ICE Annual Report 2014
ICE Annual Report 2014 Leonie & Debbie, Kasey is Missing Project. Photo: Christian Tancred ICE ANNUAL REPORT 2014 Contents ICE creates community focused and driven art that is bold, imaginative and adventurous, and delivers creative opportunities, cultural empowerment and employment for our communities and artists in Western Sydney and beyond. Chairperson’s Report 2 Executive Director’s Report 3 Street Address 8 Victoria Rd, Parramatta, NSW 2150 ICE 2014 4 Postal Address PO Box 4033, Parramatta, NSW 2124 +612 9897 5744 [email protected] Connect with us online www.ice.org.au @ice_org_au facebook.com/ICEorgau infoculturalexchange 31st Information and Cultural Exchange Annual Report ISSN: 1833-5306 © Information and Cultural Exchange (ICE) 2015 DESIGNED BY Community Cultural Development and Artistic Program Community Engagement Sub/Urban Cultures Screen Cultures Artist Development Family Creative Hub Arab Film Festival Australia 7 8 10 12 15 16 Operations Finance 19 IT & Facilities 20 Venue20 Funding21 Financial Statements Treasurer’s Report 25 Balance Sheet 26 Income Statement 27 Notes28 Statement by Members of the Board 30 Independent Auditor’s Report 31 SAILORSTUDIO.COM.AU 1 ICE ANNUAL REPORT 2014 ICE ANNUAL REPORT 2014 Chairperson’s Report Executive Director’s Report This year ICE rose to the challenge of a changing environment; one that demanded a more focused and proactive approach to the development of our funding base and our community programs. I would like to acknowledge and thank John Kirkman, our Executive Director for his commitment and inspiring leadership, our staff for their passion and creativity. ICE continues to forge its path ahead only because of the tremendous work you all do. In 2014 ICE funding has seen a significant diversification, so that we continue to be less reliant on government grants with a shift to philanthropy, sponsorship, fundraising and other forms of generating income. ICE staff have worked on the development of a strategic sponsorship program that has enabled ICE to begin to secure a more sustainable funding base. In an environment where government arts bodies are calling for organisations to seek funds from a broader range, ICE has been slowly building its work in this area. On behalf of the Board I want to thank all the staff for their efforts, it is a significant shift in approach and the work that we have been doing on this in the last two years is really coming to fruition. It has not been easy but I know the path we are taking is one that will secure ICE’s future for another generation. Indeed ICE celebrated its 30 year milestone in 2014. A fantastic achievement for an organisation that began in a mobile caravan in Parramatta and now is one of Australia’s leading community arts organisation. Our work could not continue without the support we receive from our partnerships with the Arts NSW, Screen NSW, The Australia Council for the Arts and NSW Department of Family and Community Services as well as the Scanlon Foundation, Vincent Fairfax Family Foundation and Crown Resorts/ Packer Family Foundation amongst many others. I believe that the work ICE does is a testament to their faith in us, to deliver projects that are both engaging and provocative and that strengthen our community. I would like to thank my Board colleagues for their support and hard work over the year, in particular Justin Travlos, our Treasurer, whose advice and guidance is greatly appreciated. Our community cultural development programs have also become more robust, more connected to our region, more vibrant. Once again ICE staff and guest artists/facilitators have worked hard to produce a program of events and artistic ventures which contribute to the rich cultural life of Western Sydney. Programs such as the Family Creative Hub, the Arab Film Festival Australia, Branded! Kasey is Missing, Links to Learning, Bridge Ahoy! Granville Selfies, I Have a Dream are a reflection of the amazing talents of our staff . They work with communities to develop projects that are enriching and document our stories in a way that is fascinating. - Receiving program funding from ScreenNSW -Receiving Australia Council project funding In particular, 2014 saw the continued revitalisation of ICE operations, including: - Completion of staffing and operational structures - Employment of a new Finance and Administration Manager -Reorganisation of financial management and reporting systems - Review of venue and technical hire operations. The future for ICE continues to be replete with challenges and potential. I feel confident ICE is ready to meet the challenge. I would like to thank the superb ICE staff, the ICE Board of Management, our project partners, artists and, above all our communities for their continued commitment and assistance in producing and presenting programs of cultural excellence and resonance for the people of Western Sydney. Highlights for the year included: - Introduction of the Family Creative Hub - Securing multi-year funding from the Scanlon Foundation, Vincent Fairfax Family Foundation and Crown Resorts/Packer Family Foundation -Successful productions for the Sydney Festival, Sydney Architecture Festival and Parramasala Festival - The continued success of the Arab Film Festival Australia John Kirkman Executive Director - The success of the Icebreaker and Habibi fundraising initiatives Tilda Sikes Chairperson 2 3 ICE ANNUAL REPORT 2014 ICE ANNUAL REPORT 2014 ICE 2014 Broadcast Audience Website visits 3,348,601 96 43 Artists Employed ICE www.ice.org.au 62,481 157 Artistic Projects New Artworks Created Community members using our facility 2013 7,481 2014 8,777 742 Participants engaged Live Audience Value of media editorial $5,580,000 5,451 4 5 ICE ANNUAL REPORT 2014 ICE ANNUAL REPORT 2014 Community Cultural Development and Artistic Program ICE 2014 community cultural development and artistic programs achieved deep community cultural and creative engagement by enlisting artists and cultural producers specific to the communities we work with (and whose practice is recognized and appreciated through the wider arts community). ICE 2014 Community Cultural Development and Artistic Program delivered a comprehensive range of projects that creatively engaged culturally diverse communities across Western Sydney. Working via five key program areas: Community Engagement Program, sub/Urban Cultures Program, Screen Cultures Program, Artist Development Program and the Family Creative Hub, our projects were developed in consultation with the target communities, directly responding to their needs and interests. Community Engagement ICE cultural programs engaged some of Western Sydney’s most at-risk, socially excluded and economically disadvantaged people including Aboriginal children and families, refugee and newly arrived migrant mothers and children, disengaged young people from culturally diverse backgrounds (via both in school and outreach programs), emerging artists, cultural producers and emerging creative enterprises, and people living with Disability. Lost in the Woods. Photo: Nico Lathouris Mouna Zaylah Manager – Community Cultural Development and Artistic Programs 6 The Community Engagement Program worked closely with a range of committed community partners and stakeholders including Fairfield, Penrith and Parramatta City Councils, Woodville Community Services, Street University Mt Druitt, Nepean Community Neighborhood Services, Bonnyrigg L’il Possums Playgroup and the Parramatta Community Migrant Resource Centre. 2014 ICE Community Engagement focused on providing access to digital arts and technology, creating educational and employment pathways and providing social inclusion initiatives to a broad cross section of disadvantaged Western Sydney communities (including Aboriginal, Pacific Islander, Arabic speaking, Burmese (Karen) African and East Timorese). A particular feature of the 2014 program was the work undertaken with people who are long term unemployed and/or are living with Disability. Our work in 2014 provided the opportunity, creative space and resources for communities to speak their minds and inform our ongoing engagement with the region. We were proud to develop new partnerships and collaborations enabling us to produce powerful and inspiring work with the people that need it most; the people who are often not given opportunity to represent themselves in a mainstream context. Importantly, the Community Engagement Program continues to receive ongoing core funding through the NSW Department of Families and Community Services Community Builders program. Highlight projects for 2014 were Heat from the Street – music video production with young people in Mt Druitt, We are United – participatory documentary making with First Peoples communities in Fairfield, Lost in the Woods – script development and film making with residents of the Urana Street Housing estate in Woodville, street2studio – lyric writing and music studio recording with young people from Parramatta and Kasey is Missing - script development and performance skills with members of the Aboriginal community in Penrith. The program also received funding through Fairfield City ClubGRANTS, Parramatta City Council, Penrith City Council, The Vincent Fairfax Family Foundation and The Crown Resorts/Packer Family Foundation. Christian Tancred Producer - Community Engagement 7 ICE ANNUAL REPORT 2014 ICE ANNUAL REPORT 2014 sub Urban Cultures 2014 sub/Urban Cultures connected with and explored the contemporary culture of Western Sydney, and worked primarily in the areas of youth engagement, skills development and audience engagement via digital visual art, graphic design, contemporary music, popular culture and cultural tourism. In particular, the program had a strong focus on place and community e.g. the program was deeply embedded in the suburb of Granville following initial program development in 2013. 2014 sub/Urban Cultures program highlights included The Calling: A Sonic Tour of Suburb and the Sacred for the 2014 Sydney Festival; I Have a Dream!, a schools-based youth digital engagement program supported by the Vincent Fairfax Family Foundation; Branded!, a graphic design skills development and mentorship program funded by the Australian Business Community Network, that linked 25 young unemployed designers with premiere design firms Boccalatte, W$YK, Garbett and Kindred to undertake a conceptual rebranding of businesses in a working street of Granville; and Bridge Ahoy! A Curated Tour of Sydney Bridges, that delivered a series of ferry-based events showcasing Western Sydney artists, curators and bridge engineers as part of the 2014 Sydney Architecture Festival. During 2014 the sub/Urban Cultures Program worked with thirteen artists/facilitators and eighty-six young people from across Western Sydney. Seventy-three new artworks were created with approximately five hundred and thirty attending five showcase events and eight cultural tours. 2014 was a great year. Imam and Reverend. Photos: Marian Abboud Jonathan Wilson Producer – sub/Urban Cultures 8 9 ICE ANNUAL REPORT 2014 ICE ANNUAL REPORT 2014 Screen Cultures 2014 ICE Screen Cultures focused on professional development for emerging and established Western Sydney filmmakers and video artists. Throughout the year program participants created new content for traditional screens (TV and cinema) and explored new ways of presenting screen work via online platforms. Importantly, the program continued to mentor emerging filmmakers, writers, directors and producers, created opportunities for connection with industry, and provided access to funding, facilities, and creative spaces to explore ideas and stories. 2014 program highlights include Parradocs, an intensive ten-week documentary training/professional development program (funded by ScreenNSW and Parramatta City) Council; Pitch Perfect, a unique opportunity for Western Sydney screenwriters to build their script development and pitching skills (funded by Screen NSW, the Copyright Agency and Fairfield City Council); and Diaspora Stories, commissioned by Parramasala Festival to present films from Mauritius, Trinidad and Tobago, Singapore and Bangladesh/UAE exploring the experiences of South Asian communities in those countries. The 2014 Screen Cultures Program continued our creative (and strategic) ambition to explore new ways of presenting screen work to new audiences, and to develop links between Western Sydney’s emerging talent and established industry professionals by building strong relationships with screen professionals locally and internationally. Broken Wrist Movie. Photo: Donita Hulme Mouna Zaylah Manager – Community Cultural Development and Artistic Programs 10 11 ICE ANNUAL REPORT 2014 ICE ANNUAL REPORT 2014 Artist Development Other highlights include Granville Selfies, where community based artists/ facilitators worked with Year 8 and Year 10 students from Granville Boys High School to explore digital and screenbased art making and production); and Thoroughfare, which saw emerging artists/ CACD practitioners working ‘in residence/ on the ground’ with retailers and curatorial mentor Victoria Harbutt to explore the history, retail potential and people of Good Street Granville. Via a series of business development workshops held throughout the year, over eighty artists and emerging cultural producers participated in workshops that enhanced their capacity to manage and promote their own creative cultural enterprises e.g. ICE commissioned a variety of specialists facilitators and speakers to share their ideas and tips on Mouna Zaylah Manager – Community Cultural Development and Artistic Programs 12 Candy Royalle, Marian Abboud & George Tillianakis. Photo: Jonathan Wilson Pozible crowd-funding campaigning, and Creative Business expert Monica Davidson to deliver individualised mentoring for ICE Hub Program residents. 2014 Artist Development supported CACD practitioners and emerging artists throughout Western Sydney. The program did this by coordinating shared ICE Hub space for creative enterprises, brokering cross-sector partnerships, facilitating creative skills and business development workshops, offering a range of creative project-based secondments to emerging cultural producers, and mentoring talent to produce contemporary art in contemporary spaces. 13 ICE ANNUAL REPORT 2014 ICE ANNUAL REPORT 2014 Family Creative Hub The ICE Family Creative Hub engages newly arrived refugee and migrant mothers and their preschool children living in and around Parramatta in projects that empower them to be active creative contributors to their communities and Western Sydney. Funded by the Scanlon Foundation, the 2014 program actively supported families from a range of cultural backgrounds (including South Asia, South East Asia, Central Asia and the Middle East) in a yearlong program of creative play, English language skills development, digital creativity and literacy. Importantly, the program also provided participating families with links to support services as well as training and educational pathways. The program (based at ICE) offered weekly creative sessions that incorporated photography, digital image making, creative writing, sound recording and child-focused crafts activities. Creative outcomes for the year included the production of a family photo book, a children’s picture book, a video, and individual works using self-portraiture and captions. A particular highlight for 2014 was the creation of Lullaby in a Far Away Land, a children’s picture book that follows the journey of six children who reach an unknown land, have an adventurous time and are carried back into their mothers’ safe arms upon hearing their soothing lullabies. Created with the assistance of artists and facilitators Marian Abboud and Yamane Fayed Lullaby in a Far Away Land will be premiered during the Sydney Writer’s Festival in May 2015. Digital Bedtime Stories workshop. Photo: Ali Mousawi Demand for the project grew throughout 2014, and ICE was able to double the initial number of participants and sessions. ICE was also thrilled that the Scanlon Foundation committed to another year of funding, and that additional multi-year funding was received from the Vincent Fairfax Family Foundation and Crown Resorts/Packer Family Foundation to further expand the program 14 Eddie Abd Producer – Family Creative Hub 15 ICE ANNUAL REPORT 2014 ICE ANNUAL REPORT 2014 Arab Film Festival Australia Since 2001 the Arab Film Festival Australia (AFFA) has taken us deep into the Arab world and experience; and is now is a major Australian cultural event, and the only film festival of its kind in the Southern Hemisphere. Arab Australian communities are impacted by change: both in Australia and in the Arab world. Thus AFFA is crucial in showcasing a diversity of perspectives that reflect the realities of Arab people and their experiences. Proudly, AFFA 2014 featured films from Lebanon, Egypt, Iraq, Palestine and Jordan. Festival highlights included visiting actor/activist Saleh Bakri, whose film When I Saw You opened the festival; the Iraqi community coming out in force to see the riveting Ten Years of My Life; Zeina Daccache’s documentary Scheherazade’s Diary; and The United, a soccer film presented in partnership with the Asian Cup as a meeting point for art, football, community and the Western Sydney Wanderers. AFFA 2014 was made possible with the generous support of partners Arab Bank Australia, Etihad Airways, Abu Dhabi Tourism and Culture Authority, Kazbah Restaurants, Western Sydney Wanderers and the 2015 Asian Cup. It also receives ongoing funding from Screen NSW, Parramatta City Council and Council for Australian Arab Relations – Department of Foreign Affairs and Trade. Mouna Zaylah and Fadia Abboud Co-Directors Arab Film Festival Australia 16 Saleh Bakri: Arab Film Festival. Photo: Ali Mousawi Importantly, AFFA continues to be developed by a dedicated and active community based advisory committee, and ICE thanks them for the hard work and commitment. AFFA continues to grow in strength and attract new audiences e.g. 2014 attendances (and box office) were up on the previous year for all three seasons (Parramatta, Melbourne and Canberra). 17 ICE ANNUAL REPORT 2014 ICE ANNUAL REPORT 2014 Operations ICE Operations provides financial, administrative, technical and logistic support to ensure smooth operations and project implementation. Finance The financial focus for ICE in 2014 was to increase income and build reserves. Similarly, much work was done to increase (and diversify) private sector income (especially in the areas of philanthropy, fundraising, commercial commissions and events). Likewise, ICE became more entrepreneurial in terms of achieving increased earned income from events, box office, venue and technical hires. Granville Selfies Workshop. Photo: Donita Hulme 2014 was a year of measured success. Income was $ 1.563 million with expenditure at $1.540 million, resulting in a Net Profit of $23,714. Importantly, revenue from Trusts / Foundations increased by 7%, venue and technical hire revenue doubled. Dependence on revenue from government dropped 7%. Reserves increased by 67% in 2014. 18 ICE is robust in terms of its financial health and increased retained earnings. Furthermore, ICE reduced its overheads by 7%. Savings resulted from renegotiation of service costs with different vendors and the more efficient use of energy and resources. All of which continue to contribute positively towards ICE’s long-term goal of self-sustainability. Kayur Shrestha Manager – Finance and Administration 19 ICE ANNUAL REPORT 2014 ICE ANNUAL REPORT 2014 IT and Facilities Funding ICE provides low cost, subsidised and in-kind venue and technical support to local artists, community groups and organisations. ICE also offers entry-level hardware and software for filmmakers, photographers and emerging artists. hardware upgrades. A highlight of the year was the installation of new technologies in the Audio Suite, allowing for new recording possibilities and sound creation techniques for participants and organisations. 2014 was a year of significant income diversification for ICE, with revenue from foundations and corporate grants increasing by 7% (and the dependence on revenue from government sources decreasing by 7%). 2014 saw dramatic increases in venue and equipment hires and usage; and the commencement of software and Julian Lankshear IT and Facilities Officer In June ICE secured $108,400 from the Vincent Fairfax Family Foundation to support ICE Digi-Arts, an expansion of ICE outreach and facility-based community engagement programs for 2015 and 2016. Venue 2014 saw ICE used as venue for the Family Creative Hub Program which brought pre-school children to ICE on a regular basis; and turned our meeting rooms into creative play spaces. Similarly, another highlight for 2014 was the continued use of ICE by Autism Spectrum Australia (ASPECT) to run weekly workshops for musicians on the Autism spectrum. It was a joy to see (and hear) ASPECT participants experimenting with music-making throughout the building - and become a core part of the ICE space. ICE offers accessible, flexible and affordable hire of venue and desk space for local community groups, organisations and individuals to work, create and present from. The aim for 2014 was to increase facility usage and generate more revenue via venue hires. This ambition was met with the range of clients hiring space from ICE grew and diversified. In particular, 2014 saw an increase in regular Hot Deskers; repeat hire clients and activities taking place after hours and over weekends. Overall, ICE venue hire doubled from 2013 to 2014. Other funding highlights included securing Australia Council for the Arts funding for two projects: $35,000 for Mother’s Spice a performance, ritual and culinary-based project engaging the refugee and newly arrived migrant mothers participating in our Family Creative Hub; and $26,250 for Car Park, the public exhibition of the contemporary multimedia artworks emerging from ICE’s Disco Dome project in public spaces around Parramatta. In addition, ICE secured another year of funding ($50,000) from the Scanlon Foundation to extend our weekly Family Creative Hub program in 2015. In November ICE secured an additional $192,000 from the Crown Resorts/Packer Family Foundation to further expand ICE programs. ICE received ongoing core funding from Arts NSW, Screen NSW and the Department of Family and Community Services; and continued to receive project funding from Parramatta City Council, Fairfield City Council and Penrith City Council. In December ICE secured $148,580 from the NSW Department of Education and Communities to deliver the ICE Links to Learning Initiative, a year long, in-school program working with disengaged high school students in Auburn and Granville throughout 2015. Ziyad Springborg Funding and Development Officer Morgan Graham Venue and Reception Officer 20 21 ICE ANNUAL REPORT 2014 ICE ANNUAL REPORT 2014 1Photo Shoot: Lullaby in a Faraway Land Family Creative Hub Project Photo: Eddie Abd ARE YOU A GRAPHIC DESIGNER LOOKING FOR A DESIGN MENTOR? 2Me I Have a Dream Project Artist: Myriam Kadhem WORK WITH SYDNEY’S BEST DESIGN STUDIOS BOCCALATTE GARBETT KINDRED WE BUY YOUR KIDS 3Branded! Project Poster Designer: Luke Beeton 4 Ali & Chasm: Street2Studio Project Photo: Christian Tancred 5Action!! Granville Selfies Project Photo: Donita Hulme INROADS: BRANDED! IS A MENTORSHIP PROGRAM FOR YOUNG UNEMPLOYED WESTERN SYDNEY DESIGNERS For more info contact [email protected] or call 9897 5744 by July 28 ICE.ORG.AU BRANDED! IS PART OF THE ABCN INROADS PROGRAM SUPPORTED BY J.P. MORGAN. ICE RECEIVES PROGRAM FUNDING FROM THE AUSTRALIAN COUNCIL FOR THE ARTS AND ARTS NSW . 2 3 1 4 5 22 23 ICE ANNUAL REPORT 2014 ICE ANNUAL REPORT 2014 Financial Statements Treasurer’s Report At the close of 2014, the organisation remains in a sound financial position, posting an operating profit of $23,714 and an accumulated surplus of $59,750. Without this funding and support it would not be possible to undertake the range of cultural and creative programs, nor develop and grow the incredibly talented ICE staff who produce these programs in Western Sydney. Pleasingly, 2014 has seen a much greater diversification of the organization’s funding sources and an increase in our cash reserves, this was a key focus through the year and provides greater financial resilience as we move into 2015. Information and Cultural Exchange Inc. 31 December 2014 Treasurer’s Report 25 Balance Sheet 26 Income Statement 27 Notes28 Statement by Members of the Board 30 Independent Auditor’s Report 31 I would like to especially thank the Finance and Administration Manager, Kayur Shrestha, for his diligence and professionalism, not only in the ongoing management of the organizational accounts, but also for his patience and assistance in helping the project teams better prepare, manage and account for their programs. This coaching generates greater productivity out of the same funding, meaning that ICE’s overall community impact is increased. Under the continued guidance of John Kirkman, 2014 has seen an incredible increase in productivity from the team at ICE. Continuing to focus on delivering beautiful, meaningful and impactful projects for and with the diverse cultures and communities that make up greater Western Sydney. Lastly I would like to acknowledge the rest of the operations team Julian Lankshear, Morgan Graham and Kannaki Nadesan for their continued effort in ensuring operational efficiency and at the same time contributing in generation of additional revenue from venue and equipment hire; and to Ziyad Springborg for his sterling grant writing. On behalf of the Board, I would like to sincerely thank the following key funders and project partners for their support: ArtsNSW, Australia Council for the Arts, Department of Immigration and Citizenship, Screen NSW, Department of Family and Community Services, Department of Foreign Affairs and Trade, NSW Office of Communities, The Scanlon Foundation, Migration Council Australia and the Refuge of Hope, The Vincent Fairfax Family Foundation, The Matana Foundation, The Optus Foundation, the Australian Business Community Network, Sydney Festival, Parramasala Festival, Sydney Architecture Festival, NSW Architects Registration Board and Roads and Maritime Services NSW. We proceed into 2015 in a strong financial position and we look forward to expanding both our reach and our impact over the next year. I would also like to extend sincere thanks to our key project and operational partners, Abu Dhabi Tourism and Culture Authority, Etihad Airways, Arab Bank Australia, Kazbah, the Catholic Diocese, Parramatta City Council, Fairfield City Council and Penrith City Council. Justin Travlos Treasurer Our thanks also go to all the Icebreakers and Habibis who have donated to ICE and the Arab Film Festival Australia (AFFA) – your continued support of this flagship event is sincerely appreciated. 24 25 ICE ANNUAL REPORT 2014 ICE ANNUAL REPORT 2014 Information and Cultural Exchange Inc. Statement of Financial position Statement of comprehensive income As at 31 December 2014 For the year ended 31 December 2014 NOTE 2013 $___ $___ 313,035 313,035 Arts NSW - MAMC - 74,055 Australia Council for the Arts (CCD Program & Project grants) - 208,844 373,000 104,000 - 14,800 Screen NSW 73,500 74,750 Department of Family & Community Services NSW 106,998 75,657 Department of Foreign Affairs and Trade 20,000 20,000 Trust / Foundation 135,172 35,300 Office Furniture & Equipment - at cost Local Government 52,297 127,289 Less: Accumulated Depreciation Other Small Grants 79,260 20,472 Unexpended grants at the beginning of the year 914,973 1,168,557 (727,257) (914,973) Interest Received 8,677 3,734 Donations 8,469 30,680 205,628 215,476 1,563,752 1,571,675 Arts NSW - Triennial Funding Australia Council for the Arts Dept of Immigration & Citizenship Unexpended grants at the end of the year Other Income TOTAL INCOME LESS: EXPENDITURE Employee expense 2013 $___ $___ CURRENT ASSETS 2014 INCOME 2014 Cash and Cash Equivalents 3 654,211 389,031 Receivables 4 184,337 55,190 30,452 8,691 Prepaid Expenses Inventories 5 - 7,340 869,000 460,252 Building Improvements - at cost 1,284,605 1,284,605 Less: Accumulated Depreciation (539,442) (410,982) 745,164 873,624 741,310 735,473 (714,141) (592,313) 27,169 143,161 772,333 1,016,784 1,641,333 1,477,036 TOTAL CURRENT ASSETS NON-CURRENT ASSETS TOTAL NON-CURRENT ASSETS TOTAL ASSETS CURRENT LIABILITIES Payables 133,667 85,828 Deferred Income 6 664,625 398,494 Provision for Staff Entitlements 7 22,390 35,412 820,682 519,733 TOTAL CURRENT LIABILITIES 793,511 800,363 Equipment purchase 3,194 2,860 Depreciation expense 250,288 284,105 NON-CURRENT LIABILITIES Insurance expense 19,306 17,286 Provision for Staff Entitlements 8 19,644 6,294 Media and marketing expenses 25,564 24,618 Deferred Income 6 741,257 914,973 Programmes and production expenses 221,310 272,147 TOTAL NON-CURRENT LIABILITIES 760,901 921,267 Rent and Utilities 22,532 27,663 Contractor expenses 122,042 79,789 Administration expenses 82,290 88,916 1,581,583 1,441,000 Write-back of provisions - (40,000) 1,540,038 1,557,747 59,750 36,036 23,714 13,929 Accumulated surplus/(deficit) 59,750 36,036 TOTAL EQUITY 59,750 36,036 TOTAL EXPENDITURE SURPLUS/(DEFICIT) FROM OPERATIONS TOTAL LIABILITIES NET ASSETS EQUITY The accompanying Notes form part of these financial statements. The accompanying Notes form part of these financial statements. 26 27 ICE ANNUAL REPORT 2014 ICE ANNUAL REPORT 2014 Information and Cultural Exchange Inc. Notes Notes to and forming part of the financial statements For the year ended 31 December 2014 2 2014 2013 $___ $___ 6,000 6,000 6,000 6,000 Cash at Bank 653,725 388,431 Cash on Hand 486 600 654,211 389,031 184,337 55,190 AUDITOR'S REMUNERATION Remuneration of the Auditor for: - Auditing the financial statements STATEMENT OF ACCOUNTING POLICIES The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards (Including Australian Accounting Interpretations) and the Associations Incorporation Act 2009 (NSW). Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial statements containing relevant and reliable information about transactions, events and conditions to which they apply. Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless otherwise stated. The financial report has been prepared on an accruals basis and is based on historic costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. (A) INCORPORATED ASSOCIATION The services were incorporated on 1st May, 1986 as an incorporated Association, under the Associations Incorporated Act, 1984. The members liability is limited to the extent of any unpaid membership fees. (B) REVENUE RECOGNITION Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets as it is received. Grant and donation income is recognised when the entity obtains control over the funds which is generally at the time of receipt. Revenue from funding authorities received in advance is deferred to the period to which it relates and included as an accrual on the balance sheet. (C) INVENTORIES Inventories are measured at the lower of cost and net realisable value. (D) ECONOMIC DEPENDENCE Information and Cultural Exchange Inc. is dependent on the Arts NSW and Australia Council of Arts for the majority of its revenue used to operate the business. At the date of this report the Board of Management has no reason to believe the Arts NSW and Australia Council of Arts will not continue to support Information and Cultural Exchange Inc. (E) EMPLOYEE BENEFITS Provision is made for Long Service Leave and Annual Leave estimated to be payable to employees on the basis of statutory and contractual requirements. Provision is made for the payment of twelve (12) weeks maternity leave in accordance with pending staff agreements. The amounts provided have been apportioned between current and noncurrent, the current provision been the portion that is entitled to be paid within the next (12) months. Payroll on costs associated with leave entitlements are recognised as liabilities. Contributions are made by the Association to an employees' superannuation fund and are charged as expenses when incurred. (F) INCOME TAX The entity is exempt from income tax under Section 50-5 of the Income Tax Assessment Act 1997. (G) PROVISIONS Provisions are recognised when there is a present legal or constructive obligation as a result of past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. 28 3 4 CASH AND CASH EQUIVALENTS RECEIVABLES Trade Debtors Less: Provision for impairment of debtors 5 - - 184,337 55,190 - 7,340 Grant in Advance - Other 664,625 398,494 Unexpended Building Grant 741,257 914,973 1,405,882 1,313,467 22,390 35,412 22,390 35,412 Long Service Leave 8,644 1,080 Maternity Leave 11,000 5,214 19,644 6,294 INVENTORIES Current Books published available for sale Inventories are measured at the lower of cost and current replacement cost. 6 7 DEFERRED INCOME PROVISION FOR STAFF ENTITLEMENTS Current Liabilities Annual Leave 8 PROVISION FOR STAFF ENTITLEMENTS Non-Current Liabilities 29 ICE ANNUAL REPORT 2014 ICE ANNUAL REPORT 2014 Statement by Members of the Board Independent Audit Report 2013, 30 31
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