Summary of the consolidated financial statements

For year ended 31 December 2015

The financial statements of the NSW Independent Education Union have been audited in accordance with the provisions of the Industrial Relations Act 1996 and the following summary is provided for members in accordance with Section 263 (2) of the Act.

A copy of the Auditor’s Report, Accounts and Statements will be supplied free of charge to members who request same.

Certificates required to be given under the Act by the Accounting Officer and the Committee of Management have been completed in accordance with the provisions of the Act and contain no qualifications.

NOTICE TO MEMBERS

Subsections (1) and (2) of section 512 of the Industrial Relations Act 1991, preserved as regulations under section 282(3) Industrial Relations Act 1996, provide that:

s.512. (1) A member of an organisation, or the Industrial Registrar, may apply to the organisation for specified information prescribed by the regulations in relation to the organisation. [Industrial Relations Regulation 1992, clause 60]

(2) An organisation must, on the making of such an application, make the specified information available to the member or the Industrial Registrar in the manner, and within the time, prescribed by the regulations.

NSW Independent Education Union Auditor's Certificate

We certify that the above summary is a fair and accurate summary of the financial statements of the NSW Independent Education Union for the year ended December 31 2015. Our Auditor’s Report dated 22 March 2016 on the financial statements did not contain particulars of any deficiency, failure or shortcomings as referred to in Section 514 (5) of the 1991 Act.

SUTHERLAND & COMPANY

Ground Floor 4 Railway Parade

Burwood NSW 2134

D.W. Sutherland AM JP BA FCA FCIS

Registered Company Auditor (Nr. 3835)

Date: 22 March 2016

NSW Independent Education Union Balance Sheet as at 31 December 2015

ACCUMULATED FUND2015 $2014 $
General Fund16,613,66114,433,170
16,613,66114,433,170
Represented by:
CURRENT ASSETS
Cash at Bank4,063,9902,087,759
Cash on Hand1,7001,700
Account Receivables51,846102,385
Interest bearing deposits3,000,0003,000,000
Prepayments and instalments120,09587,572
TOTAL CURRENT ASSETS7,237,6315,279,417
NON CURRENT ASSETS
Land and Building10,796,62112,750,311
Building improvements ( at cost )3,980,6593,812,266
Less: Accumulated Depreciation(634,229)(640,283)
Motor Vehicles ( at cost )547,530530,947
Less: Accumulated Depreciation(295,292)(402,556)
Office Furniture and Fittings ( at cost )280,318247,657
Less: Accumulated Depreciation(177,795)(140,871)
Plant and Equipment ( at cost )474,430433,489
Less: Accumulated Depreciation(384,367)(336,593)
Intangibles - Computer Software622,809622,809
Less: Accumulated Depreciation(600,978)(497,142)
Unlisted shares at cost1717
TOTAL NON CURRENT ASSETS14,609,72516,380,051
TOTAL ASSETS21,847,35621,659,467
CURRENT LIABILITIES
Accounts Payable and accruals503,353576,343
Provisions for leaves2,939,6632,798,553
Receipts in advance290,680212,402
TOTAL CURRENT LIABILITIES3,733,6953,587,297
NON-CURRENT LIABILITIES
Westpac Loans1,500,0003,639,000
TOTAL LIABILITIES5,233,6957,226,297
NET ASSETS16,613,66114,433,170

Income and expenditure statement for year ended 31 December 2015

2015 $2014 $
INCOME
Membership Subscription13,563,26513,129,166
Other Income678,180799,635
14,241,44413,928,801
EXPENDITURE
Administration Expenses5,259,5224,708,434
Donations6,2364,200
Capitation and Affiliation Fees102,818750,442
Professional Fees and Services163,224183,992
Salaries and Allowances7,149,5697,497,725
Superannuation and Associated Costs874,503903,845
13,555,87214,048,638
TOTAL OPERATING SURPLUS/(DEFICIT)685,573(119,837)
NON OPERATING REVENUE
Profit/(loss) on disposal of buildings1,494,918
SURPLUS/(DEFICIT) FOR YEAR2,180,491(119,837)
ACCUMULATED FUNDAT BEGINNING OF YEAR14,433,17014,553,007
ACCUMULATED FUNDAT END OF YEAR16,613,66114,433,170