Ivanhoe Girls’ Grammar School ABN 77 004 098 748 Financial

Ivanhoe Girls’ Grammar School

ABN 77 004 098 748

Financial Report

for the year ended 31 December 2020

Ivanhoe Girls’ Grammar School ABN 77 004 098 748

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Contents Notice of Annual General Meeting (Draft Only) .....................................................................................................3

Ivanhoe Girls’ Grammar School ..............................................................................................................................4

Life Governors of the School ..................................................................................................................................4

School Board Report ...............................................................................................................................................5

Principal’s Report ....................................................................................................................................................6

Directors’ Report ....................................................................................................................................................7

Auditor’s Independence Declaration ................................................................................................................... 10

Statement of Profit or Loss and Other Comprehensive Income ......................................................................... 11

Statement of Financial Position ........................................................................................................................... 12

Statement of Changes in Equity .......................................................................................................................... 13

Statement of Cash Flows ..................................................................................................................................... 14

Notes to the Financial Statements ...................................................................................................................... 15

1. General information and statement of compliance ................................................................................ 15

2. Summary of significant accounting policies ............................................................................................ 15

3. Revenue ................................................................................................................................................... 24

4. Surplus for the year ................................................................................................................................. 24

5. Cash and cash equivalents ....................................................................................................................... 24

6. Trade and other receivables .................................................................................................................... 24

7. Other assets ............................................................................................................................................. 24

8. Investment property ................................................................................................................................ 24

9. Property, plant and equipment ............................................................................................................... 25

10. Trade and other payables .................................................................................................................... 26

11. Provisions ............................................................................................................................................. 26

12. Reserves ............................................................................................................................................... 26

13. Reconciliation of cash flows from operating activities ........................................................................ 27

14. Commitments ...................................................................................................................................... 27

15. Related party transactions .................................................................................................................. 27

16. Member’s guarantee ........................................................................................................................... 28

Directors’ Declaration .......................................................................................................................................... 29

Independent Auditors Report.............................................................................................................................. 30


Notice of Annual General Meeting

The Ivanhoe Girls Grammar School – ABN 77 004 098 748 (a company limited by guarantee and not having a capital divided into shares).

NOTICE IS HEREBY GIVEN that the 98th ANNUAL GENERAL MEETING of the Members of The Ivanhoe Girls Grammar School will be held in the Lecture Theatre, Doris Walker Centre, Noel Street, Ivanhoe on Wednesday 12th May 2021 at 7:45pm.

Business

1. Opening

2. Apologies

3. Tabling of proxies

4. Confirmation of minutes of the Annual General Meeting held on 22nd July 2020.

5. President’s Report

6. Principal’s Report

7. Treasurer’s Report

8. To receive, consider and adopt the financial report of the Company for year ended 31 December 2020 together with the reports of the Directors and of the Auditors thereon

9. To confirm the appointment of ShineWing Australia as auditors for a further two years

10. To elect up to three (3) Directors

In accordance with the Articles of Association Mr Stan McLiesh, Dr Jean McMullin and Mr Peter Smithson to retire by rotation and are eligible for re-election.

11. Other Business

Dated this 30th March 2021

By order of the Board.

Jarrod Guiney

Secretary

123 Marshall Street

Ivanhoe VIC 3079

Ea

m

th

ch member entitled to attend and vote at this meeting may appoint a proxy. A proxy must be a

ember of the company. Proxy forms must be lodged with the Secretary not less than 48 hours before

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e meeting. Proxy forms will be issued two weeks prior to the meeting.


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Ivanhoe Girls’ Grammar School

Ivanhoe Girls’ Grammar School is a company limited by guarantee, incorporated in 1922 and established to:

operate a school for girls at Ivanhoe;

provide for the education of girls within the framework of Christian teaching generally and in conformity with the principles of the Anglican Church in Australia; and

to provide excellence in education within a caring Christian community and to prepare young women for a personally and professionally fulfilling life.

The management of the company and the custody and control of its funds and property is vested in a Board of 12 members, supported by the Company Secretary, comprising:

a nominee of the Ivanhoe Girls’ Old Grammarians Association (IGOGA);

a nominee of the vestry of St James’ Anglican Church, Ivanhoe;

an educationalist appointed by the Board;

a nominee of Cooerwull Inc; and

eight elected members who hold office for three years and are eligible to stand for re-election at the completion of that term.

Day-to-day management of the School is delegated to the Principal, supported by the School’s management team and staff.

Life Governors of the School

Appointed by the Board of Directors in recognition of outstanding service rendered to the School.

Year Year

1952 Mr H W Buckley Deceased 1983 Mrs H Low Deceased

1952 Mr J H Sharwood Deceased 1983 Mrs D Page Deceased

1952 Mr C T Sutton Deceased 1983 Mr I A A Vassie AM Deceased

1955 Mr H A Amos Deceased 1985 Mr A McCallum Deceased

1965 Mr J A Pearson Deceased 1987 Dr H V Nursey Deceased

1965 Canon R M Hudson Deceased 1991 Mr H J Mathers Deceased

1965 Mrs M J Billson Deceased 1992 Mr A G Pizzey AM

1970 Mr K A G Gay Deceased 1997 Mr B H Piesse

1972 Mr E R Ballantyne Deceased 2002 Mr P J Smithson

1973 Mr F H Pizzey Deceased 2006 Mr S R McLiesh

1973 Mrs J V Meldrum Deceased 2011 Mr G W Boburka

1974 Mr V R C Brown Deceased 2011 Mr R W Jones

1976 Mr J R Temby Deceased 2012 Miss E M Butt OAM Deceased

1978 Mr T G Gay Deceased 2016 Mrs J A Clark Deceased

1978 Mr G Collins Deceased


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School Board Report

It doesn’t seem that long ago at all that I was at the first assembly of the year, at Centre Ivanhoe, welcoming all students and staff back for the 2020 school year. Little did we all know then, that this year would be one unlike any other.

Much has been said about the experience of learning and teaching this year and about the things that have been unable to have been experienced. More than any other year, all of us across our school, and wider community, have had to dig deep and stretch several of our capabilities and attributes even further.

This year has been unique in terms of the challenges

that we have faced, but I have been so immensely

proud of all that has been achieved by our wonderful

school community.

Learning and teaching, pastoral care and community

engagement have continued to be front of mind as we

have worked through the various issues, responded to

changed circumstances and implemented the range of

responses required to continue to support our

students in their education.

Despite the demands and disruption COVID-19

brought to 2020, the School has continued its focus on

the Strategic Plan priorities. Key amongst these is the

finalisation of the Campus Design Brief which will

inform the re-imagining of our physical footprint, to

further support student engagement and quality

learning and teaching into the future. Many thanks to

the Chair of the Properties Committee, Mr Peter

Smithson, for his leadership of this very significant

piece of work, that will position the School well into

the future.

As you would expect, Finance and Risk has been a key

focus of the Board’s deliberations this year as we

sought to respond to and balance the immediate,

short-term and longer-term impacts of COVID-19 on

our school family. I would like to thank the Chair of the

Finance and Risk Committee, Mrs Kerrie Haynes for

her expertise and guidance as we have worked

through the issues, and to the Director of Corporate

Services, Mr Jarrod Guiney and his very capable team

who have implemented the Board’s decisions.

I would also like to express my appreciation to my

fellow Board members. I especially appreciate the

extra time and effort you have so willingly offered

throughout this extraordinary year.

Our fabulous teaching and professional staff have

certainly shone this year. Your unwavering dedication

to our students and wider school family has been truly

amazing, with high quality teaching and pastoral care

continuing seamlessly, despite the remote

environment. I would like to particularly thank all

those who have gone above and beyond, working in

different ways, across new areas, adapting to new

skills and genuinely supporting each other and most

importantly, our students, to continue their learning

in an uninterrupted fashion.

Thank you to our Principal, Dr Deborah Priest, for her

vision and leadership in what has been an exceptional

year, and to the COVID-19 Management team who

have capably guided the School through a range of

changes that were required to be implemented this

year, often at very short notice.

To the Class of 2020, at that first assembly of the year,

although you have not experienced, just yet, some of

the routine milestone events enjoyed by your

predecessors, your experience of your final year at

school has been very unique. You have all been

exceptional in how you have adapted to the

circumstances and looked after each other with

kindness and respect. There will be different and

extraordinary, but no less significant, memories for

you to take with you into the future.

Finally, and very importantly, I would like to

acknowledge all of our fabulous students for your

wonderful year of learning in 2020. We are so very

proud of you and all that you have achieved and will

continue to achieve in the years ahead.

Mrs Karen Frost Chair of the School Board Adapted from Celebration Night 2020


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Principal’s Report

This evening, we honour the achievements of our Senior School students, thank our dedicated staff and celebrate the warm and wonderful Ivanhoe Girls’ community as we mark the end of 2020, a year that has been most remarkable and memorable for all of us. I am particularly delighted this evening to be part of a very unique virtual Celebration Night.

Ivanhoe Girls’ has endured many challenges since its foundation 117 years ago. What defines us across the ages, is the courage, creativity and resilience with which successive generations of students and staff members have responded to every challenge and have grown stronger from each experience.

As we have emerged from the peak of this crisis, we do so in the sure knowledge that those bonds which have been forged in adversity, have only served to enrich and intensify our relationships with each other. We have inspired each other to live with hope and face the future in the sure knowledge that we are in a stronger position than before. We have not simply survived; we have grown together, protected each other, and thrived together during the most testing of times.

This year, both educationally and in terms of our response to the pandemic, we chose to lead rather than to follow. I am immeasurably proud of my colleagues and I marvel at their resourcefulness and the compassionate solicitude that they have demonstrated in the care of our students and each other. They have moved proverbial mountains throughout this year and have done so with grace and kindness. I am proud of them, grateful to them and humbled by them.

Our teachers’ response to offsite learning affirmed their steadfast commitment to ensuring continuity of learning for our students. Their engagement and dedication to finding optimal teaching methodologies throughout the pandemic was not only inspirational, it was truly remarkable.

Thank you to the members of our Board of Directors, led by our Chair, Mrs Karen Frost. These Directors give significant time freely to the School as they share their expertise in a range of disciplines to ensure Ivanhoe Girls’ has strong and effective governance.

Thank you to our broader community of volunteers who, despite the challenges of COVID-19 restrictions and offsite learning, still found innovative and useful

ways to contribute throughout this year to make our school warm and inviting.

During difficult times, support from our parents has remained steadfast. We never underestimate the huge sacrifices that our parents make in order to be able to send their children to be educated at Ivanhoe Girls’. It is never taken for granted and we are honoured that you and your families have remained members of this wonderful community throughout such hard times. Your unshakeable confidence and faith in our values, our beliefs, our staff and our purpose, is greatly valued.

Thank you also to the members of the School’s COVID Management Committee who have met together for almost 100 meetings this year throughout the school holidays as well as during term time. The effectiveness of this team and the collective wisdom of the members of this committee, have enabled Ivanhoe Girls’ to continue to operate seamlessly throughout the pandemic and, more importantly, for student learning to be continuous, albeit delivered differently.

I would like to conclude my “thank yous” with a special thank you to our fabulous students across all year levels from Years 7 to Year 12 and particularly to School Captain Dunithi Galegadara, Vice School Captain Pema Hayman and the 2020 Prefect Team who have miraculously kept our students’ connected with high spirits. Your collective leadership skills have been invaluable in helping our students navigate this interesting and very different year.

I believe that there has never been a better time to be a student at Ivanhoe Girls’. We are unashamedly ambitious and optimistic for the future that will see the young people in our care continue to be provided with the very best preparation to go on to live successful and fulfilling lives when they graduate from our school. It is this intrinsic desire to improve that motivates us to dedicate the best part of our lives to serving our students and this community.

Dr Deborah Priest Principal Adapted from Celebration Night 2020


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Directors’ Report

The Directors of Ivanhoe Girls’ Grammar School present their report together with the financial statements of

Ivanhoe Girls’ Grammar School for the year ended 31 December 2020.

Directors

The following persons were Directors of Ivanhoe Girls’ Grammar School during or since the end of the year.

Directors have been in office since the start of the year unless otherwise stated.

Name Role Qualifications and experience

K F Frost President / Chair -Elected Member

AAGM, B Ec (Acc)Grad Dip Fin (SIA) GAICD

Director, Department of Treasury and Finance Chair of the School Board Member of Board 11 years

K M Haynes Treasurer – IGOGA Nominee

B CommCPA

Accountant in private practiceChair of Finance & Risk Committee Member of Board 21 years

A E Hore Elected Member B.Com, B.Agr.Sc(Hons), CPA, Grad Dip Fin (SIA)

Senior Manager, Department of Treasury and Finance Member of Board two years

R S Hoye Elected Member BA, MEnvSt, MPPM, PhD, GAICD

Dean (School of Allied Health, Human Services & Sport), La Trobe University Member of Board two years

Rev’d S J May St James’ Anglican Church Nominee

B Sci, Dip EdB Th, Dip Min

Vicar, St James Anglican ChurchMember of Board six years

S R McLiesh Vice President –Elected Member

FAIM, AIPM, JP Former Chairman, Clinuvel Pharmaceuticals Ltd Former General Manager CSL Limited Member of Board 25 years

J M McMullin Elected Member MBBS Former General PractitionerMember of Board 13 years

A E Nelson-Page Elected Member SRNDiploma of Community Services (Children’s Services)

Early Childhood EducatorMember of Board 15 years

R Rosedale Cooerwull Inc Nominee

B A, Dip Ed Educational Consultant Chair of Liaison Committee Member of Board nine years

P J Smithson Vice President –Elected Member

B. Arch (Melb)Architect ARBV

Principal, Smithson AssociatesFounder / Consultant BG&E Facades Pty. Limited Chairman of Properties Committee Member of Board 35 years

E R Tudor OAM Educationalist appointed by the Board

B Sc (Hons), MSc,Dip Ed, FACE, FACEL

Former Headmaster Trinity Grammar School Member of Board six years


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Principal activities

The principal activity of Ivanhoe Girls’ Grammar School during 2020 was to conduct a day school for girls from

Early Learning (3 year old) to Year 12.

No significant change in the nature of these activities occurred during the year.

Review of operations

The surplus of the company is $2,677,320 (2019: $1,435,206).

The School’s operations were significantly impacted by the COVID-19 pandemic during 2020. In response to

Victorian Government Health directions, all students and staff were required to migrate to an offsite learning

approach for a substantial proportion of the year. Rebates, payment extensions and other financial support

were provided to school families in recognition of these impacts. The School also received government financial

support during this period.

Short-term and long-term objectives and strategies

The core objective of the School is to provide the best learning and teaching which, underpinned by the Christian

philosophy, enables every girl to achieve her potential and to be a confident, optimistic and responsible citizen.

In order to achieve the above, the School employs high quality staff to support a broad and progressive

educational program. That program, the facilities that support it and the resources that underpin it are

continually reviewed to ensure they remain appropriate for a progressive and successful independent

educational institution.

Directors’ meetings

The number of meetings of Directors (including meetings of Board Committees) held during the year and the

number of meetings attended by each Director is as follows:

Board member Board Committee

Finance & Risk Properties Liaison

A B A B A B A B

K F Frost 9 9 6 6 7 7 2 1

K M Haynes 9 9 6 6 7 7

A Hore 9 9 6 6

R Hoye 9 8 7 6

Rev’ S J May 9 9

S R McLiesh 9 7 6 6 7 7

J M McMullin 9 8 2 1

A E Nelson-Page 9 9 2 1

R Rosedale 9 9 2 1

P J Smithson 9 8 7 7

E R Tudor 9 9 7 6

Where:

column A is the number of meetings the Director was entitled to attend

column B is the number of meetings the Director attended


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Contribution in winding up

The Company is incorporated under the Corporations Act 2001 and is a Company limited by guarantee. If the

Company is wound up, the constitution states that each member is required to contribute a maximum of $100

each towards meeting any outstanding obligations of the entity. At 31 December 2020, the total amount that

members of the Company are liable to contribute if the Company wound up is $33,100 (2019: $35,800)

Auditor’s Independence Declaration

A copy of the Auditor’s Independence Declaration as required under s.60-40 of the Australian Charities and Not-

for-profits Commission Act 2012 is included in page 10 of this financial report and forms part of the Directors’

Report.

Signed in accordance with a resolution of the Board of Directors.

K F Frost

Chair

K M Haynes

Treasurer

Ivanhoe, 30th March 2021

Brisbane Level 14 12 Creek Street Brisbane QLD 4000 T + 61 7 3085 0888

Melbourne Level 10 530 Collins Street Melbourne VIC 3000 T + 61 3 8635 1800 F + 61 3 8102 3400

Sydney Level 8 167 Macquarie Street Sydney NSW 2000 T + 61 2 8059 6800 F + 61 2 8059 6899

ShineWing Australia ABN 39 533 589 331. Liability limited by a scheme approved under Professional Standards Legislation. ShineWing Australia is an independent member of ShineWing International Limited.

shinewing.com.au

Take the lead

AUDITOR’S INDEPENDENCE DECLARATION TO THE DIRECTORS OF

IVANHOE GIRLS’ GRAMMAR SCHOOL LIMITED

I declare that, to the best of my knowledge and belief, during the year ended 31 December 2020 there

have been:

i. No contraventions of the auditor independence requirements as set out in the Australian Charities

and Not-for-profits Commission Act 2012, in relation to the audit, and

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

ShineWing Australia

Chartered Accountants

Hayley Underwood

Partner

Melbourne, 30 March 2021

10


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Statement of Profit or Loss and Other Comprehensive Income For the year ended 31 December 2020

Notes 2020 2019$ $

Revenue 3 27,207,776 26,470,963Employee benefits expense (17,731,858) (17,773,195)Depreciation expense 9 (2,285,414) (2,100,888)Tuition & recurrent education expenses (995,481) (1,755,726)Administration expenses (1,966,509) (1,830,183)School maintenance expenses (1,551,194) (1,575,765)Surplus before tax 2,677,320 1,435,206Income tax 2(c) -Surplus for the year 4 2,677,320 1,435,206

Other comprehensive income for the year, net of income tax Revaluation of land and buildings 9 555,020 -

Total comprehensive income for the year 3,232,340 1,435,206

This statement should be read in conjunction with the notes to the financial statements.


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Statement of Financial Position As at 31 December 2020

Notes 2020 2019$ $

AssetsCurrent assetsCash and cash equivalents 5 26,428,687 25,286,734Trade and other receivables 6 472,204 391,641Other assets 7 556,848 276,289Total current assets 27,457,739 25,954,663

Non-current assetsProperty, plant & equipment 9 104,360,767 104,944,881Investment property 8 2,553,714 -Total non-current assets 106,914,481 104,944,881

Total assets 134,372,270 130,899,544

LiabilitiesCurrent liabilitiesTrade and other payables 10 846,298 833,950Contract liabilities 11 6,466,911 6,399,667Provisions 12 2,426,200 2,156,901Total current liabilities 9,739,409 9,390,518

Non-current liabilitiesTrade and other payables 10 43,435 135,021Provisions 12 447,400 464,369Total non-current liabilities 490,835 599,390

Total liabilities 10,230,244 9,989,908

Net assets 124,141,976 120,909,636

EquityAccumulated funds 73,898,228 71,219,818Reserves 13 50,243,748 49,689,818Total equity 124,141,976 120,909,636



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Statement of Changes in Equity For the year ended 31 December 2020

Notes Land & Building Reserve

General Reserve

Accumulated funds

Total equity

$ $ $ $

Balance at 1 January 2019

49,151,562 536,998 69,785,870 119,474,430

Surplus for the year - - 1,435,206 1,435,206Other comprehensive income

- - - -

Total comprehensive income for the year

- - 1,435,206 1,435,206

Transfers - 1,258 (1,258) -Balance at 31 December 2019

49,151,562 538,256 71,219,818 120,909,636

Surplus for the year - - 2,677,320 2,677,320Other comprehensive income

555,020 - - 555,020

Total comprehensive income for the year

555,020 - 2,677,320 3,232,340

Transfers from reserves

13 - (1,090) 1,090 -

Balance at 31 December 2020

49,706,582 537,165 73,898,228 124,141,926



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Statement of Cash Flows For the year ended 31 December 2020

Notes 2020 2019$ $

Cash flows from operating activitiesTuition fees received 18,815,171 20,833,479Receipts of government grants 5,430,441 5,327,138Receipts of government subsidies 2,996,981 -Receipts from other sources 183,224 675,765Payments to suppliers and employees (22,738,879) (23,255,728)Interest received 271,632 563,300Interest paid (5,706) (11,423)Net cash provided by operating activities 14 4,952,864 4,132,531

Cash flows from investing activitiesPurchase of property, plant and equipment 9 (1,158,408) (4,644,050)Proceeds from disposals of property, plant and equipment

17,000 832

Purchase of investment property 8 (2,553,714) -Net cash used in investing activities (3,695,122) (4,643,218)

Cash flows from financing activities(Repayments) / proceeds of borrowings associated loans

(2,771) (4,869)

Proceeds from leasing liabilities - 2,347Repayments of leasing liabilities (113,018) (109,827)Net cash provided by financing activities (115,789) (112,349)

Net increase in cash and cash equivalents 1,141,953 (623,036)

Cash and cash equivalents at the beginning of the year 25,286,734 25,909,770Cash and cash equivalents at the end of the year 5 26,428,687 25,286,734



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Notes to the Financial Statements For the year ended 31 December 2020

1. General information and statement of compliance

The financial report covers Ivanhoe Girls’ Grammar School as an individual entity. Ivanhoe Girls’ Grammar

School is a company limited by guarantee, incorporated and domiciled in Australia. Ivanhoe Girls’ Grammar

School is a not-for-profit entity for the purpose of preparing the financial statements.

The address of its registered office and principal place of business is 123 Marshall St, Ivanhoe VIC Australia.

The financial statements have been prepared in accordance with the Australian Charities and Not-for-profits

Commission Act 2012, mandatory applicable Australian Accounting Standards and other authoritative

pronouncements for the Australian Accounting Standards Board.

The financial statements for the year ended 31 December 2020 were approved and authorised for issue by the

Board of Ivanhoe Girls’ Grammar School as at the date of the Directors’ report

The significant accounting policies disclosed below are those which the Directors have determined are

appropriate to meet the needs of members. Such accounting policies are consistent with the previous period

unless otherwise stated.

2. Summary of significant accounting policies

Basis of preparation

The financial statements have been prepared on the basis that the not-for-profit company is a non-reporting

entity because there are no users dependent on general purpose financial statements. These financial

statements are therefore special purpose financial statements that have been prepared in order to meet the

requirements of the Australian Charities and Not-for-profit Commission Act 2012.

The Company has not assessed whether it has relationships with other entities which, for financial reporting

purposes, might be considered subsidiaries or associates as it is not required by the Australian Charities and

Not-for-profits Commission Act 2012 to do so.

These special purpose financial statements comply with all the recognition and measurement requirements in

Australian Accounting Standards except for the requirements set out in

AASB 10: Consolidated Financial Statements or AASB 128: Investments in Associates and Joint Ventures,

and

AASB 119: Employee Benefits in relation to the recognition of the employee defined benefit plans.

The financial report has been prepared on an accrual basis and is based on historical costs and does not take

into account changing money values or, except where stated, current valuations of non-current assets. Cost is

based on the fair values of the consideration given in exchange for assets.


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(a) Changes in Significant Accounting Policies

The financial statements have been prepared in accordance with the same accounting policies adopted in the

company’s last annual financial statements for the year ended 31 December 2019.

(b) Comparatives

Where necessary, comparative information has been reclassified and repositioned for consistency with current

year disclosures.

(c) Income tax

The income of the company is exempt from income tax under Division 50 of the Income Tax Assessment Act,

1997.

(d) Revenue

The Company recognises revenue under AASB 15 when the rights and obligations created under the agreement

are enforceable and the performance obligations are sufficiently specific. To determine whether to recognise

revenue, the Company follows a 5-step process:

1. identifying the contract with the customer;

2. identifying the performance obligations in the contract;

3. determining the transaction price;

4. allocating the transaction price to the performance obligations in the contract; and

5. recognising revenue as and when the performance obligations are satisfied.

Revenue is recognised for the major business activities as follows:

Tuition Fees

Revenue from tuition fees are recognised over time as and when schooling is delivered to the students over the

terms. When the school year has been paid for in advance to the school or the School has received government

funding in advance (e.g. before starting the school year) the School recognises a liability until the services are

delivered.

Government Grants

Grants received under contracts with enforceable performance obligations are recognised as revenue when the

related performance obligations in the contracts are satisfied.

Other Income

Amounts that are not received under enforceable contracts and which do not otherwise represent contribution

by owners or revenue (or contract liability) arising from contract with customers or lease liability or financial

instrument or reimbursement of provision are recognised immediately as income.

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

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).


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(d) Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly

liquid investments that are readily convertible into known amounts of cash and which are subject to an

insignificant risk of changes in value.

(e) Property, plant and equipment

Land and buildings

Land and buildings held for use is stated at re-valued amounts. Revalued amounts are fair market values based

on appraisals prepared by external professional valuers once every three (3) years or more frequently if market

factors indicate a material change in fair value.

Any revaluation surplus arising upon appraisal of land and buildings is recognised in other comprehensive

income and credited to the revaluation reserve in equity. To the extent that any revaluation decrease or

impairment loss has previously been recognised in profit or loss, a revaluation increase is credited to profit or

loss with the remaining part of the increase recognised in other comprehensive income. Downward

revaluations of land and buildings are recognised upon appraisal or impairment testing, with the decrease being

charged to other comprehensive income to the extent of any revaluation surplus in equity relating to this asset

and any remaining decrease recognised in profit or loss. Any revaluation surplus remaining in equity on disposal

of the asset is transferred to retained earnings.

As no finite useful life for land can be determined, related carrying amounts are not depreciated.

Plant and other equipment

Plant and other equipment (comprising fittings and furniture) are initially recognised at acquisition cost or

manufacturing cost, including any costs directly attributable to bringing the assets to the location and condition

necessary for it to be capable of operating in the manner intended by the company’s management.

Buildings, plant and other equipment are subsequently measured at cost less subsequent depreciation and

impairment losses.

Depreciation

Depreciation is recognised on a straight-line basis to write down the cost less estimated residual value of

buildings, plant and other equipment. The following useful lives are applied:

buildings: 40 years

plant and equipment: 4-10 years

leasehold improvements: life of lease

In the case of leasehold improvements, expected useful lives are determined by reference to comparable

owned assets or over the term of the lease, whichever is shorter.

Material residual value estimates and estimates of useful life are updated as required, but at least annually.

Gains or losses arising on the disposal of property, plant and equipment are determined as the difference

between the disposal proceeds and the carrying amount of the assets and are recognised in profit or loss within

other income or other expenses.


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(f) Investment properties

Investment property is held at cost which includes expenditure that is directly attributable to the acquisition of

the investment property. The building portion of investment properties are depreciated on a straight line basis

at 2.5%.

(g) Impairment of assets

At the end of each reporting year, the company 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. Value in use is either the discounted cash flows relating to the asset

or depreciated replacement cost if the criteria in AASB 136 'Impairment of Assets' are met. Any excess of the

asset's carrying value over its recoverable amount is expensed to the statement of comprehensive income.

(h) Employee benefits

A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and

long service leave when it is probable that settlement will be required and they are capable of being measured

reliably.

Liabilities recognised in respect of short-term employee benefits, are measured at their nominal values using

the remuneration rate expected to apply at the time of settlement.

Liabilities recognised in respect of long term employee benefits are measured at the present value of the

estimated future cash outflows to be made by the company in respect of services provided by employees up to

the reporting date.

Superannuation commitments

On 1 February 2004 the Ivanhoe Girls’ Grammar School Superannuation Fund transferred to the Mercer Super

Trust and operates within that Trust as the Ivanhoe Girls’ Grammar School Superannuation Plan.

Permanent and fixed term employees are eligible to join the Ivanhoe Girls’ Grammar School Superannuation

Plan.

For employees appointed prior to 1 January 2004 the fund provides for defined benefits based on years of

service and final average salary. Employees contribute to the fund. Employees appointed since 1 January 2004

join the Ivanhoe Girls’ Grammar School Superannuation Plan Accumulation Section. Actuarial assessment of the

fund was last made as at 31 December 2020.

The company does not record, as an asset, the difference between the employer established defined benefit

superannuation plan’s accrued benefits and the net market value of the plan’s assets. Should a liability arise

the School will record the liability to the extent of the shortfall of their obligations under the plan.

The assets of the fund are sufficient to satisfy all benefits that would have vested under the fund in the event

of termination of the fund.

Contributions are made by the economic entity to employee superannuation funds and are charged as expenses

when incurred.


19

(i) Financial Instruments

Financial Assets measured at Amortised Cost

The company classifies its financial assets as at amortised cost only if both of the following criteria are met:

a) the asset is held within a business model with the objective of collecting the contractual cash flows; and

b) the contractual terms give rise on specified dates to cash flows that are solely payments of principal

and interest on the principal outstanding.

Financial Assets measured at Fair Value through Other Comprehensive Income

Debt instruments held by the entity where the contractual cash flows consist solely of principal and interest

and held within a business model of both collecting contractual cash flows and selling financial assets are

measured at fair value through other comprehensive income. Except for impairment losses or gains and foreign

exchange gains or losses, all other gains or losses are recognised in other comprehensive income.

Financial Assets at fair value through profit and loss

Financial assets are classified at “fair value through profit or loss” when they are not otherwise required to be

measured at amortised cost or at fair value through other comprehensive income, or when they are designated

as such to avoid an accounting mismatch. Such assets are subsequently measured at fair value with changes in

carrying amount included in profit or loss.

Fair value of Assets and Liabilities

Under limited circumstances, in the case of unquoted equity instruments and contracts for those instruments,

if the recent information to measure fair value is insufficient or if there is a wide range of possible fair value

measurements, fair value of such instruments is measured at their cost provided cost represents the best

estimate of fair value within that range.

Equity investments measured at fair value through other comprehensive income

For equity securities which are not held for trading, the company has made an irrevocable election at initial

recognition to recognise changes in fair value through the other comprehensive income rather than profit or

loss.

Trade and Other Receivables

Trade and other receivables include amounts due from customers in the ordinary course of business.

Receivables expected to be collected within 12 months of the end of the reporting period are classified as

current assets.

Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the

effective interest method, less any provision for impairment. Refer to Note 1(g) for further discussion on the

determination of impairment losses.

Impairment of Financial Assets

Impairment of financial assets is recognised in the form of a loss allowance for expected credit loss. Except for

trade receivables as explained in Note 7, the loss allowance is measured as a life-time expected credit loss if, at

the reporting date, the credit risk on that financial instrument has increased significantly since initial

recognition. The loss allowance is measured as 12-month expected credit loss if, at the reporting date, the credit

risk on a financial instrument has not increased significantly since initial recognition


20

The entity determines whether there has been a significant increase in credit risk since initial recognition by

comparing the risk of a default occurring on the financial instrument as at the reporting date with the risk of a

default occurring on the financial instrument as at the date of initial recognition using reasonable and

supportable information, unless the financial instrument is determined to have low credit risk at the reporting

date.

Changes in expected credit losses from the previous reporting period are recognised in profit or loss as an

impairment gain or loss.

Expected credit losses are measured with reference to the maximum contractual period and considering:

a) an unbiased and probability-weighted amount that is determined by evaluating a range of possible

outcomes;

b) the time value of money; and

c) reasonable and supportable information that is available without undue cost or effort at the reporting

date about past events, current conditions and forecasts of future economic conditions.

Trade receivables (other than government subsidies) are written off if there is objective evidence regarding

bankruptcy or insolvency of the debtor and no guarantees are otherwise available from any third party on behalf

of the debtor. This is the approach even if enforcement activities have already been initiated. Government

subsidies are written off if there is evidence regarding changes in Government policies or non-compliance with

the conditions related to the grant that the entity is no longer eligible to the subsidies.

(i) Goods and services tax (GST)

Revenues, expenses and purchased assets are recognised net of the amount of GST, except where the amount

of GST incurred is not recoverable from the Tax Office. In these circumstances the GST is recognised as part of

the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the

statement of financial position are shown inclusive of GST.

Cash flows are presented in the statement of cash flows on a gross basis, except for the GST component of

investing and financing activities, which are disclosed as operating cash flows.

(j) Economic dependence

Ivanhoe Girls’ Grammar School receives a portion of its income from the State and Commonwealth

Governments. At the date of this report the Directors have no reason to believe the Government will not

continue to support Ivanhoe Girls’ Grammar School.

(k) Reserves

Other components of equity include the following:

Land and buildings revaluation reserve – comprises gains and losses from the revaluation of land and

buildings

Capital reserves – comprises amounts bequeathed to the school or otherwise set aside until they can be

used for their specific capital purpose

General reserves – comprises amounts donated to the school by individuals, trusts, estates and

associated entities that have been set aside for specific purposes

Accumulated funds include all current and prior period retained surpluses.


21

(l) Leases

As a lessee, the Company previously classified leases as operating or finance leases based on its assessment of

whether the lease transferred substantially all of the risks and rewards of ownership. Under AASB 16, the

Company recognises right-of-use assets and lease liabilities for all operating leases.

The Company recognises the lease payments associated with the leases as an expense on a straight-line basis

over the lease term.

The Company presents right-of-use assets that do not meet the definition of investment property in property,

plant and equipment, the same line item as it presents underlying assets of the same nature that it owns.

The Company recognises a right-of-use asset and a lease liability at the lease commencement date. The right-

of-use asset is initially measured at cost, and subsequently at cost less any accumulated depreciation and

impairment losses, and adjusted for certain re-measurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the

commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily

determined, then the Company’s incremental borrowing rate.

The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease

payments made. It is remeasured when there is a change in future lease payments arising from a change in an

index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee,

or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain

to be exercised or a termination option is reasonably certain not to be exercised.

The Company has applied judgement to determine the lease term for some lease contracts in which it is a lessee

that includes renewal options. The assessment of whether the Company is reasonably certain to exercise such

options impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use assets

recognised.

(m) Prior period reclassification

At reporting date, contract revenues received in advance have been reclassified from trade and other payables

(note 10) to contract liabilities (note 11) in accordance with the recognition and measurement principals of

AASB 15: Revenues from Contracts with Customers in line with the amendments to AASB 1054: Australian

Additional Disclosures. Additionally, the prior period balances surrounding contract revenues received in

advance have also been reclassified. There has been no impact to net assets or surplus.

2019

$

2019

$

(amended)

Trade and other payables 7,233,617 833,950

Contract liabilities - 6,399,667

7,233,617 7,233,617

At reporting date, leasehold improvements relating to the Parish Hall as well as assets that should be included

in plant and equipment have been reclassified from buildings category to leasehold and plant and equipment

respectively (Note 9). This is to better reflect the nature of the fixed assets as well as to ensure only revalued

assets have been categorised as buildings in line with the accounting policy at Note 1(e). The written down

value of property, plant and equipment at both 31 December 2019 and 31 December 2020 remain the same.


22

(n) Significant accounting judgements, estimates and assumptions

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting

date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities

within the next financial year, are described below. The Company based its assumptions and estimates on

parameters available when the financial statements were prepared. Existing circumstances and assumptions

about future developments, however, may change due to market changes or circumstances arising that are

beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

Revaluation of land and buildings

The Company recognises its land and buildings at fair value, with changes in fair value being recognised in other

comprehensive income. In accordance with the Company’s accounting policy, the Directors re-valued land and

buildings in the current year by engaging an external professional valuer to assess the fair values as at 31

December 2020.

The real estate market and more broadly the Australian economy is being impacted by significant uncertainty

that the COVID-19 outbreak has caused. As at the date of valuation of the land and buildings, there is market

uncertainty resulting in significant valuation uncertainty.

The external professional valuer has referred to this significant valuation uncertainty in their valuation report.

The valuation is based on the information available at the date of the valuation. Whilst the external professional

valuer and the Directors have taken all reasonable steps to estimate the effect on the property, due to the

significant uncertainty in property markets, it is difficult to quantify and assess the impact that the outbreak

has had on land and building values.

Any change in estimates impacts the carrying value of the land and buildings and the fair value adjustment is

recognised in other comprehensive income.


23

(o) AASB Standards issued but not yet effective as at 31 December 2020

AASB 2020-1: Amendments to Australian Accounting Standards – Classification of Liabilities as Current or

Non-current liabilities (applicable to annual reporting periods beginning on or after 1 January 2022)

This standard amends AASB 101 Presentation to Financial Statements to clarify the following:

The classification as a non-current liability should be based on the existence of a ‘right’ (as opposed to a

‘discretion’ as it was provided before this amendment) to defer the settlement of the liability for at least

twelve months after the reporting period;

The term ‘settlement’ includes issue of equity instruments in exchange of extinguishment of a financial

liability and such a settlement does not impact the classification of the liability as current or non-current;

and

Classification of a liability is unaffected by the likelihood that the entity will exercise its right to defer

settlement of the liability for at least twelve months after the reporting period.

The application of these amendments when effective is retrospective by restatement of prior periods.

Earlier application is permitted.

The AASB is proposing to defer the effective date of AASB 2020-1 by one year to annual reporting periods

beginning 1 January 2023 via ED 301.

AASB 2020-3: Amendments to Australian Accounting Standards – Annual Improvements 2018-2020 and

Other Amendments (applicable to annual reporting periods beginning on or after 1 January 2022 with

earlier application permitted)

This standard amends:

(a) AASB 9 Financial Instruments to clarify the fees an entity includes when assessing whether the terms

of a new or modified financial liability are substantially different from the terms of the original financial

liability;

(b) AASB 116 Property, Plant and Equipment to require an entity to recognise the sales proceeds from

selling items produced while preparing property, plant and equipment for its intended use and the

related cost in profit or loss, instead of deducting the amounts received from the cost of the asset;

(c) AASB 137 Provisions, Contingent Liabilities and Contingent Assets to specify the costs that an entity

includes when assessing whether a contract will be loss-making; and

(d) AASB 141 Agriculture to remove the requirement to exclude cash flows from taxation when measuring

fair value, thereby aligning the fair value measurement requirements in AASB 141 with those in other

Australian Accounting Standards.

This standard is not expected to materially impact the financial statements of the entity (or group).


24

3. Revenue

2020 2019$ $

Tuition fees 18,412,488 20,055,432Government grants 4,936,765 4,842,853Interest received 271,632 563,300Government subsidies received 2,996,981 -Other income 589,910 1,009,378

27,207,776 26,470,963

4. Surplus for the year

Surplus for the year has been arrived at after charging the following items of expense:

2020 2019$ $

Remuneration of the auditors:Auditing the financial reports 23,561 31,029

Bad and doubtful debtsBad debts written off 290 27,678

5. Cash and cash equivalents

2020 2019$ $

Cash on hand 1,558 1,563Cash at bank 727,129 1,285,171Short term deposits 25,700,000 24,000,000

26,428,687 25,286,734

6. Trade and other receivables

2020 2019$ $

Trade receivables 457,168 359,916Provision for doubtful debts (75,000) (75,000)

382,168 284,916

Other receivables 90,036 106,725472,204 391,641

7. Other assets

2020 2019$ $

Prepayments 556,848 276,289

8. Investment property

2020 2019$ $

Investment property 2,553,714 -


25

9. Property, plant and equipment

Land Buildings Leasehold Plant &

Equipment Capital WIP Total

$ $(restated)

$(restated)

$ (restated)

$ $

Gross carrying amount Balance at 1 January 2019 42,400,000 53,355,207 810,946 10,976,526 3,538,952 111,081,631 Additions - 3,513,608 89,560 718,192 320,343 4,641,703 Disposals - - - (4,292) - (4,292)Transfer - 3,454,175 - - (3,454,175) - Balance at 31 December 2019 42,400,000 60,322,990 900,506 11,690,426 405,120 115,719,042

Depreciation and impairment Balance at 1 January 2019 - (1,355,042) (388,629) (7,287,368) - (9,031,039)Disposals - - - - - Depreciation - (1,349,138) (109,756) (528,936) - (1,987,830)Balance at 31 December 2019 - (2,704,180) (498,385) (7,816,304) - (11,018,869)

Carrying amount 31 December 2019

42,400,000 57,618,810 402,121 3,874,122 405,120 104,700,173

Gross carrying amountBalance at 1 January 2020 42,400,000 60,322,990 900,506 11,690,426 405,120 115,719,042 Additions - 289,445 - 537,090 331,873 1,158,408 Disposals - - - (29,166) - (29,166)Transfer - 49,354 - 253,039 (302,393) - Write back of cost base - (4,216,809) - - - (4,216,809) Revaluation increase/(decrease) 1,700,000 (1,144,980) - - - 555,020 Balance at 31 December 2020 44,100,000 55,300,000 900,506 12,451,389 434,600 113,186,495

Depreciation and impairment Balance at 1 January 2020 - (2,704,180) (498,385) (7,816,304) - (11,018,869)Write back of depreciation - 4,216,809) - 17,038 - 4,233,847Depreciation - (1,512,629) (112,563) (546,676) - (2,171,867)Balance at 31 December 2020 - - (610,948) (8,345,941) - (8,956,889)

Carrying amount 31 December 2020

44,100,000 55,300,000 289,558 4,105,448 434,600 104,229,606

Right to Use Assets: Buildings Equipment Total Carrying amount 31 December 2019 95,587 149,121 244,708 Additions - - - Depreciation (27,311) (86,236) (113,547) Carrying amount 31 December 2020 68,276 62,885 131,161

Total property, plant and equipment at 31 December 2019 104,944,881

Total property, plant and equipment at 31 December 2020 104,360,767

The company has no contractual commitments for construction works at 31 December 2020 (2019:$nil).


26

10. Trade and other payables

2020 2019$ $

CurrentTrade payables 479,395 442,844Lease liabilities 91,487 112,919Payable to affiliated bodies 275,416 278,187

846,298 833,950

Non-currentLease liabilities 43,435 135,021

11. Contract liabilities

2020 2019$ $

CurrentTuition fees received in advance 4,782,137 4,984,429Tuition fees prepaid 1,684,774 1,415,238

6,466,911 6,399,667

12. Provisions

2020 2019$ $

CurrentEmployee entitlements 2,426,200 2,156,901

Non-currentEmployee entitlements 447,400 464,369

13. Reserves

2020 2019$ $

Land and buildings revaluation reserve 49,706,582 49,151,562General reserves 536,165 538,256

50,243,748 49,689,818


27

14. Reconciliation of cash flows from operating activities

2020 2019$ $

Cash flows from operating activitiesNet surplus before income tax 2,677,320 1,435,206Non-cash flows in operating surplus

Depreciation 2,285,414 2,100,888

Loss/(surplus) on sale of assets (4,872) 3,460

Net changes in working capital

Change in trade and other receivables (80,564) 21,330

Change in other assets (280,559) 171,184

Change in trade and other payables andcontract liabilities

103,795 410,627

Change in provisions 252,330 (10,164)

Net cash from operating activities 4,952,864 4,132,531

15. Commitments

Defined benefit superannuation plan

The School currently maintains a defined benefit superannuation plan with Mercer. Given the School does not

need to comply with AASB 119: Employee Benefits, the defined benefit superannuation plan is not recorded on

the School’s balance sheet, to the extent it is not a liability as described in note 1.

Based on the actuarial summary at year-end the School’s position is as follows:

2020 2019$’000 $’000

Defined benefits onlyAssets 8,596 8,698Vested Benefits 6,882 6,832Surplus in fund 1,714 1,866

16. Related party transactions

Transactions between related parties are on normal commercial terms and conditions no more favourable that

those available to other parties unless otherwise stated. No Director received any compensation during the

financial year.

The following Directors had children or grandchildren attending the school and, as such, pay tuition and other

school fees to the school:

Prof R Hoye

Mr A Hore

Mrs R Rosedale


28

17. Member’s guarantee

Ivanhoe Girls’ Grammar School is incorporated under the Corporations Act 2001 and is a Company limited by

guarantee. If the Company is wound up, the Memorandum of Association states that each member is required

to contribute a maximum of $100 each towards meeting any outstanding obligations of the company. At 31

December 2020, the number of members was 331 (2019: 358).


29

Directors’ Declaration

1. In the opinion of the Directors of Ivanhoe Girls’ Grammar School:

a) The financial statements and notes of Ivanhoe Girls’ Grammar School are in accordance with the

Australian Charities and Not-for-profits Commission Act 2012, including:

i) Giving a true and fair view of its financial position as at 31 December 2020 and of its

performance for the financial year ended on that date; and

ii) Complying with Australian Accounting Standards (including the Australian Accounting

Interpretations) and the Australian Charities and Not-for-profits Commission Regulation 2013;

and

b) There are reasonable grounds to believe that Ivanhoe Girls’ Grammar School will be able to pay its debts

as and when they become due and payable.

Signed in accordance with a resolution of the Directors.

K F Frost

Chair

K M Haynes

Treasurer

Ivanhoe, 30th March 2021

Brisbane Level 14 12 Creek Street Brisbane QLD 4000 T + 61 7 3085 0888

Melbourne Level 10 530 Collins Street Melbourne VIC 3000 T + 61 3 8635 1800 F + 61 3 8102 3400

Sydney Level 8 167 Macquarie Street Sydney NSW 2000 T + 61 2 8059 6800 F + 61 2 8059 6899

ShineWing Australia ABN 39 533 589 331. Liability limited by a scheme approved under Professional Standards Legislation. ShineWing Australia is an independent member of ShineWing International Limited.

shinewing.com.au

Take the lead

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF IVANHOE GIRLS’ GRAMMAR

SCHOOL LIMITED

Opinion

We have audited the financial report of Ivanhoe Girls’ Grammar School Limited (the Company), which comprises

the statement of financial position as at 31 December 2020, the statement of comprehensive income, the statement

of changes in equity and the statement of cash flows for the year then ended, and notes to the financial statements,

including a summary of significant accounting policies, and the directors’ declaration.

In our opinion, the accompanying financial report of Ivanhoe Girls’ Grammar School Limited is in accordance with

Division 60 of the Australian Charities and Not-for-profits Commission Act 2012, including:

a. giving a true and fair view of the Company’s financial position as at 31 December 2020 and of its financial

performance for the year then ended, and

b. complying with Australian Accounting Standards to the extent described in Note 1 and Division 60 of the

Australian Charities and Not-for-profits Commission Regulation 2013.

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those

standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our

report. We are independent of the Company in accordance with the auditor independence requirements of the

Australian Charities and Not-for-profits Commission Act 2012 and the ethical requirements of the Accounting

Professional & Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including

Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also

fulfilled our other ethical responsibilities in accordance with the Code.

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

Emphasis of Matter – Basis of Accounting

We draw attention to Note 1 to the financial report, which describes the basis of accounting. The financial report

has been prepared for the purpose of fulfilling the directors’ financial reporting responsibilities under the Australian

Charities and Not-for-profits Commission Act 2012. As a result, the financial report may not be suitable for another

purpose. Our opinion is not modified in respect of this matter.

Emphasis of Matter – Valuation uncertainty

We draw attention to Note 1(n) of the financial report which sets out that the land and buildings have been valued

using estimates at a time of significant valuation uncertainty given COVID-19. Any change in estimates impacts the

carrying value of the land and buildings and the fair value adjustment is recognised in other comprehensive

income. Our opinion is not modified in respect of this matter.

30

Take the lead

Responsibilities of the Directors for the Financial Report

The directors of the Company are responsible for the preparation of the financial report that gives a true and fair

view and have determined that the basis of preparation described in Note 1 to the financial report is appropriate to

meet the requirements of the Australian Charities and Not-for-profits Commission Act 2012 and is appropriate to

meet the needs of the members. The directors’ responsibility also includes such internal control as the directors

determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free

from material misstatement, whether due to fraud or error.

In preparing the financial report, the directors are responsible for assessing the Company’s ability to continue as a

going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of

accounting unless the directors either intend to liquidate the Company or to cease operations, or has no realistic

alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from

material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance

with Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can

arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be

expected to influence the economic decisions of users taken on the basis of this financial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and

maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error,

design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and

appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from

fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,

misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are

appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the

Company’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and

related disclosures made by the directors.

Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on

the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast

significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material

uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the

financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the

audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause

the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and

whether the financial report represents the underlying transactions and events in a manner that achieves fair

presentation.

31

Take the lead

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and

significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

ShineWing Australia

Chartered Accountants

Hayley Underwood

Partner

Melbourne, 31 March 2021

32

Documents

Ivanhoe Girls’ Grammar School ABN 77 004 098 748 Financial