associations Incorporations Act (Vic) 1981.

DELOITTE TOUCHE TOHMATSU

Eric PassarisPartnerChartered Accountants

Melbourne, 27 September 2007

St Vincent de Paul Society Victoria Inc.

Locked Bag 4800, Box Hill Vic 312843 Prospect Street, Box Hill Vic 3128

Phone: 03 9895 5800 Fax: 03 9895 5850Email: [email protected]

ABN: 28 911 702 061

RN: A0042727Y

St Vincent de Paul Aged Care & Community Services

Locked Bag 4700, Box Hill Vic 312843 Prospect Street, Box Hill Vic 3128

Phone: 03 9895 5900 Fax: 03 9895 5950Email: [email protected]

ABN: 530 9480 7280

ACN: 094 807 280

www.vinnies.org.au/vic


Documents

2006-2007 Financial Report