1 Summary of Significant Accounting Policies (a) Basis of Preparation The summary financial statements have been prepared from the audited financial report of Life Without Barriers. The audited report for the year ended 30 June 2014 is available on request from Life Without Barriers. The financial statements, specific disclosures and other information included in the summary financial statements are derived from and are consistent with the full financial statements of Life Without Barriers. The summary financial statements cannot be expected to provide as detailed an understanding of the financial performance, financial position and financing and investing activities of Life Without Barriers as the full financial statements. The accounting policies have been consistently applied to Life Without Barriers and are consistent with those of the financial year in their entirety. The presentation currency used in the financial report is Australian dollars. The significant accounting policies used in the preparation and presentation of these financial statements are provided below and are consistent with prior reporting periods unless otherwise stated. The financial statements are based on historical costs, except for the measurement at fair value of selected non current assets, financial assets and financial liabilities. (b) Principles of Consolidation The consolidated financial statements include the financial position and performance of controlled entities from the date on which control is obtained until the date that control is lost. Intragroup assets, liabilities, equity, income, expenses and cashflows relating to transactions between entities of the group have been eliminated in full for the purpose of these consolidated financial statements. Appropriate adjustments have been made to a controlled entity’s financial statements where the accounting policies used by those entities were different from those adopted in the consolidated financial statements. (c) Revenue and Other Income Grants and Donations Government funding which is contingent upon certain outcomes, including the expenditure of certain amounts, is recognised as revenue only when those outcomes are achieved and only to the extent of the expenditure incurred. Funding received that has not achieved such outcomes is recognised as other payables. Funding which is not contingent upon certain outcomes is recognised as revenue over the periods to which it relates. Other contributions such as fundraising revenue, donations and bequests not contingent on certain outcomes are recognised as revenue when; the Consolidated Group obtains control of the contribution or the right to receive the contribution, it is probable that the economic benefits comprising the contribution will flow to the Consolidated Group and the amount of the contribution can be measured reliably. Donated property and goods are accepted on the basis they will provide a future economic benefit. Revenue is brought to account when the property and goods are received and is recorded at fair value, which is represented by either wholesale value or independent valuation. Interest and Dividends Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets. Dividends are recognised when the entity’s right to receive payment is established, usually through a formal announcement of the company distributing the dividends. Rental Income Rental revenue is recognised on an accruals basis when the entity’s right to receive payment is established under the lease. All revenue is stated net of the amount of goods and services tax (GST). (d) Fundraising Activities Charitable Fundraising Act 1991: this Act and supporting Charitable Fundraising Regulation prescribe the manner in which fundraising appeals are conducted, controlled and reported. The amounts shown in note 5 are in accordance with Authority Condition 7, which is issued to the company under section 19 of the Act. Donations for Special Purposes: Any donations received where the use of those funds is restricted under the conditions of the contribution to Special Purposes are allocated to the specific fund’s account and any surplus in relation to these funds are transferred from Accumulated Funds to Special Purpose Funds at the end of each financial year. Cost of fundraising: costs used in note 5 include all direct fundraising costs in accordance with the Act. The inclusion of indirect costs is discretionary. Exclusion of the indirect costs decreases the cost of fundraising and increases the ratios in note 5. General fundraising: costs charged to general fundraising relate to processing unsolicited donations and the planning and development of future fundraising activities. Once a decision is taken to proceed with a specific fundraising appeal, relevant costs are allocated the specific appeal. Revenue from unsolicited donations is credited to general fundraising. Various services are donated to the consolidated group. No assessment of the value of those services is included in these accounts.