34 NEWSBOYS FOUNDATION ANNUAL REPORT 2017 NEWSBOYS FOUNDATION FINANCIAL REPORT 15. Members’ liability The Foundation is a Company limited by guarantee. In the event of winding up, all members of the Foundation undertake to contribute up to $50 each towards the liabilities of the Foundation, and the costs, charges and expenses of the winding up. At present there are 64 members of the Foundation. 16. Subsequent events There has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material or unusual nature likely to affect substantially the operations of the Foundation, the results of those operations or the affairs of the Foundation in subsequent financial years. 17. Operating leases Leases as lessee In relation to a non–cancellable operating lease for the occupancy of premises at Suite 206, 153 - 161 Park Street, South Melbourne. Operating lease rentals are payable as follows: 2017 2016 $ $ Within one year 30,807 32,423 Between one and five years - 30,807 30,807 63,230 18. Contingent assets and liabilities The Directors are not aware of any contingencies that warrant disclosure in the Financial Report. 19. Registered office and principal place of business Suite 206 153-161 Park Street South Melbourne, VIC, 3205 Newsboys Foundation (A Company Limited by Guarantee) Declaration by the Board of Directors of Newsboys Foundation For the year ended 30 June 2017 1. In the opinion of the Board of the Newsboys Foundation: a) the financial statements and notes, set out on pages 29 to 34, are in accordance with the Australian Charities and Not-for-profits Commission Act 2012, including: i) giving a true and fair view of the Foundation’s financial position as at 30 June 2017 and of its performance, for the financial year ended on that date; and ii) complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Australian Charities and Not-for-profits Commission Regulation 2014; and b) there are reasonable grounds to believe that the Foundation will be able to pay its debts as and when they become due and payable. Dated at Melbourne this 21st day of September 2017. Signed in accordance with a resolution of the Board of Directors of Newsboys Foundation: Deryk Stephens Director, Newsboys Foundation