Berry Street Web Docs Financial Report 2014 | Page 25

BERRY STREET VICTORIA INC.
ABN 24 719 196 762

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2014

NOTE 16: CASH FLOW INFORMATION

(a)

Non-cash financing and investment activities
Non-cash financing activities included the acquisition of plant and equipment by means of finance
leases totalling $532,768.

(b)

Credit stand-by arrangement and loan facilities
There were no credit stand-by arrangements or loan facilities at 30 June 2014.

NOTE 17: KEY MANAGEMENT PERSONNEL COMPENSATION
Short-term benefits

Salary and fees
$

Long-term benefits

Superannuatio
n contribution
$

Long service
leave
$

Total
$

2014
Total compensation

705,711

65,278

46,409

817,398

2013
Total compensation

647,108

63,723

39,242

750,073

NOTE 18: CONTINGENT LIABILITIES
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
th
exists to pay the Department 50% of the net proceeds of sale when realised. Based on the 30 June 2012
valuations of those properties, it is estimated that a contingent liability exists for $1,085,000 in the event of
sale.
Following the establishment in January 2013 of the Royal Commission into Institutional Responses to Past
Child Sexual Abuse requests made of child welfare agencies from past clients for reparations, support and
assistance have generally increased.
Should requests for reparations, support and assistance arise, they will be assessed at the time. As such, no
reliable estimate can be made of any costs, legal or otherwise that may be incurred in resolving these
requests.

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 Mindful and LaTrobe University to deliver the statewide
Take Two Program.

(b)

Board member Kate Jenkins was a partner of Herbert Smith Freehills which from time to time provides
pro-bono work to Berry Street Victoria.

(c)

Board member Eric Passaris is a partner of Grant Thornton who were successful in tendering to assist
in the development of a Business Plan for an innovative model of education for the Berry Street
School to the value of $126,400.

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