Odyssey House Annual Report 2010

Notes to the Financial Statements
Notes to the Financial Statements
for the Year Ended 30 June 2010
1 REPORTING ENTITY
Odyssey House McGrath Foundation (the ‘Foundation’) is a company domiciled in Australia. The address of the
company’s registered office is 13a Moonstone Place, Eagle Vale.
2 BASIS OF PREPARATION
a Statement of compliance
The concise financial report is an extract for the full financial report for the year ended 30 June 2010. The concise
financial report has been prepared in accordance with Accounting Standard AASB 1039: Concise Financial
Reports, and the Corporations Act 2001
The financial statements, specific disclosures and other information included in the concise financial report are
derived from, and are consistent with, the full financial report of Odyssey House McGrath Foundation. The
concise financial report cannot be expected to provided as detailed an understanding of the financial
performance, financial position and financing and investing activities of Odyssey House McGrath Foundation as
the full financial report. A copy of the full financial report and auditor’s report will be sent to any member, free of
charge, upon request.
The financial report of Odyssey House McGrath Foundation complies with all Australian equivalents to
International Financial Reporting Standards (AIFRS) in their entirety. The presentation currency used in this
concise financial report is Australian dollars.
The financial statements were approved by the Board of Directors on 18 October 2010.
b Basis of measurement
The financial statements have been prepared on the historical cost basis.
c Functional and presentation currency
These financial statements are presented in Australian dollars, which is the Foundation’s functional currency.
d Use of estimates and judgements
The preparation of financial statements requires management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported amounts of assets, liabilities, income and
expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised and in any future periods affected.
3 REVENUE
2010 2009
$ $
Donations 573,137 404,980
Grants 4,396,117 3,981,781
Treatment cost and fees 983,177 1,012,252
Fundraising income 525,127 428,041
Other income 169,934 195,926
Profit on disposal of property, plant and equipment 13,250 -
Odyssey House 40 Annual Report 2010
6,660,742 6,022,980