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2015 ANNUAL REPORT Speech Pathology Australia
25
17.2 Operating leases as lessor
The Company’s future minimum lease receipts are as follows:
Lease income during the period amount to $79,746 (2014: $0)
representing the minimum lease receipts.
The property lease commitments is a non-cancellable operating
lease with lease term of three (3) years. Increases in lease
payments may occur in line with CPI or market rent reviews in
accordance with the agreement.
18 Commitments
The Company has commitments to signed contracts for project
consultancy for the amount of $117,000, of which $87,872
remains outstanding at 31 December 2015.
19 Bequests
Balances for the Betty Usher Fund, Nadia Verrall Scholarship
and Murie Pollon Fund are shown in the balance sheet as part
of the Bequests Term Deposit. Funds were merged in 2009 to
be held as one term deposit account.
Murie Pollen funding support includes $10,000 provided to
speechBITE™ in advance for the 2016 year.
20 Post-reporting date events
No adjusting or significant non-adjusting events have occurred
between the reporting date and the date of authorisation.
21 Members’ guarantee
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 $100 each towards meeting any
outstanding obligations of the entity. At 31 December 2015,
the total amount that members of the Company are liable
to contribute if the Company wound up is $692,900 (2014:
$650,200).
Within
1 year
$
1 to 5
years
$
After 5
years
$
Total
$
31 December 2015 79,746 116,783 -
196,529
31 December 2014
-
-
-
-
Minimum lease payments due
2015
$
2014
$
Betty Usher Lecture Fund
Opening Balance
65,927 74,678
Interest Income
1,853 2,561
Funding Support
(1,100) (11,312)
Closing Balance
66,680 65,927
Murie Pollen Fund
Opening Balance
32,664 31,581
Interest Income
1,011
1,397
Funding Support
(20,000)
-
Closing Balance
13,675 32,978
Nadia Verrell Scholarship
Opening Balance
5,000
5,000
Deposit
5,000
5,000
Funding Support
(5,000)
(5,000)
Closing Balance
5,000
5,000
Directors’ Declaration
1
In the opinion of the Directors of The Speech Pathology
Association of Australia Ltd:
a
The financial statements and notes of The Speech
Pathology Association of Australia Ltd are in accordance
with the
Corporations Act 2001
, including:
i) Giving a true and fair view of its financial position as at
31 December 2015 and of its performance for the
financial year ended on that date; and
ii) Complying with Australian Accounting Standards
– Reduced Disclosure Requirements (including the
Australian Accounting Interpretations) and the
Corporations Regulations 2001; and
b
Signed in accordance with a resolution of the Directors:
President
Vice President Operations
Gaenor Dixon
Belinda Hill (Price)
Dated the 5th day of March 2016
There are reasonable grounds to believe that The
Speech Pathology Association of Australia Ltd will be
able to pay its debts as and when they become due and
payable.