ANNUAL REPORT - RCSA Annual Report... · 2015-10-30 · RCSA | 2015 Annual Report 4 VISION Shaping our profession through standards, knowledge and influence. OUTCOMES RCSA membership

2015ANNUALREPORTFor the year ended 30 June 2015

RCSA | 2015 Annual Report 2

CONTENTS

President’s Report 3

CEO’s Report 6

Director’s Report 15

Auditor’s Independence Declaration 19

Statement of Profit or Loss 20

Statement of Financial Position 21

Statement of Changes in Members’ Funds 22

Statement of Cash Flows 23

Notes to the Financial Statements 24

Directors’ Declaration 35

Independent Audit Report 36

RCSA Corporate Head Office Level 3, 63 Exhibition Street Melbourne VIC 3000

Tel: +61 3 6993 0555 Fax: +61 3 9663 5099 Email: [email protected]

www.rcsa.com.au


BOARD OF DIRECTORS

Robert van StokromFRCSA

President Vice President Vice President Vice President Finance Director

Sinead HouriganMRCSA(Appointed November 2014)

Matthew HobbyFRCSA

Nina Mapson BoneFRCSA

Peter LangfordFRCSA

Alan BellFRCSA

Ian McPhersonFRCSA(Appointed November 2014)

Jacqui BarrattFRCSA(Resigned November 2014)

Steve HeatherFRCSA

Lincoln CrawleyFRCSA

Robert OlivierFRCSA

Karen ColferFRCSA(Resigned June 2015)

Directors


VISIONShaping our profession through standards, knowledge and influence.

OUTCOMESRCSA membership is highly valued.

RCSA is the lead provider of market-recognised Continuing Professional Development (CPD).

RCSA is the centre of influence for member interests.

RCSA Members are recognised as setting the industry benchmark through adherence to RCSA Standards.

RCSA’s future prosperity is ensured through the generation and responsible use of stakeholders funds.

Annual General MeetingThe Recruitment & Consulting Services Association Ltd will hold its Annual General Meeting at:

Urban Hotel 345 Wickham Terrace Brisbane QLD 4000 Australia

Thursday 26th November

AuditorsNexia Melbourne Level 18, 530 Collins Street Melbourne VIC 3000 Australia


PRESIDENT’S REPORT

The level of participation and engagement by the RCSA and its members with business, Government, industry and the community has reached new highs over the past twelve months. The RCSA is being sought after as a source of information and insights about an industry that frankly many do not fully understand.

Over the past 12 months there has remained one constant – and that is change. The RCSA conference in Queenstown, New Zealand focused on change and how internal and external factors were affecting labour markets and impacting our industry in Australia and New Zealand.

We expect this environment of change to continue. Recent discussions about the number of jobs and roles that will reportedly not exist in a decade heightens the important role of our industry and the RCSA to provide insights into the future world of work and changes in the employment services marketplace.

of new doors to stakeholders that were unaware of the scope and contribution of our industry to employment in Australia and New Zealand.

Another constant has been the work of the RCSA Board and the team at the RCSA. I would like to recognise members of the RCSA Board of Directors and to thank them for their guidance and insights over the past year. The RCSA will continue its focus on raising the profile and reputation of the association and the recruitment and employment services industry.

If you would like to discuss any aspect of the RCSA’s activity please feel free to do so with a member of the RCSA Board or ask a member of the RCSA team.

Robert van Stokrom FRCSAPresidentOver the past

12 months there has remained one constant – and that is change.

I am confident in saying the past 12 months has been among the most active for our association. The RCSA’s external facing strategy has focused on four key areas which have engaged stakeholders and members on a number of fronts in both Australia and New Zealand:

1. Illegal Labour-Hire: Raising awareness about the difference between RCSA members and the small number of illegal and non-member labour-hire contractors.

2. The Future of Work: Positioning RCSA as a source of commentary and insights about the Future of Work through submissions to the Productivity Commission review of the workplace relations framework in Australia, and in New Zealand, the Future of Work Inquiry.

3. Experts in Employment: The RCSA Youth Jobs Charter now has 120 signatories. RCSA has also entered into an MOU with the Australian Human Resources Institute (AHRI) to develop an Employment Strategy to increase workforce participation for people with disability, and is in discussions with Work and Income New Zealand (WINZ) to sign an MOU that will open more pathways to employment for entry level work seekers in New Zealand.

4. ESIC: A landmark for our industry, and the evolution of RCSA’s Code for Professional Conduct. The proposal for an ESIC (Employment Services Industry Code) has drawn wide spread feedback and has also raised the profile of RCSA and our industry and opened a number


CEO’S REPORT

The 2014/15 financial year has been a year of sharp focus for the RCSA on profile raising and standard setting for both RCSA members

and the broader industry. At the same time the RCSA has continued to provide leading edge and high quality training and education programs and deliver unique and valuable member services to a broad and diverse range of members.

2014/15 has been the most significant 12 month period from an issues management and lobbying perspective in the last 10 years. RCSA has taken an active and high profile voice in not only responding to issues impacting the recruitment and on-hire industry in Australia and New Zealand, but more importantly has proactively driven the agenda through the proposed Employment Services Industry Code.

The work of the RCSA Issues Management team has focused on a number of areas during the 2014/2015 year, including lobbying and representations to the Victorian Government about its proposal to hold an inquiry into the labour-hire industry, RCSA representations in the Modern Award Review and Productivity Commission Review of the Fair Work Act, supporting the Fair Work Ombudsman and the Human Rights Commission, and active and ongoing

2014/15 has been the most significant 12 month period from an issues management and lobbying perspective in the last 10 years.

engagement with the Department of Employment in Australia around the Job Active contract. In New Zealand, working with the NZ Council, the RCSA has established strong working relationships with the Government and Opposition and is regularly consulted on employment and future of work related policy matters.

Whilst we budgeted for a break even result over 2014/15, the increased focus on lobbying and advocacy (particularly ESIC and the Modern Awards) has resulted in some additional expenditure and a minor deficit.

The RCSA Workforce Info Line (WIL) completed its second full financial year of service provision to members and has proved to be an ongoing success with call numbers approaching 1,500. Key areas of concern for members when contacting WIL over the last financial year included: award compliance, award coverage, wages and employment contracts.

The RCSA Learning Centre team was extremely productive over 2014/15. Highlights included the very successful 2014 RCSA International Conference – Navigating the New Reality: Recruitment 20/20. Held in Queenstown, New Zealand, the conference was a sell-out and provided business owners and senior executives with the

The 2015 RCSA Award Winners

opportunity to access a comprehensive catalogue of industry and business thought leaders, keynote speakers and workshops. In May 2015 the RCSA Gala Ball and Awards Night was held with 300 attendees. Congratulations to the 2015 winners including Caitlin Iustini MRCSA, winner of the PEARL Professional Recruiter Award; DFP Recruitment Services, winner of the McLean Award for Workplace Safety; ManpowerGroup, winner of the Corporate Social Responsibility Award; Bayside Group, winner of the inaugural Excellence in Client Service Award and Xpand, winner of the inaugural Excellence in Candidate Care Award.


The RCSA’s Professional Emerging and Aspiring Recruitment Leaders (PEARL) program comprised of mentoring, the Diploma of Management and the PEARL Consultant Forum, which continued to go from strength to strength with strong interest and growing registrations. Feedback from participants attending the PEARL Forum this year was outstanding. Across 2014/15, over 700 members attended RCSA breakfast series events (including for the first time a complimentary member breakfast), while approximately 900 recruiters attended the Acumen series. Attendance at focussed workshop training and RCSA’s in-house training has also grown over the last 12 months.

RCSA has seen another reduction in ethics related enquiries and complaints over the past 12 months. The majority of complaints related to legal matters, fee disputes, Fair Work issues, candidate care and privacy. The RCSA’s Code was re-authorised by the Australian Competition & Consumer Commission in March 2014. As part of RCSA’s ongoing commitment to the industry and as stated in its submission to the ACCC for the re-authorisation of its Code, RCSA drafted the first Industry Improvement Statement (IIS), known as RCSA Industry Improvement Statement No. 1 – Countering Mature Age Barriers to Work. The revised Code was further strengthened and now also formally recognises RCSA’s Service Delivery Standard as a benchmark for quality and service. RCSA has revised its Service Delivery Standard (SDS) and intends to make the revised SDS available to all RCSA Corporate members, as a member benefit, before the end of 2015.

From a membership perspective, 2014/15 has been a positive year for the RCSA. RCSA Corporate and Individual membership is for recruitment organisations and individual professionals looking to distinguish themselves as industry leaders who are committed to professional standards and accountability that clients look for in today’s professional market. The RCSA strategic plan will continue to focus

on increased member acquisition and retention by supporting initiatives aligned to ensuring RCSA membership is highly valued and seen as being necessary for success, ensuring RCSA Corporate and Individual membership is attractive, understood, sought after and retained and ensuring RCSA membership provides highly valued and distinguishable benefits by identified member segments.

Member Groups of the RCSA the Association of Nursing Recruitment Agencies (ANRA) and the Association of Medical Recruiters Australia and New Zealand (AMRANZ) continue to have a role to play and an active voice. 2014/15 has seen an increased level of lobbying and advocacy activity from these two member groups recognised as a significant employer of people and an important voice in the healthcare space across Australia and New Zealand.

In February 2015 the RCSA Board approved the revisited RCSA Vision and Strategic Plan including additional projects which will support the five strategic outcomes. These projects will continue to draw on the experience and expertise of many RCSA volunteers who during the past 12 months have continued to provide invaluable assistance to the RCSA. Thank you to all

CEO’S REPORTC O N T I N U E D

these volunteers for your energy and support, I look forward to your continuing involvement. From the RCSA Board through to members of Region Councils, Working Groups and members of the RCSA Professional Practice Council, every volunteer adds value to the RCSA.

Finally, I would like to thank all the sponsors who have supported the RCSA over 2013/14. Without RCSA’s supporters and sponsors we would not be able to invest in quality events and education programs. In particular, I would like to thank Kinetic Super as RCSA’s Principal Partner.

We look forward to the challenges of the coming year and to delivering the best possible services and support to all RCSA members.

Approximately 900 recruiters attended the Acumen series featuring Greg Savage FRCSA (Life).

Steve GranlandChief Executive Officer


Policy & Issues ManagementThe work of the RCSA Issues Management team has focused on a number of areas during the 2014/2015 year. Issues under management included a range of issues including:• Lobbying and representations to the

Victorian Government about its proposal to hold an inquiry into the labour-hire industry

• Ongoing work to represent RCSA in the Modern Award Review

• Productivity Commission Review of the Fair Work Act

• RCSA and industry engagement about centralised entitlement trust funds

• Exploitation of workers and the illegal and unscrupulous practices in the on-hire supply chain

• Ongoing work with the Fair Work Ombudsman around unlawful competitors, charging of commissions and minimum charge rates

• Ongoing discussions with the Human Rights Commission, participation in consultations about industry engagement and programs to open employment pathways

• Engagement with the Department of Social Services about the structure of disability employment services post 2018

• Engagement with the Department of Employment about the Job Active contract and RCSA and member interaction with Job Activity providers

• Ongoing engagement with stakeholders and representative groups in the areas of workers with disability, youth and older Australians.

Written submissions were made across a number of issues and inquiries:• Submission from RCSA to the Productivity

Commission review of the Workplace Relations Framework

• RCSA response to the Department of Employment about the Employment Services scheme 2015 to 2020.

• Submission and roundtable meetings with Australian Tax Office about the proposal for a Single Touch Payroll scheme

• Submissions to the Ministry for Business, Innovation and Employment in New Zealand

• Submissions to the Minister of Immigration about changes to immigration and visa sponsorship in Christchurch.

Professional DevelopmentRCSA’s professional development programs continued to set high standards in 2014/15.

The 2014 RCSA International Conference Navigating the New Reality – Recruitment 20/20 in Queenstown (27 – 29 August) was a sell-out. Formal and informal feedback from delegates and event sponsors confirmed the conference was informative, valuable and beneficial for both business and personal professional development. Additionally, a masterclass was conducted prior to the commencement of the conference about global opportunities for Australian and New Zealand recruitment agencies with an international panel from India, the United Kingdom and the USA. Highlighting the international focus of the conference were international keynotes Scott Wintrip who spoke on innovating in an industry that is hard pressed for innovation, John Healy, Vice President and Managing Director, Global Talent Supply Chain for Kelly Services spoke around the fundamentals of the talent supply chain and Miles Hunt who focussed on gaining competitive advantage and the ingredients for success. The knowledge exchange roundtables provided an additional opportunity for further industry discussion.

RCSA’s professional development programs continued to set high standards in 2014/15.

RCSA met with Senator Eric Abetz



Professional Emerging and Aspiring Recruitment Leaders (PEARL)PEARL Professional Recruiter Award The PEARL Committees across Australia and New Zealand once again contributed to the judging of the PEARL Award which was awarded to Western Australian finalist Caitlin Iustini MRCSA, of Technical Resources.

The 2015 PEARL Consultant Forum - Recruitment ReNEWed – “The Power of You”The New Zealand (Auckland) and Australian (Melbourne) PEARL Consultant Forums ran in June. Feedback from both days was extremely positive with comments around an outstanding line up of speakers with a very relevant learning outcome. In particular, NZ saw a very regionally based line up of speakers which were considered a distinct added value to their day. Special thanks to Nicholas Beames FRCSA, who mc’d the Melbourne forum and Matt Sampson MRCSA – Aspect Personnel, Ian McPherson FRCSA – Enterprise Recruitment, John Harland FRCSA – ERG Recruitment, Shay Peters MRCSA and Nicola Colson – Robert Walters for their contribution toward content. Kinetic Super and Astute Payroll were our most valued supporters for these events.

The 2015 Mentoring ProgramThe PEARL Committees across Australia and New Zealand contributed to the matching process of the PEARL Mentoring Programme. 74 individuals (37 pairs) are undertaking the program across Australia and New Zealand for the fourth year running. RCSA would like to acknowledge the AltusQ coaching team who offer their assistance and expertise across Australia and New Zealand with the PEARL mentoring program. It is a credit to this program that AltusQ presented on the PEARL Mentoring program to an international mentoring convention held in Venice in November 2014.

Gala Ball and Awards Evening - 21st May 2015, Hyde Park Doltone House, Sydney With professional comedienne Denise Scott as MC, speed painter Brad Blaze as entertainment, a 7-piece band and excitement around two new awards, the Gala Ball was a standout success with guests still dancing and networking at the close of the event. Winners for the PEARL Professional Recruiter Award, the McLean Award for Workplace Safety, the Corporate Social Responsibility Award, Excellence in Candidate Care and Excellence in Client Services Award were announced from an excellent calibre of finalists. Acknowledgement and thanks to our sponsors for the evening: Kinetic Super, JLT, Astute Payroll, WorkPro, Voyager Software, GE Capital and Key Factors. For the first time the proceedings were streamed (and recorded) onto additional screens, which certainly added to the prestige and enjoyment of the awards evening.

Breakfast SeriesOver the 2014/15 period over 700 members were treated to breakfast topics such as Optimising Your Jobs for Mobile Candidates, compliments of Indeed, (this was the RCSA’s first CompEvent which enabled members to attend free of charge to an informative breakfast session). Other topics supported by Kinetic Super included Powering your effectiveness - Every Day with Chris Savage and The Digital Marketing Imperative with Megan Wilkes.

Acumen Series – Will the new ‘Golden Era of Recruitment’ pass you by? With Greg Savage FRCSA (Life)The Acumen series ran across Australia and New Zealand throughout February and March 2015 with well in excess of 900 industry recruiters attending. For the second year in a row, 2cloudnine and Jobscience sponsored the event with Live Salary picking up exhibition sponsorship in Sydney and Melbourne.

RCSA Gala Ball



Workshops, Webinars and In-House Training2014/15 realised a significant increase against previous years in the RCSA public workshop and webinar training/development across all regions. Additionally, RCSA In-House targeted training is being recognised by both member and non-member groups as the ‘go to’ for recruitment training best practice across both entry level and intermediate levels. RCSA trainers have catered to a broad range of industry specialist groups. It is certainly advantageous that we can tailor to the specific needs of the client affordably and practically given the vast level of industry expertise of our facilitators.

The Learning Centre team wish to acknowledge Kinetic Super for their ongoing sponsorship support, and RCSA Business Partner JLT, and Premium Supporter’s Astute Payroll and 2cloudnine/Jobscience who have supported various events over the past financial year. Additionally, the PEARL Program and RCSA events would not have reached this level of success without the support of the PEARL and CPD Committees and representatives from our region councils.

EthicsRCSA received a total of 87 ethics and general enquiries for the period 1 July 2014 to 30 June 2015. This is significantly less than the previous year. Of the 87 enquiries received, 55 were member related and 32 were non-member related / undisclosed.

RCSA received a total of 87 ethics and general enquiries for the period 1 July 2014 to 30 June 2015.

Non Specified / General 15

Other: Unsolicited, legal 15

Fee Disputes 9

Workplace and Fair Work Issues 8

Candidate Ownership - Right to Represent a Work-seeker 7

Privacy & Confidentiality 6

Equal Opportunities and Discrimination 5

Misleading Job Ads, Copycat Ads and General Ad Enquiries 5

Transition 5

Commercial Issues 4

Candidate Care 4

Professionalism and Integrity 3

Client Care 1

Total 87



Code for Professional Conduct (Code)The RCSA Code was re-authorised by the Australian Competition & Consumer Commission in March 2014. The revised Code was further strengthened and now also formally recognises RCSA’s Service Delivery Standard as a benchmark for quality and service. The Code also provides for the RCSA Board to make a public statement by way of developing Industry Improvement Statements. In November 2014, the RCSA Board resolved for RCSA to look into developing a draft code for the employment services industry, which could then be presented to Federal Government in the form of a prescribed industry code.

A draft first impression of the Employment Services Industry Code (ESIC) was presented to the RCSA Board in May 2015. The Board subsequently approved for the draft ESIC to be released for public comment and RCSA commenced a full public consultation, which included presentations in Melbourne, Sydney, Brisbane and Adelaide, and several live webinars, between 15 June and 14 August 2015. RCSA received a number of comments and feedback in relation to the draft first impression of the ESIC. In the coming months, RCSA will be meeting with a number of stakeholders that were unable to attend any of the nationwide presentations, to receive further feedback. The additional feedback will then be incorporated into a revised version of the draft first impression ESIC and presented to the RCSA Board for review.

Industry Improvement Statement (IIS)Also in 2014, as part of RCSA’s ongoing commitment to the industry and as stated in its submission to the ACCC for the re-authorisation of its Code, RCSA drafted the first Industry Improvement Statement (IIS), known as RCSA Industry Improvement Statement No. 1 – Countering Mature Age Barriers to Work. As part of the process, RCSA undertook a public consultation between 12 December 2014 and 30 January 2015. Feedback received was strong and supportive of the proposed IIS, and in August 2015, the ACCC informed RCSA they had no objections. The matter will now be put before the Board to adopt the IIS by resolution and set a date for implementation of not less than one month after the date of resolution.

Service Delivery Standard (SDS)RCSA has revised its Service Delivery Standard (SDS) and intends to make the revised SDS1 available to all RCSA Corporate members, as a member benefit, before the end of 2015. The SDS Program provides an industry specific quality management framework designed for delivering service excellence and is closely aligned with ISO 9001. It can also be used as a stepping stone for those wishing to become ISO 9001 accredited. Details of the revised SDS program, including how to become certified, will be communicated to members later this year.

1 Please note this does not include certification.

The RCSA Victoria/Tasmania Region Council is briefed on the proposed ESIC.



MembershipRCSA Corporate membership is for recruitment organisations that wish to distinguish themselves as industry leaders who are committed to professional standards and accountability.

As of 30 June 2015, there were 753 Corporate member head offices across Australia and New Zealand, with a total of 1314 Corporate member branches.

The variation in numbers for Corporate member head offices between 2013-14 and 2014-15 is attributed to increased consolidation of businesses, including office closures and mergers.

The number of new Corporate Members increased in 2014-15, with 86% from Australia and 14% from New Zealand. New Corporate Membership has grown by 6% in New Zealand in the past 12 months.

The Individual Membership Support Program (IMSP), launched in January 2013, has grown again during the 2014/15 year and now has 26 Corporate members now supporting the program for in excess of 240 staff members.

This personal commitment by the employer acknowledges their commitment to professional behaviour and provides their organisation with even greater candidate and client credibility.

RCSA Individual membership elevates recruitment professionals as industry leaders, as recognised by their industry tenure and qualifications.

As at 30 June 2015 there were 1,021 Accredited Professional Recruiters, Members and Fellows including 87 Associate members, a growing category within the RCSA Professional Accreditation Framework.

Associate members are individuals who work in supporting industry roles and sectors outside the industry.

The number of new Individual Members grew in the period 2014-15 compared with 2013-14, and has more than doubled since the 2012-13 period.

Looking forward, the RCSA strategic plan will continue to focus on increased member acquisition and retention by supporting initiatives aligned to the following three statements:• RCSA membership is highly valued and

seen as being necessary for success. • RCSA Corporate and Individual

membership is attractive, understood, sought after and retained.

• RCSA membership provides highly valued and distinguishable benefits by identified member segments.

The main drivers for successful membership growth in 2015/16 will be guided by targeted and meaningful approaches to member prospects.

Membership is optimistic of growth in 2015-16.

Member Groups AMRANZThe Association of Medical Recruiters Australia and New Zealand (AMRANZ) is a Member Group of the RCSA. We would like to acknowledge the following AMRANZ Council members for their hard work and commitment during the past twelve months:

AMRANZ Council Members:• Corrine Taylor FRCSA Co-Chair• Martina Stanley Co-Chair• Tracy McClenaghan• Alan Bell, FRCSA • Richard Taylor• Ros Melrose• Les McBride• Piers Hayward APRCSA• David Litkouhi• Shaun Hughston

We would also like to acknowledge the resignation of:• Stephen Bott FRCSA

Stephen has been an integral part of the RCSA volunteer network; we thank him sincerely for his contribution.

AMRANZ Councillors are working diligently to ensure that they represent members in all spheres of the medical recruitment sector. Change is perpetual, and the monitoring and ongoing update to members about changes in registration procedures will remain a focus for AMRANZ Council.

During the past 12 months, AMRANZ Council has represented the interests of members in the following key areas:• Queensland Health – AMRANZ Council

has continued to pursue discussions with Queensland Health about the B45 Locum policy and its impact on AMRANZ members operating in Queensland.

• International Recruitment Strategy –


The number of new Individual Members grew in the period 2014–15


AMRANZ Council continues to actively engaging with the Department of Health, as well as rural and remote workforce agencies in regards to the potential crowding out and restrictions on private recruiters accessing subsidies within the International Recruitment Strategy (IRS).

• Medicare & AHPRA - AMRANZ Council deepened its relationship with AHPRA during the past 12 months and held ongoing discussions regarding the processing of Initial Medicare Provider Numbers. AMRANZ Council Co-Chair also recently met with the Chair of AHPRA to summarise these issues which resulted in some positive outcomes.

AMRANZ Social Media pages are growing in popularity as Facebook and LinkedIn groups are used as information streams to connect with and inform members.

AMRANZ Members participated in several Recruiters Forums. Participation at these meetings has grown steadily, with the April forum a sell-out. AMRANZ Council recognised the background work of AMRANZ Council members, and in particular AMRANZ Co-Chair Corrine Taylor FRCSA, who gathered a sought after panel of presenters, including Paul Gorman from DOHA, and representatives from NSW Ministry of Health.

ANRAThe Association of Nursing Recruitment Agencies (ANRA) is a Member Group of the RCSA. We would like to acknowledge and thank ANRA Council members for their effort and commitment over the past twelve months.

ANRA Council Members are:• Alan Bell, FRCSA Chair• Danielle Wallace• Nigel Woolford• Josh Hill• Kim Estell• David Litkouhi

We would also like to acknowledge the

resignations of:• Graham Bower FRCSA • Gay Barton MRCSA

Both of these Council members have been an integral part of the RCSA volunteer network for many years.

Over the past twelve months, despite the challenging market conditions, membership of ANRA has been stable, with over 170 member agencies and locations.

ANRA Members met on three occasions during the past twelve months. Members have heard updates and insights from industry leaders from the disability sector, industry regulators, workplace health and safety, social media and recruitment industry trends.

ANRA Council continues to lobby the Federal Minister for Health, Peter Dutton and Assistant Minister for Health, Senator Nash, regarding the NAHRLS program. The review of the NAHRLS program is being undertaken to provide future recommendations in regards to workforce

programs in rural and regional areas.

ANRA Council continues its work towards an ANRA license for unregistered workers in the healthcare sector. This initiative is being pursued in conjunction with the Australian College of Nursing and the Australian Nursing & Midwifery Federation, further demonstrating the growing alignment between ANRA and these organisations.

ANRA has been in communication with QHealth in response to concerns raised by members about panel arrangements following the appointment of the QHealth tender. ANRA is awaiting further response from QHealth.

In 2010, ANRA Council entered into an agreement with the Australian Nursing Federation to provide ANRA member nurses and healthcare staff with online education and training. This service is still an important part of the education and training regime. The contract is due for renewal in the near future.

2015 ANRA Forum



Partners & Premium SupportersRCSA would like to thank its 2014/2015 Partners and Premium Supporters without which many programs, events and activites would not be possible.

Principal Partner Business Partner

Premium Supporters



Your directors present this report on the company for the year ended 30 June 2015.

DIRECTORSThe names of each person who has been a director during the year and to the date of this report are:

R van Stokrom FRCSA

P Langford FRCSA

L Crawley FRCSA

S Heather FRCSA

J Barratt FRCSA (Resigned November 2014)

A Bell FRCSA

R Olivier FRCSA

M Hobby FRCSA

S Hourigan MRCSA

K Colfer FRCSA (Resigned June 2015)

Ian McPherson FRCSA (Appointed November 2014)

N Mapson Bone FRCSA

Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.

PRINCIPAL ACTIVITIESThe principal activities of the Recruitment & Consulting Services Association Limited (“RCSA”), during the financial year was to represent Members and to advance the interests of Members.

OPERATING RESULTSThe profit (loss) of the Recruitment & Consulting Services Association Ltd (RCSA) after providing for income tax amounted to $(11,126) (2014: $223,165).

DIVIDENDS PAID OR RECOMMENDEDNo dividends were paid during the year and no recommendation is made as to dividends, as the Recruitment & Consulting Services Association (RCSA) is not permitted to pay dividends under its Constitution.

REVIEW OF OPERATIONSThe operations and state of affairs reflect the outcome of the various activities of the entity for the year ended 30 June 2015.

The RCSA in the last 12 months has adopted a revised vision which is ‘shaping our profession through standards, knowledge and influence’.

Overriding objectives are to promote excellence, enterprise and integrity in the companies of all Members and of Individuals engaged by those companies and to improve the knowledge and skill with respect to their responsibilities, duties and rights in the employment services industry.

To achieve these objectives the entity has adopted the following strategies:

RCSA Membership is highly valued: RCSA membership is seen as being necessary for success, corporate and individual membership is attractive, understood, sought after and retained and provides highly valued and distinguishable benefits by identified member segments.

RCSA is the lead provider of market-recognised Continuing Professional Development (CPD): The RCSA Learning Centre is recognised by corporate and individual members as the default source of education and training requirements, providing consistently high quality continuing professional development across multiple channels both publicly and on a tailored in-house delivery basis.

RCSA is the centre of influence for member interests: RCSA input, research, guidance and advice is sought after by key workforce stakeholders, including government and regulatory bodies. RCSA’s position in relation to key industry issues is clear and understood by all stakeholders.

RCSA members are recognised as setting the industry benchmark through adherence to RCSA Standards: The RCSA Code for Professional Conduct and Service Delivery Standard are recognised as the quality industry standard and are a key member attraction and retention tool. Existing and prospective clients and candidates understand and value this important tangible difference between a member and a non-member.

RCSA’s future prosperity is ensured through the generation and responsible use of stakeholder funds: The RCSA operates at all times with a commercial focus.

DIRECTOR’S REPORT


DIRECTOR’S REPORTC O N T I N U E D

The entity’s short term objectives are:The continued focus of activities for the past year has been to develop the profile of the recruitment industry and members of the entity.

The past 12 months has seen particular attention focused on:

Developing a proposed Employment Services Industry Code for presentation to government.

Developing policy positions on topical issues impacting the industry and members and communicating these positions to all stakeholders.

Building expertise in the areas of “Future World of Work” and “ Pathways to Employment”.

Laying foundations for the decvelopment of long term relationships with key stakeholders in the employment pathway space (i.e. AHRI).

Lobbying all levels of government and key stakeholders in Australia and New Zealand.

Continuing to develop industry best practice in the areas of OHS, Compliance, Workplace Relations, Service Delivery and Workforce Participation.

Develop and launch new RCSA member benefits.

The entity’s long term objectives are to:Lead and be the voice of the recruitment and HR services industry. To remain the peak body in Australia and New Zealand focussed on setting standards for ethics and professionalism in business and providing advocacy for Member companies and individual professional members. To advance the positive recognition of the industry.

To achieve these objectives, the entity has adopted the following strategies:Build, develop and maintain strategic relationships with key stakeholders.

Build the RCSA profile and brand.

Build the RCSA Membership value proposition.

Drive industry standards through pursuit of an Employment Services Industry Code.

SIGNIFICANT CHANGES IN STATE OF AFFAIRSNo significant change in the state of affairs of the Recruitment & Consulting Services Association Ltd (RCSA) occurred during the financial year.

AFTER BALANCE DATE EVENTSNo matters or circumstances have arisen since the end of the financial year, which significantly affected or may significantly affect the operations of the Recruitment & Consulting Services Association Ltd (RCSA), the results of those operations, or the state of affairs of the Recruitment & Consulting Services Association Ltd (RCSA) in subsequent financial years.

FUTURE DEVELOPMENTS Likely developments in the operations of the Recruitment & Consulting Services Association Ltd (RCSA) and the expected results of those operations in future financial years have not been included in this report as the Directors believe that the inclusion of such information is likely to result in unreasonable prejudice to the Recruitment & Consulting Services Association Ltd (RCSA).

ENVIRONMENTALThe Recruitment & Consulting Services Association Ltd (RCSA)’s operations are not regulated by any significant environmental regulation under a law of the Commonwealth or of a State or Territory.



INFORMATION ON DIRECTORS

Director: Robert van Stokrom FRCSA Director: Robert Olivier FRCSA

Qualifications: Dip. Business, Grad Dip Logistics Qualifications: Bachelor Science(Social Science)(Hon)

Experience: 29 years pharmaceutical - 16 years recruitment Experience: 19 years recruitment industry experience -7 years as specialist in employment data analytics

Special Responsibilities

RCSA President - Vice President to November 2013 - Chair Executive Committee


RCSA Finance Director - Member Executive Commmittee

Director: Lincoln Crawley FRCSA Director: Karen Colfer FRCSA

Qualifications: Qualifications:

Experience: 18 years in industry Experience: 22 years recruitment industry experience


Director Government Positioning Special Responsibilities

Director Resigned June 2015

Director: Nina Mapson Bone FRCSA Director: Matthew Hobby FRCSA

Qualifications: MA (Hons) Qualifications:

Experience: 13 years Recruitment, 10 years sales in UK, Europe, USA and Australia

Experience: 15 years in recruitment


Director Special Responsibilities

Director

Director: Peter Langford FRCSA Director: Jacqui Barratt FRCSA

Qualifications: Qualifications:

Experience: 31 years in industry Experience: 22 years in industry


Vice President RCSA - Director Continuous Professional Development, Member Executive Committee


Vice President RCSA - Director Membership Member Executive Committee Resigned November 2014

Director: Steve Heather FRCSA Director: Alan Bell FRCSA

Qualifications: Bachelor Applied Science(Mining Engineer) , W.A.S.M.First Class Mine Mangers Certificate of Competency (W A law)

Qualifications:

Experience: 17 years mining industry experience - 21 years recruitment industry

Experience: 13 years plus in recruitment industry


Director Service Delivery Standard Special Responsibilities

Director

Director: Sinead Hourigan MRCSA Director: Ian McPherson FRCSA

Qualifications: Hon Degree English;Diploma PR & Media Studies; Certificatre in Business Administration; degree in European Studies

Qualifications:

Experience: 14 years in recruitment industry Experience: 22 years in recruitment


Vice Chair, Director Membership, Member Executive Committee


Director



DirectorsThe Directors of the Recruitment & Consulting Services Association Ltd (RCSA) receive no remuneration for holding office. All Directors are non-executive. Certain reimbursements are made to Directors to meet out of pocket expenses for attending meetings.

MEETING OF DIRECTORSDuring the financial year, 6 meetings of Directors and 5 Meetings of the Executive Committee were held.

Attendees were:

Directors Meetings Executive Committee Meetings

Eligible to Attend Attended Eligible to Attend Attended

R van Stokrom 6 6 5 5

R Olivier 6 6 5 5

L Crawley 6 5 0 0

S Hourigan 6 5 2 2

P Langford 6 6 5 5

J Barratt 2 1 3 1

S Heather 6 5 - -

A Bell 6 5 - -

M Hobby 6 6 - -

K Colfer 5 3

N Mapson Bone 6 4

I McPherson 3 3 - -

The entity is incorporated under the Corporations Act 2001 and is an entity limited by guarantee. If the RCSA is wound up, the Constitution states that each member is required to contribute a maximum of $50 towards meeting any outstanding obligations. At 30 June 2015 the total amount that members of the entity are liable to contribute if the entity is wound up is $77,800 (2014: $86,750).

INDEMNIFYING OFFICERSDuring or since the end of the financial year, the Recruitment & Consulting Services Association Ltd (RCSA) has given an indemnity or entered an agreement to indemnify, or paid or agreed to pay insurance premiums as follows:

Premiums have been paid to insure each of the Directors against liability for costs and expenses incurred by them in defending any legal proceedings arising from their conduct

while acting in the capacity of Directors of the Recruitment & Consulting Services Association Ltd (RCSA), other than conduct involving wilful breach of duty in relation to the Recruitment & Consulting Services Association Ltd (RCSA). The amount of premium paid was $9500.

AUDITOR’S INDEPENDENCE DECLARATIONThe lead auditor’s independence declaration for the year ended 30 June 2015 has been received and can be found on page 11 of the financial report.

PROCEEDINGS ON BEHALF OF THE RECRUITMENT & CONSULTING SERIVICES ASSOCATION LTD (RCSA)No person has applied for leave of Court to bring proceedings on behalf of the Recruitment & Consulting Services Association Ltd (RCSA) or intervene in any

proceedings to which the Recruitment & Consulting Services Association Ltd (RCSA) is a party for the purpose of taking responsibility on behalf of the Recruitment & Consulting Services Association Ltd (RCSA) for all or part of those proceedings.

The Recruitment & Consulting Services Association Ltd (RCSA) was not a party to any such proceedings during the year. Signed in accordance with a resolution of the Board of Directors.

Robert van Stokrom FRCSA

Director

Peter Langford FRCSA

Director

Dated this 1st day of September 2015

Hamilton Island, Australia

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AUDITOR’S INDEPENDENCE DECLARATIONFor the year ended 30 June 2015

20


STATEMENT OF PROFIT OR LOSSFor the year ended 30 June 2015

Recruitment & Consulting Services Association Ltd ABN 41 078 606 416

Note 30 June 2015 30 June 2014

$ $

Revenue 2 3,781,546 3,801,834

Salaries and employee benefits expense (1,434,808) (1,324,886)

Depreciation expense 3 (32,890) (28,849)

Education expenses (574,560) (678,334)

Publications expenses (87,316) (102,297)

Conference expenses (447,966) (331,305)

Membership expenses (115,140) (14,408)

Computer expenses (148,761) (129,594)

Office and administration expenses 4 (519,310) (459,738)

Advertising expenses (109,541) (80,923)

Other expenses 3 (322,380) (428,335)

Profit (loss) before income tax expense (11,126) 223,165

Income tax expense - -

Profit (loss) for the year (11,126) 223,165

Other comprehensive income for the year, net of income tax - -

Total comprehensive income (loss) for the year (11,126) 223,165

The accompanying notes form part of these financial statements

21


STATEMENT OF FINANCIAL POSITIONFor the year ended 30 June 2015



$ $

Current Assets

Cash and cash equivalents 5 659,448 1,141,470

Trade and other receivables 6 451,478 133,490

Other assets 7 186,107 146,481

Financial assets 8 1,106,366 1,008,946

Total Current Assets 2,403,399 2,430,387

Non-current Asset

Property, plant and equipment 9 104,764 72,667

Total Non-current Asset 104,764 72,667

Total Assets 2,508,163 2,503,054

Current Liabilities

Trade and other payables 10 364,049 238,820

Employee benefits 11 155,203 141,170

Deferred income 12 503,107 619,749

Total Current Liabilities 1,022,359 999,739

Non Current Liability

Employee benefits 11 13,053 17,185

Total Non Current Liability 13,053 17,185

Total Liabilities 1,035,412 1,016,924

Net Assets 1,472,751 1,486,130

Members' Funds

Retained profits 1,475,004 1,483,632

Foreign currency reserve (2,253) 2,498

Total Members' Funds 1,472,751 1,486,130


22


STATEMENT OF CHANGES IN MEMBER’S FUNDSAs at 30 June 2015


Note $

Total members funds at 1 July 2013 1,260,467

Total comprehensive income for the year 223,165

Foreign currency reserve 2,498

Total equity at 30 June 2013 1,486,130

Total members funds at 1 July 2014 1,486,130

Total comprehensive income (loss) for the year (11,126)

Foreign currency reserve (2,253)

Total equity at 30 June 2015 1,472,751


23


STATEMENT OF CASH FLOWSFor the year ended 30 June 2015



$ $

Cash flow from operating activities

Receipts from membership subscriptions and workshops 3,276,941 3,886,805

Payment to suppliers and employees (3,664,098) (3,859,441)

Interest received 69,795 70,897

Net cash generated from (used in) operating activities 18(b) (317,362) 98,261

Cash flow from investing activities

Payment for plant and equipment (64,998) (61,854)

Payment for financial asset at fair value through profit and loss (99,662) (1,008,946)

Net cash used in investing activities (164,660) (1,070,800)

Net increase in cash held (482,022) (972,539)

Cash and cash equivalents at beginning of the financial year 1,141,470 2,114,009

Cash and cash equivalents at the end of the financial year 5,18(a) 659,448 1,141,470


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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTSFor the year ended 30 June 2015

NOTE 1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIESBasis of preparationThe financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards - Reduced Disclosure Requirements (including Australian Accounting Interpretations), other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001.

The financial report covers the Company of the RCSA. RCSA is a company limited by guarantee, incorporated and domiciled in Australia.

The financial report has been prepared on an accruals basis and is based on historical costs modified, where applicable by the measurement of fair value of selected non current assets, financial assets and financial liabilities.

The financial report was authorised for issue by the directors on 1 September 2015.

(a) Critical accounting estimates and judgementsThe directors evaluate estimates and judgements incorporated into the financial statements based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the company.

Key estimates

Provision for impairment of receivablesNo provision for impairment of receivables recognised in the statement of financial position as at balance sheet date.

(b) Basis of consolidationThe consolidated financial statements incorporate the financial statements of the Recruitment & Consulting Services Association Ltd (RCSA) Company and the entities it controls. Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. In the separate financial statements of the Company, intra-group transactions (‘common control transactions’) are generally accounted for by reference to the existing (consolidated) book value of the items. Where the transaction value of common control transactions differ from their consolidated book value, the difference is recognised as a contribution by or distribution to equity participants by the transacting entities.

(c) Plant & equipmentEach class of property, plant and equipment is carried at cost or fair value as indicated, less, where applicable, any accumulated depreciation and impairment losses.

Plant and equipmentPlant and equipment are measured on the cost basis and are therefore carried at cost less accumulated depreciation and any accumulated impairment. In the event the carrying amount of plant and equipment is greater than the estimated recoverable amount, the carrying amount is written down immediately to the estimated recoverable amount. A formal assessment of recoverable amount is made when impairment indicators are present.

Plant and equipment that have been contributed at no cost or for nominal cost are valued and recognised at the fair value of the asset at the date it is acquired.

DepreciationThe depreciable amount of all fixed assets are depreciated on a straight line basis over the asset’s useful life to the entity commencing from the time the asset is available for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements.

The depreciation rates used for each class of depreciable assets are: Class of fixed asset Depreciation rate Furnitures & fittings 20 - 33% Computer software & equipment 20 - 33%

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the statement of comprehensive income.

25


NOTE 1. STATEMENT OF ACCOUNTING POLICIES (CONTINUED)(d) Employee benefitsProvision is made for the entity’s liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits. In determining the liability, consideration is given to employee wage increases and the probability that the employee may not satisfy vesting requirements. Those cash outflows are discounted using market yields on national government bonds with terms to maturity that match the expected timing of cash flows.

Contributions are made by the entity to an employee superannuation fund and are charged as expenses when incurred.

(e) Revenue Revenue is recognised to the extent that it is probable that the economic benefits will flow to RCSA and the revenue can be reliably measured.

Membership revenue is recognised upon the provision of the service to the RCSA’s members. Where the period of service delivery extends beyond year end, a share of the revenue is recognised as deferred income.

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

Grant revenue is recognised in the statement of comprehensive income when the entity obtains control of the grant and it is probable that the economic benefits gained from the grant will flow to the entity and the amount of the grant can be measured reliably. If conditions are attached to the grant which must be satisfied before it is eligible to receive the contribution, the recognition of the grant as revenue will be deferred until those conditions are satisfied.

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

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

(f) Income taxThe RCSA had been granted “Charity” status by the Australian Taxation Office. This was granted on the of the basis of its status as an educational institution. This status is effective from July 1, 2005.

This status entitles the RCSA to Income Tax Exemption under Subdivision 50-B of the Income Tax Assessment Act 1997. GST Concessions under Division 176 of the New Tax System (Goods and Services Tax) Act 1999 and FBT rebate under section 123E of the Fringe Benefits Tax Assessment Act 1986.

(g) Goods and services tax (GST) Revenues, expenses and assets are recognised net of the amount of GST except where the amount of GST incurred is not recoverable from the Australian Taxation Office.

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST

recoverable from, or payable to, the ATO is included with other receivables or payables in the statement of financial position.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities, which are recoverable from or payable to the ATO, are presented as operating cash flows included in receipts from customers or payments to suppliers.

(h) Cash and cash equivalents Cash and cash equivalents includes 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. Bank overdrafts are shown within short-term borrowings in current liabilities on the statement of financial position.


26


NOTE 1. STATEMENT OF ACCOUNTING POLICIES (CONTINUED)(i) LeasesLease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are recognised as expenses on a straight-line basis over the lease term.

Lease incentives under operating leases are recognised as a liability and amortised on a straight-line basis over the life of the lease term.

(j) Conference revenue and expensesConference related revenue and expenditure is brought to account in the statement of comprehensive income in the year that the conference is held.

(k) Impairment of assetsAt the end of each reporting period, the entity reviews the carrying values of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such an indication 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 asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is recognised in profit or loss.

Where the future economic benefits of the asset are not primarily dependent upon the asset’s ability to generate net cash inflows and when the entity would, if deprived of the asset, replace its remaining future economic benefits, value in use is determined as the depreciated replacement cost of an asset.

Where it is not possible to estimate the recoverable amount of an assets class, the entity estimates the recoverable amount of the cash-generating unit to which the class of assets belong.

Where an impairment loss on a revalued asset is identified, this is recognised against the revaluation surplus in respect of the same class of asset to the extent that the impairment loss does not exceed the amount in the revaluation surplus for that class of asset.

(l) Financial instrumentsInitial recognition and measurementFinancial assets and financial liabilities are recognised when the entity becomes a party to the contractual provisions to the instrument. For financial assets, this is equivalent to the date that the company commits itself to either purchase or sell the asset (ie trade date accounting is adopted). Financial instruments are initially measured at fair value plus transactions costs except where the instrument is classified “at fair value through profit or loss”, in which case transaction costs are recognised in profit or loss immediately.

Classification and subsequent measurementFinancial instruments are subsequently measured at fair value, amortised cost using the effective interest rate method, or cost. Fair value represents the amount for which an asset could be exchanged or a liability settled, between knowledgeable, willing parties. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted.

Amortised cost is the amount at which the financial asset or financial liability is measured at initial recognition less principal repayments and any reduction for impairment, and adjusted for any cumulative amortisation of the difference between that initial amount and the maturity amount calculated using the effective interest method.

Financial assets at fair value through profit or lossFinancial assets are classified at ‘fair value through profit or loss’ when they are held for trading for the purpose of short-term profit taking, or where they are derivatives not held for hedging purposes, or when they are designated as such to avoid an accounting mismatch or to enable performance evaluation where a group of financial assets is managed by key management personnel on a fair value basis in accordance with a documented risk management or investment strategy. Such assets are subsequently measured at fair value with changes in fair value (ie gains or losses) being recognised in profit or loss.

Loans and receivablesLoans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently measured at amortised cost.


27


NOTE 1. STATEMENT OF ACCOUNTING POLICIES (CONTINUED)(l) Financial instruments (continued)Held-to-maturity investmentsHeld-to-maturity investments are non-derivative financial assets that have fixed maturities and fixed or determinable payments, and it is the entity’s intention to hold these investments to maturity. They are subsequently measured at amortised cost.

Available-for-sale financial assetsAvailable-for-sale financial assets are non-derivative financial assets that are either not capable of being classified into other categories of financial assets due to their nature, or they are designated as such by management. They comprise investments in the equity of other entities where there is neither a fixed maturity nor fixed or determinable payments.

They are subsequently measured at fair value with changes in such fair value (ie gains or losses) recognised in other comprehensive income (except for impairment losses and foreign exchange gains and losses). When the financial asset is derecognised, the cumulative gain or loss pertaining to that asset previously recognised in other comprehensive income is reclassified into profit or loss.

Financial liabilitiesNon-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised cost.

Impairment At the end of each reporting period, the entity assesses whether there is objective evidence that a financial instrument has been impaired. In the case of available-for-sale financial instruments, a prolonged decline in the value of the instrument is considered to determine whether an impairment has arisen. Impairment losses are recognised in profit or loss. Also, any cumulative decline in fair value previously recognised in other comprehensive income is reclassified to profit or loss at this point.

DerecognitionFinancial assets are derecognised where the contractual rights to receipt of cash flows expires or the asset is transferred to another party whereby the entity no longer has any significant continuing involvement in the risks and benefits associated with the asset. Financial liabilities are derecognised where the related obligations are either discharged, cancelled or expired. The difference between the carrying value of the financial liability, which is extinguished or transferred to another party and the fair value of consideration paid, including the transfer of non-cash assets or liabilities assumed, is recognised in profit or loss.

(m) Comparative figuresWhere required by Accounting Standards comparative figures have been adjusted to conform with changes in presentation

for the current financial year.

When an entity applies an accounting policy retrospectively, makes a retrospective restatement or reclassifies items in its financial statements, a statement of financial position as at the beginning of the earliest comparative period must be disclosed.

(n) New and amended accounting policies adopted by the CompanyEmployee benefits During the year, the company adopted AASB 119: Employee Benefits (September 2011) and the relevant consequential amendments arising from the related Amending Standards. As a result, the association early adopted AASB 2011-11: Amendments to AASB 119 (September 2011) arising from Reduced Disclosure Requirements because the association’s financial statements are prepared under Australian Accounting Standards – Reduced Disclosure Requirements. The association has applied AASB 119 (September 2011) and the relevant consequential amendments arising from the related Amending Standards from 1 January 2013.

For the purpose of measurement, AASB 119 (September 2011) defines obligations for short-term employee benefits as obligations expected to be settled wholly within 12 months after the end of the annual reporting period in which the employees render the related services. In accordance with AASB 119 (September 2011), provisions for short-term employee benefits are measured at the (undiscounted) amounts expected to be paid to employees when the obligation is settled, whereas provisions that do not meet the criteria for classification as short-term (other long-term employee benefits) are measured at the present value of the expected future payments to be made to employees. Previously, the company had separated provisions for benefits with similar characteristics, such as annual leave and sick leave, into short- and long-term portions, and applied the relevant measurement approach under AASB 119 to the respective portions.


28


NOTE 1. STATEMENT OF ACCOUNTING POLICIES (CONTINUED)(n) New accounting standards for application in future periods (continued)As the company expects that all of its employees would use all of their annual leave entitlements earned during a reporting period before 12 months after the end of the reporting period, adoption of AASB 119 (September 2011) did not have a material impact on the amounts recognised in respect of the company’s employee provisions. Note also that adoption of AASB 119 (September 2011) did not impact the classification of leave entitlements between current and non-current liabilities in the company’s financial statements.

AASB 119 (September 2011) also introduced changes to the recognition and measurement requirements applicable to termination benefits and defined benefit plans. As the company did not have any of these types of obligations in the current or previous reporting period, these changes did not impact the Company’s financial statements.

Fair value measurement During the year, the company adopted AASB 13: Fair Value Measurement and the relevant consequential amendments arising from the related Amending Standards. As a result, the company early adopted AASB 2012-1: Amendments to Australian Accounting Standards – Fair Value Measurement – Reduced Disclosure Requirements because the company’s financial statements are prepared under Australian Accounting Standards – Reduced Disclosure Requirements. The company has applied AASB 13 and the relevant consequential amendments arising from the related Amending Standards from 1 January 2013.

No material adjustments to the carrying amounts of any of the company’s assets or liabilities were required as a consequence of applying AASB 13. Nevertheless, AASB 13 requires enhanced disclosures regarding assets and liabilities that are measured at fair value and fair values disclosed in the company’s financial statements. These enhanced disclosures are provided in Note 20.

The disclosure requirements in AASB 13 need not be applied by the company in the comparative information provided for periods before initial application of AASB 13 (that is, periods beginning before 1 January 2013). However, as some of the disclosures now required under AASB 13 were previously required under other Australian Accounting Standards, such as AASB 7: Financial Instruments: Disclosures, the company has provided this previously provided information as comparatives in the current reporting period.


29


Note 30 June 2015 30 June 2014$ $

Note 2: Revenue Revenue from operating activities

- membership subscriptions 1,534,194 1,629,135

- education, workshops and functions 582,574 749,384

- sponsors 1,009,436 823,208

- publications 1,221 27,189

- conferences 565,037 479,454

3,692,462 3,708,370

Revenue from non operating activities

- interest received 69,795 70,897

- other revenue - other persons 19,289 22,567

89,084 93,464

Total revenue 3,781,546 3,801,834

Note 3: Profit(a) Profit before income tax has been determined after the following expenses:

Depreciation & amortisation

- plant and equipment 32,890 28,849

Rental expense on operating leases

- occupancy lease payments 248,338 249,463

Industrial relations - other 263,878 305,014

Note 4: Auditor's remunerationRemuneration of the auditors of the company for:

- auditing or reviewing the financial report 26,500 25,300

- taxation services 2,000 1,900

28,500 27,200

Note 5: Cash and cash equivalentsCash on hand 574 586

Cash at bank 229,526 576,792

Cash on deposit - other 429,348 564,092

18(a) 659,448 1,141,470

Note 6: Trade and other receivables Current

Trade receivables 444,581 125,562

Other receivables 6,897 7,928

451,478 133,490

The carrying value of trade receivables is considered a reasonable approximation of fair value due to the short-term nature of the balances.

All of the RCSA’s trade and other receivables have been reviewed for indicators of impairment, and no indicators identified.


30


Note 30 June 2015 30 June 2014$ $

Note 7: Other assetsCurrent

Prepayments 186,107 146,481

Note 8: Financial assetsCurrent

Financial assets at fair value through profit and loss 8(a) 1,106,366 1,008,946

(a) Financial assets held for fair value through profit and loss

"Financial assets at fair value through profit or loss includes managed funds which are managed by third parties on behalf of the group as well as other investors. The managed funds hold a variety of investments which generate a return based on income from those investments and changes in the market value of the investments. The group's investments in managed funds can be redeemed on an at-call basis at the market value of the investment at the date of redemption less certain fees and charges.

Note 9: Plant and equipmentFurniture & fittings

At cost 122,685 129,896

Accumulated depreciation (77,901) (78,618)

44,784 51,278

Computer equipment & software

At cost 274,085 217,984

Accumulated depreciation (214,105) (196,595)

59,980 21,389

Total plant and equipment 104,764 72,667


31


Furniture & Fittings

Computer Equipment &

SoftwareTotal

$ $ $Note 9: Plant and equipment (continued)Movements in carrying amounts

Carrying amount at 1 July 2013 14,713 24,949 39,662

Additions 49,414 12,440 61,854

Depreciation expense (12,849) (16,000) (28,849)

Carrying amount at 30 June 2014 51,278 21,389 72,667

Movements in carrying amounts

Carrying amount at 1 July 2014 51,278 21,389 72,667

Additions 6,831 58,156 64,987

Depreciation expense (13,325) (19,565) (32,890)

Carrying amount at 30 June 2015 44,784 59,980 104,764

Note 30 June 2015 30 June 2014$ $

Note 10: Trade and other payablesCurrentTrade payables 219,389 165,754

Other payables & accruals 144,660 73,066

364,049 238,820

Note 11: Employee benefitsCurrent

Annual leave 71,074 63,974

Long service leave 84,129 77,196

155,203 141,170

Non-Current

Long service leave 13,053 17,185

13,053 17,185

Note 12: Deferred incomeCurrent

Subscriptions received in advance 87,559 329,119

Conference income received in advance 225,894 122,575

Other income received in advance 189,654 168,055

503,107 619,749

Note 13: Members’ guarantee

The RCSA is a company limited by guarantee. If the RCSA is wound up, the Constitution states that each member is required to contribute a maximum of $50 each towards meeting any outstanding obligations. At 30 June 2015 the number of members was 1556.


32


Note 30 June 2015 30 June 2014$ $

Note 13: Expenditure commitmentsLease expenditure commitmentsOperating leases (non-cancellable)

Minimum lease payments

- not later than one year 204,812 195,989

- later than one year and not later than five years 256,630 461,442

Aggregate lease expenditure contracted for at balance date 461,442 657,431

The RCSA leases level 3 at the company's registered place of business. The lease runs for a period of 5 years, with an option to renew the lease after that date. Lease payments for Level 3 increases annually at a fixed rate of 5% per annum.

The RCSA also leases property at Suite 2, Castlereagh Street, Sydney. The lease runs for a period of 5 years. Lease payments increase annually at a fixed rate of 4% per annum.

Note 14: Contingencies

The entity has provided an indemnity guarantee in respect of a bank guarantee in favour of the property owner on the entitiy's leased premises 113,000 113,000

Note 15: Events subsequent to balance date

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

Key management personnel related entities

The Related entities of members of the board of directors are required to pay membership fees on the same terms and conditions as all other members.

The directors of the RCSA during the financial year were:

R van Stokrom FRCSA P Langford FRCSA

L Crawley FRCSA S Heather FRCSA

J Barratt FRCSA (Resigned November 2014) A Bell FRCSA

R Olivier FRCSA M Hobby FRCSA

S Hourigan MRCSA K Colfer FRCSA (Resigned June 2015)

N Mapson Bone FRCSA I McPherson FRCSA (Appointed November 2014)

Note 16: Related party transactions (continued)Transactions with key management personnel related entities:Consultants fees charged from DFP Pty Ltd 17,738 3,240

Consultants fees charged from Horner Recruitment Systems Pty Ltd 57,075 10,862

74,813 14,102

Transactions with related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated.


33


Note 30 June 2015 30 June 2014$ $

Note 17: Key management personnel

Transactions with key management personnel:

The key management personnel compensation included in ‘salaries and employee benefits expenses’ are as follows:

Short-term employee benefits 264,027 256,860

Other long term benefits 15,724 12,799

279,751 269,659

Note 18: Cash flow statement(a) Reconciliation of cashCash at the end of the year as shown in the Statement of Cash Flows is reconciled to the related items in the Balance Sheet as follows:

Cash on hand 574 586

Cash at bank 229,526 576,792

Cash on deposit 429,348 564,092

5 659,448 1,141,470

(b) Reconciliation of net profit after tax to net cash flows from operationsProfit after related income tax expense (11,126) 223,165

Non cash items:

Depreciation of non current assets 32,890 28,849

Changes in assets and liabilities:

(Increase)/decrease in receivables (317,988) 49,716

(Increase)/decrease in other current assets (39,626) (1,008,946)

Increase/(decrease) in payables 125,229 59,225

Increase/(decrease) in provisions 9,901 (16,147)

Increase/(decrease) in other current liabilities (116,642) (267,465)

Net cash flow from operations (317,362) (931,603)


34


Note 30 June 2015 30 June 2014$ $

Note 19: Financial risk management

The company's financial instruments consist mainly of deposits with banks, local money market instruments, short-term investments, accounts receivable and payables, and leases.

The carrying amounts for each category of financial instruments, measured in accordance with AASB 139 as detailed in the accounting policies to these financial statements, are shown throughout the financial report.

Refer to Note 20 for detailed disclosures regarding the fair value measurement of the company's financial assets and financial liabilities.

Note 20: Fair value measurements

The company has the following assets, as set out in the table below, that are measured at fair value on a recurring basis after their initial recognition. The company does not subsequently measure any liabilities at fair value on a recurring basis and has no assets and liabilities that are measured at fair value on a non-recurring basis.

Recurring fair value measurements Financial assets

Financial assets at fair value through profit and loss:

- held for-trading managed funds 8, 20(i) 1,106,366 1,008,946

(i) For investments in managed funds, the fair values have been determined based on closing quoted bid prices at the end of the reporting period.

Note 21: Company detailsThe registered office and principal place of business of the RCSA is:

Level 3

63 Exhibition Street

Melbourne

Victoria 3000


35


DIRECTORS’ DECLARATIONFor the year ended 30 June 2015

In accordance with a resolution of the directors of Recruitment and Consulting Services Association Limited, the directors of the company declare that:

1. The financial statements and notes, as set out on pages 8 to 22, are in accordance with the Corporations Act 2001 and:

(a) comply with Australian Accounting Standards - Reduced Disclosure Requirements; and

(b) give a true and fair view of the financial position of the company as at 30 June 2015 and of its performance for the year ended on that date.

2. In the directors’ opinion there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

Robert van Stokrom FRCSA

Director

Peter Langford FRCSA

Director

Dated this 1st day of September 2015

Hamilton Island, Australia

36


INDEPENDENT AUDIT REPORTFor the year ended 30 June 2015

37


INDEPENDENT AUDIT REPORTFor the year ended 30 June 2015

Recruitment & Consulting Services Association Ltd Australia & New Zealand

Australia ABN 41 078 606 416 New Zealand GST No. 69 328 717

Level 3, 63 Exhibition Street Melbourne VIC 3000 Australia

T: +61 3 9663 0555 F: +61 3 9663 5099 E: [email protected]

www.rcsa.com.au

Documents

ANNUAL REPORT - RCSA Annual Report... · 2015-10-30 · RCSA | 2015 Annual Report 4 VISION Shaping our profession through standards, knowledge and influence. OUTCOMES RCSA membership