ANNUAL FINANCIAL REPORT 2020

ONESIMUS FOUNDATION LIMITED

ANNUAL FINANCIAL REPORT 2020

ONESIMUS FOUNDATION LIMITED

ABN: 89 610 863 280

ANNUAL

FINANCIAL

REPORT

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Onesimus Foundation Limited

ABN 89 610 863 280

Financial report for the year ended 30

_{June 2020}

DIRECTORS’ REPORT

Your directors present this report on the company for the financial year ended 30th _{June 2020.}

Directors

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

Paul Parks

Rosalie Martin (from 23/01/2017) Anthony Carter (from 23/01/2017) Carmen Amy Reid (from 16/01/2020) Dorothy Tjagaduris (from 16/01/2020)

Joanna Hammond (from 18/10/2017 – 16/01/2020)

Directors have been in office since incorporation on 16th _{May 2016 to the date of this report unless otherwise}

stated.

Principal Activities

The principal activity of the foundation during the financial year was to work with people with convictions, their families and communities to create healthy family relationship during incarceration so that on release from prison they will be welcomed home as useful, profitable and fulfilled members of society with a reduced risk of reoffending.

The Foundations Strategic Priorities

Creating Healthy Relationships:

• Liaising with CAPO partners to develop additional Family Engagement Workers to engage in family

support work in the prison and community.

• Working with TPS to support families with video visits.

• Implementing an ‘after hours’ video visit system enabling prisoners to speak with their families from their cells after hours.

• Liaising with the Department of Education and Departments of Communities to maximise the

benefits of video visit technology in connecting children and incarcerated parents.

• Adapting the services provided by former Regional Visit Centres, in view of the new COVID video visit arrangements, to continue to support families of offenders.

Transforming Lives:

• Continue to develop relationships with COPE, Families Outside and Barnardo’s and Australian organisations working with children and families of offenders.

• Developing the Inside Out programs to support and prepare incarcerated individuals for their release from prison and explore how this program can support TPS to influence cultural change within the prison.

• Liaising with other agencies to engage with families of offenders to provide innovative family programs in the community.

• Working with offenders who are perpetrators of domestic violence to maintain/develop relationships with their children through new intervention programs.

• Developing and coordinating the Mentor Program for offenders on Community Orders in

cooperation with partner organisations and with Community Corrections.

• Work with Christian Family Centre to develop a supportive community for inmates residing in low risk O’Hara Unit of Risdon Prison.

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DIRECTORS’ REPORT Changing Communities:

• Actively engage in the Tasmanian DoJ “Breaking the Cycle Strategy” with a specific emphasis on issues affecting families of offenders.

• Collaborating with Government and Non-Government agencies through CAPO to develop health

partnerships to support professionals working with offender’s families.

• Delivering Hidden Sentence, Practitioners Training and CAPO Roadshow throughout Tasmania.

• Developing online Hidden Sentence and Practitioners training for Professional in Tasmania and beyond.

• Working with Government to ensure the needs of families are embraced in the planning and the development of the new northern prison

• Encouraging community and non-government agency to develop family support services for the

new northern prison.

• Supporting the Just Desserts (Court Mandated Diversion [CMD] Incentive program) to provide

positive incentives for offenders in this program. Building Sustainability:

• Ensuring that the foundation’s organisational structures support the values, inspires, equips and supports volunteers to work with incarcerated people and their families.

• Continuing to implement high standards of financial and management practice to ensure efficiency and accountability to our clients, partners and funders.

• Developing a financial strategy to fund the activities of the Foundation.

• Maintaining vibrant relationship with Australian and international organisations in order to deliver world best practice.

• Remaining adaptive to the COVID-19 environment in order to ensure the services of the Foundation can be provided.

Short Term Objectives

To achieve its stated objectives, the foundation has endorsed the following action for 2020/21

• Institute regular and routine video visits between children in care and their incarcerated parent using TPS and Onesimus video resources.

• Support CAPO partners to introduction Family Engagement Workers in the prison.

• Maintain the financial support base of the Foundation.

• Deliver Roadshow presentation in the Southern Region.

• Deliver Hidden Sentence and Practitioner’s training in an online format. • Continue to deliver Hidden Sentence as part of the new recruits training.

• Complete an evaluation of the video visits offered by TPS during the COVID restrictions, identify prisoners who do not received visits and explore ways to create for them meaningful connections with community.

• Engage in discussions around the Northern Prison and advocate for best outcomes for families.

• Successfully operate Inside Outside sessions.

• Partner with Christian Family Centre to commence support activities for inmates in the O’Hara units.

• Initiate the Mentor Program with Community Corrections.

• Respond to the COVID-19 environment in Tasmania adapting our services appropriately.

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DIRECTORS’ REPORT Information on Directors

Norman Reed Director

Experience – Pastor of the Christian Family Centre, a church adjacent to

Risdon Prison, Tasmania and founder of Onesimus. Following his Churchill Fellowship trip to Europe and Singapore in 2014, to examine family support services, Norm developed the role of Family Engagement Worker in Risdon Prison and facilitates a suite of family support services.

Paul Parks – Director

Experience – Special Educator and retired Director of Schools (NSW) with

significant experience as a school principal including experience in juvenile justice settings.

Rosalie Martin – Director

Experience – Professional Speech Pathologist and Criminologist, CEO and

Founder of Chatter Matters Tasmania. Rosie is passionate for the important work of prison literacy and the role that speech pathology has in justice and social equity. She was chosen as Tasmanian Australian of the Year in 2017 for her work in Risdon Prison with people who have complex communication and literacy challenges

Anthony Carter – Director

Experience – Engineer, with technical, operational and executive experience

in consulting, business improvement, farming, grazing and local government. Over 16 years’ experience with prison ministry in NSW and TAS. Now retired and volunteer mentor for prison inmates and small business development.

Carmen Reid – Director

Experience – A former volunteer with the Onesimus, Criminologist and current

PhD student at the University of Tasmania, with educational experience in the fields of psychology, sociology and criminology. She is currently conducting research both in the area of forensic studies under the Tasmanian Institute of Law Enforcement Studies (TILES), and into the support,

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Dorothy Tjagaduris Director

Experience – A former Onesimus volunteer Dorothy has worked as a Policy

Analyst for the Department of Communities Tasmania, working on the implementation of Safe Homes, Families, Communities: Tasmania’s action plan for family and sexual violence 2019-2022. Dorothy is also involved as a member of the Just Desserts: Drug Court Incentives Group.

Joanna Hammond Director

Experience – A teacher with South Australian Education Department.

Currently teaching at the Adelaide Youth Training Centre. Eight years’ experience working in the South Australian juvenile justice system and 11 years working with at-risk Indigenous Youth in Central Australia. Joanna resigned from Board on 16th

January 2020

Meetings of Directors

During the financial year, 4 meetings of directors were held. Attendances by each director were as follows:

Norman Reed Paul Parks

Meetings (via Circular Resolution) Eligible Present 1 1 1 1 Meetings (Attendances) Eligible Present 4 4 4 4 Anthony Carter Rosalie Martin Joanna Hammond Dorothy Tjagaduris Carmen Reid 1 1 1 1 1 1 0 0 0 0 4 3 4 3 3 3 2 2 2 2

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 $10 each towards meeting any outstanding obligations of the company. At 30th _June

2020, there are three members and the total amount that members of the company are liable to contribute if the company is wound up is $30.

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Auditor’s Independence Declaration

The lead auditor’s independence declaration for the year ended 30th _{June 2020 has been received and can be}

found on page five of the financial report.

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

Paul Parks dated this day 24 July 2020

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AUDITOR’S INDEPENDENCE DECLARATION UNDER S 307C OF THE CORPORATIONS ACT 2001

TO THE DIRECTORS OF ONESIMUS FOUNDATIONI LIMITED ABN 89 610 863 280

I declare that, to the best of my knowledge and belief, during the year ended 30th _{June 2020 there have}

been no contraventions of:

i. the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and

ii. any applicable code of professional conduct in relation to the audit. Name of Firm: BDO Audit (TAS)

Name of Partner: David Palmer Date:

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STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR

ENDED 30TH _{JUNE 2020}

Note 2020 2019

$ $

Revenue 2 29,721 34,535

Administration 2,677 1,073

Bank Fees and Charges 18 20

Gifts, Donations and Benevolent Gifts 1,770 0

Equipment Purchases 6,806 0 Insurances 1,785 1,731 Meeting Costs Project Costs 73 9,381 120 8,700 Salary Support 5 0 10,000 Training 1,145 3,070 Volunteers 2,416 1,719

Current year surplus 3,648 8,102

Net current year surplus 3.648 8,102

Other comprehensive income

Comprehensive Income 0 0

Total other comprehensive for the year 0 0

Total comprehensive income for the year 0 0

Net current year surplus attributable to members of the entity 3,648 8,102

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STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2020

Note 2020 2019 $ $ ASSETS CURRENT ASSETS Cash on hand 3 43,470 39,860 Prepayments -

Accounts receivable and other debtors - -

Other current assets 43,470 39,860

TOTAL CURRENT ASSETS 43,470 39,860

NON-CURRENT ASSETS

Property, plant and equipment - -

Other non-current assets - -

TOTAL NON-CURRENT ASSETS - -

TOTAL ASSETS 43,470 39,860

LIABILITIES

CURRENT LIABILITIES

Accounts and other payables 0 109

Tax -47 -117

Unexpended grants 27,277 26,962

Employee provisions - -

TOTAL CURRENT LIABILITIES 27,230 26,954

NON-CURRENT LIABILITIES

Other non-current liabilities - -

TOTAL NON-CURRENT LIABILITIES - -

TOTAL LIABILITIES 27,230 26,954

NET ASSETS 16,240 12,906

EQUITY

Retained surplus 16,240 12,906

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STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30TH JUNE 2020

Note Retained Surplus Total $ $ Balance at 30 June 2018 - Comprehensive income

Surplus for the year attributable to members of the entity

- -

Other comprehensive income for the year

- -

Total comprehensive income attributable to members of the entity

- -

Balance at 30 June 2019 12,906 4,803

Balance at 1 July 2019 12,906 4,803

Comprehensive income

Surplus for the year attributable to members of the entity

3,334 8,102

Other comprehensive income for the year

- -

Total comprehensive income attributable to members of the entity

16,240 12,906

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STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2020

Note 2020 2019

$ $

CASH FLOWS FROM OPERATING ACTIVITIES

Receipts from members, grants and other receipts 29,721 46,099

Payments to suppliers and employees (26,073) (30,352)

Interest received

Net GST payable 47 117

Net cash generated from operating activities 3,695 15,630

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from sale of property, plant and equipment - -

Payment for property, plant and equipment - -

Net cash used in investing activities - -

CASH FLOWS FROM FINANCING ACTIVITIES

Payment of finance lease liability - -

Other financing activities - -

Net cash used in financing activities - -

Net increase in cash held

Cash on hand at beginning of the financial year 39,860 24,230

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The accompanying notes form part of these financial statements.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH _{JUNE 2020}

The financial statements cover Onesimus Foundation Limited ABN 89 610 863 280 as an individual entity, incorporated and domiciled in Australia. Onesimus Foundation Limited is a company limited by guarantee.

The Foundation began financial operations on 19 January 2017. These financial statements of accounts record transactions from 1July 2019 to 30 June 2020.

The financial statements were authorised for issue 24th _{July 2020 by the directors of the company.}

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation

These special purpose financial statements have been prepared in accordance with the Corporations Act

2001 and Australian Accounting Standards and Interpretations of the Australian Accounting Standards

Board. The company is a not-for-profit entity for financial reporting purposes under Australian Accounting Standards. Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless stated otherwise.

The financial statements, except for the cash flow information, have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. The amounts presented in the financial

statements have been rounded to the nearest dollar. Accounting Policies

a. Revenue

Non-reciprocal grant revenue is recognised in profit or loss 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 the entity is eligible to receive the contribution, the recognition of the grant as revenue will be deferred until those conditions are satisfied.

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

Onesimus Foundation Limited receives non-reciprocal contributions of assets from the

government and other parties for no or nominal value. These assets are recognised at fair value on the date of acquisition in the statement of financial position, with a corresponding amount of income recognised in the statement of profit or loss and other comprehensive income.

Donations and bequests are recognised as revenue when received.

Interest revenue is recognised using the effective interest method, which for floating rate financial assets is the rate inherent in the instrument. Dividend revenue is recognised when the right to receive a dividend has been established.

Revenue from the rendering of a service is recognised upon the delivery of the service to the customer.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH _{JUNE 2020}

b. Property, Plant and Equipment

The principle for future expenditure on land and building will be to show each class of property, plant and equipment is carried at cost or fair value as indicated, less, where applicable,

accumulated depreciation and any impairment losses. There has been no expenditure on plant and equipment during the year.

Freehold property

The principle for future expenditure on land and building will be to show freehold land and buildings at their fair value based on periodic, but at least triennial, valuations by external independent valuers, less subsequent depreciation for buildings.

In periods when the freehold land and buildings are not subject to an independent valuation, the directors conduct directors’ valuations to ensure the carrying amount for the land and buildings is not materially different to the fair value.

Increases in the carrying amount arising on revaluation of land and buildings are recognised in other comprehensive income and accumulated in the revaluation surplus in equity. Revaluation decreases that offset previous increases of the same class of assets shall be recognised in other comprehensive income under the heading of revaluation surplus. All other decreases are recognised in profit or loss.

Any accumulated depreciation at the date of the revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset. Freehold land and buildings 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.

Plant and equipment

The principle for future expenditure on plant and equipment will be measured on the cost basis and are therefore carried at cost less accumulated depreciation and any accumulated impairment losses. 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 and impairment losses are recognised either in profit or loss or as a revaluation decrease if the impairment losses relate to a revalued asset. A formal assessment of recoverable amount is made when impairment indicators are present (refer to Note 1(g) for details of impairment).

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably. All other repairs and maintenance are recognised as expenses in profit or loss in the financial period in which they are incurred.

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

Depreciation

The principle for future depreciable amounts of all fixed assets, will be to include buildings and capitalised lease assets, but excluding freehold land, is 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.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH _{JUNE 2020}

The depreciation rates used for each class of depreciable assets are:

Class of Fixed Asset Depreciation Rate

Buildings 50 years

Plant and equipment 3-10 years

The assets’ residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains or losses are recognised in profit or loss in the period in which they arise. When revalued assets are sold, amounts included in the revaluation surplus relating to that asset are transferred to retained surplus.

c. Leases

The principle for future costs associated with leasing will recognise an asset and a liability equal to the present value of the minimum lease payments, including any guaranteed residual values. Leased assets are depreciated on a straight-line basis over their estimated useful lives where it is likely that the entity will obtain ownership of the asset. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for the period.

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

d. Financial Instruments

Initial recognition and measurement

Financial 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 transaction costs except where the instrument is classified “at fair value through profit or loss”, in which case transaction costs are recognised as expenses in profit or loss immediately.

Classification and subsequent measurement

Financial instruments are subsequently measured at fair value, amortised cost using the effective interest method, or cost. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted.

Amortised cost is calculated as 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.

The effective interest method is used to allocate interest income or interest expense over the relevant period and is equivalent to the rate that exactly discounts estimated future cash payments or receipts (including fees, transaction costs and other premiums or discounts) through the expected life (or when this cannot be reliably predicted, the contractual term) of the financial instrument to the net carrying amount of the financial asset or financial liability. Revisions to expected future net cash flows will necessitate an adjustment to the carrying amount with a consequential recognition of an income or expense item in profit or loss.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH _{JUNE 2020}

(i) Financial assets at fair value through profit or loss

Financial assets are classified at “fair value through profit or loss” when they are held for trading for the purpose of short-term profit taking, 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 carrying amount being included in profit or loss.

(ii) Loans and receivables

Loans 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. Gains or losses are recognised in profit or loss through the amortisation process and when the financial asset is derecognised.

Impairment

At the end of each reporting period, the company assesses whether there is objective evidence that a financial asset has been impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of the

occurrence of one or more events (a “loss event”), which has an impact on the estimated future cash flows of the financial asset(s).

For financial assets carried at amortised cost (including loans and receivables), a separate allowance account is used to reduce the carrying amount of financial assets impaired by credit losses. After having taken all possible measures of recovery, if management establishes that the carrying amount cannot be recovered by any means, at that point the written-off amounts are charged to the allowance account or the carrying amount of impaired financial assets is reduced directly if no impairment amount was previously recognised in the allowance account.

When the terms of financial assets that would otherwise have been past due or impaired have been renegotiated, the company recognises the impairment for such financial assets by taking into account the original terms as if the terms have not been renegotiated so that the loss events that have occurred are duly considered.

Derecognition

Financial assets are derecognised where the contractual rights to receipt of cash flows expire 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 discharged, cancelled or have expired. The difference between the carrying amount 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.

e. Impairment of Assets

At the end of each reporting period, the entity reviews the carrying amounts 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 of disposal and value in use, is compared to the asset’s carrying amount. Any excess of the asset’s carrying amount 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

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH _{JUNE 2020}

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 asset, the entity estimates the recoverable amount of the cash-generating unit to which the asset belongs.

f. Cash on Hand

Cash on hand 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. g. Accounts Receivable and Other Debtors

Accounts receivable and other debtors include amounts due from members as well as amounts receivable from customers for goods sold 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. All other receivables are classified as non-current assets.

Accounts receivable 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(f) for further discussion on the determination of impairment losses.

h. Goods and Services Tax (GST)

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

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 net GST basis. The cashflow of GST is disclosed separately in the Cash Flow Statement.

i. Income Tax

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

j. Comparative Figures

Where required by Accounting Standards, comparative figures have been adjusted to conform with changes in presentation for the current financial year.

When the company retrospectively applies an accounting policy, makes a retrospective

restatement or reclassifies items in its financial statements, a third statement of financial position as at the beginning of the preceding period, in addition to the minimum comparative financial statements, must be disclosed.

k. Accounts Payable and Other Payables

Accounts payable and other payables represent the liability outstanding at the end of the reporting period for goods and services received by the company during the reporting period which remain unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability.

l. Critical Accounting Estimates and Judgements

The 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.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH _{JUNE 2020}

m. Economic Dependence

Onesimus Foundation Limited is not subject to any economic reliance from any external entities. n. New Accounting Standards for Application in Future Periods

The AASB has issued a number of new and amended Accounting Standards that have mandatory application dates for future reporting periods, some of which are relevant to the company. The company has decided not to early adopt any of the new and amended pronouncements. The company’s assessment of the new and amended pronouncements that are relevant to the company but applicable in future reporting periods is set out below:

AASB 16: Leases (applicable to annual reporting periods beginning on or after 1 January 2019). Management has not made an assessment of the impact of this standard as the entity does not have any leases and the standard does not apply.

AASB15: Revenue from contracts with customers. (Applicable to annual reporting periods beginning on or after 1 January 2019). Management has not early adopted this standard. Management has assessed that the impact of the standard will be immaterial when it does apply in future years as the entity receives income under AASB1058 being a nonprofit entity this standard takes precedence.

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NOTE 2: REVENUE AND OTHER INCOME 2020 2019

$ $

Revenue

Grant Carried Forward from 2019 Donations received 26,962 14,551 15,398 15,035 Grants received Reimbursements Gifts in kind 10,500 1,662 0 25,678 1,360 0

Less: Grants unexpended (27,277) (26,962)

Rental (Hillside Haven) 3,009 4,026

Total revenue 29,407 34,535

NOTE 3: CASH ON HAND 2020 2019

$ $

CURRENT

Cash at bank 43,470 39,860

Total cash on hand as stated in the statement of financial position and statement of cash flows

43,470 39,860

NOTE 4: EVENTS AFTER THE REPORTING PERIOD

The directors are not aware of any significant events since the end of the reporting period.

NOTE 5: RELATED PARTY TRANSACTIONS 2020 2019

$ $

a. Key Management Personnel

Norman Reed, Executive Officer compensation:

– short-term benefits 0 10,000

– post-employment benefits

– other long-term benefits

0 10,000

b. Other Related Parties

Other related parties would include close family members of key management personnel and entities that are controlled or jointly controlled by those key management personnel, individually or collectively with their close family members.

N/A

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

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NOTE 6: CASH FLOW INFORMATION 2020 2019

$ $

Reconciliation of Cash Flows from Operating Activities with Net Current Year Surplus

Net current year surplus 3,334 8,102

Non-cash flows: - -

Depreciation and amortisation expense - -

Gain on disposal of property, plant and equipment - -

Doubtful debts expense - -

Change in assets and liabilities 3,334 8,102

3,334 8,102

NOTE 7: FINANCIAL RISK MANAGEMENT

The company’s financial instruments consist mainly of deposits with banks.

The carrying amounts for each category of financial instruments, measured in accordance with AASB 139:

Financial Instruments: Recognition and Measurement as detailed in the accounting policies to these

financial statements, are as follows:

Note 2020 2019

$ $

Financial assets

Cash on hand 3 43,470 39,860

Accounts receivable and other debtors - -

Payments in advance

Total financial assets 43,470 39,860

Financial liabilities

Financial liabilities at amortised cost:

– accounts payable and other payables (GST) 0 109

– lease liabilities - -

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Financial Risk Management Policies

The board of directors is responsible for monitoring and managing the company’s compliance with its risk management strategy. The board’s overall risk management strategy is to assist the company in meeting its financial targets while minimising potential adverse effects on financial performance. Risk management policies are approved and reviewed by the board on a regular basis. These include credit risk policies and future cash flow requirements.

Specific Financial Risk Exposures and Management

The main risks the company is exposed to through its financial instruments are credit risk, liquidity risk and market risk relating to interest rate risk and other price risk.

There have been no substantive changes in the types of risks the company is exposed to, how these risks arise, or the Board’s objectives, policies and processes for managing or measuring the risks from the previous period.

a. Credit risk

Exposure to credit risk relating to financial assets arises from the potential non-performance by counterparties of contract obligations that could lead to a financial loss for the company. The company does not have any material credit risk exposures as its major source of revenue is the receipt of grants and levies.

Credit risk exposure

The maximum exposure to credit risk by class of recognised financial assets at the end of the reporting period is equivalent to the carrying value and classification of those financial assets (net of any provisions) as presented in the statement of financial position.

Accounts receivable and other debtors that are neither past due nor impaired are considered to be of high credit quality.

The company has no significant concentrations of credit risk exposure to any single counterparty or group of counterparties.

Credit risk related to balances with banks and other financial institutions is managed by the board in accordance with approved board policy.

b. Liquidity risk

Liquidity risk arises from the possibility that the company might encounter difficulty in settling its debts or otherwise meeting its obligations in relation to financial liabilities. The company manages this risk through the following mechanisms:

– preparing forward-looking cash flow analyses in relation to its operating, investing and financing activities;

– maintaining a reputable credit profile;

– managing credit risk related to financial assets;

– only investing surplus cash with major financial institutions; and

– comparing the maturity profile of financial liabilities with the realisation profile of financial assets.

c. Market risk

(i) Interest rate risk

Exposure to interest rate risk arises on financial assets and financial liabilities recognised at the end of the reporting period whereby a future change in interest rates will affect future cash flows or the fair value of fixed rate financial instruments. The company is also exposed to earnings volatility on floating rate instruments.

The financial instruments that expose the company to interest rate risk are limited to cash on hand.

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Sensitivity analysis

The company is not materially sensitive to changes in interest rates. A percentage change of 1% will not yield a material impact on the entities financial performance.

NOTE 8: FAIR VALUES Fair value estimation

The fair values of financial assets and financial liabilities are the same

NOTE 9: ENTITY DETAILS

The registered office & principal place of business of the entity is: Onesimus Foundation Limited

550 East Derwent Hwy, Risdon Vale, TAS, 7016 www.onesimus.org.au

NOTE 11: MEMBERS’ GUARANTEE

The foundation is incorporated under the Corporations Act 2001 and is a company limited by guarantee. If the foundation is wound up, the constitution states that each member is required to contribute a maximum of $10 each towards meeting any outstanding obligations of the entity. At 30 June 2020, the number of members is three.

Page 22 of 22

DIRECTORS’ DECLARATION

In accordance with a resolution of the directors of Onesimus Foundation Limited, the directors declare that: 1. The financial statements and notes, as set out on pages five to twenty are in accordance with the

Corporations Act 2001 and:

a. comply with Australian Accounting Standards; and

b. give a true and fair view of the financial position of the company as at 30th _{June 2020 and of}

its performance for the year ended on that date. 2.

3.

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.

The directors have not yet assessed the impact of AASB15 as it has not been practicable to do so. However, the directors do not believe it will be material as most of the revenue is covered under AASB1058.

Paul Parks (Chair)

I

BDO

INDEPENDENT AUDITOR'S REPORT

www.bdo.com.au

To the members of Onesimus Foundation Limited

Report

the Audit of the Financial Report

GPO Box 1681 Hobart TAS 7001 Australia

We have audited the financial report of Onesimus Foundation Limited (the registered entity), which

comprises the statement of financial position as at 30 June 2020, the statement of profit or loss and

other comprehensive income, the statement of changes in equity and the statement of cash flows for

the year then ended, and notes to the financial report, including a summary of significant accounting

policies, and the responsible entities' declaration.

In our opinion the accompanying financial report of Onesimus Foundation Limited, is in accordance

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

(i)

Giving a true and fair view of the registered entity's financial position as at 30 June 2020 and of

its financial performance for the year then ended; and

(ii)

Complying with Australian Accounting Standards 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 registered entity in accordance with the

Australian Charities and Not-for-profits Commission Act 2012 (ACNC Act) and the ethical requirements

of the Accounting Professional and 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

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 registered entity's financial

reporting responsibilities under the ACNC Act. As a result, the financial report may not be suitable for

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

800 Audit (TAS) ABN 82 700 612 091 is a member of a national association of independent entities which are all members of BOO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BOO Audit (TAS) and BOO Australia Ltd are members of BOO International Ltd, a UK company limited by guarantee, and form part of the international BOO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.

|BDO

Responsibilities of responsible entities for the Financial Report

The responsible entities of the registered entity 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 ACNC Act. The

responsible entities' responsibility atso includes such internal control as the responsible entities determine is necessary to enable the preparation of a 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 responsible entities are responsible for assessing the registered entity's ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the responsible entities either intend to liquidate the registered entity or to cease operations, or have 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 the 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.

A further description of our responsibilities for the audit of the financial report 1's located at the Auditing and Assurance Standards Board website (http://www.auasb.sov.au/Home.aspx) at:

http://www.auasb.gov.au/auditors responsibiL1ties/ar4.pdf This description forms part of our auditor's report.

.' .. / ,

.^\

DAVID PALMER

Partner

I

BDO

DECLARATION OF INDEPENDENCE BY DAVID PALMER TO THE DIRECTORS OF ONESIMUS LIMITED

As lead auditor of Onesimus Limited for the year ended 30 June 2020 I declare that, to the best of

my knowledge and belief, there have been:

1. No contraventions of the auditor independence requirements of the Division 60 of Australian

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

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

This declaration is in respect of Onesimus Limited and the entities it controlled during the period.

Partner

Hobart, 3p

_{July 2020}

BOO (TAS) Pty Ltd ABN 37 009 547 844 is a member of a national association of independent entities which are all members of BOO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BOO (TAS) Pty Ltd and BOO Australia Ltd are members of BOO International Ltd, a UK company limited by guarantee, and form part of the international 800 network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation