Annual Report 2010 - Berry Street

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BERRY STREET VICTORIA INC
Concise Financial Report
for the year ended 30 June 2010
DISCUSSION AND ANALYSIS OF THE FINANCIAL SUMMARY
Information on Berry Street Victoria Inc
Financial Summary
The financial summary presented in this Annual
Report has been derived from the Financial
Report of Berry Street Victoria Inc. for the year
ended 30 June 2010.
The discussion and analysis, together with the
financial summary has been included to provide
members with an overview of the financial
performance of Berry Street Victoria Inc for the
year ended 30 June 2010 and of its financial
position at 30 June 2010.
A copy of the full financial report and auditor’s
report is available, free of charge, upon request.
Income Statement
The profit for the year ended 30 June 2010 is
$4.2 million, compared to a profit of $0.7million
in the previous year. The major items contributing
to this result were:
Revenues:
• Government and other grants increased
by $9.6 million.
• Proceeds from bequests increased by
$0.7 million.
• Profit on sale of investments increased by
$0.7 million
Expenses:
• Employee benefits expense increased by
$4.5 million although, as a percentage of total
revenue, this reduced from 70% in 2009 to
65% in 2010.
• Rental expense increased by $0.5 million mainly
due to cessation of rental rebates in regard to
the North & West Metropolitan region office.
• Other expenses increased by $0.4 million due
to additional one off projects and payments to
partners in programs where Berry Street acted
as the lead agent.
• Client costs increased by $0.5 million due to
increased program delivery and additional
client needs.
Statement of Financial Position
Net Assets increased by $4.7 million to $33.7
million. The major changes were as follows:
• Non Current Financial Assets increased by
$5.4 million, due mainly to the investment
of additional funds.
• Short term and long term financial liabilities
increased by $0.6 million. Financial liabilities
comprise funding for motor vehicle leases
and the increase mainly relates to additional
vehicles required for new programs.
Statement of Changes in Equity
Total equity increased by $4.7 million representing
the profit for the year of $4.2 million and a $0.5
million increase in the financial assets revaluation
reserve.
Cash Flow Statement
There was a net increase of $1.9 million in cash
holdings during the year. The major changes in
cash movements during the year included the
following:
• Cash generated through operating activities
contributed $8.9 million, principally due to non
cash items totalling $4.7 million which form part
of operating expenses. These were predominantly
depreciation and amortisation and increases in
employee provisions. In addition the profit of $4.2
million detailed in the commentary on the
Income Statement above.
• Sale proceeds on property, plant and equipment,
net of expenditure, totalled $1.9 million.
• The increase in the investment portfolio, net of
sale proceeds totalled $5.0 million.
• Repayment of borrowings (Finance Lease Liabilities
for motor vehicles) totalled $3.9 million.