FINANCIAL

05 

06 

Financial report 

for the financial 

year ended 

30 June 2006 

ACN 108 391 831 

FINANCIAL REPORT

DIRECTOR’S REPORT 

The directors of Vision Australia submit the annual financial report of the company for 

the financial year ended 30 June 2006. In order to comply with the provisions of the 

Corporations Act 2001, the directors report as follows: 

The names and particulars of the directors during or since the end of the financial 

period are: 

Directors Name Particulars Date appointed Date resigned 

to the board from the Board 

June M Ashmore AM Retiree 11-May-04 21-Oct-05 

Grad Dip Physiotherapy 

R Keith Barton B.Sc, Ph.D Non Executive Director 11-May-04 

David C. H. Blyth AO Non Executive Director 11-May-04 

Malcolm C Daubney Non Executive Director 11-May-04 30-Jun-06 

CEng, F I Mar E (UK) 

Lynnette A Davis Sociologist / 11-May-04 25-Sep-05 

M.A. (Hons), Ph.D Retired Academic 

Maryanne Diamond Chief Executive Officer 11-May-04 

BSc Grad Dip IT 

Paul G Gleeson Partner-Russell Kennedy 11-May-04 

BSc, LLB, LLM 

Solicitors 

Timothy P Griffiths BBus General Manager – 20-May-05 

(SUT), Grad Cert Export Bionic Ear Institute 

(SUT) MBT (UNSW), ASA 

Graeme G. Innes AM Disability Discrimination 11-May-04 31-Dec-05 

LLB, FAICD 

Commissioner 

(Chair to 31 Dec 05) 

Michael J Janes OAM Non Executive Director 11-May-04 28-Jul-06 

BComm, FCPA, FCIS 

(Vice Chair to 28 July 06) 

Renae K Johnston, BA, Consultant & 21-Aug-06 

MBus (Mkt) 

Company Director 

Karen L Knight BA, Psychologist 18-Oct-05 

G.Dip.Psych, M.Psych.Ed 

Ronald C McCallum AO Professor of Law 09-Jan-06 

Ross A McColl 

Partner-Pricewaterhouse 30-Jun-06 

B.Econ (Mon), ACA Coopers 

Kevin F Murfitt BA (Hons), Disability Liaison Officer 11-May-04 

(Vice Chair to 31 Dec 05 then Chair) 

Lee A Smith BA Teacher 14-Nov-05 

Owen van der Wall Retired Banker / 11-May-04 

(Vice Chair from 31 Dec 05) Former Group Executive 

Company Secretaries: Gregory J Hempenstall, FCPA, FCIS, FAICD and 

Leslie F B Smith, BBS, MBA (Melb), CA (NZ), CPA 

Vision Australia Financial Report 2005/2006 1

Principal Activities 

The principal activities of Vision Australia were the provision of services, programs and 

goods to people who are blind or vision impaired. 

Review of Operations 

The operating surplus from ordinary activities was $8.876M (2005: deficit $4.330m). 

Revenue from ordinary activities for the year was $65.305M (2005: $57.518M). 

The major sources of income were: Legacies, bequests and donations $26.194M, 

Government Grants & Subsidies (Commonwealth and State) $25.272M and revenue 

from the sale of goods $5.927M. Other income for the year of $5.045M resulted mainly 

from realising gains on disposal of investments. 

Operating expenditure for the year was $61.474M. The major items of expenditure were: 

Client Services and Information and Library Information Services $47.801M, Fundraising 

$7.270M and Corporate Services $6.229M. 

There were no contributions arising from a scheme of arrangement in the year 

(2005: $172.750M). 

As at 1 July 2005 Vision Australia, the parent entity, merged with its wholly owned 

subsidiary National Information and Library Service (NILS). 

During the year the Board received advice from professional valuers, which led it to alter 

the carrying value of Land and Buildings acquired at merger date 5 July 2004. Refer 

Note 30. The effect of this adjustment was to increase the carrying value of Land and 

Buildings by $4.072M. There is an associated minor adjustment to the depreciation 

charged in 2004/05. 

Changes in state of affairs 

During the year there was no significant change in the state of affairs of the consolidated 

entity other than that referred to in the financial statements or notes thereto. 

In November 2005 the company received consent from ASIC to have Limited removed 

from its name. Consequently the company’s name is Vision Australia. 

Subsequent events 

There has not been any matter or circumstance, other than that referred to in the 

financial statements or notes thereto, that has arisen since the end of the financial year, 

that has significantly affected, or may significantly affect, the operations of the 

consolidated entity, the results of those operations, or the state of affairs of the 

consolidated entity in future years. 

Future developments 

During the year the Board adopted a Strategic Plan for 2006-2008. This Plan is publicly 

available and focuses on improving the quality and reach of services. A significant 

2 Vision Australia Financial Report 2005/2006

enhancement to the services offered will be the conversion of the accessible library to a 

digital format. New centres are planned and additional orientation and mobility training 

is to be offered. 

Indemnification of officers and auditors 

During or since the end of the financial year, Vision Australia has paid, or agreed to pay, 

premiums in respect of contracts of insurance, insuring directors and officers (and any 

persons who are officers in the future) against certain liabilities incurred in that capacity. 

No indemnities have been given or insurance premium paid, during or since the end of 

the financial year, for any person who is or has been an auditor of Vision Australia. 

Corporate Governance 

The Board of Directors of Vision Australia is responsible for the corporate governance of 

the consolidated entity. The Board guides and monitors the business and affairs on 

behalf of the members to whom they are accountable. 

Composition of the Board 

The Board consists of up to twelve persons. During the period from the date of 

registration until the second annual general meeting of members at least fifty percent 

of the Board, including the Chair, must be persons who are blind or vision impaired. 

All Directors are non-executive Directors. The Board comprises Directors with an 

appropriate range of qualifications and knowledge of business, law, marketing, sensory 

loss and disability and consumer issues. 

Directors act in a voluntary capacity. In limited cases, Directors or their firms may act in 

a professional capacity for Vision Australia. In such cases the nature of the work and the 

remuneration are subject to approval by the Board. 

Board Responsibilities 

The Board acts on behalf of and is accountable to the members. The Board identifies 

the expectations of members and monitors changes in Government policy and 

community expectations. 

The Corporations Act 2001 and Vision Australia’s Constitution govern the regulation of 

meetings and proceedings of the Board as far as the Constitution is applicable. 

The role of the Board and its relationship with management is governed by a Board 

agreed Charter. 

The responsibility for operation and administration is delegated by the Board to the 

Chief Executive Officer (CEO). The Board, CEO and Management Team set the 

corporate strategic direction. 

The Board meets monthly and monitors the achievement of service targets and financial 

objectives against budget. 


Board Committees 

To maximise its efficiency and effectiveness the Board has formed a number of subcommittees 

that consider specific areas of Vision Australia’s activities and report back to 

the Board. Each Committee operates under its own Board approved Charter. The Chair 

of the Board is an ex officio member of each Committee. 

Audit, Finance and Business Risk Committee 

The primary roles of the Committee are to provide strategic advice to management and 

to monitor and review, on behalf of the Board, the effectiveness of the control 

environment in Vision Australia in the areas of operational and balance sheet risk, 

legal/regulatory compliance and financial reporting. The overriding objective of the 

Committee is to provide an independent and objective review of the financial and other 

information prepared by management, in particular that to be provided to members 

and/or filed with regulators. 

The Committee also reviews the adequacy and scope of the audit plans of the external 

and internal auditors. 

Members of the Committee are Paul Gleeson (Chair), Timothy Griffiths, Ross McColl, 

Owen van der Wall and Roger Zimmerman (who has been co-opted onto the 

Committee). 

Human Resources Committee 

The primary role of this Committee is to provide an efficient mechanism for reviewing, 

assessing and recommending to the Board remuneration policies and procedures whilst 

overseeing the general remuneration strategy of the company. 

Members of the Committee are R. Keith Barton (Chair), Maryanne Diamond (who 

replaced Lynnette Davis) and Ron McCallum (who replaced Graeme Innes). 

Client Services Committee 

The primary role of the Committee is to monitor review and recommend to the Board 

policies and practices of client service that are consistent with community expectations 

and the Mission of Vision Australia. 

The Committee is additionally responsible for the audit, monitoring and reviewing of the 

services delivered. 

Members of the Committee are David Blyth (Chair), Karen Knight (who replaced 

Maryanne Diamond), Kevin Murfitt (who replaced Graeme Innes) and Lee Smith (who 

replaced June Ashmore). 

National Information and Library Service Committee 

The primary role of this Committee is to monitor review and recommend to the Board 

policies and practices of National Information and Library Service are consistent with 

community expectations and the Mission of Vision Australia. 


The Committee is additionally responsible for the audit, monitoring and reviewing of the 

services delivered. 

Note that this Committee merged with the Client Services Committee with effect from 

March 2006. 

Members of the Committee were Kevin Murfitt (who replaced Lynnette Davis as Chair), 

Malcolm Daubney, Michael Janes, David Blyth and Graeme Innes. 

Additional Committees 

In the year the Board established two Committees to assist it with specific time defined 

projects. One committee is charged with overseeing the assessment of the company’s 

property holdings. This is the Property Committee and its membership is a combination 

of Board members and staff. The other Committee is charged with overseeing the 

conduct of the capital fundraising campaign. This is the Capital Appeal Committee and 

its membership is a combination of Board members, external consultants and staff. 

Service Monitoring and Customer Outcomes 

Client Representative Council 

The Client Representative Council is elected by clients of Vision Australia to 

independently represent the needs and views of the clients. 

This Body is the peak internal consumer body and it will interact with, but remain 

separate from the Board. 

This Body operates under a Charter that has been approved by the Board. The Board 

shall receive and consider any recommendation and advice given by the Body but shall 

not be bound by any such recommendations or advice. The Body, in consultation with 

the Chair of the Board, will annually nominate two Board members to join the Body and 

represent its views to the Board. The current Board representatives are Kevin Murfitt and 

Karen Knight. 


Directors’ meetings 

The following table sets out the number of directors’ meetings held during the financial year and the number of meetings attended by each director 

(while they were a director). During the financial year, 11 board meetings, 14 Audit Finance and Business Risk Committee meetings, 7 Human 

Resources Committee meetings, 6 Client Service Committee meetings and 5 Information and Library Service Committee meetings were held. 

Directors Board of Directors Audit, Finance & Human Resources Client Services National Information 

Business Risk and Library Service 

Could have Attended Could have Attended Could have Attended Could have Attended Could have Attended 

attended attended attended attended attended 

Mrs June M Ashmore AM 3 2 1 1 

Dr R Keith Barton 11 8 7 7 

Mr David C H Blyth AO 11 11 6 6 5 4 

Mr Malcolm C Daubney 11 9 6 4 5 5 

Dr Lynnette A Davis 3 1 3 1 2 1 

Mrs Maryanne Diamond 11 10 2 2 2 1 

Mr Paul G Gleeson 11 7 14 13 

Mr Timothy P Griffiths 11 7 14 12 

Mr Graeme G Innes AM 6 6 5 4 1 0 4 2 

Mr Michael J Janes OAM 11 11 7 7 5 3 

Ms Renae Johnston 0 0 

Ms Karen L Knight 8 7 4 4 

Prof. Ronald C McCallum AO5 5 

Mr Ross A McColl 0 0 10 9 

Mr Kevin F Murfitt 11 11 

Ms Lee A Smith 7 6 4 4 

Mr Owen van der Wall 11 9 14 12 


Auditor’s independence declaration 

The auditor’s independence declaration is included after the directors’ declaration in the 

financial report. 

Rounding off of amounts 

The company is a company of the kind referred to in ASIC Class Order 98/0100, dated 

10 July 1998, and in accordance with that Class Order amounts in the directors’ report 

and the financial report are rounded off to the nearest thousand dollars, unless 

otherwise indicated. 

Signed in accordance with a resolution of the directors made pursuant to s.298(2) of the 

Corporations Act 2001. 

On behalf of the directors: 

Kevin F Murfitt 

Owen van der Wall 

Director 

Director 

Sydney Australia 

Sydney Australia 

29 September 2006 29 September 2006 


INCOME STATEMENT FOR THE FINANCIAL YEAR 

ENDED 30 JUNE 2006 

Consolidated Company 

Note 2006 2005 2006 2005 

$’000 $’000 $’000 $’000 

Revenue 2(a) 65,305 57,518 63,153 53,514 

Other income 2(c) 5,045 509 3,088 (154) 

Raw materials and consumables used (3,612) (3,768) (3,612) (2,677) 

Employee benefits expense (38,461) (39,786) (38,461) (33,853) 

Depreciation and amortisation expense (3,270) (2,997) (3,270) (2,614) 

Occupancy expense (3,056) (3,011) (3,056) (2,993) 

Communications expense (1,617) (1,681) (1,617) (1,526) 

Transport expense (1,833) (2,147) (1,833) (1,946) 

Administration expense (3,032) (2,931) (3,032) (3,308) 

Impairment of non-current assets (174) - (174) - 

Forgiveness of liability – - - - (5,666) 

RVIB Foundation 

Related party doubtful debt - - - (3,667) 

Other expenses (6,419) (6,036) (6,233) (4,962) 

Surplus/(Deficit) from ordinary 2 8,876 (4,330) 4,953 (9,852) 

activities 

Contribution to National Information - - (2,133) - 

and Library Service 

Contribution arising from the scheme - 172,750 - 149,153 

of arrangement 

Net Surplus 8,876 168,420 2,820 139,301 

The accompanying notes form part of these financial statements. 


BALANCE SHEET AS AT 30 JUNE 2006 

Current assets 


Note 2006 2005 2006 2005 

$’000 $’000 $’000 $’000 

Cash and cash equivalents 27(a) 6,818 3,106 2,160 54 

Trade and other receivables 5 2,717 7,844 28,294 7,001 

Other financial assets 6 12,116 7,725 12,116 7,518 

Inventories 7 1,892 1,399 1,892 1,009 

Other 8 258 90 258 51 

Total current assets 23,801 20,164 44,720 15,633 

Non-current assets 

Trade and other receivables 9 98 - 98 - 

Other financial assets 10 58,739 53,283 - 26,930 

Property, plant and equipment 11 101,889 103,307 101,889 101,870 

Investment property 12 5,969 5,980 5,969 5,980 

Other intangible assets 13 1,667 1,071 1,667 815 

Total non-current assets 168,362 163,641 109,623 135,595 

Total assets 192,163 183,805 154,343 151,228 

Current liabilities 

Trade and other payables 14 5,235 3,785 5,224 3,249 

Provisions 15 5,801 6,211 5,801 5,436 

Other 16 417 427 418 361 

Total current liabilities 11,453 10,423 11,443 9,046 

Non-current liabilities 

Other financial liabilities 

Provisions 17 697 819 697 673 

Other 18 82 82 82 82 

Total non-current liabilities 779 901 779 755 

Total liabilities 12,232 11,324 12,222 9,801 

Net assets 179,931 172,481 142,121 141,427 

Equity 

Retained surplus 21 177,296 168,420 142,121 139,301 

Reserves 20 2,635 4,061 - 2,126 

Total equity 179,931 172,481 142,121 141,427 



STATEMENT OF CHANGES IN EQUITY FOR THE 

FINANCIAL YEAR ENDED 30 JUNE 2006 


Note Retained Reserves Retained Reserve 

Surplus 

Surplus 

$’000 $’000 $’000 $’000 

Balance at 1 July 2004 - - - - 

Gains in revaluation of investments - 4,061 - 2,126 

Net income recognised directly in equity - 4,061 - 2,126 

Surplus for year 168,420 - 139,301 - 

Total recognised income and expense 168,420 4,061 139,301 2,126 

for the year 

Balance at 1 July 2005 168,420 4,061 139,301 2,126 

Effect of change in accounting policy - - - - 

As restated 168,420 4,061 139,301 2,126 

Gain/(loss) on available for sale 20 - (1,426) - 2,437 

investments 

Net Income recognised directly in equity - (1,426) - 2,437 

Surplus for year 8,876 - 2,820 - 

Total recognised income and expense 8,876 (1,426) 2,820 2,437 

for the year 

Transfer to Vision Australia Trust - - - (4,563) 

Balance at 30 June 2006 177,296 2,635 142,121 - 



CASHFLOW STATEMENT FOR THE FINANCIAL YEAR 

ENDED 30 JUNE 2006 

Cash flows from operating activities 


Note 2006 2005 2006 2005 

$’000 $’000 $’000 $’000 

Cash receipts from operations 59,024 56,100 58,129 57,994 

Interest received 3,492 2,304 2,683 1,505 

Dividends received 1,454 2,021 121 701 

Payments to suppliers and employees (58,032) (63,900) (57,889) (63,691) 

Borrowing costs (63) (61) (63) (56) 

Net cash provided by/(used in) 27 5,875 (3,536) 2,981 (3,547) 

operating activities 

Cash flows from investing activities 

Payment for property, plant and equipment (5,286) (5,674) (5,286) (5,730) 

Payment for intangible assets (1,119) (644) (1,119) (118) 

Payment for Investments (59,095) (11,542) (6,125) (1,525) 

Proceeds from sale of property, plant 3,597 3,369 3,597 3,369 

and equipment 

Proceeds from sale of investments 53,615 5,483 1,695 - 

Proceeds from nursing home sale 6,125 6,125 6,125 6,125 

Net cash (used in)/provided by investing (2,163) (2,883) (1,113) 2,121 

activities 

Cash flows from financing activities 

Cash contribution provided by merged - 9,525 - 1,480 

businesses 

Cash contribution provided on NILS transfer - - 238 - 

Net cash provided by/(used in) financing - 9,525 238 1,480 

activities 

Net increase in cash and cash equivalents 3,712 3,106 2,106 54 

Cash and cash equivalents at the 3,106 - 54 - 

beginning of the financial year 

Cash and cash equivalents at the end 27 6,818 3,106 2,160 54 

of the financial year 



NOTES TO THE FINANCIAL STATEMENTS 

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2006 

Note 1: 

Summary of accounting policies 

Statement of compliance 

The financial report is a general purpose financial report which has been prepared in 

accordance with the Corporations Act 2001, Accounting Standards and Urgent Issues 

Group Interpretations, and complies with other requirements of the law. Accounting 

Standards include Australian equivalents to International Financial Reporting Standards 

(‘A-IFRS’). Compliance with the A-IFRS ensures that the consolidated financial 

statements and notes of the consolidated entity comply with International Financial 

Reporting Standards (‘IFRS’). The parent entity financial statements and notes also 

comply with IFRS except for the disclosure requirements in IAS 32 ‘Financial 

Instruments: Disclosure and Presentation’ as the Australian equivalent Accounting 

Standard, AASB 132 ‘Financial Instruments: Disclosure and Presentation’ does not 

require such disclosures to be presented by the parent entity where its separate 

financial statements are presented together with the consolidated financial statements of 

the consolidated entity. 

The financial statements were authorised for issue by the directors on 29 September 2006. 

Basis of preparation 

The financial report has been prepared on the basis of historical cost, except for the 

revaluation of certain non-current assets and financial instruments. Cost is based on the 

fair values of the consideration given in exchange for assets. 

In the application of A-IFRS management is required to make judgments, estimates and 

assumptions about carrying values of assets and liabilities that are not readily apparent 

from other sources. The estimates and associated assumptions are based on historical 

experience and various other factors that are believed to be reasonable under the 

circumstance, the results of which form the basis of making the judgments. Actual 

results may differ from these estimates. 

The 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 if 

the revision affects only that period, or in the period of the revision and future periods if 

the revision affects both current and future periods. 

Judgments made by management in the application of A-IFRS that have significant 

effects on the financial statements and estimates with a significant risk of material 

adjustments in the next year are disclosed, where applicable, in the relevant notes to the 

financial statements. 

Accounting policies are selected and applied in a manner which ensures that the 

resulting financial information satisfies the concepts of relevance and reliability, thereby 

ensuring that the substance of the underlying transactions or other events is reported. 




Note 1: 

Summary of accounting policies (continued) 

The consolidated entity changed its accounting policies on 1 July 2005 to comply with 

A-IFRS. The transition to A-IFRS is accounted for in accordance with Accounting 

Standard AASB 1 ‘First-time Adoption of Australian Equivalents to International Financial 

Reporting Standards’, with 1 January 2005 as the date of transition. An explanation of 

how the transition from superseded policies to A-IFRS has affected the company’s and 

consolidated entity’s financial position, financial performance and cash flows is 

discussed in note 29. 

The accounting policies set out below have been applied in preparing the financial 

statements for the year ended 30 June 2006 and the comparative information presented 

in these financial statements for the year ended 30 June 2005. 

The following significant accounting policies have been adopted in the preparation and 

presentation of the financial report: 

(a) Cash and cash equivalents 

Cash and cash equivalents comprise cash on hand, cash in banks and investments 

in money market instruments, net of outstanding bank overdrafts. Bank overdrafts 

are shown within borrowings in current liabilities in the balance sheet. 

(b) Date of incorporation 

The company was incorporated on 11 May 2004 and commenced trading at 

midnight on 5 July 2004. Accordingly figures covering the period from incorporation 

to 30 June 2005 are shown in the prior period columns. 

(c) Employee benefits 

Provision is made for benefits accruing to employees in respect of wages and 

salaries, annual leave and long service leave when it is probable that settlement will 

be required and they are capable of being measured reliably. 

Provisions made in respect of employee benefits expected to be settled within 12 

months, are measured at their nominal values using the remuneration rate expected 

to apply at the time of settlement. 

Provisions made in respect of employee benefits, which are not expected to be 

settled within 12 months, are measured as the present value of the estimated future 

cash outflows to be made by the consolidated entity in respect of services provided 

by employees up to reporting date. 

Defined contribution plans 

Contributions to defined contribution superannuation plans are expensed when 

incurred. 




Note 1: 


Defined benefit plans 

As sufficient information is not available to use defined benefit accounting and the 

defined benefit plan is a multi-employer plan, the defined benefit plan will be 

accounted for as if it were a defined contribution plan. 

(d) Financial assets 

Investments are recognised and derecognised on trade date where purchase or sale 

of an investment is under a contract whose terms require delivery of the investment 

within the timeframe established by the market concerned, and are initially measured 

at fair value, net of transaction costs. 

Subsequent to initial recognition, investments in subsidiaries are measured at cost. 

Subsequent to initial recognition, investments in associates are accounted for under 

the equity method in the consolidated financial statements and the cost method in 

the company financial statements. 

Other financial assets are classified into the following specified categories: ‘availablefor-sale’ 

financial assets, and ‘loans and receivables’. The classification depends on 

the nature and purpose of the financial assets and is determined at the time of initial 

recognition. 

Available-for-sale financial assets 

Certain shares and convertible notes held by the consolidated entity are classified as 

being available-for-sale and are stated at fair value less impairment. Gains and 

losses arising from changes in fair value are recognised directly in the available-forsale 

revaluation reserve, until the investment is disposed of or is determined to be 

impaired, at which time the cumulative gain or loss previously recognised in the 

available-for-sale revaluation reserve is included in profit or loss for the period. 

Loans and receivables 

Trade receivables, loans, and other receivables are recorded at amortised cost less 

impairment. 

(e) Goods and services tax 

Revenues, expenses and assets are recognised net of the amount of goods and 

services tax (GST), except: 

i. where the amount of GST incurred is not recoverable from the taxation authority, it 

is recognised as part of the cost of acquisition of an asset or as part of an item of 

expense; or 

ii. for receivables and payables which are recognised inclusive of GST. 




Note 1: 


The net amount of GST recoverable from, or payable to, the taxation authority is 

included as part of receivables or payables. 

Cash flows are included in the cash flow statement on a gross basis. The GST 

component of cash flows arising from investing and financing activities which is 

recoverable from, or payable to, the taxation authority is classified as operating cash 

flows. 

(f) Impairment of assets 

At each reporting date, the consolidated entity reviews the carrying amounts of its 

tangible and intangible assets to determine whether there is any indication that those 

assets have suffered an impairment loss. If any such indication exists, the 

recoverable amount of the asset is estimated in order to determine the extent of the 

impairment loss (if any). Where the asset does not generate cash flows that are 

independent from other assets, the consolidated entity estimates the recoverable 

amount of the cash-generating unit to which the asset belongs. 

(g) Intangible assets 

Intangible assets are stated at cost less accumulated amortisation and impairment, 

and are amortised on a straight-line basis over their useful lives as follows: 

• Audio Masters 5 years 

• Computer Software 3 years 

(h) Inventories 

Inventories are valued at the lower of cost and net realisable value. Costs, including 

an appropriate portion of fixed and variable overhead expenses, are assigned to 

inventory on hand by the method most appropriate to each particular class of 

inventory, with the majority being valued on a first in first out basis. Net realisable 

value represents the estimated selling price less all estimated costs of completion 

and costs to be incurred in marketing, selling and distribution. 

(i) Investment property 

Investment property, which is property held to earn rentals and/or for capital 

appreciation, is measured at cost less accumulated depreciation and impairment. 

Cost includes expenditure that is directly attributable to the acquisition of the item. In 

the event that settlement of all or part of the purchase consideration is deferred, cost 

is determined by discounting the amounts payable in the future to their present value 

as at the date of acquisition. 




Note 1: 


Depreciation is provided on investment property, including freehold buildings but 

excluding land. Depreciation is calculated on a straight line basis so as to write off 

the net cost or other revalued amount of each asset over its expected useful life to its 

estimated residual value. 

(j) Income tax 

Under Section 50-5 of the Income Tax Assessment Act 1997, the consolidated entity 

is exempt from income tax. 

(k) Leased assets 

Leases are classified as finance leases whenever the terms of the lease transfer 

substantially all the risks and rewards of ownership to the lessee. All other leases are 

classified as operating leases. 

Rental income from operating leases is recognised on a straight line basis over the 

term of the relevant lease. 

Consolidated entity as lessee 

Operating lease payments are recognised as an expense on a straight-line basis 

over the lease term, except where another systematic basis is more representative of 

the time pattern in which economic benefits from the leased asset are consumed. 

(l) Payables 

Trade payables and other accounts payable are recognised when the consolidated 

entity becomes obliged to make future payments resulting from the purchase of 

goods and services. 

(m)Principles of consolidation 

The consolidated financial statements are prepared by combining the financial 

statements of all the entities that comprise the consolidated entity, being the 

company (the parent entity) and its subsidiaries as defined in Accounting Standard 

AASB 127 ‘Consolidated and Separate Financial Statements’. A list of subsidiaries 

appears in note 24 to the financial statements. Consistent accounting policies are 

employed in the preparation and presentation of the consolidated financial statements. 

On acquisition, the assets, liabilities and contingent liabilities of a subsidiary are 

measured at their fair values at the date of acquisition. Any excess of the cost of 

acquisition over the fair values of the identifiable net assets acquired is recognised 

as goodwill. If, after reassessment, the fair values of the identifiable net assets 

acquired exceed the cost of acquisition, the deficiency is credited to profit and loss 

in the period of acquisition. 




Note 1: 


The consolidated financial statements include the information and results of each 

subsidiary from the date on which the company obtains control and until such time 

as the company ceases to control such entity. 

In preparing the consolidated financial statements, all intercompany balances and 

transactions, and unrealised profits arising within the consolidated entity are 

eliminated in full. 

(n) Property, plant and equipment 

Land is measured at cost. Buildings, Leasehold buildings, plant and equipment, 

motor vehicles and computers are stated at cost less accumulated depreciation and 

impairment. For land and buildings acquired at merger date, deemed cost is the fair 

value of the assets transferred. For all assets acquired since merger date cost 

includes expenditure that is directly attributable to the acquisition of the item. In the 

event that settlement of all or part of the purchase consideration is deferred, cost is 

determined by discounting the amounts payable in the future to their present value 

as at the date of acquisition. 

Depreciation is provided on property, plant and equipment, including freehold 

buildings but excluding land. Depreciation is calculated on a straight line basis so as 

to write off the net cost or other revalued amount of each asset over its expected 

useful life to its estimated residual value. Leasehold improvements are depreciated 

over the period of the lease or estimated useful life, whichever is the shorter, using 

the straight line method. The estimated useful lives, residual values and depreciation 

method are reviewed at the end of each annual reporting period. 

The following estimated rates are used in the calculation of depreciation: 

Buildings and Leasehold Buildings 2% 

Computer Equipment and Software 20-30% 

Furniture, Plant & Equipment 10-20% 

Motor Vehicles 15-20% 

(o) Provisions 

Provisions are recognised when the consolidated entity has a present obligation, the 

future sacrifice of economic benefits is probable, and the amount of the provision 

can be measured reliably. 

The amount recognised as a provision is the best estimate of the consideration 

required to settle the present obligation at reporting date, taking into account the 

risks and uncertainties surrounding the obligation. Where a provision is measured 

using the cashflows estimated to settle the present obligation, its carrying amount is 

the present value of those cashflows. 




Note 1: 


When some or all of the economic benefits required to settle a provision are 

expected to be recovered from a third party, the receivable is recognised as an asset 

if it is virtually certain that recovery will be received and the amount of the receivable 

can be measured reliably. 

(p) Revenue recognition 

Revenue: General and Specific Grant Income 

General grant revenue is recognised at the time of receipt. Where specifically 

designated grant revenue and the designated expenditure for such grants during the 

year has not occurred or is incomplete and there may be an obligation to repay, the 

resulting amount is carried forward and will be brought to account in future years as 

the funds are expended. 

Donations, Bequests and Estates 

Revenue from estates is recognised when the consolidated entity gains control of the 

contribution. The deemed cost of marketable securities is the market value of such 

securities at the date of transfer. Revenue from specifically designated bequests, 

where the designated expenditure for such bequests during the year has not 

occurred or is incomplete, and where there is an obligation to repay the funds, the 

resulting amount will be transferred to a reserve and will be brought to account in 

future years as the funds are expended. Revenue from donations is recognised at 

the time of receipt. 

Fundraising 

Revenue in relation to fundraising is recognised at the time the funds are received. 

Sale of Goods and Disposal of Assets 

Revenue from the sale of goods and disposal of other assets is recognised when the 

consolidated entity has transferred to the buyer the significant risks and rewards of 

ownership of the goods. 

Rendering of Services 

Revenue from a contract to provide to provide services is recognised by reference to 

the stage of completion of the contract. 

Contributions of Assets 

Revenue arising from the contribution of assets is recognised by reference to the 

stage of completion of the contract. 

Liabilities Forgiven 

The gross amount of liability forgiven by a creditor is recognised as revenue. 




Note 1: 


Investment Income 

Dividend revenue is recognised on a receivable basis. Interest revenue is recognised 

on a time proportionate basis that takes into account the effective yield on the 

financial asset. Profit and loss from the sale of investments is recorded at the time of 

sale. 

Other Income 

Income is recognised to the extent that it is probable that the economic benefits will 

flow to the entity and the income can be reliably measured. 

(q) Comparative information – financial instruments 

The consolidated entity has elected not to restate comparative information for 

financial instruments within the scope of Accounting Standards AASB 132 ‘Financial 

Instruments: Disclosure and Presentation’ and AASB 139 ‘Financial Instruments: 

Recognition and Measurement’, as permitted on the first-time adoption of A-IFRS. 

The accounting policies applied to accounting for financial instruments in the current 

financial year are detailed in notes 1(a) to (p). The following accounting policies were 

applied to accounting for financial instruments in the comparative financial year: 

(a) Accounts payable 

Trade payables and other accounts payable are recognised when the 

consolidated entity becomes obliged to make future payments resulting from the 

purchase of goods and services. 

(b) Investments 

Investments other than investments in subsidiaries, associates and joint venture 

entities are recorded at fair value. 

(c) Receivables 

Trade receivables and other receivables are recorded at amounts due less any 

allowance for doubtful debts. 

Bills of exchange are recorded at amortised cost, with revenue recognised on an 

effective yield basis. 





2006 2005 2006 2005 

$’000 $’000 $’000 $’000 

Note 2: 

Net surplus from operations 

(a) Revenue 

Revenue from continuing operations consisted of the following items: 

Revenue from the sale of goods 5,927 5,585 5,927 4,448 

Commonwealth Government Grant Income 5,525 4,554 5,525 3,637 

State Government Grant Income 19,747 19,727 19,747 18,076 

Legacies, bequests and donations 26,194 19,074 26,184 16,391 

Service revenue 1,359 3,018 1,359 2,124 

Rental revenue 486 521 486 770 

RVIB Foundation Grant - - - 4,668 

Interest revenue 3,665 2,304 2,856 1,505 

Dividend revenue 1,454 2,021 121 701 

Other revenue 948 714 948 1,194 

65,305 57,518 63,153 53,514 

(b) Expenditure 

Expenditure from continuing operations consisted of the following items: 

Client services and Library and 47,801 47,306 47,801 39,207 

Information Service 

Fundraising 7,270 5,517 7,270 5,517 

Corporate services 6,229 5,279 6,043 4,912 

Integration expenses - 4,255 - 4,243 

Impairment charge 174 - 174 - 

Forgiveness of liability – RVIB Foundation - - - 5,666 

Related party doubtful debts - - - 3,667 

61,474 62,357 61,288 63,212 




Note 2: 

Net surplus from operations (continued) 


2006 2005 2006 2005 

$’000 $’000 $’000 $’000 

(c) Net surplus 

Net surplus has been arrived at after crediting/(charging) the following gains and losses 

from continuing operations: 

Gain/(loss) on disposal of property, plant (579) 697 (579) - 

and equipment 

Gain/(loss) on disposal of investments 5,624 (188) - (154) 

Write-back of provision for related party - - 3,667 - 

doubtful debts 

5,045 509 3,088 (154) 

Net surplus has been arrived at after charging the following expenses from continuing 

operations: 

Cost of sales 3,612 3,768 3,612 2,677 

Finance costs 

Other finance costs 63 61 63 56 

63 61 63 56 

Net bad and doubtful debts arising from: 

Other related parties - - - 3,667 

Other entities 122 13 122 5 

122 13 122 3,672 

Depreciation of buildings 528 473 528 462 

Depreciation of investment property 11 11 11 11 

Depreciation of plant & equipment, furniture 694 666 694 576 

& fittings 

Depreciation of motor vehicles 1,021 777 1,021 777 

Depreciation of computers 493 736 493 550 

Amortisation of non-current assets 523 334 523 238 

3,270 2,997 3,270 2,614 




Note 2: 

Net surplus from operations (continued) 


2006 2005 2006 2005 

$’000 $’000 $’000 $’000 

Operating lease rental expenses: 

Minimum lease payments 1,493 1,504 1,493 1,487 

Sub-lease payments received (110) - (110) - 

1,383 1,504 1,383 1,487 

Operating lease rental revenue: 

Investment properties 88 85 88 85 

88 85 88 85 

Employee Benefit Expense: 

Post employment benefits: 

- Defined Contribution Plans 3,135 2,368 3,135 1,900 

3,135 2,368 3,135 1,900 

Termination benefits 602 2,299 602 2,299 

Other employee benefits 37,859 37,487 37,859 31,554 

38,461 39,786 38,461 33,853 




Consolidated 

2006 2005 

Note 3: 

Key management personnel remuneration 

The aggregate compensation of the key management personnel of the consolidated 

entity is set out below: 

Short term employee benefits 1,419,344 1,997,881 

Post employment benefits - - 

Other long term employee benefits 49,542 55,796 

Termination benefits 255,242 1,816,096 

Share-based payment - - 

1,724,128 3,869,773 

Short-term employee benefits have decreased from $1,997,881 in 2004/2005 to 

$1,419,344 in 2005/2006. This is due to the rationalisation of key management personnel 

as a result of the merger in 2004/2005. 


2006 2005 2006 2005 

Note 4: 

Remuneration of auditors 

Auditor of the parent company 

Audit or review of the financial report 164,650 137,000 135,800 123,300 

Other services – grant audits 56,700 33,000 56,700 33,000 

Other services – A-IFRS Consulting 20,000 - 20,000 - 

241,350 170,000 212,500 156,300 

Other auditors 

Internal audit 40,000 20,000 40,000 20,000 

40,000 20,000 40,000 20,000 

The auditor of Vision Australia is Deloitte Touche Tohmatsu. 





2006 2005 2006 2005 

$’000 $’000 $’000 $’000 

Note 5: 

Current trade and other receivables 

Trade receivables (i) 1,353 1,148 1,353 770 

Allowance for doubtful debts (180) (125) (180) (117) 

1,173 1,023 1,173 653 

Interest receivable 61 142 61 10 

Sundry debtors 1,428 6,577 1,386 6,266 

Related party receivable - - 25,619 3,667 

Allowance for related party doubtful debts - - - (3,667) 

Net goods and services tax (GST) recoverable 55 102 55 72 

2,717 7,844 28,294 7,001 

(i) 

The average credit period on sales of goods is 30 days. No interest is charged on the 

trade receivables. An allowance has been made for estimated irrecoverable amounts on 

the sale of goods and services, determined by reference to specific debtor balances. 

The movement in the allowance of $55,000 (company: $63,000) was recognised in the 

profit or loss of the current financial year. The allowance for related party doubtful debts was 

written back in the financial year ended 30 June 2006 when the related party loan was 

settled by the contribution of net assets from the National Information and Library Service. 

Note 6: 

Other current financial assets 

At fair value: 

Interest bearing deposits 12,116 7,518 12,116 7,518 

Bonds and notes - 207 - - 

12,116 7,725 12,116 7,518 

Note 7: Current inventories 

Raw materials at cost 106 273 106 273 

Work in progress at cost 73 63 73 63 

Finished goods at cost 1,713 1,063 1,713 673 

1,892 1,399 1,892 1,009 




Note 8: 

Other current assets 


2006 2005 2006 2005 

$’000 $’000 $’000 $’000 

Prepayments 258 90 258 51 

Note 9: 

Non current trade and other receivables 

258 90 258 51 

Sundry debtors 98 - 98 - 

98 - 98 - 

Note 10: Other non current financial assets 

At fair value: 

Available for sale: 

Managed trusts & funds 3,884 26,930 - 26,930 

Shares 40,194 13,565 - - 

Bills of exchange - 2,732 - - 

Preference shares - 731 - - 

Bonds and notes - 2,491 - - 

Fixed interest securities 14,661 6,834 - - 

58,739 53,283 - 26,930 




Note 11: Property, plant and equipment 

Consolidated 

Land at Buildings Furniture, plant Motor Computers Capital work Total 

cost and equipment vehicle at cost in progress 

at cost at cost 

$’000 $’000 $’000 $’000 $’000 $’000 $’000 

Gross carrying amount 

Balance transferred in from merged business 67,826 23,509 6,231 6,123 1,346 - 105,035 

Additions 395 137 281 4,223 900 - 5,936 

Disposals - (37) (2) (3,921) (38) - (3,998) 

Balance at 1 July 2005 68,221 23,609 6,510 6,425 2,208 - 106,973 

Additions 52 419 552 3,735 893 15 5,666 

Disposals (675) - (741) (3,588) - - (5,004) 

Balance at 30 June 2006 67,598 24,028 6,321 6,572 3,101 15 107,635 

Accumulated depreciation/amortisation and impairment 

Balance transferred in from merged business - (18) (831) (163) (443) - (1,455) 

Disposals - 3 2 406 30 - 441 

Depreciation expense - (473) (666) (777) (736) - (2,652) 

Balance at 1 July 2005 - (488) (1,495) (534) (1,149) - (3,666) 

Disposals - - 212 618 - - 830 

Impairment losses charged to profit (i) - (174) - - - - (174) 

Depreciation expense - (528) (694) (1,021) (493) - (2,736) 

Balance at 30 June 2006 - (1,190) (1,977) (937) (1,642) - (5,746) 

Net book value 

As at 30 June 2005 68,221 23,121 5,015 5,891 1,059 - 103,307 

As at 30 June 2006 67,598 22,838 4,344 5,635 1,459 15 101,889 




Company 

Land at Buildings Furniture, plant Motor Computers Capital work Total 

cost and equipment vehicle at cost in progress 

at cost at cost 

$’000 $’000 $’000 $’000 $’000 $’000 $’000 


Balance transferred in from merged business 67,826 22,893 4,713 6,123 670 - 102,225 

Additions 395 94 295 4,223 720 - 5,727 

Disposals - - (2) (3,921) (38) - (3,961) 

Balance at 1 July 2005 68,221 22,987 5,006 6,425 1,352 - 103,991 

Transfer in NILS assets - 622 1,504 - 856 - 2,982 

Additions 52 419 552 3,735 893 15 5,666 

Disposals (675) - (741) (3,588) - - (5,004) 

Balance at 30 June 2006 67,598 24,028 6,321 6,572 3,101 15 107,635 

Accumulated depreciation/amortisation and impairment 

Balance transferred in from merged business - - - (163) (31) - (194) 

Disposals - - 2 406 30 - 438 

Depreciation expense - (462) (576) (777) (550) - (2,365) 

Balance at 1 July 2005 - (462) (574) (534) (551) - (2,121) 

Transfer in NILS assets - (26) (921) - (598) - (1,545) 

Disposals - - 212 618 - - 830 

Impairment losses charged to profit (i) - (174) - - - - (174) 

Depreciation expense - (528) (694) (1,021) (493) - (2,736) 

Balance at 30 June 2006 - (1,190) (1,977) (937) (1,642) - (5,746) 


As at 30 June 2005 68,221 22,525 4,432 5,891 801 - 101,870 

As at 30 June 2006 67,598 22,838 4,344 5,635 1,459 15 101,889 




(i) 

Impairment losses are included in the line item impairment of non-current assets in the 

income statement. The impairment losses recognised during the year (2004/05: nil) 

relate to the write-down of buildings. 

A property review was undertaken and valuations were sought from an independent 

valuer for all land and buildings. During that review it was discovered that there were 

minor impairments among several buildings totalling $0.2m. This impairment was 

charged immediately to the income statement. 

Note 12: Investment property 


2006 2005 2006 2005 

$’000 $’000 $’000 $’000 


Balance at beginning of financial year 5,991 - 5,991 - 

Balance transferred in from merged business - 5,991 - 5,991 

Balance at end of financial year 5,991 5,991 5,991 5,991 

Accumulated depreciation/amortisation 

and impairment 

Balance at beginning of financial year (11) - (11) - 

Depreciation expense (11) (11) (11) (11) 

Balance at end of financial year (22) (11) (22) (11) 

Net book value 5,969 5,980 5,969 5,980 

The fair value of the consolidated entity’s investment properties at 30 June 2006 was 

$6.0m (30 June 2005: $6.0m). This value has been arrived at on the basis of a valuation 

carried out at that date by Charter Keck Cramer, independent valuers not related to the 

consolidated entity. The valuations, which conform to Australian Valuation Standards, 

were arrived at by reference to comparable sales data, adjusted for the unique attributes 

for each individual property. 




Note 13: Other intangible assets 


Consolidated 

Audio Computer Total 

Masters Software 

$’000 $’000 $’000 

Balance transferred in from merged entities - 1,310 1,310 

Additions 263 118 381 

Balance at 30 June 2005 263 1,428 1,691 

Additions 637 482 1,119 

Balance 30 June 2006 900 1,910 2,810 

Accumulation amortisation and impairment 

Balance transferred in from merged entities - (286) (286) 

Amortisation expense (i) (43) (291) (334) 

Balance at 30 June 2005 (43) (577) (620) 


Balance at 30 June 2006 (142) (1,001) (1,143) 


As at 30 June 2005 220 851 1,071 

As at 30 June 2006 758 909 1,667 




Note 13: Other intangible assets (continued) 


Company 

Audio Computer Total 

Masters Software 

$’000 $’000 $’000 

Balance transferred in from merged entities - 935 935 

Additions - 118 118 

Balance at 30 June 2005 - 1,053 1,053 

Transfer in from NILS 263 375 638 

Additions 637 482 1,119 

Balance 30 June 2006 900 1,910 2,810 

Accumulation amortisation and impairment 

Amortisation expense (i) - (238) (238) 

Balance at 30 June 2005 - (238) (238) 

Transfer in from NILS (43) (339) (382) 


Balance at 30 June 2006 (142) (1,001) (1,143) 


As at 30 June 2005 - 815 815 

Bs at 30 June 2006 758 909 1,667 

(i) 

Amortisation expense is included in the line item Depreciation and amortisation 

expense in the income statement. 




Note 14: Current trade and other payables 


2006 2005 2006 2005 

$’000 $’000 $’000 $’000 

Trade payables 1,877 - 1,877 - 

Other creditors and accrued expenses 3,358 3,785 3,347 3,249 

5,235 3,785 5,224 3,249 

Note 15: Current provisions 

Employee benefits 5,801 6,211 5,801 5,436 

5,801 6,211 5,801 5,436 

Note 16: Other current liabilities 

Income in advance 409 420 409 354 

Other 8 7 9 7 

417 427 418 361 

Note 17: Non-current provisions 

Employee benefits 697 819 697 673 

697 819 697 673 

Note 18: Other non-current liabilities 

Trusts & Funds 82 82 82 82 

82 82 82 82 

Note 19: Defined benefit superannuation plans 

Vision Australia is a member of Health Super Pty Ltd through which Vision Australia and 

25 of its employees contribute to a defined benefit superannuation plan. Employees 

contribute to the plan at either 3%, 4%, or 6% of salary and Vision Australia contributes 

6%, 6% and 10% for the contributory component of the plan and 9% for the basic benefit 

of the plan. 




Note 19: Defined benefit superannuation plans (continued) 

Under AASB 119 (Employee Benefits), Vision Australia is required to account for the 

surplus or deficit in the plan by recognising an asset or liability in the financial 

statements. However , as there is insufficient information available to adopt defined 

benefit accounting and the plan is a multi-employer plan, Vision Australia is able to 

account for the plan as if it were a defined contribution plan (refer Note 2) . 

The Fund Actuary has recommended that Health Super meets the definition of a defined 

benefit multi-employer plan under AASB119. As some of the members of the defined 

benefit section of the Fund are current and former employees of other employers, the 

Actuary does not believe there is sufficient information to allocate obligations, assets and 

costs between employers under AASB119. As a result, there are adequate grounds to 

adopt defined contribution accounting in respect of the defined section of the Fund. 

Vision Australia’s notional share of the excess net assets of the defined benefit 

superannuation plan at 30 June 2006 was $42,370. At 30 June 2005, the plan had an 

overall unfunded liability which Vision Australia’s notional share was $748,771. The 

notional allocation was based on the proportion of the current employee defined benefit 

vested benefits for the particular employer to the total defined benefit vested benefits for 

the members employed by participating defined benefit employers. The positive 

turnaround was due to strong investment returns during 2005/06. Health Super Pty Ltd 

has advised that contribution rates will remain unchanged in the 2006/07 financial year. 

Note 20: Reserves 


2006 2005 2006 2005 

$’000 $’000 $’000 $’000 

Asset revaluation 2,635 4,061 - 2,126 

Asset revaluation reserve 

2,635 4,061 - 2,126 


Revaluation increments/(decrements) (1,426) 4,061 2,437 2,126 

Transfer to Vision Australia Trust - - (4,563) - 

Balance at end of financial year 2,635 4,061 - 2,126 

The asset revaluation reserve arises on the revaluation of investments to market value. 




Note 21: Retained surplus 


2006 2005 2006 2005 

$’000 $’000 $’000 $’000 


Adjustments on adoption of accounting - - - - 

policies specified by AASB132 and AASB139 

(refer note 1(q)) 

Restated balance at beginning of financial 168,420 - 139,301 - 

year 

Contribution arising from the scheme of - 172,750 - 149,153 

arrangement 

Net surplus/(deficit) attributable to members 8,876 (4,330) 2,820 (9,852) 

of the parent entity 

Balance at end of financial year 177,296 168,420 142,121 139,301 

Note 22: Contingent liabilities and contingent assets 

Vision Australia has an agreement with the Department of State and Regional 

Development (Victoria) regarding the funding contributed by the Department for the 

construction of facilities available for community use in Bendigo. Should Vision Australia 

desire to sell, lease or use the project facilities for any other purpose in the next 8 years, 

it must first obtain written approval from the Minister. The agreement does not expressly 

impose an obligation to repay the funds advanced. An estimate of a repayment 

obligation, based upon mechanisms included in other similar funding agreements, 

would see the amount liable for repayment at $293,033 (2005: $341,872). At balance 

date, Vision Australia has every intention of providing community services from the site 

for the balance of the agreement period. 

Vision Australia has an agreement with the Department of Housing (Victoria) regarding 

the funding contributed by the Department for the construction of Independent Living 

Units at Shepparton. In the event that the agreement is terminated within the next 16 

years by Vision Australia, there will be an obligation to repay an amount representing the 

amortised proportion of the market value of the property based on a formula agreed with 

the Department of Housing (Victoria). The maximum amount at balance date, which 

Vision Australia could be liable for in the event of the agreement being terminated, is 

$504,000 (2005: $535,200). At balance date, Vision Australia does not believe it to be 

probable that the agreement will be terminated, nor is it Vision Australia’s intention. 




Note 23: Leases 

Disclosures for lessees 

Operating leases 

Leasing arrangements 

Operating leases relate to rental property, photocopier and computer leases. 


2006 2005 2006 2005 

$’000 $’000 $’000 $’000 

Non-cancellable operating lease payments 

Not longer than 1 year 1,130 1,116 1,130 1,107 

Longer than 1 year and not longer than 5 years 2,252 3,636 2,252 3,629 

Longer than 5 years 745 1,777 745 1,777 

4,127 6,529 4,127 6,513 

In respect of non-cancellable operating leases no liabilities have been recognised. 

Disclosures for lessors 

Operating leases 

Leasing arrangements 

Operating leases relate to rental property. 


2006 2005 2006 2005 

$’000 $’000 $’000 $’000 

Non-cancellable operating lease receivables 

Not longer than 1 year 328 266 328 266 

Longer than 1 year and not longer than 5 years 358 382 358 382 

Longer than 5 years 560 631 560 631 

1,246 1,279 1,246 1,279 




Note 24: Subsidiaries 

Name of entity Country of Ownership interest 

incorporation 2006 2005 

% % 

Parent entity 

Vision Australia 

Australia 

Subsidiaries 

RVIB Foundation Pty Ltd Australia 100% 100% 

RVIB Nominees Pty Ltd Australia 100% 100% 

Royal Victorian Institute for the Blind Ltd Australia 100% 100% 

Vision Australia Foundation Australia 100% 100% 

Royal Blind Society of New South Wales Australia 100% 100% 

National Information and Library Service Australia 100% 100% 

Louis Braille Productions Ltd Australia 100% 100% 

Australian Blindness Services Pty Ltd Australia 100% 100% 

RVIB Foundation (Charitable Trust) N/A 100% 100% 

Vision Australia Trust N/A 100% 100% 

Note 25: Related party disclosures 

(a) Ownership interests in related parties 

Equity interests in subsidiaries 

Details of the percentage of ordinary shares held in subsidiaries are disclosed in note 24 

to the financial statements. 

(b) Key management personnel remuneration 

Details of key management personnel remuneration are disclosed in note 4 to the 

financial statements. 

(c) Loan disclosures 

There were no loans between Vision Australia and it’s directors or executives. 




(d) Other transactions with specified directors 

Mr Paul Gleeson, a Director of Vision Australia, is a partner of the legal firm Russell 

Kennedy, which provides legal services to Vision Australia and its controlled entities on a 

normal commercial basis and, as such, shares in any legal fees and disbursements 

which that firm receives from Vision Australia. Legal fees and disbursements paid to 

Russell Kennedy during the financial year were $49,070. 

Mr. Kevin Murfitt rents a property from Vision Australia under normal commercial terms 

and conditions. 

Mrs. Renae Johnston, a director of Vision Australia, is also a director of The Deloitte 

Foundation, a philanthropic entity associated with Deloitte Touche Tohmatsu. 

Some directors receive services from Vision Australia as clients on a normal commercial 

basis and pay the applicable fees, if any, for those services. 

During or since the end of the financial year, Vision Australia has paid or agreed to pay 

premiums in respect of contracts of insurance, insuring directors & officers (and any 

persons who are officers in the future) against certain liabilities incurred in that capacity. 

(e) Transactions with other related parties 

Other related parties include: 

• subsidiaries; 

• key management personnel; 

• former key management personnel; and 

• other related parties. 

Details of write-downs of receivables in respect of transactions with these related parties 

are disclosed in Note 2 to the financial statements. No amounts were provided for 

doubtful debts relating to debts due from related parties at reporting date (2005: 

$5.666m). An amount of $3.667m (2005: Nil) was written back in relation to a related 

party doubtful debt which was settled on the contribution of net assets from the National 

Information & Library Service. 

Amounts receivable from and payable to these related parties are disclosed in Notes 2 

and 5 to the financial statements. All loans advanced to and payable to related parties 

are unsecured and subordinate to other liabilities. No interest is charged on any 

intercompany loans. 

(f) Parent entity 

The parent entity in the consolidated entity is Vision Australia. 




Note 26: Subsequent events 

No matter or circumstance has arisen since the end of the financial year to 30 June 2006 

that has significantly affected or may significantly affect: 

a) The operations in the financial year to 30 June 2006 of the consolidated entity 

b) The results of those operations 

c) The state of affairs in financial years after 30 June 2006 of the consolidated entity 

Note 27: Notes to the cash flow statement 

(a) Reconciliations of cash and cash equivalents 

For the purposes of the cash flow statement, cash and cash equivalents includes cash 

on hand and in banks and investments in money market instruments, net of outstanding 

bank overdrafts. Cash and cash equivalents at the end of the financial year as shown in 

the cash flow statement is reconciled to the related items in the balance sheet as follows: 


2006 2005 2006 2005 

$’000 $’000 $’000 $’000 

Cash and cash equivalents 6,818 3,106 2,160 54 

(b) Businesses acquired 

6,818 3,106 2,160 54 

During the current year, Vision Australia (company) received a contribution of the net 

assets of the National Information and Library Service. During the prior financial year the 

merged entity received a contribution as a result of a scheme of arrangement involving 

three companies. Details of the contribution are as follows: 

Consideration 

Fair value of net assets acquired 

Assets 

Cash - 9,525 238 1,480 

Receivables - 17,138 610 20,054 

Inventories - 1,387 390 992 

Other financial assets - 50,192 - 30,798 

Other assets - 128 39 109 

Property plant & equipment - 109,570 1,436 108,021 

Intangibles - 1,023 256 935 




Liabilities 


2006 2005 2006 2005 

$’000 $’000 $’000 $’000 

Payables - (9,131) (4,117) (6,862) 

Provisions - (6,523) (920) (5,815) 

Other liabilities - (559) (65) (559) 

Net assets acquired - 172,750 (2,133) 149,153 

Goodwill on acquisition - - - - 

- 171,750 (2,133) 149,153 

Net cash outflow on acquisition 

Cash and cash equivalents consideration - - - - 

Add cash and cash equivalent balances - 9,525 238 1,480 

acquired 

- 9,525 238 1,480 

(c) Reconciliation of surplus/(deficit) for the year to net cash flows from 

operating activities 

Net surplus/(deficit) for the year 8,876 168,420 2,820 139,301 

Contribution arising from scheme of - (172,750) - (149,153) 

arrangement 

Contribution of NILS net assets - - 2,133 - 

Depreciation 2,747 2,663 2,747 2,376 

Amortisation 523 334 523 238 

Impairment loss 174 - 174 - 

Forgiveness of Liability - RVIB Foundation - - - 5,666 

(Gain)/loss on sale or disposal of non-current (5,045) (509) 579 154 

assets 

Interest reinvested (173) - (173) - 

Movement in provision for employee benefits (532) 506 (531) 294 

Movement in receivables (1,096) 2,984 (2,102) 1,155 

Movement in other assets (168) 38 (168) 59 

Movement in inventories (493) (12) (493) (17) 

Movement in payables 1,073 (5,153) (2,583) (3,495) 

Movement in income in advance (11) (57) 55 (125) 

Net cash from operating activities 5,875 (3,536) 2,981 (3,547) 




(d) Financing facilities available 

A net debt facility is available to the extent of $3,000,000 after offsetting various cash 

balances comprising cash on hand. There is a set-off facility in place; interest is not 

charged until the closing cash balance is less than zero 

Note 28: Financial instruments 

(a) Significant accounting policies 

Details of the significant accounting policies and methods adopted, including the criteria 

for recognition, the basis of measurement and the basis on which income and expenses 

are recognised, in respect of each class of financial asset, financial liability and equity 

instrument are disclosed in note 1 to the financial statements. 




Note 28: Financial instruments (continued) 

(b) Interest rate risk management 

Maturity profile of financial instruments 

The following table details the consolidated entity’s exposure to interest rate risk as at 30 June 2006: 

Weighted Variable Fixed maturity dates Non 

2006 average effective interest < 1 1-2 2-3 3-4 4-5 5+ interest Total 

interest rate rate year years years years years years bearing 

% $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 

Financial assets: 

Cash and cash equivalents 4.91% 6,818 6,818 

Trade receivables 1,173 1,173 

Other receivables 1,544 1,544 

Interest bearing deposits 5.74% 12,116 12,116 

Shares 40,194 40,194 

Managed trusts & funds 3,884 3,884 

Fixed interest securities 8.67% 778 778 

Fixed interest securities 9.03% 1,865 1,865 





18,934 778 1,865 3,114 2,179 1,718 5,007 46,795 80,390 

Financial liabilities: 

Trade payables 1,877 1,877 

Other payables 3,358 3,358 

Employee benefits 6,498 6,498 

Other liabilities 499 499 

12,232 12,232 





The following table details the consolidated entity’s exposure to interest rate risk as at 30 

June 2005: 

Weighted Variable Fixed maturity dates Non 

2005 average effective interest < 1 1-5 5+ interest Total 

interest rate rate year years years bearing 

% $’000 $’000 $’000 $’000 $’000 $’000 

Financial assets: 

Trade debtors 1,023 1,023 

Other debtors 6,821 6,821 

Managed trusts 26,930 26,930 

Listed and unlisted 16,994 16,994 

investments 

Cash and cash 5.50% 3,106 3,106 

equivalents 

Deposits at 5.53% 7,518 7,518 

fixed rates 

Bills of exchange 5.50% 2,732 2,732 

Fixed interest 7.26% 1,475 4,407 952 6,834 

securities 

Financial liabilities: 

13,356 1,475 4,407 952 51,768 71,958 

Trade creditors & accruals 3,785 3,785 


10,815 10,815 

(c) Credit risk management 

Credit risk refers to the risk that a counterparty will default on its contractual obligations 

resulting in financial loss to the consolidated entity. The consolidated entity does have 

major contracts with Commonwealth and State Governments however, apart from this, it 

does not have any significant credit risk exposure to any single counter-party or group of 

counter-parties. 

The carrying amount of financial assets recorded in the financial statements net of any 

allowances for losses, represents the consolidated entity’s maximum exposure to credit 

risk. 





(d) Fair value of financial instruments 

Except as detailed in the following table, the directors consider that the carrying amount 

of financial assets and financial liabilities recorded in the financial statements 

approximates their fair values (2005: net fair value). 

The fair values and net fair values of financial assets and financial liabilities are 

determined as follows 

• the fair value of financial assets and financial liabilities with standard terms and 

conditions and traded on active liquid markets are determined with reference to 

quoted market prices; and 

• the fair value of other financial assets and financial liabilities are determined in 

accordance with generally accepted pricing models based on discounted cash flow 

analysis 

• the fair value of derivative instruments, included in hedging assets and liabilities, are 

calculated using quoted prices. Where such prices are not available use is made of 

discounted cash flow analysis using the applicable yield curve for the duration of the 

instruments. 

Transaction costs are included in the determination of net fair value. 





The following tables detail the fair value (2005: net fair value) of financial assets and 

financial liabilities: 

2006 Carrying Fair 

amount value 

$’000 $’000 

Financial assets 

Cash and cash equivalents 6,818 6,818 

Trade receivables 1,173 1,173 

Other receivables 1,544 1,544 

Interest bearing 12,116 12,116 

deposits 

Shares and options 40,194 40,194 

Managed trusts and funds 3,884 3,884 

Preference shares 14,661 14,661 

Financial liabilities 

80,390 80,390 

Trade payables 1,877 1,877 

Other payables 3,358 3,358 


Other liabilities 499 499 

12,232 12,232 





2005 Carrying Fair 

amount value 

$’000 $’000 

Financial assets 

Trade debtors 1,023 1,023 

Other debtors 6,821 6,821 

Managed trusts 26,930 26,930 

List and unlisted 16,994 16,994 

investments 

Cash and cash 3,106 3,106 

equivalents 

Deposits at fixed rate 7,518 7,518 

Bills of exchange 2,732 2,732 

Fixed interest securities 6,834 6,834 

71,958 71,958 

Financial liabilities 

Trade creditors and 3,785 3,785 

accruals 


10,815 10,815 

(e) Liquidity risk management 

The consolidated entity manages liquidity risk by maintaining adequate reserves, 

banking facilities and reserve borrowing facilities by continuously monitoring forecast 

and actual cash flows and matching the maturity profiles of financial assets and 

liabilities. 




Note 29: Impacts of the adoption of Australian equivalents to 

International Financial Reporting Standards 

The consolidated entity changed its accounting policies on 1 July 2005 to comply with 

Australian equivalents to International Financial Reporting Standards (‘A-IFRS’). The 

transition to A-IFRS is accounted for in accordance with Accounting Standard AASB 1 

‘First-time Adoption of Australian Equivalents to International Financial Reporting 

Standards’, with 1 July 2004 as the date of transition. 

An explanation of how the transition from superseded policies to A-IFRS has affected the 

company and consolidated entity’s financial position, financial performance and cash 

flows is set out in the following tables and the notes that accompany the tables. 

Effect of A-IFRS on the income statement for the financial year ended 30 June 2005 

Consolidated 

Company 

Note Super- Effect of A-IFRS Super- Effect of A-IFRS 

seded transition seded transition 

Policies* to A-IFRS Policies* to A-IFRS 

$’000 $’000 $’000 $’000 $’000 $’000 

Revenue (a) 66,370 (8,852) 57,518 56,883 (3,369) 53,514 

Other income (a) - 509 509 - (154) (154) 

Raw materials and (b) (4,031) 263 (3,768) (2,677) - (2,677) 

consumables used 

Employee benefits expense (39,786) - (39,786) (33,853) - (33,853) 

Depreciation & (b) (2,954) (43) (2,997) (2,614) - (2,614) 

amortisation expense 

Occupancy expense (3,011) - (3,011) (2,993) - (2,993) 

Communications expense (1,681) - (1,681) (1,526) - (1,526) 

Transport expense (2,147) - (2,147) (1,946) - (1,946) 

Administration expense (2,931) - (2,931) (3,308) - (3,308) 

Net book cost of (a) (4,786) 4,786 - - - - 

investment sold 

Net book cost of property, (a) (3,557) 3,557 - (3,523) 3,523 - 

plant & equipment sold 

Forgiveness of liability – - - - (5,666) - (5,666) 

RVIB Foundation 

Related party doubtful debt - - - (3,667) - (3,667) 

Other expenses (6,036) - (6,036) (4,962) - (4,962) 

Deficit from ordinary activities (4,550) 220 (4,330) (9,852) - (9,852) 

Contribution arising from 172,750 - 172,750 149,153 - 149,153 

the scheme of arrangements 

Net surplus 168,200 220 168,420 139,301 - 139,301 

* Reported financial results for the year ended 30 June 2005 





International Financial Reporting Standards (continued) 

Effect of A-IFRS on the balance sheet as at 30 June 2005 

Consolidated 

Company 




$’000 $’000 $’000 $’000 $’000 $’000 

Current assets 

Cash and cash equivalents 3,106 - 3,106 54 - 54 

Trade and other receivables 7,844 - 7,844 7,001 - 7,001 

Other financial assets 7,725 - 7,725 7,518 - 7,518 

Inventories 1,399 - 1,399 1,009 - 1,009 

Other 90 - 90 51 - 51 

Total current assets 20,164 - 20,164 15,633 - 15,633 

Non current assets 

Trade and other receivables - - - - - - 

Other financial assets 53,283 - 53,283 26,930 - 26,930 

Property, plant and (c) 104,158 (851) 103,307 102,685 (815) 101,870 

equipment 

Investment property 5,980 - 5,980 5,980 - 5,980 

Other tangible assets (b)(c) - 1,071 1,071 - 815 815 

Total non-current assets 163,421 220 163,641 135,595 - 135,595 

Total assets 183,585 220 183,805 151,228 - 151,228 

Current liabilities 

Trade and other payables 3,785 - 3,785 3,249 - 3,249 

Provisions (d) 3,367 2,844 6,211 2,848 2,588 5,436 

Other 427 - 427 361 - 361 

Total current liabilities 7,579 2,844 10,423 6,458 2,588 9,046 

Non-current liabilities 

Other financial liabilities - - - - - - 

Provisions (d) 3,663 (2,844) 819 3,261 (2,588) 673 

Other 82 - 82 82 - 82 

Total non-current liabilities 3,745 (2,844) 901 3,343 (2,588) 755 

Total liabilities 11,324 - 11,324 9,801 - 9,801 

Net assets 172,261 220 172,481 141,427 - 141,427 






Consolidated 

Company 




$’000 $’000 $’000 $’000 $’000 $’000 

Equity 

Retained surplus (b) 168,200 220 168,420 139,301 - 139,301 

Reserves 4,061 - 4,061 2,126 - 2,126 

Total equity 172,261 220 172,481 141,427 - 141,427 

*Reported financial position for the financial year ended 30 June 2005. 

Effect of A-IFRS on the cash flow statement for the financial year ended 

30 June 2005 

There are no material differences between the cash flow statement presented under 

A-IFRS and the cash flow statement presented under the superseded policies. 

Notes to the reconciliations of income and equity 

(a) Revenue 

Under superseded policies, the consolidated entity recognised the gain or loss on 

disposal of property, plant and equipment on a “gross” basis by recognising the 

proceeds from sale as revenue, and the carrying amount of the property, plant and 

equipment disposed as an expense. Under A-IFRS, the gain or loss on disposal was 

recognised on a “net” basis, and is classified as income rather than revenue. 

Accordingly the “gross” amounts have been reclassified within the income statement 

for this A-IFRS reporting. 

(b) Intangibles-Audio Masters 

Under A-GAAP audio masters were previously expenses. However, under A-IFRS, 

audio masters meet the definition of an intangible asset and are therefore required to 

be capitalised and amortised over their useful life. 

(c) Intangibles-Computer Software 

Under A-IFRS, software which isn’t integral to any hardware, must be reclassified as 

an intangible asset and amortised over its remaining useful life. Consequently, Vision 

Australia has reclassified its non-integral software from property, plant and equipment 

to intangibles. 

(d) Under superseded policies the consolidated entity recognised any long service leave 

that was expected to be taken in the upcoming year as current. The remaining long 






service leave provision was classified as non-current. Under A-IFRS, all long service 

leave that an employee is entitled to be paid should they cease their employment 

with Vision Australia this classified as current, with remaining long service leave 

provision classified as non-current. 

Note 30: Prior Period Adjustment 

At merger date (July 2004) Vision Australia brought its land and buildings to account at 

fair value. These values were determined by valuations undertaken by independent 

valuers contracted by the individual merging agencies. 

In early 2006 the Vision Australia Board engaged property advisors, Ernst & Young to 

assist with a review of property. Ernst & Young’s task was to recommend the best use for 

a selected number of Vision Australia’s properties. Interim reports produced by Ernst & 

Young indicated current values may not match the amounts recorded at merger date. 

Acting on this information the Vision Australia Board engaged a firm of independent 

valuers, Charter Keck Cramer (CKC) to review the fair value of Land and Buildings as at 

June 2004, 2005 and 2006. 

Whilst the total value of land and buildings as determined by CKC varies by only 4% 

from the values as at merger date, there are significant differences in values for certain 

properties, and for both land and buildings at the same property as at merger date. 

Vision Australia’s directors believe that the values determined by CKC more truly reflect 

the fair values of both land and buildings at merger date. This is based upon more 

substantial documentation provided by CKC, validated by Ernst & Young in a number of 

instances. Consequently the Board resolved to adopt the value of land and buildings as 

at merger date as calculated by CKC. The effect of this change is summarised in the 

table below. 

Consolidated 

Company 

Effect of Prior Period 2005 2005 2005 2005 

Adjustment $’000 $’000 $’000 $’000 

Before After Before After 

Restatement Restatement Restatement Restatement 

Depreciation and amortisation: 3,268 2,997 2,885 2,614 

Contribution arising from 168,678 172,750 145,080 149,153 

scheme of arrangement 

Property, plant and equipment/ 104,943 109,287 103,506 107,850 

Investment property 

Retained Surplus 164,076 168,420 134,957 139,301 




Note 31: Additional company information 

Vision Australia is a company limited by guarantee, incorporated and operating in Australia. 

Registered office 

Principal place of business 

Parent entity 

Vision Australia 454 Glenferrie Road, Kooyong Victoria 3144 

Controlled entities of Vision Australia 

RVIB Foundation Pty Ltd 557 St Kilda Road, Melbourne, Victoria, 3004 

RVIB Nominees Pty Ltd 557 St Kilda Road, Melbourne, Victoria, 3004 

Royal Victorian Institute for the Blind Ltd 557 St Kilda Road, Melbourne, Victoria, 3004 

Vision Australia Foundation 454 Glenferrie Road, Kooyong, Victoria, 3144 

Royal Blind Society of New South Wales 4 Mitchell Street, Enfield, New South Wales, 2136 

National Information and Library Service 454 Glenferrie Road, Kooyong, Victoria, 3144 

Louis Braille Productions Ltd 454 Glenferrie Road, Kooyong, Victoria, 3144 

Australian Blindness Services Pty Ltd 454 Glenferrie Road, Kooyong, Victoria, 3144 

RVIB Foundation 557 St Kilda Road, Melbourne, Victoria, 3004 

Vision Australia Trust 454 Glenferrie Road, Kooyong, Victoria, 3144 


EXECUTIVES’ DECLARATION 

The Chief Executive Officer and the Chief Financial Officer of Vision Australia declare 

that: 

(a) in the executives’ opinion, there are reasonable grounds to believe that the company 

will be able to pay its debts as and when they become due and payable; and 

(b) in the executives’ opinion, the attached financial statements and notes thereto are in 

accordance with the Corporations Act 2001, including compliance with accounting 

standards and giving a true and fair view of the financial position and performance of 


On behalf of the Chief Executive Officer and the Chief Financial Officer of Vision 

Australia. 

Gerard Menses 

Greg Hempenstall 

Chief Executive Officer 

Chief Financial Officer 

Sydney, Australia. 




DIRECTORS’ DECLARATION 

The directors declare that: 

(a) in the directors’ opinion, there are reasonable grounds to believe that the company 

will be able to pay its debts as and when they become due and payable; and 

(b) in the directors’ opinion, the attached financial statements and notes thereto are in 

accordance with the Corporations Act 2001, including compliance with accounting 

standards and giving a true and fair view of the financial position and performance of 


Signed in accordance with a resolution of the directors made pursuant to s295 (5) of the 

Corporations Act 2001. 

On behalf of the Directors 

Kevin F Murfitt 

Owen van der Wall 

Director 

Director 





The Board of Directors 


454 Glenferrie Road 

KOOYONG VIC 3144 

26 September 2006 

Dear Board Members 


In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the 

following declaration of independence to the directors of Vision Australia. 

As lead audit partner for the audit of the financial statements of Vision Australia for the financial 

year ended 30 June 2006, I declare that to the best of my knowledge and belief, there have been 

no contraventions of: 

(i) the auditor independence requirements of the Corporations Act 2001 in relation to 

the audit; and 

(ii) any applicable code of professional conduct in relation to the audit. 

Yours sincerely 

DELOITTE TOUCHE TOHMATSU 

J.B. WEST 

Partner 

Chartered Accountant 

Liability limited by a scheme approved under Professional Standards Legislation. 


Independent audit report to the members of 


Scope 

The financial report and directors’ responsibility 

The financial report comprises the balance sheet, income statement, cash flow statement, statement of 

changes in equity, a summary of significant accounting policies and other explanatory notes and the 

directors’ declaration for both Vision Australia (the company) and the consolidated entity, for the 

financial year ended 30 June 2006. The consolidated entity comprises the company and the entities it 

controlled at the year’s end or from time to time during the financial year. 

The directors of the company are responsible for the preparation and true and fair presentation of the 

financial report in accordance with Accounting Standards in Australia and the Corporations Act 2001. 

This includes responsibility for the maintenance of adequate financial records and internal controls 

that are designed to prevent and detect fraud and error, and for the accounting policies and accounting 

estimates inherent in the financial report. 

Audit approach 

We have conducted an independent audit of the financial report in order to express an opinion on it to 

the members of the company. Our audit has been conducted in accordance with Australian Auditing 

Standards to provide reasonable assurance whether the financial report is free of material 

misstatement. The nature of an audit is influenced by factors such as the use of professional 

judgement, selective testing, the inherent limitations of internal controls, and the availability of 

persuasive rather than conclusive evidence. Therefore, an audit cannot guarantee that all material 

misstatements have been detected. 

We performed procedures to form an opinion whether, in all material respects, the financial report is 

presented fairly in accordance with Accounting Standards in Australia and the Corporations Act 2001 

so as to present a view which is consistent with our understanding of the company’s and the 

consolidated entity’s financial position, and performance as represented by the results of their 

operations, their changes in equity and their cash flows. 

Our procedures included examination, on a test basis, of evidence supporting the amounts and other 

disclosures in the financial report, and the evaluation of accounting policies and significant accounting 

estimates made by the directors. 

While we considered the effectiveness of management’s internal controls over financial reporting 

when determining the nature and extent of our procedures, our audit was not designed to provide 

assurance on internal controls. 

The audit opinion expressed in this report has been formed on the above basis. 

Auditor’s Independence Declaration 

The independence declaration provided to the directors of Vision Australia on 26 September 2006 

would be in the same terms if it was given to the directors on the date this audit report is made out. 

Liability limited by a scheme approved under Professional Standards Legislation. 


Qualification 

Donations and bequests are a significant source of revenue for Vision Australia. As is common for notfor-profit 

organizations, it is not practicable to establish control over the collection of donations and 

bequests prior to their entry in the financial records. Accordingly, as the evidence available to us 

regarding revenue from this source is limited, our audit procedures with respect to donations and 

bequests had to be restricted to the amounts recorded in the financial records. We therefore are unable 

to express an opinion whether donations and bequests obtained by Vision Australia are complete. 

Audit Opinion 

In our opinion, except for the effects on the financial report of such adjustments, if any, as might have 

been required had the limitation on our audit procedures referred to in the qualification paragraph not 

existed, the financial report of Vision Australia is in accordance with the Corporations Act 2001, 

including: 

(a) 

(b) 

giving a true and fair view of the company’s and consolidated entity’s financial position as at 30 

June 2006 and of their performance for the year ended on that date; and 

complying with Accounting Standards in Australia and the Corporations Regulations 2001. 

DELOITTE TOUCHE TOHMATSU 

J.B. WEST 

Partner 

Chartered Accountants 

Melbourne, 2 October 2006 


MAJOR SUPPORTERS 

Individuals - $1,000 or more 

Mr E Abraham 

Mr D B Adams 

Mr H A Adams 

Mr R Adamson 

Mr M J Adler 

Dr E F Anderson 

Mr N Anderson 

Dr G Anderson 

Mrs R M Andre 

Mr G L Andrews 

Mr A C Andronicos 

Mrs H V Angliss 

Mr L Apelt 

Mr H Aram 

Mr W Armour 

Miss L Astley 

Mr E & Mrs M E Attard 

Mrs V Baker 

Mrs E G Baldwin 

Mr K L Balmer 

Mr F J Banbury 

Mr R & Mrs J Barker 

Mr N Barnes 

Mrs J M Barnet 

Mrs L Barton 

Mrs A Baxter 

Mr & Mrs J Belfer 

Mr W Bell 

Mrs J Binks 

Mrs J O Boorne 

Mr W Bowness 

Mrs G Bradshaw 

Mr R H Brice 

Mr & Mrs J Bridge 

Sir R Brierley 

Dr M A Brown 

Mrs J M Bryan 

Dr G M Budd 

Mr C A Burgess 

Dr I A Burgess 

Prof L Burnett 

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Mr M J Cahill 

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Mrs J Carver 

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Mrs E M Clark 

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Prof A T Craswell 

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Mr J A Cunning 

Mr A Curry 

Mr M & Mrs B Daubney 

Mr W G Davies 

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Dr R Dempster 

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Mr R Dixon 

Mrs G Donaldson 

Mr R C & Mrs J M 

Donnelley 

Mr M J Driscoll 

Mr J H Dyer 

Mr W Eady 

Mr E A Ede 

Mr C Edwards 

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Mr B R Eggent 

Mr K R Eisner 

Mr K L Elliott 

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Mr G W Fisher 

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Mr F W Frank 

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Mr M J Freeman 

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Mr R F Fry 

Mr S Fulton 

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Mr W Garrett 

Mrs D Geddes 

Mrs E Gilbert 

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Mr G S & Mrs D L Gjergja 

Miss P Glennie 

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Mr H D Gough 


Mr N Grace 

Mr J R Grahame 

Miss R Graham-Robertson 

Ms H E Grant 

Mr E Gray 

Ms K Green 

Mr & Mrs A R E Gregory 

Miss A Grey-Wilson MBE 

Mrs R N Grimsdale 

Mr G R Haggard 

Mr S C Hall 

Mr A W Hall 

Mr B V Hamon 

Mr O K Hansen 

Mr & Mrs C Harris 

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Dr R Higgs 

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Mr M & Mrs S Holley 

Mr J Holt 

Mr F Hong 

Mr B Houston 

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Mr S O Hughes 

Mrs G Hunt 

Mr B M James 

Mr M John Janes 

Mrs J S Jones 

Mr B P Jones 

Mr & Mrs G Jorgenson 

Mr B Ker 

Mr G T Kryger 

Mrs J Langley 

Mrs J Langton 

Mr & Mrs K Lawler 

Mrs P Lee 

Mr F J Lehmann 

Mr J E Lewis 

Dr K Lloyd 

Mr T Loewensohn 

Mrs J M Loewenthal 

Mr S & Mrs J Loftus 

Mrs E R Lustig 

Mrs P Lyons 

Mrs L Maberley-Smith 

Miss S Macandrew 

Mrs M M Macarthur 

Mr J Macdonald 

Mr G L Maddern 

Mr K Malone 

Mr R P Mangano 

Mr R & Mrs S Maple-Brown 

Mr R S Martin 

Mr A J Mason-Cox 

Mrs J Masterman 

Mr B K McCarthy 

Mr L H McCulloch 

Mr D & Mrs H L McDonald 

Sir I McFarlane 

Mrs T M McGee 

Mr J McIntosh 

Mr A W McIntyre 

Mr & Mrs N McKee 

Mr J W Mcphee 

Mrs A McPherson 

Mr R Mead 

Mr O Melville 

Mr H W Menka 

Mr A S Menzies 

Mrs J M E Millard 

Miss A E Miller 

Mr A V Miller 

Mrs A Miller 

Miss M Mills 

Miss M Moran 

Mrs S M Morgan 

Mrs M R Morgan 

Dr G Morgan 

Mrs S B Morgan 

Mr G D Morgan 

Mr K Mullins 

Mrs B M Murphy 

Mrs E M Murray 

Mr J A A Nilson 

Dr Z Nittim 

Mr T O’Brien 

Mrs Z O’Halloran 

Mr P Okkerse 

Mr J G W Oliver 

Mrs M Olver 

Mr C H Oppen 

Mr R Oppen 

Dr M Orphanides 

Miss M M T O’Sullevan 

Mr M R Parker 

Mrs M Parsons AM 

Mr I A Paul 

Mrs A M Payne 

Mr R T W Permezel 

Mr L M Pescud 

Ms E M Pessoa 

Mr M J Phillips 

Mr L J Plasto 

Lady L Proud 

Miss R E Pryor 

Dr M Puvaneswary 

Mr J Pye 

Mr L P Quinn 

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Miss R Rajola 

Miss M J Ralston 

Ms J H P Redman 

Miss K M Reid 

Mr G Reidy 

Mr & Mrs R Rich 

Mrs D Ringrose 

Mr R & Mrs P Robertson- 

Cuninghame 

Ms P M Robinson 

Mr B H Robinson 

Mrs M S Ross A M 

Ms E Russell 

Mr J Russell 

Mr D J Salkeld 

Mr & Mrs M Sampson 


Mrs M Sandland 

Mrs H Schmadicke 

Mr G A Scott 

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Dr P Shea 

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Mr M Simmons 

Mr C Skevington 

Mr G & Mrs J Slominski 

Mrs J F M Smith 

Mr Don Smith 

Ms K Smith 

Mrs S Smyth 

Mrs M Snowball 

Mrs Y Spencer 

Mrs N D Spencer 

Mr D M Spratt 

Mr J D St John 

Mrs B Stallybrass 

Mrs J Stanford 

Dr R Starzecki 

Miss V G Stevenson 

Mr I M Stewart 

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Mr R Strauss 

Mr & Mrs J Suntup 

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Mr G Sward 

Mr Wi Tangtulayangkoon 

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Mrs M Taylor 

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Miss M Taylor 

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Miss O M Thompson 

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Miss E M Todd 

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Miss J Turvey 

Mr Graham Tweedie 

Mr Peter Twomey 

Mr A Valos 

Mr O & Mrs M Van Der Wall 

Mrs E V Waddle 

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Mrs H Waters 

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Mr R H Whitten 

Mr R M Whyte 

Mr P Wigney 

Mr C Williams 

Dr R D Willis 

Miss A E Wilson 

Mr M H Winneke 

Miss S W Woodcock 

Mrs B Woodgate 

Mr N Wright 

Mrs M G Wright 

Mrs B A Wyatt 

Mrs L M Young 

Bequests - $1,000 or more 

Estate of the Late M J Adams 

Estate of the Late M I Aldred 

Estate of the Late C T Allen 

Estate of the Late E S Alley 

Estate of the Late W Alse 

Estate of the Late M Anderson 

Estate of the Late A M Ansell 

Estate of the Late C F Appleton 

Estate of the Late S R Ballard 

Estate of the Late D V Barry 

Estate of the Late E Bauer 

Estate of the Late M B Beattie 

Estate of the Late A Bell 

Estate of the Late H W R Berkman 

Estate of the Late A Bianco 

Estate of the Late B I Bieler 

Estate of the Late J W Blaiklock 

Estate of the Late J Bleutt 

Estate of the Late F D Bolger 

Estate of the Late J H Bonella 

Estate of the Late E K Boyd 

Estate of the Late C A Bray 

Estate of the Late M E Broadbent 

Estate of the Late A C Broadley 

Estate of the Late B C SBrook 

Estate of the Late A J Brown 

Estate of the Late P J Burgess 

Estate of the Late G G Butcher 

Estate of the Late D Caton 

Estate of the Late M G Cavey 

Estate of the Late A E Chalmers 

Estate of the Late R K Clark 

Estate of the Late E M Clarke 

Estate of the Late R K Clemens 


Estate of the Late E J Colby 

Estate of the Late N B Conley 

Estate of the Late E M Connolly 

Estate of the Late M Connelly 

Estate of the Late M Cook 

Estate of the Late A J Cooper 

Estate of the Late T O Craig 

Estate of the Late R Cranston 

Estate of the Late J Cummins 

Estate of the Late E L Daglish 

Estate of the Late A Delaney 

Estate of the Late L Dent 

Estate of the Late R A de Piazza 

Estate of the Late M F Dethick 

Estate of the Late V M Dolphin 

Estate of the Late V Dudgeon 

Estate of the Late B Duke 

Estate of the Late R Easton 

Estate of the Late H Edwards 

Estate of the Late R B S Edwards 

Estate of the Late S M Ellery 

Estate of the Late E F Elmore 

Estate of the Late M A Embleton 

Estate of the Late G E Emery 

Estate of the Late A Fenech 

Estate of the Late B Ficarra 

Estate of the Late M Firth 

Estate of the Late E W Fish 

Estate of the Late H Flint 

Estate of the Late E B Flower 

Estate of the Late T K Foster 

Estate of the Late L C Fowler 

Estate of the Late K Garvey 

Estate of the Late P M Gaylard 

Estate of the Late L Z Geeves 

Estate of the Late R F Gilson 

Estate of the Late B Godwin 

Estate of the Late A J Goldsmith 

Estate of the Late M G Goode 

Estate of the Late J R Greene 

Estate of the Late S Gross 

Estate of the Late D A Haddrick 

Estate of the Late D A Hagger 

Estate of the Late M M Hair 

Estate of the Late MA Hammon 

Estate of the Late J Hammond 

Estate of the Late R Hansen 

Estate of the Late E A Haslam 

Estate of the Late L W J Hayes 

Estate of the Late M Hayes 

Estate of the Late G C Heather 

Estate of the Late N T Heffernan 

Estate of the Late G Hemmings 

Estate of the Late R J A Heron 

Estate of the Late L D Hodson 

Estate of the Late E Holland 

Estate of the Late R A Hollis 

Estate of the Late D I Hollyock 

Estate of the Late T C Hopkins 

Estate of the Late G M Horne 

Estate of the Late E Howard 

Estate of the Late O M Humphris 

Estate of the Late N D Hunt 

Estate of the Late M Jacobs 

Estate of the Late L J James 

Estate of the Late M E Jamieson 

Estate of the Late F E Jewell 

Estate of the Late D J Johnson 

Estate of the Late A O Jones 

Estate of the Late L G Julian 

Estate of the Late H Kalina 

Estate of the Late S B Kay 

Estate of the Late C V Kearney 

Estate of the Late A A Kennedy 

Estate of the Late W Kiepas 

Estate of the Late G Koppen 

Estate of the Late E Koutitonski 

Estate of the Late M Lapin 

Estate of the Late N C G Laws 

Estate of the Late B L Lee 

Estate of the Late T J Lee 

Estate of the Late A Legge 

Estate of the Late J Lewis 

Estate of the Late E C Ley 

Estate of the Late K Lowy 

Estate of the Late J Lurie 

Estate of the Late R A Mabbitt 

Estate of the Late M G Madden 

Estate of the Late V E Marshall 

Estate of the Late H Masur 

Estate of the Late A Matek 

Estate of the Late H McKellar 

Estate of the Late S T Metcher 

Estate of the Late M M Mitcham 

Estate of the Late H E B Moffitt 

Estate of the Late J Morgan 


Estate of the Late M Morris 

Estate of the Late T Morris 

Estate of the Late A Mortellior-Davis 

Estate of the Late E M Muller 

Estate of the Late W S Munro 

Estate of the Late J Murch 

Estate of the Late J Musgrove 

Estate of the Late E Natoli 

Estate of the Late A Newton 

Estate of the Late J Noakes 

Estate of the Late M J Norman 

Estate of the Late M I L Norton 

Estate of the Late J M O’Brien 

Estate of the Late M L O’Brien 

Estate of the Late R J O’Connor 

Estate of the Late W M Oldreive 

Estate of the Late B B Oliver 

Estate of the Late L M Oxlade 

Estate of the Late D Parry 

Estate of the Late A T Patne 

Estate of the Late B O Pearce 

Estate of the Late M Penso 

Estate of the Late W Pick 

Estate of the Late G N Pittaway 

Estate of the Late K Plumb 

Estate of the Late N Pollitt 

Estate of the Late J Polverino 

Estate of the Late M M Quintrill 

Estate of the Late E Rae 

Estate of the Late M P Ragan 

Estate of the Late H W Raven 

Estate of the Late D M Rawlings 

Estate of the Late A M Richards 

Estate of the Late E A Robins 

Estate of the Late E Robinson 

Estate of the Late E P Robinson 

Estate of the Late M H M Rodger 

Estate of the Late A M V Rosewarn 

Estate of the Late D E Rowlands 

Estate of the Late C Rule 

Estate of the Late R Sabathier 

Estate of the Late A T Saunders 

Estate of the Late F R Schuermans 

Estate of the Late J Seaman 

Estate of the Late M P Shalhoub 

Estate of the Late S D Shaw 

Estate of the Late M H E Shipley 

Estate of the Late K Singer 

Estate of the Late N L Skelton 

Estate of the Late D J Slaifstein 

Estate of the Late S S Slater 

Estate of the Late M W Sloan 

Estate of the Late A V Smith 

Estate of the Late I B Smith 

Estate of the Late L Soong 

Estate of the Late W A South 

Estate of the Late E Stanton 

Estate of the Late E E Stevens 

Estate of the Late C M Stolz 

Estate of the Late B P Stone 

Estate of the Late A W Stosik 

Estate of the Late E M Taylor 

Estate of the Late R H Tackaberry 

Estate of the Late F E Thomson 

Estate of the Late E M Tinkler 

Estate of the Late C M Todd 

Estate of the Late S M Transfield 

Estate of the Late C M H Trunshnig 

Estate of the Late H M Turner 

Estate of the Late W H Tyack 

Estate of the Late C van den Heuvel 

Estate of the Late G H Van Welzenis 

Estate of the Late I M Vanstone 

Estate of the Late E W Verdich 

Estate of the Late E J R Vimpani 

Estate of the Late B A F Wagner 

Estate of the Late M Waksberg 

Estate of the Late M C Walker 

Estate of the Late J M Wall 

Estate of the Late D V Waller 

Estate of the Late E M Wardman 

Estate of the Late G D Watson 

Estate of the Late A M Webb 

Estate of the Late G A West 

Estate of the Late R G M Whitfield 

Estate of the Late C M Willis 

Estate of the Late P J Winthrop 

Estate of the Late T H Wong 

Estate of the Late B F Woodward 

Estate of the Late R Woodward 

Estate of the Late E Woolhouse 

Estate of the Late M A Yarrow 

Estate of the Late C E Young 

Estate of the Late F Zambelli 


Corporates – $1,000 or more 

A1 Blinds Pty Ltd 

Albert Investments Pty Ltd 

Argent Techno-Racking Pty Ltd 

Austpac Chemicals & Commodities Pty Ltd 

Australian Fluid Handling Pty Ltd 

Australian Hotels Association 

Australian Regional Wholesalers Pty Ltd 

BMW Sydney 

Bidvest Australia Limited 

Blec Pty Ltd 

Boehringer Ingelheim 

Bunnings Warehouse Ashfield 

Bunyip Special Needs Group Inc 

Canberra Southern Cross Club Ltd 

Christmas Trees 

Citilease Property Group 

Consolidated Chemicals Co 

Construction Engineering (Aust) Pty Ltd 

Corinthian Industries 

Corrs Chambers Westgarth Lawyers 

Creative Plasterers Pty Ltd 

Donation Home Loans Pty Ltd 

ECC Lighting 

Emmanuel Harris Investments Pty Ltd 

F & OB City Stamps 

Fawcett Brothers Pty Ltd 

Fuji Xerox Australia 

Giorgio Armani Australia Pty Ltd 

Grosvenor Australia Asset Mgmt P/L 

Heliflite Pty Ltd 

Horwath Foundation Limited 

House of Cashmere 

Hurricane Event Management Pty Ltd 

Inghams Enterprises Pty Limited 

International Wing Chun Academy 

Investec Bank (Australia) Limited 

Italian Regions Association Inc 

Kemblawarra Portuguese Sports Club 

Kialla Investments Pty Ltd 

Kodak Australasia Pty Ltd 

Kurri Worker’s Co-operative Club Ltd 

Lawson Menzies 

Lemoar Nominees Pty Ltd 

Macquarie Bank 

Macquarie Generation 

Marilyn’s Pharmacy 

Martin & Savage Pty Ltd 

Masoni Care 

McGregor-West Pty Ltd 

Medtronic Australasia Pty Ltd 

Metalco Pty Ltd 

Moore Stephens Melbourne Pty Ltd 

Mundipharma Pty Ltd 

National Australia Bank Limited 

Newcastle Knights Limited 

Newcrest Mining Cadia Valley Operations 

Nicols & Brien 

Protech 

R M K Voice Productions 

Ripponlea Motors Pty Ltd 

Sellers Group 

Somerville Christmas Tree Farm 

Sydney Junction Hotel 

T Rainsford Pty Ltd 

TDK Australia Pty Ltd 

Terry Duveen & Co 

The Salvation Army 

Torlee Investments Pty Ltd 

Visitech Magnifiers 

Washers & Stamped Components Aust 

Pty Ltd 

Watkins Tapsell Solicitors 

Corporates – in kind 

Channel 9 

City of Melbourne 

Coates Prestige 

Connex 

Crown 

Hachette Children’s Books 

Magic 693 

The Arts Centre 

3AW 

Ventura 

Yarra Trams 


Fundraising committees and auxiliaries 

Anglesea Auxiliary of Vision Australia 

Avoca Auxiliary of Vision Australia 

Barwon Heads Auxiliary of Vision Australia 

Batemans Bay Friends of Vision Australia 

Beechworth Auxiliary of Vision Australia 

Benalla Auxiliary of Vision Australia 

Boort Auxiliary of Vision Australia 

Brighton Auxiliary of Vision Australia 

Byron Shire Friends of Vision Australia 

Cobden Auxiliary of Vision Australia 

Cohuna Auxiliary of Vision Australia 

Colac Auxiliary of Vision Australia 

Coleraine Auxiliary of Vision Australia 

Cooma Friends of Vision Australia 

Corryong Auxiliary of Vision Australia 

Cressy Auxiliary of Vision Australia 

Dimboola Auxiliary of Vision Australia 

Donald Auxiliary of Vision Australia 

Double Bay Black and White Committee 

of Vision Australia 

Dubbo Black and White Committee of 


Euroa Auxiliary of Vision Australia 

Frankston Auxiliary of Vision Australia 

Gisborne Auxiliary of Vision Australia 

Glen Innes Friends of Vision Australia 

Glenthompson Auxiliary of Vision Australia 

Griffith Friends of Vision Australia 

Hamilton Auxiliary of Vision Australia 

Hastings & District Friends 


Heathcote Auxiliary of Vision Australia 

Illawarra Black and White Committee 


International Committee of Vision Australia 

Jeparit Auxiliary of Vision Australia 

Kaniva Auxiliary of Vision Australia 

Kerang Auxiliary of Vision Australia 

Kiama Friends of Vision Australia 

Kongwak Auxiliary of Vision Australia 

Kyneton Auxiliary of Vision Australia 

Leongatha Friends of Vision Australia 

Lismore Auxiliary of Vision Australia 

Maitland Black and White Committee 


Maldon Auxiliary of Vision Australia 

Mentone Auxiliary of Vision Australia 

Maffra Auxiliary of Vision Australia 

Minyip Auxiliary of Vision Australia 

Mudgee Silhouette Committee 


Murtoa Auxiliary of Vision Australia 

Narromine Friends of Vision Australia 

Narooma Friends of Vision Australia 

Newborough Auxiliary of Vision Australia 

Numurkah Friends of Vision Australia 

Ocean Grove Auxiliary of Vision Australia 

Orange Black and White Committee 


Point Lonsdale Friends of Vision Australia 

Portland Auxiliary of Vision Australia 

Rainbow Auxiliary of Vision Australia 

Sale Auxiliary of Vision Australia 

Sea Lake Auxiliary of Vision Australia 

Shoalhaven Silhouette Committee 


Skipton Auxiliary of Vision Australia 

Sorrento Auxiliary of Vision Australia 

Swan Hill Auxiliary of Vision Australia 

Talking Books Ladies Committee 


Taree & District Friends of Vision Australia 

Temora Friends of Vision Australia 

Terang Auxiliary of Vision Australia 

Tallangatta Friends of Vision Australia 

Traralgon Auxiliary of Vision Australia 

Trentham/Woodend Auxiliary 


Wangaratta Auxiliary of Vision Australia 

Warracknabeal Auxiliary 


Willaura Auxiliary of Vision Australia 

Yarram Auxiliary of Vision Australia 

Yarrawonga Auxiliary of Vision Australia 

Yass Friends of Vision Australia 


Government funding and support 

Federal Government 

Department of Communications 

Information Technology and the Arts 

Department of Education, Science and 

Training 

Department of Employment and 

Workplace Relations 

Department of Family and Community 

Services and Indigenous Affairs 

Department of Health and Ageing 

Department of Health and Ageing – 

Rural Health Services Program 

Department of Veterans’ Affairs 

ACT Government 

ACT Department of Education and 

Training 

NSW State Government 

Department of Ageing Disability and 

Home Care 

Department of Education and Training 

NSW Health – Sydney South West Area 

Health Service 

NSW Premier’s Department 

NSW State Library 

Queensland 

Disability Services Queensland 

Victorian State Government 

Department of Human Services 

Department of Education and Training 

Department for Victorian Communities 

Local councils 

Ku-ring-gai Council 

Leichhardt Municipal Council 

Mosman Municipal Council 

Randwick City Council 

Tweed Shire Council 

Willoughby City Council 

Woollahra Municipal Council 

Registered clubs 

Ashfield RSL Club Limited 

Asquith Rugby League Club 

Bankstown District Sports Club Ltd 

Bathurst RSL Club Ltd 

Bonville International Golf Resort 

Canberra Southern Cross Club Ltd 

Canterbury Bulldogs League Club 

Cessnock Rugby League Supporters Club 

Chester Hill - Carramar RSL Club 

City Tattersalls 

Collegians Leagues Club 

Concord RSL & Community Club Ltd 

Dee Why RSL Club 

Everglades Country Club Ltd 

Forster-Tuncurry Memorial Services Club 

Hornsby RSL Club 

Kemblawarra Portuguese Sports Club 

Kurri Worker’s Co-operative Club 

Lakemba Services Bowling Club 

Leeton Soldier’s Club Limited 

Manly Civic Club Limited 

Moss Vale Services Club Ltd 

Mt Pritchard & District Community Club 

Riverwood Legion & Community Club Ltd 

Shoalhaven Ex Servicemens Sports Club 

South Sydney Junior Rugby League Club 

St Marys District Band Club 

St Marys RSL & Ex-Serviceman’s Club 

Strathfield Golf Club 

Wests Entertainment Group 

Wests Illawarra 


Service clubs and community groups 

Coffs Coast Freemason Association 

Italian Regions Association Inc 

Lions Club Of Bondi 

Lions Club Of Fairfield 

Lions Club Of Seymour Inc 

Masoni Care 

Rotary Club of Hawthorn 

Rotary Club Of Malvern 

Wyndham Vale Rotary Club 

Trusts and foundations – over $1,000 

Aged Persons Welfare Foundation 

Allen & Cecilia Tye Fund 

Amy Irene Christina Ostberg Estate 

Arthur Leonard Raper Charitable Trust 

ASX-Reuters Charity Foundation 

Baxter Charitable Foundation 

Bell Charitable Fund 

Bernard David Rothbury Trust 

B’Nai B’Rith Josies Charitable Trust 

Bruce and Joy Reid Foundation 

CAF Australia 

Cater Charitable Trust Fund 

Charities Aid Foundation (USA) 

Collier Charitable Fund 

Cybec Foundation 

Cyril A Mannix Charitable Trust 

David Syme Charitable Trust 

Donovan-Johnston Memorial Scholarship 

Duff Family Charitable Fund 

E C Blackwood Charitable Trust 

Edith Jean Elizabeth Beggs Estate 

Edith M and William M Wilson 

Charitable Trust 

Elizabeth McCartney Trust 

Eric Crawford Memorial Fund 

Erica Wareham Cromwell Estate 

Ernest & Letitia Wears’ Memorial Trust 

Estate of Anna M White 

Estate of Bertha L E Rimmington 

Estate of Captain Frank Selwyn Horn 

Estate of Captain James Alexander 

McManus/J&E McManus Perpetual 


Estate of D M Collins 

Estate of David Fereday Allen 

Estate of Edith Grace Kemp 

Estate of Edith McTaggart 

Estate of Elizabeth Gorman 

Estate of Ella Kate Boyd 

Estate of Ethel Mary Firth 

Estate of Frederick B Shepherd 

Estate of Frederick Inman 

Estate of George Pitt Wood 

Estate of Giuseppe Divola 

Estate of H S Seymour 

Estate of Harry Halliwell 

Estate of Henry Francis James 

Estate of Henry Herbert Yoffa 

Estate of Kostantin Doku 

Estate of Lewis J Wilson 

Estate of Lindsay James Baldy 

Estate of Margaret Emmeline Ward 

Estate of Margaret J Sutton 

Estate of Miss Ivy May Stephenson 

Estate of Mona Isobel Paul 

Estate of Norman Charles Raff 

Estate of the late Henri Willem S Ramondt/ 

Kitty & Harry Ramondt Charitable Trust 

Estate of Thomas James Malcomson & 

Winnifred Gleeson 

Estate of William Arthur Shipperlee 

Estate of William H Fernie 

Evelyn Winnifred Gottwaltz Perpetual 


F & S Richardson Charitable Trust 

F J Foundation 

Flora Louise Thompson Estate 

Florance Hattersley Trust 

Francis Thomas & Jeanette Warren 

Trust Fund 

Fred P Archer Charitable Trust 

G W Vowell Foundation 


Gandel Foundation 

George Lewin Foundation 

Georgina Menzies Maconachie Estate 

Grant Bequest 

Grosvenor Foundation 

Gwenneth Elsie Miller Estate 

H & L Hecht Trust 

H V McKay Charitable Trust 

Hardie Family Bequest 

Henry H Roth Charitable Foundation 

Hilda Emily McNee Estate 

Hilton White Bequest 

Ian McLeod & Madge Duncan Perpetual 


Ian Potter Foundation 

J & G Bedwell Foundation 

J B Bedwell Foundation 

J C Reseigh Estate 

J I Roberts Charity Trust 

J R G & E McKenzie Bequest 

Janet Calder Mackenzie Charitable Trust 

Joe White Bequest 

John Frederick Wright Estate 

John Murphy Charitable Trust 

John T Reid Charitable Trust 

Joseph Herman Trust 

K & C H Hume-Cook Charitable Trust 

K H Cheung Foundation 

Kel & Rosie Day Foundation 

Lady Proud Foundation 

Leslie Eric Paddle Trust Fund 

Leslie Francis Gill Trust 

Lily Maude Payne Estate 

Lionel R V Spencer Fund 

Lola Poynton Memorial Fund 

Lord Mayor’s Charitable Fund 

Macquarie Bank Foundation 

Michael and Mary Whelan Trust 

Moore Family Philanthropic Foundation 

Muffin Foundation 

Myer Community Fund 

N & M Hurll Charitable Trust 

N J & Grace Horton Charitable Fund 

N J Horton Charitable Fund 

Nathan And Emily Vaisey Bequest 

Nell & Hermon Slade Trust 

Orloff Family Charitable Fund 

Oscar William Eschenhagen Edwards Trust 

Philandron Foundation 

Pierce Armstrong Foundation 

Preece Family Trust 

Profield Foundation 

R A Gale Foundation 

RACV Foundation 

Ray and Joyce Uebergang Foundation 

Robertson Trust 

Sarah & Baillieu Myer Family Foundation 

Sherman Foundation 

Skipper-Jacobs Charitable Trust 

Snow Foundation Ltd 

Sunshine Foundation 

Thomas Rubie Purcell and Olive Esma 

Purcell Trust 

Trust Foundation Estate of Gladys Miller 

Urquhart Charitable Fund 

Walter Campbell Memorial Trust 

Will & Ruby Weaver Endowment 

William & Bessie Lennox Trust 

William & Eileen Walsh Trust 

William Andrew Bon Estate Residuary Estate 

William Angliss (Victoria) Charitable Fund 

William Buckland Foundation 

Winifred & John Webster Charitable Trust 

Winnie Gertrude Elliott Trust 


Call 1300 847 466 

NSW and ACT: Vic.: 

4 Mitchell St, 454 Glenferrie Rd, 

Enfield NSW 2136 Kooyong Vic. 3144 

Web: www.visionaustralia.org.au 

ACN 108 391 831 ABN 67 108 391 831 

Vision Australia was formed through the merger of Royal Blind Society, 

the Royal Victorian Institute for the Blind, Vision Australia Foundation 

and the National Information Library Service.

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