FINANCIAL REPORT. Financial summary. Financial statements

FINANCIAL

REPORT

The Statement of Comprehensive Income shows an operating deficit of $3 .255 million for the year under review, compared with a

$2 .867 million deficit in the preceding year .

The deficit is a result of withdrawal of funding from the Legal Practitioner Interest on Trust Accounts Fund (LPITAF) . Revenue from this

source, on which SCLQ relies for the majority of its income, was nil in both 2013–14 and 2014–15 . The Attorney-General and Minister

for Justice determines the payments to be made from the LPITAF as provided for in the Legal Profession Act 2007 . In July 2013 and

subsequently again in 2014 he advised that the library should utilise its reserves to meet its operational costs . As a result SCLQ cash

levels were reduced from $7 .403 million at 30 June 2014 to $4 .307 million at 30 June 2015 .

Financial performance and overall position is monitored internally on a monthly basis, and quarterly financial reports are tabled to the

library’s Financial and Risk Management Sub-Committee and to the governing Supreme Court Library Committee . During 2013–14 and

2014–15 the Librarian and the Committee liaised with the Department of Justice and Attorney-General to address concerns relating to

the withdrawal of LPITAF funding, and the potential reduction of SCLQ cash levels below minimum prudential provisions . The library

welcomed the news that LPITAF funding has been restored for the 2015–16 financial year . However it remains concerned about its reserves

being depleted beyond reasonable prudential levels and will be actively working with the Department in 2015–16 to ensure that this issue

is adequately addressed .

Financial summary

Financial statements

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2015 2014

NOTE $ $

Income from Continuing Operations Revenue

Grants and Other Contributions 2 307,778 292,933

Legal Practitioner Admission fee 3 72,411 58,089

Library Services 4 329,763 321,928

Interest 168,507 299,613

Gains

Gain on Disposal of Plant & Equipment - 1,402

Total Income from Continuing Operations 878,459 973,965

Expenses from Continuing Operations

Salaries & Related Expenses 5 2,521,389 2,217,469

Administration 6 614,888 584,348

Books, Subscriptions & Binding Expenses 7 846,161 885,704

Other Expenses 8 4,940 13,871

Depreciation and Amortisation 9 145,581 139,951

Total Expenses from Continuing Operations 4,132,959 3,841,343

Operating Surplus / (Deficit) (3,254,500) (2,867,378)

Other Comprehensive Income

Increase in Asset Revaluation reserve - 19,608

Total other Comprehensive Income - 19,608

Total Comprehensive Income / (Loss) (3,254,500) (2,847,770)

The accompanying notes form part of these financial statements .

SUPREME COURT LIBRARY COMMITTEE

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Cash and Bank 16 566,225 481,214

Term Deposits 16 3,740,919 6,921,682

Receivables 10 10,053 1,553

Prepayments 10 57,354

-Total current assets 4,374,551 7,404,449

Non-current assets

Plant & Equipment 11 718,513 811,487

Intangibles 12 43,491 53,520

Rare Books & Cultural Assets Collection 13 349,529 349,529

Total non-current assets 1,111,533 1,214,536

TOTAL ASSETS 5,486,084 8,618,985 LIABILITIES Current liabilities Payables 57,704 33,565

Accrued Employee Benefits 14 536,486 238,599

Unexpended Grants - 15,000

Other Current Liabilities 16,400

-Total current liabilities 610,590 287,164

Non-current liabilities

Accrued Employee Benefits 14 64,886 266,715

Total non-current liabilities 64,886 266,715

TOTAL LIABILITIES 675,476 553,879 NET ASSETS 4,810,608 8,065,106 EQUITY Retained Surplus 4,570,842 7,825,342

Asset Revaluation Reserve 239,764 239,764

TOTAL EQUITY 4,810,606 8,065,106

The accompanying notes form part of these financial statements.

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Operating Surplus / (Deficit) (3,254,500) (2,867,378)

Balance 30 June 4,570,842 7,825,342

Non-owner changes in equity:

Asset Revaluation Reserve

Balance 1 July 239,764 220,156

Movement in Rare Books collection - 19,608

Balance 30 June 239,764 239,764

Total Equity 4,810,606 8,065,106

The accompanying notes form part of these financial statements .

SUPREME COURT LIBRARY COMMITTEE

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2015 2014

Inflows Inflows

NOTE (Outflows) (Outflows)

$ $

Cash Flows from Operating Activities

Grants 414,258 348,089

Receipts from clients 361,538 412,470

Interest 168,507 326,655

GST received from customers 36,154 34,808

GST refunded by ATO 28,156 31,036

Payments to employees and suppliers (3,731,762) (3,630,817)

GST remitted to ATO 16,186 (27,978)

GST paid to suppliers (346,211) (149,328)

Net cash provided by operating activities 15 (3,053,174) (2,655,065)

Cash Flows from Investing Activities

Proceeds from sale of Plant and Equipment - 1,402

Payments for plant and equipment (42,579) (170,608)

Net cash used in investing activities (42,579) (169,206)

Net increase in cash and cash equivalents (3,095,753) (2,824,271)

Cash and cash equivalents at beginning of the financial year 7,402,896 10,227,167

Cash and cash equivalents at end of financial year 16 4,307,143 7,402,896

The accompanying notes form part of these financial statements .

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NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Accounting

The Supreme Court Library Committee has prepared these financial statements in accordance with section 43 of the Financial and Performance Management Standard 2009 .

These financial statements are general purpose financial statements, and have been prepared on an accrual basis in accordance with Australian Accounting Standards and Interpretations . In addition, the financial statements comply with Queensland Treasury’s Minimum Reporting Requirements for the year ending 30 June 2015, and other authoritative pronouncements .

With respect to compliance with Australian Accounting Standards and Interpretations, Supreme Court Library Committee has applied those requirements applicable to not-for-profit entities, as the Supreme Court Library Committee is a not-for-profit organisation . Except where stated, the historical cost convention is used .

(b) Grants and Contributions

Grants and contributions that are non-reciprocal in nature are recognised as revenue in the year in which the Supreme Court Library Committee obtains control over them . Where grants are received that are reciprocal in nature, revenue is recognised over the term of the funding arrangements .

(c) User Charges

User charges and other revenue are recognised as revenues when the revenue has been earned and can be measured reliably with a sufficient degree of certainty . This involves invoicing for goods and services when they are delivered .

(d) Cash and Cash Equivalents

For the purpose of the Statement of Financial Position and the Statement of Cash Flows, cash assets include all cash on hand as well as deposits at call held in bank accounts and Term Deposits, which are held for short periods and are readily convertible to cash on hand at the Library’s or issuer’s option . The rate of return for the Term Deposits during the year was in the range of 2 .25% to 3 .44% (2014: 3 .45% to 4 .18%)

(e) Receivables

Receivables are carried at actual amounts and provision for a bad debt is calculated for individual cases as required . Settlement of these amounts is required within 7 days from the invoice date .

(f) Acquisitions of Assets

Actual cost is used for the initial recording of all non-current physical and intangible asset acquisitions . Cost is determined as the value given as consideration plus costs incidental to the acquisition, including all other costs incurred in getting the assets ready for use . However, any training costs are expensed as incurred .

(g) Plant and Equipment

All office furniture and equipment with a cost, or other value, in excess of $5,000 are capitalised in the year of acquisition . All other such assets with a cost, or other value, less than $5,000 are expensed . All non-current assets being principally plant and equipment and intangibles are measured at cost . (h) The Library Collection

The Library has previously determined, for accounting purposes, that the library collection is best defined as a “common use collection” as defined in Queensland Treasury’s Non-Current Asset Policy for the Public Sector that was issued 1 July 2005 . The effect of this accounting policy is that the entire collection, with the exception of items in the Rare Book collection and Cultural Assets valued at $5,000 or more, is expensed in the year of acquisition . (i) Revaluations

Rare Books and Cultural Assets are measured at fair value in accordance with AASB 116 Property, Plant and Equipment and Queensland Treasury’s Non-Current Asset Policies for the Queensland Public Sector . The Rare Book and Cultural Assets collection is revalued every 5 years . No revaluation of the Rare Book collection was conducted this year . Any movement in the revaluation is reflected in the Asset Revaluation Reserve .

Any revaluation increment arising on the revaluation of an asset is credited to the asset revaluation surplus of the appropriate class, except to the extent it reverses a revaluation decrement for the class previously recognised as an expense . A decrease in the carrying amount on revaluation is charged as an expense, to the extent it exceeds the balance, if any, in the revaluation surplus relating to that asset class .

(j) Fair Value Measurement – Rare books and cultural assets

Fair value is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date under current market conditions (i .e . an exit price) regardless of whether that price is directly derived from observable inputs or estimated using another valuation technique . Observable inputs are publicly available data that are relevant to the characteristics of the assets being valued . Due to the nature of these assets there are no relevant observable inputs .

Unobservable inputs are data, assumptions and judgements that are not available publicly, but are relevant to the characteristics of the assets being valued . Significant unobservable inputs used by the Supreme Court Library Committee include, but are not limited to, subjective adjustments made to observable data to take account of the characteristics of these assets, internal records of recent acquisition costs (and/or estimates of such costs) for assets’ characteristics/functionality, and assessments of physical condition and remaining useful life . Unobservable inputs are used to the extent that sufficient relevant and reliable observable inputs are not available for similar assets/liabilities .

SUPREME COURT LIBRARY COMMITTEE

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015 - CONTINUED

A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use .

All assets of the Supreme Court Library Committee for which fair value is measured or disclosed in the financial statements are categorised within the following fair value hierarchy, based on the data and assumptions used in the most recent specific appraisals:

• LEVEL 1 – represents fair value measurements that reflect unadjusted quoted market prices in active markets for identical assets;

• LEVEL 2 – represents fair value measurements that are substantially derived from inputs (other than quoted prices included within level 1) that are observable, either directly or indirectly; and

• LEVEL 3 – represents fair value measurements that are substantially derived from unobservable inputs .

These assets are categorised into level 3 of the fair value hierarchy . There were no transfers of assets between fair value hierarchy levels during the period . More specific fair value information about the Supreme Court Library Committee’s assets are outlined in Note 13 .

(k) Intangibles

All intangible assets with a cost or other value greater than $100,000 are recognised in the financial statements, items with a lesser value are expensed . It has been determined that there is not an active market for the Library’s intangible asset . As such, the asset is recognised and carried at cost less accumulated amortisation over its estimated useful life .

(l) Depreciation and Amortisation of Plant and Equipment, Intangibles

All Non-Current Assets, other than the Library collection, are depreciated over their estimated useful life, which ranges from 3 to 10 years . Depreciation is provided for by using the straight line method .

ITEM

USEFUL LIFE (YEARS)

DEPRECIATION RATE (%)

Computer Equipment

3 – 5

20 – 33

Other Plant and Equipment

3 – 10

10 – 33

Intangibles

10

10

(m) Impairment of Non Current Assets

All non-current physical and intangible assets are assessed for indicators of impairment on an annual basis. If an indicator of possible impairment exists, the Library determines the asset’s recoverable amount. Any amount by which the asset’s carrying amount exceeds the recoverable amount is recorded as an impairment loss.

The asset’s recoverable amount is determined as the higher of the asset’s fair value less costs to sell and depreciated replacement cost. An impairment loss is recognised immediately in the Statement of Comprehensive Income, unless the asset is carried at a revalued amount. When the asset is measured at a revalued amount, the impairment loss is offset against the asset revaluation surplus of the relevant class to the extent available.

(n) Payables

Trade Creditors are carried at actual amounts and represent accruals for goods and services received, but unpaid during the reporting period ended 30 June 2015. Credit purchases are unsecured and normally settled within 30 days of receipt of goods and services.

(o) Financial Instruments RECOGNITION

Financial assets and financial liabilities are recognised in the Statement of Financial Position when the Library becomes party to the contractual provisions of the financial instrument.

CLASSIFICATION

Financial instruments are classified and measured as follows: - Receivables - held at amortised cost

- Payables - held at amortised cost

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SUPREME COURT LIBRARY COMMITTEE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015 - CONTINUED

(p) Employee Benefits

WAGES, SALARIES AND ANNUAL LEAVE

Wages, salaries and annual leave due but unpaid at reporting date are recognised in the Statement of Financial Position at the remuneration rates expected to apply at the time of payment and include related on-costs such as employer superannuation contributions.

SICK LEAVE

No provision is recognised for sick leave, as it is non-vesting. Sick leave payments are expensed as incurred. LONG SERVICE LEAVE

Provision for long service leave is recognised from commencement of full time employment and measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date. When assessing expected future payments, consideration is given to expected future wages and salary levels, experience of employee departures and periods of service. As at the reporting date, expected future payments, including related on-costs, are discounted using interest rates attaching to Commonwealth Government guaranteed securities with terms to maturity that match as closely as possible the estimated future cash flows.

SUPERANNUATION

Employees of the Supreme Court Library Committee are members of QSuper. Contributions to employee superannuation plans are charged as expenses as the contributions are paid or become payable at rates determined by the Treasurer on advice of the State Actuary. The Library’s obligation is limited to its contribution to QSuper.

No liability is recognised for accruing superannuation benefits in these financial statements, the liability being held on a whole-of-government basis and reported in the whole of government financial report prepared pursuant to AASB 1049 – Whole of Government and General government Sector Financial Reporting.

KEY EXECUTIVE MANAGEMENT PERSONNEL AND REMUNERATION

The following details for key executive management personnel include those positions that had authority and responsibility for planning, directing and controlling the activities of the Library during 2015. Further information on this position can be found in the body of the Annual Report under the section relating to Executive Management.

POSITION

RESPONSIBILITIES

DATE APPOINTED TO POSITION

Supreme Court Librarian

The Supreme Court Librarian is responsible for

the efficient, effective and economic administration

of the Library

09/09/2013

The remuneration policy and other terms of employment for the Supreme Court Librarian are set by the Supreme Court Library Committee . For 2014-15 year, there was an increase in the remuneration of the Supreme Court Librarian of $3,600 .00 .

Remuneration package for the Supreme Court Librarian comprise the following components:

- Short term employee benefits which include a base salary, allowances and leave entitlements paid and provided for during the year . Amounts disclosed equal the amount expensed in the Statement of Comprehensive income . There were no non-monetary benefits during the year . - Long term employee benefits include long service leave .

- Post employment benefits include superannuation contributions . - Performance bonuses are not paid by the Committee .

FINANCIAL

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POSITION

SHORT TERM

EMPLOYEE BENEFITS

LONG TERM

EMPLOYEE BENEFITS

POST EMPLOYMENT

BENEFITS

TOTAL

REMUNERATION

Supreme Court Librarian $168,745 $3,664 $17,686 $190,095

1 JULY 2014 – 30 JUNE 2015

1 JULY 2013 – 30 JUNE 2014

POSITION

SHORT TERM

EMPLOYEE BENEFITS

LONG TERM

EMPLOYEE BENEFITS

POST EMPLOYMENT

BENEFITS

TOTAL

REMUNERATION

Supreme Court Librarian $159,288 $3,300 $16,832 $179,420

(q) Insurance

The entire collection along with all plant and equipment was insured as at 30 June 2015 for $13,500,000 (2014: $13,500,000) with the Queensland Government Insurance Fund.

(r) Accommodation

The Library and its office accommodation are located in the Queen Elizabeth II Courts of Law Building. Under s119A of the Supreme Court of Queensland Act 1991, the Supreme Courts precincts are under the control of the Chief Justice of Queensland. The accommodation and some service charges are provided at no cost to the Committee and are not recognised as revenue or an expense.

(s) Services Provided Free of Charge

The Library has been providing full and comprehensive library services to the “Court Services Output” of the Department of Justice and Attorney-General. These services are currently provided at no cost to the Department.

(t) Taxation

The Library’s activities are exempt from Commonwealth taxation except for Fringe Benefits Tax and Goods and Services Tax (GST). As such, input tax credits receivable and GST payable from / to the Australian Taxation Office are recognised and accrued.

The Library has been granted an exemption from pay-roll tax under s 14(1) of the Pay-roll Tax Act1971 by the Treasurer of Queensland. (u) Remuneration of Committee Members

The Supreme Court Library Committee Members do not receive any form of remuneration for their time and services given to the Library Committee. (v) Rounding and Comparatives

Amounts included in the financial statements are in Australian dollars and have been rounded to the nearest Dollar unless disclosure of the full amount is specifically required.

Comparative information has been restated where necessary to be consistent with disclosures in the current reporting period. (w) New and Revised Accounting Standard

Certain new accounting standards and interpretations have been published that are not mandatory for the current reporting period. The Library did not voluntarily change any of its accounting policies during 2014-15. No Australian Accounting Standard changes applicable for first time as from 2014-15 had significant impact on the Library’s financial statements.

The AASB has issued new and amended accounting standards and interpretations that have mandatory application dates for future reporting periods. The Committee has reviewed the new standards and interpretations and determined there is currently no impact or applicability for the Supreme Court Library Committee

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2015 2014

$ $

NOTE 2 - GRANTS AND OTHER CONTRIBUTIONS

Department of Justice Grants:-

Consolidated Revenue Fund 290,000 290,000

Other Grants 17,723

Sponsorships & Advertising - 2,933

General 55

Cultural assets - -

307,778 292,933

NOTE 3 - LEGAL PRACTITIONER ADMISSION FEE

Application fee for admission as a Legal Practitioner 72,411 58,089

NOTE 4 - LIBRARY SERVICES

Facsimile & Document Delivery 3,915 2,262

Inter-Library Loan 530 553

Photocopying 3,875 9,034

Subscriptions - Queensland Legal Indexes 34,955 26,515

Library produced Books / Media 7,930 15,242

Sundry Income 142,533 148,773

Unreported Judgements 132,304 115,581

Research 2,783 2,246

Consultancy and Training 938 1,722

329,763 321,928

NOTE 5 - SALARIES & RELATED EXPENSES

Salaries, Wages & Allowances 1,885,736 1,690,912

Redundancies Paid 165,713 -

Superannuation Contributions 328,753 301,786

Transfer to Long Service Leave Benefits (40,243) 56,404

Transfer to Recreation Leave Benefits 175,364 162,974

Employee Related Expenses

Workers Compensation 6,066 5,393

2,521,389 2,217,469

SUPREME COURT LIBRARY COMMITTEE

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Staff Training Seminars & Conferences 7,519 10,720

Committee Meeting Expenses 2,775 2,014

General Expenses 89,495 44,042

Inter Library Loans 540 940

Insurance 9,472 10,770

Office Equipment Expensed Upon Purchase 28,349 40,649

Computer Maintenance & Software 71,589 87,675

Office Expenses 38,638 44,289

Special Projects and Publications 132,685 108,565

Q .S .I .S . licence fee & associated costs 220,596 221,996

614,888 584,348

NOTE 7 - BOOKS, SUBSCRIPTIONS & BINDING EXPENSES

Books 37,203 38,458 Subscriptions 785,842 818,177 Binding 12,537 13,944 Internet 10,579 15,125 846,161 885,704

NOTE 8 - OTHER EXPENSES

Facsimile & Document Delivery 538 1,533

Photocopying 4,400 12,338

Queensland Legal Indexes - Printing - -

4,938 13,871

NOTE 9 - DEPRECIATION & AMORTISATION

Depreciation 145,581 128,399

Amortisation - 11,552

145,581 139,951

NOTE 10 - RECEIVABLES & PREPAYMENTS

The balance of Receivables includes

- Trade Debtors 10,053 1,553

10,053 1,553

The balance of Prepayments includes

- Prepaid computer maintenance agreement 57,354

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2015 2014

$ $

NOTE 11 - PLANT & EQUIPMENT

Office furniture & equipment at cost 1,340,353 1,318,434

Less accumulated Depreciation (621,840) (506,947)

718,513 811,487

Reconciliation

Carrying amount at start of year 811,487 769,278

Acquisitions 42,577 170,608

Disposals (20,659)

Depreciation (114,892) (128,399)

Carrying amount at end of year 718,513 811,487

NOTE 12 - INTANGIBLES

Computer software at cost 331,632 331,632

Less accumulated Amortisation (288,141) (278,112)

43,491 53,520

Reconciliation

Carrying amount at start of year 53,520 65,072

Acquisitions -

Disposals -

Depreciation (10,029) (11,552)

Carrying amount at end of year 43,491 53,520

NOTE 13 - RARE BOOKS & CULTURAL ASSETS COLLECTION

Rare Book Collection & Cultural Assets at valuation 349,529 329,921

Revaluation Increment [refer to Note 1 (i)] - 19,608

Balance at End of Year 349,529 349,529

RARE BOOKS & CULTURAL ASSETS COLLECTION

The last valuation review was performed by the Committee in the 2014 financial year based on the policy stated in Note 1 (i) . The Committee has decided that a formal professional valuation is not deemed necessary due to costs and that any valuation would be subjective due to the rare nature of the assets . As there is no intention for these assets to be sold, their fair value is deemed to be their original valuation . The Committee has no indication that there has been a significant change in the fair value since the last valuation .

SUPREME COURT LIBRARY COMMITTEE

FINANCIAL

REPOR

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2015 2014

$ $

NOTE 14 - ACCRUED EMPLOYEE BENEFITS

Current Accrued Employee Benefits

Accrued Salaries 253,874 12,654

Annual Leave 113,087 92,471

Long Service Leave 169,525 133,474

536,486 238,599

Non-Current Accrued Employee Benefits

Annual Leave - 18,513

Long Service Leave 64,886 248,202

64,886 266,715

NOTE 15 - RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO OPERATING SURPLUS

Operating Surplus / (Deficit) (3,254,500) (2,867,378)

Depreciation & Amortisation 145,581 139,951

Gain on sale of Plant and Equipment - (1,402)

Changes in assets and liabilities:

(Increase) / Decrease in Receivables (8,500) 52,361

(Increase) / Decrease in Prepayments (57,354)

(Decrease) / Increase in Creditors 24,141 11,127

(Decrease) / Increase in Accrued Employee Benefits 96,058 (4,724) (Decrease) / Increase in Subscriptions in Advance 16,400

(Decrease) / Increase in Unexpended Grants (15,000) 15,000

Net Cash Provided by Operating Activities (3,053,174) (2,655,065)

NOTE 16 - STATEMENT OF CASH FLOWS (a) Reconciliation of Cash

For the purposes of the statement of cash flows, cash includes cash on hand and in banks and investments in money market instruments . Cash at the end of the financial year as shown in the statement of cash flows is reconciled to the related items in the statement of financial position as follows:-

Cash and Bank 566,225 481,214

Term Deposits 3,740,919 6,921,682

4,307,144 7,402,896

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2015 2014

$ $

NOTE 17 - FINANCIAL INSTRUMENTS

The Finance and Risk Management sub-committee is responsible for monitoring and managing the Library’s compliance with its risk management strategy and consists of senior committee members . The Finance and Risk Management sub-committee overall risk management strategy is to assist the Library in meeting its financial targets while minimising potential adverse effects on financial performance . Risk management policies are approved and reviewed by the sub-committee on a regular basis .

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

The Library has the following categories of financial assets and financial liabilities

(a) Categorisation of Financial Instruments

Financial Assets

Cash and cash equivalents 4,307,144 7,402,896

Receivables 10,053 1,553 Total 4,317,197 7,404,449 Financial Liabilities Payables 57,704 33,565 Total 57,704 33,565

(b) Financial Risk Management

The Library is exposed to the following financial risks - credit risk, liquidity risk and market risk .

(c) Credit Risk Management

Credit risk exposure refers to a situation where the Library would incur financial loss should a debtor fail to meet their obligation . Credit is extended in terms of the Library’s credit policy . It is not expected that any of the current debtors will default on their obligation . As such, no provision has been made for bad debts .

(d) Liquidity Risk Management

Liquidity risk refers to the situation where the Library may encounter difficulty in meeting its financial obligations as they fall due . The Library manages this risk by maintaining a minimum cash holding in its operating account that is equivalent to 6 months expenditure . Surplus cash is invested in bank term deposits for periods of 1 to 6 months .

(e) Market Risk Management

The Library does not have any finance leases or borrowings and does not undertake any foreign currency hedging .

SUPREME COURT LIBRARY COMMITTEE