Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 NEWSBOYS FOUNDATION ANNUAL REPORT 2016 39 NEWSBOYS FOUNDATION TRUST FINANCIAL REPORT Independent Auditor’s Report To the Members of Newsboys Foundation Trust We have audited the accompanying financial report, being a special purpose financial report, of Newsboys Foundation Trust (the “Trust”), which comprises the statement of financial position as at 30 June 2016, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information to the financial report and the statement by the Trustee. Responsibility of the Trustee for the financial report The Trustee of the Trust is responsible for the preparation and fair presentation of the financial report and have determined that the accounting policies used and described in Note 1 to the financial report, which form part of the financial report, are appropriate to meet the requirements of the Trust Deed and the needs of the Members. This responsibility includes such internal controls as the Trustee determines are necessary to enable the preparation of the financial report to be free from material misstatement, whether due to fraud or error. Auditor’s responsibility Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards which require us to comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Trust’s preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Trustee, as well as evaluating the overall presentation of the financial report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Independence In conducting our audit, we have complied with the applicable independence requirements of the Accounting Professional and Ethical Standards Board. Auditor’s Opinion In our opinion, the financial report of Newsboys Foundation Trust presents fairly, in all material respects, the Trust’s financial position as at 30 June 2016 and of its performance and cash flows for the year then ended in accordance with the accounting policies described in Note 1. Basis of accounting Without modifying our opinion, we draw attention to Note 1 to the financial report, which describes the basis of accounting. The financial report has been prepared for the purpose of fulfilling the Trustee’s financial reporting responsibilities under the Trust Deed and the needs of the members. As a result, the financial report may not be suitable for another purpose. GRANT THORNTON AUDIT PTY LTD Chartered Accountants S.C. Trivett Partner – Audit & Assurance Melbourne, 15 September 2016