S'ANTONIO DA PADOVA PROTETTORE DI ......S'Antonio da Padova Protettore di Poggioreale Sydney Nursing...
Transcript of S'ANTONIO DA PADOVA PROTETTORE DI ......S'Antonio da Padova Protettore di Poggioreale Sydney Nursing...
ABN 13 003 396 521
FINANCIAL REPORTfor the financial year ended 31 December 2019
S'ANTONIO DA PADOVA
PROTETTORE DI POGGIOREALE
SYDNEY NURSING HOME LIMITED
S'Antonio da Padova Protettore di Poggioreale Sydney Nursing Home LimitedFinancial report for the year ended 31 December 2019
Index
Contents Pages
Directors' Report 3 - 4
Auditor's Independence Declaration 5
Statement of Profit or Loss and Other Comprehensive Income 6
Statement of Financial Position 7
Statement of Changes in Equity 8
Statement of Cash Flows 9
Notes to the Financial Statements 10 - 20
Directors' Declaration 21
Independent Auditor's Report 22
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S'Antonio da Padova Protettore di Poggioreale Sydney Nursing Home LimitedFinancial report for the year ended 31 December 2019
Directors' Report
1. Director details
The following persons were directors of the Company during or since the end of the financial year:
P Maniscalco (President)
J Denina (Vice-President - resigned during the financial year)
P Signorelli (appointed Vice-President during the financial year)
S Restifa (Treasurer)
S Barbagallo (Assistant Treasurer)
M Franco (Secretary)
L Di Martino
F Indovino
L Maiorana
G Paladino
S Ferro (appointed during the financial year)
F Pace (appointed during the financial year)
2. Principal activities
The principal activity of the Company during the year was that of Aged Care.
No significant changes in the nature of this activity occurred during the reporting period.
3. Review of operations and financial results
Operating results
The total comprehensive income for the year amounted to $161,009 (2018: $1,533,220).
Events after the reporting period
Future developments and results
The situation in Wuhan, People’s Republic of China, which developed into the coronavirus outbreak was first
reported to the World Health Organization ("WHO") on 31 December 2019. The WHO officially declared the
coronavirus outbreak as a public health emergency of international concern on 30 January 2020.
Subsequently on 11 March 2020, the coronavirus outbreak has been classified by the WHO as a global pandemic. It
is not possible at this time to make an estimate as to the potential financial impact.
Except for the above, no other matters or circumstances have arisen since the end of the financial year which
significantly affected or could significantly affect the operations of the Company, the results of those operations, or
the state of affairs of the Company in future financial years.
Likely developments in the operations of the Company and the expected results of those operations in future
financial years have not been included in this report as the inclusion of such information is likely to result in
unreasonable prejudice to the Company.
The Directors present their report, together with the financial statements, for the year ended 31 December 2019.
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S'Antonio da Padova Protettore di Poggioreale Sydney Nursing Home LimitedFinancial report for the year ended 31 December 2019
Directors' Report
Auditor's independence declaration
The auditor's independence declaration, for the financial year ended 31 December 2019, has been received and can be found on page 5.
Signed in accordance with a resolution of the Board of Directors.
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AUDITOR'S INDEPENDENCE DECLARATION
i.
ii. any applicable code of professional conduct in relation to the audit.
Name of Firm: Moore Stephens NSW
Name of Partner:
Charles Oosthuizen
Date:
Address: Level 7, 9 Castlereagh Street, Sydney NSW 2000
I declare that, to the best of my knowledge and belief, during the period ended 31 December 2019
there have been no contraventions of:
the auditor independence requirements as set out in the Subdivision 60-C of the
Australian Charities and Not-for-profits Commission Act 2012 in relation to the audit;
TO THE DIRECTORS OF S'ANTONIO DA PADOVA PROTETTORE DI POGGIOREALE SYDNEY NURSING
HOME LIMITED
Moore Stephens NSW
Level 7
9 Castlereagh Street
Sydney NSW 2000
T +61 (0)2 8377 9000
F +61 (0)2 8377 9050
www.moorestephens.com.au
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30 April 2020
S'Antonio da Padova Protettore di Poggioreale Sydney Nursing Home LimitedFinancial report for the year ended 31 December 2019
Statement of Profit or Loss and Other Comprehensive IncomeFigures in Australian Dollars Notes 2019 2018
Revenue 2 9,733,882 9,321,667
Expenses
Cleaning contractor 227,164 158,939
Depreciation 782,906 75,413
Electricity and gas 169,074 173,021
Employment benefits expense 6,435,880 5,070,860
Food and provisions 398,084 349,458
Gifts and donations 8,415 44,662
Insurance 168,797 168,787
Interest 390,338 60,951
Rent - 840,000
Residents chargeable expenses 133,168 157,523
Repairs and maintenance 173,012 177,102
Visiting professionals 118,452 89,215
Other expenses 3 567,583 422,516
Total expenses 9,572,873 7,788,447
Total comprehensive income for the year 161,009 1,533,220
The accompanying notes form part of these financial statements
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S'Antonio da Padova Protettore di Poggioreale Sydney Nursing Home LimitedFinancial report for the year ended 31 December 2019
Statement of Financial Position as at 31 December 2019Figures in Australian Dollars Notes 2019 2018
Assets
Current Assets
Cash and cash equivalents 4 2,409,129 1,937,557
Term deposits 5 9,078,080 4,000,000
Trade and other receivables 6 117,294 100,230
Total Current Assets 11,604,502 6,037,787
Non-current Assets
Other receivables 7 18,675,924 19,347,418
Property, plant and equipment 8 838,790 857,383
Right of use assets 8 15,501,293 -
Total Non-current Assets 35,016,007 20,204,801
Total Assets 46,620,509 26,242,588
Liabilities
Current Liabilities
Trade and other payables 9 750,903 777,239
Provisions 10 690,565 454,876
Lease liabilities 11 481,106 -
Accommodation deposits 14 24,543,067 20,100,445
Total Current Liabilities 26,465,641 21,332,560
Non-current Liabilities
Provisions 10 156,987 266,722
Lease liabilities 11 15,193,566 -
Total Non-current Liabilities 15,350,553 266,722
Total Liabilities 41,816,194 21,599,282
Net Assets 4,804,315 4,643,306
Equity
Accumulated funds 14 4,804,315 4,643,306
Total Equity 4,804,315 4,643,306
The accompanying notes form part of these financial statements
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S'Antonio da Padova Protettore di Poggioreale Sydney Nursing Home LimitedFinancial report for the year ended 31 December 2019
Statement of Changes in Equity as at 31 December 2019
Figures in Australian Dollars
Accumulated
funds
Total
equity
Balance at 1 January 2018 3,110,086 3,110,086
Total comprehensive income for the year 1,533,220 1,533,220
Balance at 31 December 2018 4,643,306 4,643,306
Balance at 1 January 2019 4,643,306 4,643,306
Total comprehensive income for the year 161,009 161,009
Balance at 31 December 2019 4,804,315 4,804,315
The accompanying notes form part of these financial statements
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S'Antonio da Padova Protettore di Poggioreale Sydney Nursing Home LimitedFinancial report for the year ended 31 December 2019
Statement of Cash FlowsFigures in Australian Dollars Notes 2019 2018
Cash flows from operating activities
Receipts from Commonwealth subsidies 6,138,145 6,092,716
Receipts from fees 3,443,557 3,256,438
Other receipts 10,367 6,632
Interest received 141,813 41,055
Payments to suppliers and employees (8,323,097) (8,238,371)
Net cash flows from operating activities 1,410,785 1,158,470
Cash flows from investing activities
Purchase of property, plant and equipment (132,509) (120,336)
Proceeds from disposal of property, plant and equipment 8,600 -
Proceeds from loan repayments 671,494 1,442,587
Increase in term deposits (5,078,080) (4,000,000)
Net cash flows from investing activities (4,530,494) (2,677,749)
Cash flows from financing activities
Repayments of borrowings - (5,525,000)
Principal repayments on leases (851,340) -
Net proceeds from accommodation deposits 4,442,622 4,762,140
Net cash flows from financing activities 3,591,282 (762,860)
Net change in cash and cash equivalents 471,572 (2,282,139)
Cash and cash equivalents at the beginning of the year 1,937,557 4,219,696
Cash and cash equivalents at the end of the year 4 2,409,129 1,937,557
The accompanying notes form part of these financial statements
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S'Antonio da Padova Protettore di Poggioreale Sydney Nursing Home LimitedFinancial report for the year ended 31 December 2019
Notes to the Financial Statements
(a) Basis of Preparation
(b) Income tax
(c) Revenue and other income
(d) Borrowing costs
(e) Goods and services tax (GST)
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying
asset are capitalised as part of the cost of that asset.
Revenue is recognised when the amount of the revenue can be measured reliably, it is probable that
economic benefits associated with the transaction will flow to the Company and the specific criteria relating
to the type of revenue have been satisfied. All amounts are stated net of goods and services tax, where
All other borrowing costs are recognised as an expense in the period in which they are incurred.
Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except
where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).
The Company is a charitable institution for the purposes of Australian taxation legislation and is therefore
exempt from income tax.
1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial report covers S'Antonio da Padova Protettore di Poggioreale Sydney Nursing Home Limited (the Company). The Company is a not-for-profit entity, incorporated and domiciled in Australia.
The financial statements were authorised for issue by the Directors on 30 April 2020.
The financial statements are general purpose financial statements that have been prepared in accordance
with the Australian Accounting Standards - Reduced Disclosure Requirements of the Australian Accounting
Standards Board and the Corporations Act 2001. The Company is a not-for-profit for financial reporting
purposes under Australian Accounting Standards.
Australian Accounting Standards set out accounting policies that the Australian Accounting Standards Board
has concluded would result in financial statements containing relevant and reliable information about
transactions, events and conditions. Material accounting policies adopted in the preparation of the 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 accrual 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.
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S'Antonio da Padova Protettore di Poggioreale Sydney Nursing Home LimitedFinancial report for the year ended 31 December 2019
Notes to the Financial Statements
(e) Goods and services tax (GST) (continued)
(f) Provisions
(g) Property, plant and equipment
Items of property, plant and equipment are depreciated over their estimated useful lives.
Furniture and fittings
Plant and equipment
Leasehold improvements
Depreciation is calculated on a straight-line basis over the estimated useful life of the specific assets as
Estimates of remaining useful lives, residual values and depreciation methods are reviewed annually for all
major items of property, plant and equipment. Any changes are accounted for prospectively.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount. These are
included in profit or loss.
5% to 25%
2.5 to 5%
8% to 25%
The net amount of GST recoverable from, or payable to, the ATO is included as part of receivables or payables
in the consolidated statement of financial position.
Cash flows in the consolidated statement of cash flows are included on a gross basis and the GST component
of cash flows arising from investing and financing activities which is recoverable from, or payable to, the
taxation authority is classified as operating cash flows.
Property, plant and equipment assets are carried at cost less any accumulated depreciation and/or
impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the items.
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
entity and the cost of the item can be measured reliably. The carrying amount of the replaced part is
derecognised. All other repairs and maintenance are charged to profit or loss during the reporting period in
which they are incurred.
Provisions are recognised when there is a present obligation (either legal or constructive) as a result of a past
event, it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the obligation. Provisions are not recognised for future
operating losses.
Provisions for annual leave are included in current liabilities as it is expected to be substantially settled within
12 months of the end of the reporting period. The provision for long service leave is split between current and
non-current portions. Balances relating to employees with over 10 years’ service are included in current
liabilities. The liability for the remainder of employees is included in non-current liabilities.
Receivables and payables are stated inclusive of GST.
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S'Antonio da Padova Protettore di Poggioreale Sydney Nursing Home LimitedFinancial report for the year ended 31 December 2019
Notes to the Financial Statements
(h) Financial instruments
Recognition, initial measurement and derecognition
Classification and subsequent measurement of financial assets
- fair value through profit or loss (FVPL)
Classifications are determined by both:
- The entity's business model for managing the financial asset
- The contractual cash flow characteristics of the financial assets
Classification and measurement of financial liabilities
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual
provisions of the financial instrument, and are measured initially at fair value adjusted by transactions costs,
except for those carried at fair value through profit or loss, which are measured initially at fair value. Subsequent
measurement of financial assets and financial liabilities are described below.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or
when the financial asset and all substantial risks and rewards are transferred. A financial liability is derecognised
when it is extinguished, discharged, cancelled or expires.
Except for those trade receivables that do not contain a significant financing component and are measured at the
transaction price in accordance with AASB 15, all financial assets are initially measured at fair value adjusted for
transaction costs (where applicable).
Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless
the Company designated a financial liability at fair value through profit or loss.
Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for
derivatives and financial liabilities designated at FVPL, which are carried subsequently at fair value with gains or
losses recognised in profit or loss (other than derivative financial instruments that are designated and effective as
hedging instruments).
For the purpose of subsequent measurement, financial assets other than those designated and effective as
hedging instruments are classified into the following categories upon initial recognition:
- amortised cost
- equity instruments at fair value through other comprehensive income (FVOCI)
- debt instruments at fair value through other comprehensive income (FVOCI)
All income and expenses relating to financial assets that are recognised in profit or loss are presented within
finance costs, finance income or other financial items, except for impairment of trade receivables which is
presented within other expenses.
All income and expenses relating to financial assets that are recognised in profit or loss are presented within
finance costs, finance income or other financial items, except for impairment of trade receivables, which is
presented within other expenses.
As the accounting for financial liabilities remains largely unchanged from AASB 139, the Company’s financial
liabilities were not impacted by the adoption of AASB 9. However, for completeness, the accounting policy is
The Company’s financial liabilities include borrowings, trade and other payables and derivative financial
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S'Antonio da Padova Protettore di Poggioreale Sydney Nursing Home LimitedFinancial report for the year ended 31 December 2019
Notes to the Financial Statements
(h) Financial instruments (continued)
Subsequent measurement financial assets
Financial assets at amortised cost
Financial assets at fair value through profit or loss (FVPL)
Equity instruments at fair value through other comprehensive income (Equity FVOCI)
Debt instruments at fair value through other comprehensive income (Debt FVOCI)
(i) Trade and other receivables
After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is
omitted where the effect of discounting is immaterial. The Company’s cash and cash equivalents, trade and most
other receivables fall into this category of financial instruments as well as government bonds that were previously
classified as held-to-maturity under AASB 139.
· the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and
interest on the principal amount outstanding
· they are held within a business model whose objective is to hold the financial assets and collect its
contractual cash flows
Financial assets are measured at amortised cost if the assets meet the following conditions (and are not
designated as FVPL):
All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in profit or
loss are included within finance costs or finance income.
Financial assets with contractual cash flows representing solely payments of principal and interest and held within
a business model of collecting the contractual cash flows and selling the assets are accounted for at debt FVOCI.
Investments in equity instruments that are not held for trading are eligible for an irrevocable election at inception
to be measured at FVOCI. Under Equity FVOCI, subsequent movements in fair value are recognised in other
comprehensive income and are never reclassified to profit or loss. Dividend from these investments continue to
be recorded as other income within the profit or loss unless the dividend clearly represents return of capital.
Financial assets that are held within a different business model other than ‘hold to collect’ or ‘hold to collect and
sell’ are categorised at fair value through profit and loss. Further, irrespective of business model financial assets
whose contractual cash flows are not solely payments of principal and interest are accounted for at FVPL. All
derivative financial instruments fall into this category, except for those designated and effective as hedging
instruments, for which the hedge accounting requirements apply (see below).
Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary
course of business. Trade receivables are financial assets stated initially at fair value which is taken to be their
transaction cost and subsequently at their amortised cost less any loss allowance. Loss allowance is based on
lifetime expected credit losses assess and determined at initial recognition and subsequently adjusted for any
changes in expectation.
Any gains or losses recognised in OCI will be reclassified to profit or loss upon derecognition of the asset. This
category includes corporate bonds that were previously classified as ‘available-for-sale’ under AASB 139.
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S'Antonio da Padova Protettore di Poggioreale Sydney Nursing Home LimitedFinancial report for the year ended 31 December 2019
Notes to the Financial Statements
(k) Trade and other payables
(l) Cash and cash equivalents
(m) Leases
Until 31 December 2018
From 1 January 2019
- payments of penalties for terminating the lease, if the lease term reflects the Company exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the measurement of
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily
determined, which is generally the case for leases in the Company, the lessee’s incremental borrowing rate is
used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset
of similar value to the right-of-use asset in a similar economic environment with similar terms, security and
The Company is exposed to potential future increases in variable lease payments based on an index or rate, which
are not included in the lease liability until they take effect. When adjustments to lease payments based on an
index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over
the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for
each period.
- fixed payments (including in-substance fixed payments), less any lease incentives receivable
- variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the
commencement date
The Company leases its premises. Contracts may contain both lease and non-lease components. The Company
allocates the consideration in the contract to the lease and non-lease components based on their relative stand-
alone prices unless it has elected not to separate lease.
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is
available for use by the Company.
Lease liabilities include the net present value of the following lease payments:
- amounts expected to be payable by the Company under residual value guarantees
- the exercise price of a purchase option if the Company is reasonably certain to exercise that option, and
Rentals payable under operating leases are charged to income on a straight-line basis over the term of the
relevant lease.
Trade and other payables are carried at amortised cost. They represent liabilities for goods and services provided
to the entity prior to the end of the financial year which are unpaid and arise when the entity becomes obliged to
make future payments in respect of purchase of these goods and services. These amounts are unsecured.
Cash and cash equivalents include cash on hand, deposits held at-call with banks, other short-term highly liquid
investments with original maturities of three months or less, and bank overdrafts.
Leases are classified as finance leases when the terms of the lease transfer substantially all of the risks and
rewards of ownership from the lessor to the lessee. All other leases are classified as operating leases.
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S'Antonio da Padova Protettore di Poggioreale Sydney Nursing Home LimitedFinancial report for the year ended 31 December 2019
Notes to the Financial Statements
(m) Leases (continued)
(n) Impairment of assets
The Company assesses at the end of each reporting period whether there is objective evidence that a financial
asset or group of financial assets is impaired. A financial asset or group of financial assets is impaired and
impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events
that occurred after the initial recognition of the asset (a “loss event”) and that loss event (or events) has an
impact on the estimated future cash flows of the financial assets or group of financial assets that can be reliably
Assets are tested for impairment whenever events or circumstances indicate that the carrying amount may not be
recoverable. An impairment loss is recognised in profit or loss for the amount by which the asset’s carrying
amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of
assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash
inflows which are largely independent of the cash inflows from other assets or groups of assets (cash generating
units). Non-financial assets other than goodwill that have suffered an impairment are reviewed for possible
reversal of the impairment at each reporting date.
A reversal of an impairment loss is recognised immediately in profit or loss.
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a
straight-line basis. If the Company is reasonably certain to exercise a purchase option, the right-of-use asset is
depreciated over the underlying asset’s useful life.
Payments associated with short-term leases and of low-value assets are recognised on a straight-line basis as an
expense in profit or loss.
- the amount of the initial measurement of lease liability,
- any lease payments made at or before the commencement date less any lease incentives received,
- any initial direct costs, and
- restoration costs.
Right-of-use assets are measured at cost comprising the following:
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S'Antonio da Padova Protettore di Poggioreale Sydney Nursing Home LimitedFinancial report for the year ended 31 December 2019
Notes to the Financial StatementsFigures in Australian Dollars 2019 2018
2 Revenue and other income
6,138,145 6,008,016
Fees received 3,443,557 3,265,964
Interest received 141,813 41,055
10,367 6,632
9,733,882 9,321,667
3 Other expenses
Audit and accounting fees 45,995 42,549
Advertising 1,175 4,687
Accreditation 17,124 16,917
Agency fees 2,337 -
Bank charges 3,188 4,069
Computer expenses 53,540 45,769
General cleaning/waste removal/garbage collection 95,624 79,992
Crockery, linen and sundries 11,079 14,459
Education 42,356 1,380
Employment expenses 2,938 1,430
Enteral feeding and medical supplies 89,679 41,843
Freight, postage, printing and stationery 26,208 19,470
Legal, licence and valuation fees 24,085 16,561
Maintenance contracts 44,804 35,730
Minor equipment purchases 9,977 17,286
Monitoring fire line 7,026 1,856
Occupational therapy 12,728 9,746
Payroll services 32,272 23,873
Rates - water 27,949 28,284
Subscriptions 767 1,087
Travel - 105
Telephone 16,731 15,424
567,583 422,516
4 Cash and cash equivalents
2,409,129 1,937,557
5 Term deposits
9,078,080 4,000,000
The term deposits are invested with an Australian bank and range in terms from three to six months.
Cash at bank and on hand
Commonwealth subsidies
Sundry income
Amounts deposited
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S'Antonio da Padova Protettore di Poggioreale Sydney Nursing Home LimitedFinancial report for the year ended 31 December 2019
Notes to the Financial StatementsFigures in Australian Dollars 2019 2018
6 Trade and other receivables
Current assets
Accounts receivable 57,034 46,533
Accrued income 11,286 8,713
Prepayments 24,223 4,108
Other receivables 24,751 40,876
117,294 100,230
7 Other receivables
Amounts receivable from related entity 18,675,924 19,347,418
8 Property, plant and equipment
Cost Carrying value
Furniture and fittings 920,121 651,060
Plant and equipment 364,572 169,199
Leasehold improvements 19,455 18,531
1,304,148 838,790
Cost Carrying value
Furniture and fittings 855,487 684,637
Plant and equipment 305,298 153,623
Leasehold improvements 19,455 19,123
1,180,240 857,383
As at 31 December 2019
Opening
balance Additions DisposalsClosing
balance
Furniture and fittings 684,637 73,235 (7,425) 651,060
Plant and equipment 153,623 59,274 - 169,199
Leasehold improvements 19,123 - - 18,531
857,383 132,509 (7,425) 838,790
Right-of-use assets
The statement of financial position reflects the following amounts relating to leases:
As at 31 December 2019
Opening
balance AdditionsClosing
balance
Buildings - 16,140,522 15,501,293
(99,387)
(592)
Depreciation
(639,229)
(143,677)
(43,698)
(332)
(322,857)
Movements in carrying amounts of property, plant and equipment
Depreciation
(151,675)
(170,850)
(269,061)
As at 31 December 2018
Accumulated
depreciation
(924)
(465,358)
(195,373)
As at 31 December 2019
Accumulated
depreciation
This balance is legally payable on demand, however, it is not expected to be substantially realised in the
twelve months after the reporting period and has therefore been disclosed as non-current.
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S'Antonio da Padova Protettore di Poggioreale Sydney Nursing Home LimitedFinancial report for the year ended 31 December 2019
Notes to the Financial StatementsFigures in Australian Dollars 2019 2018
9 Trade and other payables
Trade payables 153,186 164,018
Sundry payables and accruals 90,477 63,710
Income received in advance 507,240 549,511
750,903 777,239
10 Provisions
Current liabilities
Provision for annual leave 452,560 392,068
Provision for long service leave 238,005 62,808
690,565 454,876
Non-current liabilities
Provision for long service leave 156,987 266,722
Total provisions 847,552 721,598
Analysis of provisions:
As at 31 December 2019
Opening
balance Closing balances
Provision for annual leave 392,068 452,560
Provision for long service leave 329,530 394,992
721,598 847,552
11 Obligations under leases
The statement of profit or loss shows the following amounts relating to leases:
2019
Depreciation charge on right-of-use assets 639,229 -
Interest expense relating to leases at the incremental borrowing rate 385,490 -
Gross lease liabilities – minimum lease payments:
No later than one year 855,120 -
Later than on year but no later than five years 19,881,540 -
Future finance charges on leases (5,061,988) -
The present value of lease liabilities 15,674,672
125,954
Net additional
amounts provided
60,492
65,462
Leases relate to buildings, primarily over a period of 27 years. The fair value of finance lease liabilities are
approximately equal to their carrying amount.
2018 not
required
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S'Antonio da Padova Protettore di Poggioreale Sydney Nursing Home LimitedFinancial report for the year ended 31 December 2019
Notes to the Financial StatementsFigures in Australian Dollars 2019 2018
11 Obligations under leases (continued)
Classified as:
Non-current 15,193,566 -
Current 481,106 -
15,674,672 -
12 Related parties
The Company’s main related parties are as follows:
Key management personnel
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The financial report was authorised for issue by the board of directors on _______________ 2020.
Events after the reporting period
The situation in Wuhan, People’s Republic of China, which developed into the coronavirus outbreak was first
reported to the World Health Organization ("WHO") on 31 December 2019. The WHO officially declared the
coronavirus outbreak as a public health emergency of international concern on 30 January 2020.
Subsequently on 11 March 2020, the coronavirus outbreak has been classified by the WHO as a global
pandemic. It is not possible at this time to make an estimate as to the potential financial impact.
Except for the above, no other matters or circumstances have arisen since the end of the financial year which
significantly affected or could significantly affect the operations of the Company, the results of those
operations, or the state of affairs of the Company in future financial years.
S’Antonio Da Padova Protettore Di Poggioreale Trapani (Sydney) limited is a related entity with common
directors. It owns the land and buildings upon which the nursing home operates and charged rent to the
Company during the year amounting to $851,340 (2018: $840,000). Amounts that are paid or received
between the related entities are processed via the intercompany current account.
Any persons having authority and responsibility for planning, directing and controlling the activities of the
entity, directly or indirectly, including any director (whether executive or otherwise) of that entity, is
considered key management personnel.
During the year, the directors received no remuneration for their role in planning, directing and controlling the
activities of the Company.
At the end of the reporting period, the amount receivable from the related entity amounted to $18,675,924
(2018: $19,347,418).
19
S'Antonio da Padova Protettore di Poggioreale Sydney Nursing Home LimitedFinancial report for the year ended 31 December 2019
Notes to the Financial StatementsFigures in Australian Dollars 2019 2018
14 Accommodation deposits
Opening balance 20,100,445 15,338,305
New deposits and interest accrued 8,770,710 8,614,144
Deposits refunded and fees (4,328,088) (3,852,004)
Closing balance 24,543,067 20,100,445
15 Economic dependence
The Company considers it economically dependent on revenue received from the Commonwealth
Government with respect to its residential aged care facilities. The directors believe this revenue will continue
to be made available for the foreseeable future.
20
INDEPENDENT AUDITOR'S REPORT
To the members of S'Antonio da Padova Protettore di Poggioreale Sydney Nursing Home Limited
Opinion
(a)
(b)
Basis for Opinion
We have audited the financial report of S'Antonio da Padova Protettore di Poggioreale Sydney Nursing
Home Limited, which comprises the statement of financial position as at 31 December 2019, the
statement of comprehensive income, statement of changes in equity and 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 S'Antonio da Padova Protettore di Poggioreale
Sydney Nursing Home Limited, is in accordance with the Corporations Act 2001, including:
giving a true and fair view of the Company's financial position as at 31 December 2019, and of its
financial performance for the year then ended; and
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 Corporations Act 2001 and the ethical requirements of the
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional
Accountants (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 confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company would be on the same terms if given to the directors as at the time
of this auditor’s report.
complying with Division 60 of the Australian Charities and Not-for-profits Commission Regulation
2013.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Moore Stephens NSW
Level 7
9 Castlereagh Street
Sydney NSW 2000
T +61 (0)2 8377 9000
F +61 (0)2 8377 9050
www.moorestephens.com.au
Moore Stephens NSW ABN 35 234 663 278. Liability limited by a scheme approved under Professional Standards Legislation. An independent member
of Moore Stephens International Limited – members in principal cities all throughout the world
22
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Auditor’s Responsibility
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.
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.
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 relating to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
The directors of the Company are responsible for the preparation of the financial report that gives a true
and fair view in accordance with Australian Accounting Standards - Reduced Disclosure Requirements,
the Corporations Act 2001 and Australian Not-for-profits Commission Act 2012, and for 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.
Directors’ Responsibility for the Financial Report
Moore Stephens NSW ABN 35 234 663 278. Liability limited by a scheme approved under Professional Standards Legislation. An independent member
of Moore Stephens International Limited – members in principal cities all throughout the world
23
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Name of Firm: Moore Stephens NSW
Name of Partner:
Charles Oosthuizen
RCA 490 783
Date:
Address: Level 7, 9 Castlereagh Street, Sydney NSW 2000
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.
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.
Moore Stephens NSW ABN 35 234 663 278. Liability limited by a scheme approved under Professional Standards Legislation. An independent member
of Moore Stephens International Limited – members in principal cities all throughout the world
24
30 April 2020