Annual Report 2017

20 Leases 20.1 Operating leases as lessee The Company’s future minimum operating lease payments are as follows: Minimum lease payments due Within 1 year 1 to 5 years After 5 years Total $ $ $ $ 31 Dec 2017 163,872 225,603 - 389,475 31 Dec 2016 157,195 389,475 - 546,670 Lease expense during the period amounted to $157,195 (2016: $149,966) representing the minimum lease payments. The property lease commitments are non-cancellable operating leases with lease terms of five (5) years. Increases in lease commitments may occur in line with CPI or market rent reviews in accordance with the agreements. 20.2 Operating leases as lessor The Company’s future minimum lease receipts are as follows: Minimum lease payments due Within 1 year 1 to 5 years After 5 years Total

22 Commitments The Company has no other commitments to note as at 31 December 2017 (2016: Nil).

23

Bequests

2017

2016

$

$

Betty Usher Lecture Fund Opening balance

68,574 66,680

Interest income Funding support Closing Balance Murie Pollen Fund Opening balance Interest income Funding support Closing balance

1,758 (6,873)

2,089 (195)

63,459 68,574

14,103 13,675

362

428

(14,465)

-

0 14,103

Nadia Verrell Scholarship Opening balance

5,000 5,000 (5000) 5,000

5,000 5,000 (5,000) 5,000

Deposit

Funding support Closing balance

$

$

$

$

31 Dec 2017 31 Dec 2016

96,758 111,277

- 208,035

-

-

-

-

Balances for the Betty Usher Fund, Nadia Verrell Scholarship and Murie Pollen Fund are shown in the balance sheet as part of the Financial Assets. Funds were merged in 2009 to be held as one term deposit account. Murie Pollen funding support includes $20,000 provided to SpeechBITE™ being $10,000 for 2017 and $10,000 for 2016 (accrued in 2016). As the funds are now nil, the Betty Usher Lecture Fund has absorbed the difference. The funds are deposited into the Company’s bank account and the offsetting expense is allocated against the relevant expenses. 24 Post-reporting date events No matters or circumstances have arisen since the end of the financial year which significantly affected or may affect the operations of the Company, the results of the operations or the state of affairs of the Company in the future financial years. 25 Members’ guarantee 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 $100 each towards meeting any outstanding obligations of the entity. At 31 December 2017, the total amount that members of the Company are liable to contribute if the Company wound up is $840,900 (2016: $754,800).

Lease income during the period amounted to $65,484 (2016: $69,843) representing the lease receipts from the tenants.

21 Financial risk The Company’s financial instruments consist mainly of deposits with banks, short term investments, accounts receivable and payable. The carrying amount of each category of financial instruments, measured in accordance with AASB 139: Financial Instruments: Recognition and Measurement, as detailed in the accounting policies to theses financial statements, are as follows:

Notes

2017

2016

$

$

Financial assets Cash and cash equivalents

7 1,739,937 1,046,950

Loans and receivables

8

93,898

104,850

Held to maturity investments 7.2

3,449,040 3,065,004

Total Financial assets

5,282,875 4,216,804

Financial liabilities Financial liabilities at amortised cost

13

692,168

376,652

Total financial liabilities

692,168

376,652

Fair value movements None of the Company's financial instruments are recorded at fair value subsequent to initial recognition.

26 2017 ANNUAL REPORT Speech Pathology Australia