12 August 2015 Finance Commitee Minutes

12 August 2015, 11.00am

Via Teleconference

Present:  Graham McDonald (Chair), Chris Disspain, Josh Rowe, Stuart Benjamin, Joe Manariti, Jo Lim, John Higgins (Nexia Australia), Jacki O'Sullivan (Minutes)

Apologies: Kartic Srinivasan

1.    Continuous Disclosure

  • There were no matters to be disclosed.

2.    Previous Minutes

  • The Committee noted the 11 June 2015 minutes which had been Committee and Board approved via email and published.

3.    Financial Statements

  • The June 2015 final accounts were circulated via email for Committee review prior to the meeting.  It was noted the accounts were final subject to audit and were summarised as follows:
    • Total cash and investments - $11.312m (includes US$ Bank accounts, Term Deposits and Investments).
    • Total Assets $12.063m, Net Assets $11.011m
    • It was noted a few minor items would be adjusted and non-current assets would be reviewed as part of the audit process.
    • Budget vs. YTD variances were reviewed with no major issues noted.
    • The Committee agreed the June final accounts should now be forwarded to the auditors for audit.
  • The July 2015 accounts were circulated via email for Committee review prior to the meeting and were summarised as follows:
    • Total cash and investments - $11.437m (includes US$ Bank accounts, Term Deposits and Investments).
    • Net Assets $10.983m
    • Budget vs. YTD variances were reviewed with no major issues noted.

4.    Investment Portfolio update

  • An investment Portfolio update was circulated to the Committee.  It was noted implementation of additional investments has commenced as follows:
    • Bond Investments now increased to $3.5M as agreed. 
    • Term Deposits are still in the process of being finalised, currently in train and will take the additional amount to $5.5m as agreed.

5.    Expenditure above $50K

  • Nil

6.    Outstanding Action Items

  • There were no outstanding action items.

7.    Any other business

  • There was no other business

8.    Actions

  • CD – circulate July accounts and investment update to Board for the August meeting

9.    Next Meeting

  • Thursday 8 October 2015 at 11.00am via teleconference.