BERRY STREET VICTORIA INC . ABN 24 719 196 762 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012
NOTE 17 : KEY MANAGEMENT PERSONNEL COMPENSATION Short-term benefits
Long-term benefits
Salary and fees $
Superannuation contribution $
Long service leave $
2012 |
|
|
|
|
Total compensation |
570,985 |
56,198 |
216,080 |
843,263 |
2011 |
|
|
|
|
Total compensation |
530,515 |
52,197 |
161,657 |
744,369 |
Total $
NOTE 18 : CONTINGENT LIABILITY
Included in Land and Buildings are three residential properties which were purchased in prior years with grants from the Department of Human Services , totalling 50 % of the original purchase prices . A liability exists to pay the Department 50 % of the net proceeds of sale when realised . Based on the current valuations of those properties , it is estimated that a contingent liability exists for $ 1,072,500 , in the event of sale .
NOTE 19 : RELATED PARTY TRANSACTIONS
Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other persons unless otherwise stated .
( a ) Berry Street Victoria is in partnership with the Austin CAMHS , Mindful and LaTrobe University to deliver the statewide Take Two Program .
( b ) Board member Kate Jenkins is a partner of Freehills which from time to time provides pro-bono work to Berry Street Victoria .
NOTE 20 : SUBSEQUENT EVENTS Events after the Reporting Period
On 1 July 2012 the Association will be gifted 100 % of the assets and liabilities of Lisa Lodge , a Victorian Company Limited by Guarantee whose principle business activity is to provide support for families and adolescents in need .
The merger with Lisa Lodge is part of Berry Streets overall strategy to expand its operations . The assets and liabilities of Lisa Lodge will be incorporated into the 30 June 2013 year end at fair value . The financial effect of this transaction has not been brought to account in the 2012 financial statements .
The assets and liabilities of Lisa Lodge at 30 June 2012 were :
Assets : 5,178,047 Liabilities : 457,350
$
The financial report was authorised for issue by the Board of Directors on 2 October 2012 .
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