Berry Street Web Docs Annual Report 2008 | Page 20

Berry
Street

concise
financial

report
for the
year ended
30 June 2008

Discussion and analysis of the
financial summary
Information on Berry Street Victoria Inc Financial Summary
The financial summary presented in this Annual Report has been
derived from the Financial Report of Berry Street Victoria Inc.
for the year ended 30 June 2008.
The discussion and analysis, together with the financial
summary, has been included to provide members with
an overview of the financial performance of Berry Street
Victoria Inc for the year ended 30 June 2008 and of its
financial position at 30 June 2008.
The presentation currency used in the financial statements
is Australian dollars.
A copy of the full financial report and auditor’s report is
available, free of charge, upon request.
Income Statement
The profit for the year ended 30 June 2008 is $0.3 million,
compared to a profit of $1.9million in the previous year.
The major items contributing to this result were:
Change in Accounting Treatment:
The accounting treatment of unexpended grants has changed
in the accounts for the year ended 30 June 2008. Unexpended
grants comprise funds that have been received by Berry Street
but the related expenditure has not yet occurred. Prior to the
change, unexpended grants income was recognised as the
expenditure was incurred and any unused funds were included
in trade and other payables. The income is now recognised when
it is received and at the end of the accounting period any unused
funds are transferred out of retained earnings to the unexpended
grants reserve which forms part of Berry Street’s equity. The
comparative figures for 2007 have been adjusted. The effect of the
change has been to decrease the profit for 2007 by $240,069 and to
increase the profit for 2008 by $315,455.