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MACF Final year ended 30th June 2013

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Directors Annual Report & Financials 2012/2013

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MACF Final year ended 30th June 2013

  1. 1. Myanmar Australia Conolly Foundation for Health Myanmar Australia Conolly Foundation for Health DIRECTORS’ report Myanmar Australia Conolly Foundation for Health Ltd (ACN 161 467 983) was incorporated on 13 November 2012 to incorporate the voluntary work carried out by Bruce and Joyce Conolly in Myanmar. This is the first Annual Report for the company although the voluntary medical missions to Myanmar have been undertaken by Bruce and Joyce Conolly for the past 13 years. ANNUAL REPORT 2012 / 2013 The Directors of Myanmar Australia Conolly Foundation for Health Ltd (MACF) submit herewith the Annual Financial Report for the Financial Period ended 30th June 2013. In order to comply with the provisions of the Corporations Act 2001, the Directors report as follows: The names of Directors of the Company during or since the end of the Financial Period are: Associate Professor Bruce Conolly AM (Founder) Dr Joyce Conolly Ms Christine Conolly Mr Michael Withford Ms Susan Nixon Mr James Heller (appointed 30 August 2013) Ms Lisa Bartak (appointed 30 August 2013) Principal Activities The principal activities of the entity in the course of the Financial Period were the provision of hand surgery and upper limb surgery and services and capacity building in midwifery, child healthcare and community in Myanmar, especially remote rural regions. The entity’s short-term objectives are to: • Support increasing local health services’ capacity to provide appropriate treatment to patients with hand injuries through the facilitation of training and professional development; • Decrease mortality and morbidity of mothers and children following childbirth; • Improve the basic physical and mental health of people in rural areas; and • Support the delivery of surgical procedures and other medical and allied health services. The entity’s long-term objectives are to: • Improve the quality of life of people with hand injuries and increase their access to local health systems; • Improve the quality of care given to birthing mothers and their new babies and increase their access to local health systems; and • Contribute to the development of sustainable health systems and capacity building of health professionals with a focus on hand injuries, childbirth and community healthcare. To achieve these objectives, the entity has adopted the following strategies: • Attract highly skilled and appropriately qualified volunteers and staff, both in Australia and Myanmar, who are committed to MACF’s mission and values; • Build, maintain and enhance relationships with, and contributions from our donor base; • Work in partnership with a range of stakeholders, both in Australia and Myanmar to implement activities consistent with local Myanmar needs and contexts; • Ensure program activities and missions are implemented on time and on budget. Page 1 of 17
  2. 2. Myanmar Australia Conolly Foundation for Health DIRECTORS’ report continued • Demonstrate accountability and transparency consistent with the Australian Council for International Development’s (ACFID) Code of Conduct and AusAID requirements. Key Performance Measures The entity measures its performance through the review of: • Number of activities and type (patients seen, doctors trained);  Amount of equipment and medical supplies provided to local hospitals free of charge;  Number of medical manuals distributed to healthcare workers free of charge;  Number of healthcare workers trained; • The number of people reached and receiving medical treatment at minimal cost; and • The number of people reached and receiving medical treatment at no cost. These benchmarks are used to assess whether the entity’s long and short-term objectives are being achieved. The entity implemented activities in 3 regional locations across Myanmar and performed: • 10 surgical activities which included practical teaching and training of surgical registrars and other medical staff; • 6 training-mentoring-professional development activities with local country medical staff within Myanmar;  10,000 medical manuals distributed;  In excess of $80,000 worth of medical equipment and supplies distributed to 4 teaching hospitals; and • 2 planning assessment activities to help strengthen future programming. From these 20 activities, the entity reached at least 2000 people and performed 10 operations. Associate Professor Bruce Conolly and Dr Joyce Conolly and other members of the Australian team volunteered a total of 80 days in Myanmar and 40 days Australia respectively. Information on Directors Associate Professor Bruce Conolly -Founder Qualifications F.R.C.S., F.R.A.C.S., F.A.C.S. Bachelor of Medicine, Experience Appointed to the Board 2012, appointed Founder 2013 Special Responsibilities Chair of the Executive Committee Dr Joyce Conolly -Director Qualifications MB. B.Ch. B.A.O., B.A. (Dublin University) Bachelor of Medicine, Experience Appointed to the Board 2012, Special Responsibilities Chair of the Board of Directors, Member of the Executive Committee Page 2 of 17
  3. 3. Myanmar Australia Conolly Foundation for Health DIRECTORS’ report continued Ms Christine Conolly - Director Qualifications BSc Bachelor of Arts Experience Appointed to the Board 2012, Special Responsibilities On leave of absence Mr Michael Withford- Director Qualifications MA, AICD, FAMI Bachelor of Business Experience Appointed to the Board 2012, Special Responsibilities Member of the Executive Committee Mr James Heller - Secretary Qualifications Law degree Experience Appointed Secretary 2012; Director 2013 Special Responsibilities Member of the Executive Committee Ms. Susan Nixon - Director Qualifications BA Economics, GAICD Bachelor of Experience Appointed to the Board 2012 Ms. Lisa Bartak – Director Qualifications Masters of Business Administration Experience Appointed 2013 Member of the Executive Committee Directors’ Meetings During the year, MACF held six meetings of the Board. The attendees of the Directors at meetings of the Board were: Board of Directors Number eligible to attend Number attended Associate Professor Bruce Conolly 6 6 Dr Joyce Conolly 6 6 Ms Christine Conolly 6 5 Mr Michael Withford 6 5 Mr James Heller (as secretary) 6 6 Ms. Susan Nixon 6 1 Page 3 of 17
  4. 4. Myanmar Australia Conolly Foundation for Health DIRECTORS’ report continued Ms Bartak was appointed as a director on 30 August and is not included in the above table. 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 $24 each towards meeting any outstanding obligations of the entity. At 30 June 2013, the total amount that members of the company are liable to contribute if the company is wound up is $72. Review of Operations The net surplus amounted to $6002 comprising:  excess expenditure over the AusAid Grant of $(491)  administration expenses of $(659)  offset by private donations received over expenditures of $7152 Dividends Payment of dividends is prohibited under our current Constitution. Directors’ Remuneration No fees were paid or are payable to the Directors Actual Value of Volunteer Services It is recognised that the APS rates used by AusAID below to calculate volunteer services under-represent the true value of services provided by MACF volunteers. A more appropriate calculation, while not included in the accounts, is represented below to acknowledge the significant contribution made by MACF volunteers - 2 doctors and 2 associates in the health field working in Myanmar for a total of 40 days valued at $20,000. In addition to donating their time, the volunteers paid for 100% of their own travel costs and accommodation expenses, including flights to Myanmar, which for the mission conducted in February 2013, totalled $18,925. In addition, specialised medical equipment & supplies provided by Medartis to a value of $74,535 was donated to 4 teaching hospitals in Myanmar. Actual Total Value of Volunteer Services and supplies provided to Myanmar in excess of AusAid grant totals $113,460. This figure does not include time spent in Australia planning for the mission to Myanmar, revenue raising and other administration matters provided by volunteers. In this regard the Directors recognise the contribution provided pro bono by lawyers Baker McKenzie and their assistance in incorporating the MACF foundation. Change in State of Affairs During the Financial Period, there was no significant change in the state of affairs of the Company other than that referred to in the accounts or notes thereto. Page 4 of 17
  5. 5. Myanmar Australia Conolly Foundation for Health DIRECTORS’ report continued Indemnification of Officers and Auditors Directors and Officers Liability Insurance and Indemnity: During the Financial Period the Company provided no insurance for the Directors of the Company (as named above) against a liability incurred as such a Director. The Company has not otherwise given indemnities during or since the end of the Financial Period for any person who is or has been an officer or auditor of the Company. Proceedings on Behalf of the Company No person has applied for leave of Court to bring proceedings on behalf of the entity or intervene in any proceedings to which the entity is a party for the purpose of taking responsibility on behalf of the entity for all or any part of those proceedings. The Company was not a party to any such proceedings during the period. Subsequent Events There has not been any matter or circumstance, other than that referred to in the Financial Statements or notes thereto, that has arisen since the end of the Financial Period, that has significantly affected, or may significantly affect the operations of the Company, the results of those operations, or the state of affairs of the Company in future years. Auditor’s Independence Declaration The Auditor’s independence declaration is included on page 13. Signed in accordance with a resolution of the Directors made pursuant to s.298 (2) of the Corporations Act 2001. On behalf of the Directors W. Bruce Conolly Director Mike Withford Director 22 October 2013 Page 5 of 17
  6. 6. Myanmar Australia Conolly Foundation for Health ANNUAL REPORT 2012 / 2013 DIRECTORS’ DECLARATION The Directors have determined that the company is not a reporting entity and that this special purpose financial report should be prepared in accordance with the accounting policies described in Note 1 to the financial statements. The Directors declare that: 1. The financial statements and notes, as set out on pages 7 to 17, are in accordance with the Corporations Act 2001 and: a. Comply with Accounting Standards applicable to the Company; and b. Give a true and fair view of the financial position as at 30 June 2013 and of the performance for the period ended on that date in accordance with the accounting policies described in Note 1 of the financial statements. 2. 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 declaration is made in accordance with a resolution of the Board of Directors. On behalf of the Directors ..................................... W Bruce Conolly Director ..................................... Michael Withford Director 22 October 2013 Page 6 of 17
  7. 7. Myanmar Australia Conolly Foundation for Health ANNUAL REPORT 2012 / 2013 Report on Activities A grant of $28,150 was received from AusAid and was fully expended on providing:  teaching hospitals with direct donations $20,000  medical supplies and equipment $4,182  Medical manuals & training materials $4,312 Our volunteers and private donors provided additional contributions as follows: EXPENSES TOTALS  Volunteer Services $43,925  Specialist Medical Equipment donations $74,535  Administration costs $806  Fundraising costs $nil  Meeting AusAid program overspend $344  Total additional EXPENSES $119,610 Full Program Expenses $147,760  Direct Donations Program 14%  Administration 1%  Fundraising costs 0%  Specialist Medical Equipment & supplies 52%  Medical manuals & training materials 3%  Volunteer Services 30% Where our support comes from INCOME TOTALS  AusAid $28,150  General Donations $7152  Support In Kind $118,460 Total Support $153,762  General Donations 5%  Support In Kind 77%  AusAID 18% It is recognised that the APS rates used by AusAID to calculate volunteer services under-represent the true value of services provided by MACF volunteers. A more appropriate calculation, while not included in the accounts, is represented within our Directors’ Report to acknowledge the significant contribution made by MACF volunteers. Page 7 of 17
  8. 8. Myanmar Australia Conolly Foundation for Health ANNUAL REPORT 2012 / 2013 Income Statement For Period ended 30 June 2013 REVENUE -Donations and gifts – monetary -Donations and gifts - non-monetary -Legacies and bequests -Grants - AusAID $7,152 $93,460 $nil $28,150 Total Revenue $128,762 EXPENSES International aid and development programs expenditure Myanmar projects - Funds to Teaching Hospitals - Program support costs -Community education -Medical supplies & equipment -Fundraising costs - Administration $20,000 $18,925 $4312 $78,717 $nil $806 Total Expenses $122,760 Excess (Deficit) from continuing operations $6002 Page 8 of 17
  9. 9. Myanmar Australia Conolly Foundation for Health ANNUAL REPORT 2012 / 2013 BALANCE SHEET as at 30 June 2013 ASSETS Current assets Cash $6002 Total Current Assets Non- current assets Total assets $6002 $nil $6002 LIABILITIES Current Liabilities Non- current liabilities Total liabilities Net assets Equity Funds available for future use Total equity $nil $nil $nil $6002 $6002 $6002 Summary of changes in equity For the Period ended 30 June 2012 Surplus from operations (unspent donations) $6,002 Information to be furnished under the ACFID Code of Conduct Recognised Development Expenditure: Value of Volunteer Services The value of volunteer services is not included in the accounts. However, for the purposes of recognising volunteer services using AusAID Recognised Development Expenditure guidelines the following information has been prepared in accordance with the rates approved by AusAID. Volunteers for the year ended 30 June 2013 A surgeon and general practitioner doctor for a total of 20 days - Executive Level 2 $8979 2 allied health specialists for a total of 20 days - APS Level 4 $4803 Total Value of Volunteer Services $13,782 The directors acknowledge the above value understates the commercial value of the volunteer services provided for which $20,000 is a more realistic figure. Page 9 of 17
  10. 10. Myanmar Australia Conolly Foundation for Health ANNUAL REPORT 2011 / 2012 Summary of cash movements For the period ended 30 June 2012 Cash Available at Beginning of Financial Period $nil Cash Raised During Financial Period Cash Disbursed During Financial Period $35,645 $29,643 Cash Available at End of Financial Period $6,002 Sources of Cash Raised AusAID Private donations TOTAL $28150 $7495 $ 35,645 Page 10 of 17
  11. 11. Myanmar Australia Conolly Foundation for Health Auditor’s declaration ANNUAL REPORT 2012 / 2013 An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report and the company's compliance with specific requirements of the Charitable Collections Act 1946. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error, and the risks of non-compliance with specific requirements of the Charitable Collections Act 1946. In making those risk assessments, the auditor considers internal control relevant to the entity's compliance with the Charitable Collections Act 1946 and preparation and fair presentation of the financial report 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 entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report. Inherent limitations Because of the inherent limitations of any compliance procedure, it is possible that fraud, error, or noncompliance with the Charitable Collections Act 1946 may occur and not be detected. An audit is not designed to detect all weaknesses in Myanmar Australia Conolly Foundation Ltd compliance with the Charitable Collections Act 1946 as an audit is not performed continuously throughout the period and the tests are performed on a sample basis. Any projection of the evaluation of compliance with the Charitable Collections Act 1946 to future periods is subject to the risk that the procedures may become inadequate because of changes in conditions, or that the degree of compliance with them may deteriorate. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Independence In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001. Page 11 of 17
  12. 12. Myanmar Australia Conolly Foundation for Health Auditor’s Opinion INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS Myanmar Australia Conolly Foundation Ltd In our opinion, a. the financial report of Myanmar Australia Conolly Foundation Ltd is in accordance with the Corporations Act 2001, including: i. giving a true and fair view of the Company's financial position as at 30 June 2013 and of its performance for the year ended on that date; and ii. Complying with Australian Accounting Standards (including the Australian Accounting Interpretations) to the extent described in Note 1 and the Corporations Regulations b. the financial report agrees to the underlying financial records of Myanmar Australia Conolly Foundation Ltd, that have been maintained, in all material respects, in accordance with the Charitable Collections Act 1946 and its regulations for the year ended 30 June 2012; and c. monies received by Myanmar Australia Conolly Foundation Ltd, as a result of fundraising appeals conducted during the year ended 30 June 2013, have been accounted for and applied, in all material respects, in accordance with the Charitable Collections Act 1946 and its regulations. Basis of Accounting Without modifying our opinion, we draw attention to Note 1 to the financial report, which describes the basis of accounting. The financial report has been prepared for the purpose of fulfilling the directors' financial reporting responsibilities under the Corporations Act 2001 and the specific requirements of the Charitable Collections Act 1946. As a result, the financial report may not be suitable for another purpose. Matters Relating to the Electronic Presentation of the Audited Financial Report This auditor's report relates to the financial report of Myanmar Australia Conolly Foundation Ltd for the year ended 30 June 2013 included on Myanmar Australia Conolly Foundation Ltd web site. The company's directors are responsible for the integrity of the Myanmar Australia Conolly Foundation Ltd web site. We have not been engaged to report on the integrity of the Myanmar Australia Conolly Foundation Ltd web site. The auditor's report refers only to the financial report. It does not provide an opinion on any other information which may have been hyperlinked to/from these statements. If users of this report are concerned with the inherent risks arising from electronic data communications they are advised to refer to the hard copy of the audited financial report to confirm the information included in the audited financial report presented on this web site. Signed by John Cowling FCA Dated 22 October 2013 Page 12 of 17
  13. 13. Myanmar Australia Conolly Foundation for Health AUDITOR'S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF Myanmar Australia Conolly Foundation Ltd I declare that, to the best of my knowledge and belief during the year ended 30 June 2013 there has been: No contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and No contraventions of any applicable code of professional conduct in relation to the audit. Signed by John Cowling FCA Dated 22 October 2013 Page 13 of 17
  14. 14. Myanmar Australia Conolly Foundation for Health 1 Summary of Significant Accounting Policies The Directors have prepared the financial statements on the basis that the Company is a non-reporting entity because there are no users who are dependent on its general purpose financial statements. These financial statements are therefore special purpose financial statements that have been prepared in order to meet the requirements of the Corporations Act 2001. The Company is a not for profit entity for financial reporting purposes under Australian Accounting Standards. The financial statements have been prepared in accordance with the mandatory Australian Accounting Standards applicable to entities reporting under the Corporation Act 2001 and the significant accounting policies disclosed below, which the directors have determined are appropriate to meet the needs of members. Such accounting policies are consistent with those of previous periods 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 unless otherwise stated in the notes. Material accounting policies adopted in the preparation at these financial statements are presented below and will be consistently applied unless stated otherwise. The amounts presented in the financial statements have been rounded to the nearest dollar. The financial statements were authorised on 161 October 2012 by the directors h of the Company. Accounting Policies (a) Donated Services A number of volunteers have donated a significant amount of their time in the Company's services. However, since no objective basis exists for recording and assigning values to their services, they are not reflected in the accompanying Financial Statements. (b) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits held at-call with banks, other short-term highly liquid investments. (c) Employee Entitlements At the present time the company has no paid employees. (d) Income Tax No provision for income tax has been raised as the entity is exempt from income tax under Division 50 of the Income Tax Assessment Act 1997 Page 14 of 17
  15. 15. Myanmar Australia Conolly Foundation for Health Summary of Significant Accounting Policies continued (e) Goods and Services Tax Revenues, 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 taxation authority, it is recognised as part of the cost of acquisition of an asset or as part of an item of expense; i. or ii. for receivables and payables which are recognised inclusive of GST. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables. Cash flows are included in the statement of cash flows on a gross basis. 2. Receivables Trade receivables and other receivables are recorded as amounts due. 3. Revenue Recognition/Unearned Contributions General donations and bequests are recognised as revenue when received. Interest revenue is recognised as it accrues using the effective interest rate method, which for floating rate financial assets is the rate inherent in the instrument. Myanmar Australia Conolly Foundation Ltd receives non-reciprocal contributions of assets from various parties for zero or a 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 profit and loss. All revenue from donations and contributions to specific programs is recognised by reference to the stage of completion of activities to which the revenue relates. 4. Inventories Inventories are measured at the lower of cost or net replacement cost. Page 15 of 17
  16. 16. Myanmar Australia Conolly Foundation for Health Summary of Significant Accounting Policies continued Inventories acquired at no cost, or for nominal consideration, are valued at the current replacement cost as at the date of acquisition 5. Critical Accounting Estimates and Judgments The Directors evaluate estimates and judgments 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. 6. New Accounting Standards for Application in Future Periods The AASB has issued new and amended accounting standards and interpretations that have mandatory application dates for future reporting periods. The Company has decided against early adoption of these standards. The directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material financial impact on the financial statements of the Company. 7. Comparative Figures As this is the first set of Financial Statements for the company since incorporation there are no comparative figures. 8. Related Party Transactions There were no monetary transactions with related parties during the Financial Year. Myanmar Australia Conolly Foundation Ltd has obtained legal, professional and surgical pro-bono services from members of the Board of Directors. No payment was made for these services. 9. Auditing the Financial Report $ nil 10. Numbers of employees at end of the Financial Year 11. none Notes to the Cash Flow Statement Reconciliation of Cash Cash at the end of the Financial Period as shown in the cash flow statement is reconciled to the balance sheet in a total of $6002 12 Accumulated Funds Balance at beginning of Financial Period 0 $ 6002 Surplus for period $6002 Balance at end of Financial Period Page 16 of 17
  17. 17. Myanmar Australia Conolly Foundation for Health Myanmar Australia Conolly Foundation for Health Principal Founder: Associate Professor W Bruce Conolly Co Founder: Dr Joyce Conolly Secretary: James Heller Auditor: John Cowling Bankers: Australia & New Zealand Banking Group Limited ACN 161 467 983 Solicitors: Baker McKenzie Founded in 2012 as an incorporated medical foundation (a Company limited by guarantee) enables voluntary medical teams to carry out reconstructive surgery and deliver training in developing countries. MACF is proudly supported by the Australian Society of Hand Surgeons MACF has received Charitable Fundraising Authority from the NSW Government Trade & Investment for the period 18/10/2013 until 17/10/2015 – License number CFN/23010. Directors will apply to the Australian Council for International Development (ACFID) for membership for MACF and in preparation have resolved to follow the ACFID Code of Conduct. The Code is a voluntary, self-regulatory sector code of good practice. If you wish to lodge a complaint against MACF for a breach of this Code, please visit the website: www.macf.net.au or email jamesmheller@yahoo.com MACF has a process for handling any complaints. If you wish to lodge a complaint about MACF, please do so at www. macf.net.au, via email on contact us @macf.net.au or mail at the principal office address listed below. Registered Office: Level 7 187, Macquarie Street Sydney NSW 2000 admin@macf.net.au www.macf.net.au MACF is a project actively supported by the Conolly family, friends and associates. Page 17 of 17

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