ANNUAL REPORT  
For the year ended 30 June 2019  
CONTENTS  
Governance Statement ...................................................... 1  
Company Profile................................................................. 2  
Directors’ Report ............................................................... 3  
Directors’ Declaration........................................................ 5  
Independent Auditor’s Report ........................................... 6  
Lead Auditor’s Independence  
Declaration......................................................................... 9  
Annotated Statement of Financial  
Performance .................................................................... 10  
Consolidated Statement of Profit  
and Loss........................................................................... 11  
Consolidated Balance Sheet............................................ 12  
Statement of Cash Flows................................................. 13  
Statement of Changes in Equity ...................................... 14  
Notes to the Consolidated Financial  
Statements....................................................................... 15  
Appendix .......................................................................... 37  
GOVERNANCE STATEMENT  
Extract from Screenrights' Corporate Governance Statement which was reviewed by  
Screenrights’ Board of Directors on 29 May 2019 and published following the outcome of  
the Extraordinary General Meeting of 25 July 2019  
Full Statement available at: https://www.screenrights.org/wp-content/uploads/2019/08/  
2019-08-05-Corporate-Governance-Statement.pdf  
1. GENERAL STATEMENT  
2. GOVERNANCE FOR WHOM?  
1
.1 Screenrights is dedicated to maximising the  
incentive provided by the copyright system for  
the production of audiovisual works. Specifically  
Screenrights aims to:  
2.1 The Board comprises individuals elected by the  
members of Screenrights. It has collective  
legal responsibility for directing the affairs of  
Screenrights for the benefit of the members  
(present and future), recognising the interests of  
other stakeholders, notably the public (directly  
and through the office of the Minister for  
•
maximise returns to audiovisual rightsholders  
through collective management of rights; and  
encourage access to our members’ content in  
return for fair fees.  
•
Communications and the Arts), the statutory and  
voluntary licensees, employees and other parties  
with whom Screenrights interacts.  
1
.2 In furtherance of these goals, Screenrights seeks  
to maintain and foster principles of corporate  
governance that accord with best practice and  
are appropriate for a declared collecting society,  
requiring the highest standards of behaviour and  
accountability.  
2.2 In a more general sense, Directors of all  
companies have a role in economic and social  
development through effective management of  
resources in the national and global interest.  
Screenrights Directors recognise a direct  
responsibility to rightsholders but also a  
partnership with copyright users and with the  
Federal Government  
1
.3 It is recognised that it is neither possible nor  
desirable to lay down prescriptive rules to  
dictate actions in the varied circumstances  
that may confront an organisation in its future.  
Nonetheless the Board of Directors of Screenrights 2.3 The Board (and Screenrights) stand in a fiduciary  
acknowledges the general statements concerning  
governance, ethics and the obligations of Directors  
in this paper and adopts this policy, and will review  
it as necessary.  
relationship to relevant rightsholders who are  
members. Although the interests of members are  
paramount, the interests of groups other than the  
membership are important and the Board seek  
solutions that benefit all parties, where possible.  
1
.4 The aim of the Screenrights Board of Directors is  
stewardship that is effective, accountable and fair.  
2.4 There are no nominees or Directors  
representing a constituency within the  
membership. Some Directors are associated  
with member organisations and/or have  
knowledge of the views of member groups.  
It is desirable and proper for Directors to present  
the views of individual members or member  
groups to the Board. It is neither desirable nor  
proper for Directors to act in the interests of  
individual members, member groups or groups  
that may have supported their election to the  
Board. Directors acknowledge their legal duty to  
act in the best interests of Screenrights.  
SCREENRIGHTS ANNUAL REPORT 2018–2019 | 1  
COMPANY PROFILE  
As at 30 June 2019  
Audio-Visual Copyright Society Limited trading as Screenrights ABN 76 003 912 310  
Registered office: Level 1, 140 Myrtle Street Chippendale NSW 2008  
Phone: +61 2 8038 1300 www.screenrights.org  
DIRECTORS & OFFICERS  
OFFICE OF THE CHIEF EXECUTIVE  
INFORMATION SERVICES  
Chief Executive: James Dickinson  
Head, Information Services:Mike Lynch  
Jill Bryant  
Chair  
Lead, Application Development:  
Brian Chambers  
ENHANCETV TEAM  
Head of EnhanceTV:Andrew Mula  
Ben Grant  
Deputy Chair  
Data & Systems Manager:Nick Grodzicki  
Project Director: Terry Watts*  
Network & Infrastructure Manager:  
Justin Franks  
Content & Catalogue Editor:Paul Stock  
DIRECTORS  
Curriculum Content Producers:  
Duha Samin  
Adam Duggan*  
Business Analyst/Programmer:  
Daniel McCosker*  
Geoffrey Atherden AM  
Larissa Behrendt  
Jonathan Carter  
Anne Chesher  
Senior Analyst Programmer:  
Sandyha (Sandra) Bhalla  
Product & Customer Director:  
Richard le Bas  
User & Systems Support:Daniel Read  
Kim Dalton OAM  
John Ford  
Director, Customer SuccessChris Singh  
Customer Success OfficerLucas Barnes  
Stack Developer: Alex Corzo  
Licensing/Registrations Officer:  
Mary Luque*  
Kelly Lefever  
Business Development Manager, ISAN:  
Darryl Robinson*  
Cathy Service  
Full Stack Developer:Viral Jetani  
Victoria Spackman ONZM  
Georgina Waite  
SERVICE DESIGN  
Head of Service Design:Emma Madison  
PUBLIC AFFAIRS  
Public Affairs Advisor:Virginia Gordon*  
AUDITORS  
KPMG  
Disbursement Service Manager:  
Jasmina Matic  
FINANCE & ADMINISTRATION  
Chief Financial Officer/Company Secretary:  
Susan Casali  
[Parenting Leave]/Madeleine Donovan*  
BANKERS  
Project Manager:Luke Asprey  
Accountant & Internal Auditor:  
Angela Cheung  
Cultural Fund Assistant:  
Georgie Payne-Loy*  
National Australia Bank  
Westpac  
Executive Assistant/Office Manager:  
Kylie Cooke  
Marketing Manager:Sarah Steel*  
Bank of New Zealand  
MEMBER SERVICES  
Head of Member Services:Maha Ismail*  
Member Relations Manager:Annabel Holt  
Distribution Manager: Sean Price  
Office Administrator: Belle Darcy  
SOLICITORS  
Administrative Assistant:  
Wendy Lee-Lusher*  
Banki Haddock Fiora  
Harmers Workplace  
Lawyers  
LEGAL  
International Service Manager:  
Gaëlle Clark  
General Counsel: Marie Foyle*  
McCabe Curwood Solicitors  
Emery Legal  
Associate Counsel: Mona Forghani  
Senior Portfolio Coordinator:  
Sainty Law  
John Alexander  
Sparke Helmore  
Senior Distribution Officer:Kate Bowley*  
Senior Research Officer:Clare Macken*  
Senior Registration Officer:Ian Laird  
* Indicates part-time employee/consultant  
Full time equivalent = 41.6  
Registration Data Administrator:  
Ross Sharp  
Portfolio Coordinator:Tova Borwein  
Portfolio Coordinator:Mariana Corbellini  
Portfolio Coordinator:Kaaran Watene  
Distribution Officer: Wade Clarke*  
Distribution Officer: Brandon Flores  
2
DIRECTORS’ REPORT  
GEOFFREY ATHERDEN AM – Writer and former president of both the Australian Writers’ Guild and Australian Writers’ Foundation.  
Geoffrey is well known for his multi award winning television programs includingMother and Son, BabaKiueriaand Grass Roots. Geoffrey has also  
served two terms on the board of Screen NSW, and in 2009 received an Order of Australia. Director since 2016.  
LARISSA BEHRENDT – Distinguished Prof. Larissa Behrendt is a Eualeyai/Kamillaroi woman. Professor of Law and Director of Research at  
the Jumbunna Indigenous House of Learning at the University of Technology, Sydney. Chair of the Humanities and Creative Arts panel of the  
Australian Research Council College of Experts. Board member of the Museum of Contemporary Art, Tranby Aboriginal College and Director of  
Bangarra Dance Theatre. Director Since 2017.  
JILL BRYANT – Working predominantly in the production of live entertainment, formerly Director of Marketing, Asia-Pacific for  
BBC Worldwide. Originating Producer,Walking with Dinosaurs – The Live Experienc e. . Director since 2003. Elected Chairman 2006.  
JONATHAN CARTER – Head of the Legal, Corporate & Policy Group, APRA AMCOS Legal Committee, International Confederation of  
Societies of Authors and Composers; Steering Committee, Music Rights Australia; and Ethics Committee, Genea Limited. Director since 2017.  
ANNE CHESHER – Education consultant with PhD thesis “T elevision Content in the 21st Century Classroom”. Over 20 years experience  
producing online education creative media for the television industry (clients include ABC, SBS, Foxtel, National Geographic Channel). Former  
secondary school teacher and writer of ATOM study guides. Director since 2014.  
KIM DALTON OAM – Producer, distributor and broadcaster with over 40 years’ experience as a senior executive in the screen industry.  
Former CEO, Australian Film Commission; former Director, ABC Television; former Chair, Freeview Australia; Chair, Asian Animation Summit  
and recipient of Order of Australia medal for service to the Australian film and television industry. Director since 2015.  
JOHN FORD BA, LLB GAICD– Media consultant, company director and lawyer practising in the media industry for over 30 years.  
Clients have included Telstra Corporation, TVI/Sci-Fi and TVN Channel. Director, Sydney Children’s Hospital Network, as well as Chair of the  
Network’s Capital Works Committee. Director since 1997.  
BEN GRANT – Managing Director of Goalpost Pictures, with credits spanning three decades of award-winning feature films and television.  
Member of the Film Certification Advisory Board. Member of the Australian Institute of Company Directors. Ambassador for the Sydney Swans.  
Director since 2013. Elected Deputy Chair 2016.  
KELLY LEFEVER – Kelly is co-creator of the critically acclaimed seriesThe Circuit and her credits includeThe Doctor Blake Mysteries,  
The Code, Miss Fisher’s Murder Mysteries, The Black Balloonand The Merger. She currently sits on the Film Victoria Board. Director since 2018.  
CATHY SERVICE – Chief Operating Officer with KJA Engaging Solutions from February 2013 to June 2018 and then Associate Consultant until  
December 2018. Former Head of Finance with BBC Worldwide Australasia. Over 20 years experience in the media industry. Director since 2011.  
VICTORIA SPACKMAN ONZM– Co-owner of the Gibson Group, Board member of Education New Zealand and previous Board member of  
SPADA (the NZ Screen Production and Development Association). Director since 2011.  
GEORGINA WAITE – Head of Business Affairs at the ABC, with over 24 years at the national broadcaster in her current role and within the  
ABC Legal department. Starting out as an Intellectual Property lawyer with Corrs Chambers Westgarth, Georgina is a former lecturer in Media Law  
at UTS, lawyer at the Arts Law Centre of Australia, and board member of Metro TV. Director since 2018.  
DAVID ANDERSON – Director from 2012 to 2018.  
ANNE AUDETTE CA – Chief Operating Officer and Company Secretary.  
Appointed Company Secretary August 2017 to February 2019  
ALASTAIR MCKINNON – Alternate Director for David Anderson 2018  
CHRIS OLIVER-TAYLOR – Director from 2010 to November 2018.  
MARIE FOYLE – General Counsel and Company Secretary February 2019  
to April 2019  
SUSAN CASALI – Chief Financial Officer and Company Secretary April 2019  
SCREENRIGHTS ANNUAL REPORT 2018–2019 | 3  
DIRECTORS’ REPORT [CONTINUED]  
LEAD AUDITOR’S INDEPENDENCE DECLARATION  
LIKELY DEVELOPMENTS  
A copy of the Lead Auditor’s Independence Declaration, as  
required under Section 307C of the Corporations Act 2001,  
is included at page 9 of the Annual Report.  
The Company will continue its current activities. Potential  
new revenue streams in development include copying from  
the internet by governments and educational copying by  
training providers.  
PRINCIPAL ACTIVITIES  
INDEMNIFICATION AND INSURANCE OF OFFICERS  
The principal activity of the Company during the course of  
the financial year was utilisation of its right as a declared  
collecting society under the Copyright Act, to collect monies  
from educational institutions, for distribution to relevant  
copyright owners.  
During the year, the Company paid a premium of $37,097 in  
respect of a contract of insurance indemnifying those  
persons who are or have been officers of the Company  
against liabilities that may arise from their position as  
officers, except where the liability arises out of conduct  
involving a lack of good faith. That insurance policy does not  
contain details of the premiums paid in respect of individual  
officers of the Company.  
REVIEW AND RESULTS OF OPERATIONS  
The amount of $43.5 million (2018: $42.1 million) was  
determined to form the Distributable Amount available for  
distribution to relevant rightsholders from monies collected  
for the accounting year ended 30 June 2019.  
MEMBERS’ LIABILITY  
The net operating profit after income tax for the year was  
The Company is a company limited by guarantee.  
$Nil (2018: $Nil).  
The guarantee in the event of the winding up of the Company  
is $10 for each member. At 30 June 2019, membership of  
the Company comprised 4,438 full members (2018: 4,227 ),  
resulting in a total liability of $44,380 (2018: $42,270).  
STATE OF AFFAIRS  
In November 2018, the matter between Screenrights and  
The Australian Writers' Guild (AWG) and the Australian  
Writers' Guild Authorship Collecting Society (AWGACS)  
was resolved.  
Dated at Sydney this 25 September 2019 and signed in  
accordance with a resolution of the Directors:  
ENVIRONMENTAL REGULATION  
The Company’s operations are not subject to any significant  
environmental regulations under either Commonwealth or State  
legislation. The Board believes that the Company has adequate  
systems in place for the management of its environmental  
requirements and is not aware of any breach of those  
Jill Bryant  
Chair  
environmental requirements as they apply to the Company.  
EVENTS SUBSEQUENT TO BALANCE DATE  
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 and unusual nature that  
is likely, in the opinion of the Directors, to affect significantly  
the operations of the consolidated entity, the results of those  
operations or the state of affairs of the consolidated entity in  
future financial years.  
4
DIRECTORS’ REPORT [CONTINUED]  
DIRECTORS’ MEETINGS  
The number of Directors’ meetings (including meetings of Committees of Directors) and number of meetings attended by  
each of the Directors of the Company during the financial year are:  
AUDIT & RISK  
COMMITTEE MEETINGS  
REMUNERATION  
COMMITTEE MEETINGS  
DIRECTOR  
DIRECTORS’ MEETINGS  
A
0
4
6
7
6
6
6
6
7
3
0
0
6
7
3
B
2
7
7
7
7
7
7
7
7
4
2
2
7
7
5
A
B
A
B
D Anderson  
G Atherden  
L Behrendt  
J Bryant  
J Carter  
A Chesher  
K Dalton  
N/A  
N/A  
N/A  
2
N/A  
N/A  
2
N/A  
1
N/A  
N/A  
N/A  
3
N/A  
N/A  
N/A  
3
N/A  
N/A  
3
N/A  
3
N/A  
N/A  
N/A  
3
N/A  
N/A  
N/A  
1
N/A  
N/A  
N/A  
1
1
1
N/A  
N/A  
N/A  
1
N/A  
N/A  
N/A  
1
N/A  
N/A  
N/A  
1
N/A  
N/A  
N/A  
1
J Ford  
B Grant  
K Lefever  
A McKinnon  
C Oliver-Taylor  
C Service  
V Spackman  
G Waite  
N/A  
N/A  
N/A  
N/A  
N/A  
N/A  
N/A  
N/A  
A
Number of meetings attended  
B
N/A  
Number of meetings held during the time the Director held office during the year  
Director not a member of that Committee  
DIRECTORS’ DECLARATION  
In the opinion of the Directors of Audio-Visual Copyright Society Limited:  
(a) The consolidated financial statements and notes, set out on pages 11 to 36, are in accordance with the  
Corporations Act 2001, including:  
(i) giving a true and fair view of the financial position of the consolidated entity as at 30 June 2019  
and of its performance for the financial year ended on that date, and  
(ii) complying with Australian Accounting Standards and theCorporations Regulations 2001.  
(b) The financial report also complies with International Financial Reporting Standards as disclosed in Note 1.  
(c) There are reasonable grounds to believe that the Company will be able to pay its debts as and when they  
become due and payable.  
Dated at Sydney this 25 September 2019 and signed in accordance with a resolution of the Directors:  
Jill Bryant  
Chair  
SCREENRIGHTS ANNUAL REPORT 2018–2019 | 5  
Independent Auditor’s Report  
To the members of Audio-Visual Copyright Society Limited  
Opinion  
We have audited the Financial Report of  
The Financial Report comprises:  
Audio-Visual Copyright Society Limited  
Consolidated balance sheet as at 30 June 2019  
(
the Group).  
Consolidated statement of profit or loss and other  
comprehensive income, Statement of changes in  
equity, and Statement of cash flows for the year  
then ended  
In our opinion, the accompanying Financial  
Report of the Group is in accordance with  
the Corporations Act 2001, including:  
giving a true and fair view of the  
Group’s financial position as at 30  
June 2019 and of its financial  
performance for the year ended on  
that date; and  
Notes including a summary of significant accounting  
policies  
Directors’ Declaration.  
The Group consists of the Company and the entities it  
controlled at the year-end or from time to time during  
the financial year.  
complying with Australian Accounting  
Standards and the Corporations  
Regulations 2001.  
Basis for opinion  
We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit  
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.  
Our responsibilities under those standards are further described in the Auditor’s responsibilities for  
the audit of the Financial Report section of our report.  
We are independent of the Group in accordance with the Corporations Act 2001 and the ethical  
requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics  
for Professional Accountants (the Code) that are relevant to our audit of the Financial Report in  
Australia. We have fulfilled our other ethical responsibilities in accordance with the Code.  
KPMG, an Australian partnership and a member firm of the KPMG  
network of independent member firms affiliated with KPMG  
International Cooperative (“KPMG International”), a Swiss entity.  
Liability limited by a scheme approved under  
Professional Standards Legislation.  
6
Emphasis of matter – basis of preparation and restriction on use  
We draw attention to Note 1 to the Financial Report, which describes the basis of preparation.  
The Financial Report has been prepared for the purpose of fulfilling the Directors’ financial reporting  
responsibilities under the Corporations Act 2001. As a result, the Financial Report and this Auditor’s  
Report may not be suitable for another purpose. Our opinion is not modified in respect of this matter.  
Our report is intended solely for the members of Audio-Visual Copyright Society Limited and should  
not be used by parties other than the members of Audio-Visual Copyright Society Limited. We  
disclaim any assumption of responsibility for any reliance on this report, or on the Financial Report to  
which it relates, to any person other than the members of Audio-Visual Copyright Society Limited or  
for any other purpose than that for which it was prepared.  
Other Information  
Other Information is financial and non-financial information in Audio-Visual Copyright Society Limited’s  
annual reporting which is provided in addition to the Financial Report and the Auditor’s Report. The  
Directors are responsible for the Other Information.  
Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not  
express an audit opinion or any form of assurance conclusion thereon.  
In connection with our audit of the Financial Report, our responsibility is to read the Other  
Information. In doing so, we consider whether the Other Information is materially inconsistent with  
the Financial Report or our knowledge obtained in the audit, or otherwise appears to be materially  
misstated.  
We are required to report if we conclude that there is a material misstatement of this Other  
Information, and based on the work we have performed on the Other Information that we obtained  
prior to the date of this Auditor’s Report we have nothing to report.  
Responsibilities of the Directors for the Financial Report  
The Directors are responsible for:  
preparing the Financial Report that gives a true and fair view in accordance with Australian  
Accounting Standards and the Corporations Act 2001  
implementing necessary internal control to enable the preparation of a Financial Report that  
gives a true and fair view and is free from material misstatement, whether due to fraud or  
error  
assessing the Group’s ability to continue as a going concern and whether the use of the going  
concern basis of accounting is appropriate. This includes disclosing, as applicable, matters  
related to going concern and using the going concern basis of accounting unless they either  
intend to liquidate the Group or to cease operations, or have no realistic alternative but to do  
so.  
SCREENRIGHTS ANNUAL REPORT 2018–2019 | 7  
Auditor’s responsibilities for the audit of the Financial Report  
Our objective is:  
to obtain reasonable assurance about whether the Financial Report as a whole is free from  
material misstatement, whether due to fraud or error; and  
to issue an Auditor’s Report that includes our opinion.  
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in  
accordance with Australian Auditing Standards will always detect a material misstatement when it  
exists.  
Misstatements can arise from fraud or error. They are considered material if, individually or in the  
aggregate, they could reasonably be expected to influence the economic decisions of users taken on  
the basis of the Financial Report.  
A further description of our responsibilities for the audit of the Financial Report is located at the  
Auditing and Assurance Standards Board website at:  
http://www.auasb.gov.au/auditors_responsibilities/ar7.pdf. This description forms part of our Auditor’s  
Report.  
PM_INI_01  
PAR_SIG_01  
PAR_NAM_01  
PAR_POS_01  
PAR_DAT_01  
PAR_CIT_01  
KPMG  
Anthony Travers  
Partner  
Sydney  
2
5 September 2019  
8
Lead Auditor’s Independence Declaration under  
Section 307C of the Corporations Act 2001  
To the Directors of Audio-Visual Copyright Society Limited  
I declare that, to the best of my knowledge and belief, in relation to the audit of Audio-Visual Copyright  
Society Limited for the financial year ended 30 June 2019 there have been:  
i.  
no contraventions of the auditor independence requirements as set out in the  
Corporations Act 2001 in relation to the audit; and  
ii.  
no contraventions of any applicable code of professional conduct in relation to the audit.  
KPMG  
Anthony Travers  
Partner  
Sydney  
2
5 September 2019  
KPM_INI_01  
PAR_SIG_01  
PAR_NAM_01  
PAR_POS_01  
PAR_DAT_01  
PAR_CIT_01  
KPMG, an Australian partnership and a member firm of the KPMG  
network of independent member firms affiliated with KPMG  
International Cooperative (“KPMG International”), a Swiss entity.  
Liability limited by a scheme approved under  
Professional Standards Legislation.  
SCREENRIGHTS ANNUAL REPORT 2018–2019 | 9  
ANNOTATED STATEMENT OF FINANCIAL  
PERFORMANCE FOR THE YEAR ENDED  
3
0 JUNE 2019  
We know that not everyone wants to analyse financial statements, so below is our annual summary of the most important  
information in these accounts. The notes show the calculations which determine how much money is available to distribute to  
rightsholders from the royalties collected and interest received, and after the deduction of tax and expenses.  
NON-IFRS FINANCIAL MEASURES  
The annotated statement of financial position includes certain non-IFRS financial measures. The directors believe the  
presentation of non-IFRS financial measures is useful for the users of this document as they reflect the amounts available for  
distribution to rightsholders after the addition of expired trust funds and the transfer of surplus reserves. The below non-IFRS  
financial measures have not been subject to review or audit.  
ꢀ
ꢀ
ꢀ
ꢀ
Consolidated  
ꢀ
2019ꢀꢀ  
$000sꢀ  
ꢀ
ꢀ
2018  
$000s  
Royalty collections for the  
year from Australian schools,  
TAFE colleges, universities,  
retransmission income,  
New Zealand educational  
institutions, overseas, and  
revenue from services  
including Enhance TV and  
DASA.  
Revenue from Ordinary Activities:  
Gross Revenue  
Other Revenues  
Expenses  
49,906  
1,670  
48,272  
1,597  
(8,655)  
(8,146)  
41,723  
4
2,921  
Includes interest.  
Transfer (to)/from retained  
earnings and reserves  
–
–
The cost of running  
Screenrights, including  
employee expenses,  
depreciation and other  
ordinary expenses.  
Amount available for Distribution  
Add Expired Trust Funds (2012)  
Add Expired Trust Funds (2013)  
42,921  
_
41,723  
405  
_
579  
Screenrights can hold  
allocations in trust for a  
maximum of six years while  
trying to locate relevant  
rightsholders. Under the  
Attorney-General’s Guidelines,  
these funds are then added  
to the Distributable Amount  
in the current year. For 2013,  
expired trust funds scheme  
were, by amount and  
percentage of Distributable  
Amount, AES $284,000 (0.9%),  
NZES $56,000 (3.4%),  
ARS $127,000 (1.5%) and  
AGS $112,000 (0.4%).  
Total amount available for Distribution  
43,500  
42,128  
Amount transferred to Statutory  
Distributable Pools:  
Australian Education Service (AES)  
(27,819)  
(7,867)  
(26,921)  
(8,106)  
(1,382)  
Australian Retransmission Service (ARS)  
Australian Government Copying Service (AGS) (1,497)  
Amount transferred to Non-Statutory  
Distributable Pools:  
NZ Education Service (NZES)  
Disbursements by Screenrights (DASA)  
International Service (INT)  
(1,978)  
(2,940)  
(1,399)  
(1,878)  
(2,132)  
(1,709)  
Total amount transferred to  
distribution pools  
(43,500)  
(42,128)  
10  
CONSOLIDATED STATEMENT OF PROFIT OR  
LOSS AND OTHER COMPREHENSIVE INCOME  
For the year ended 30 June 2019  
Note  
2019  
2018  
$000s  
48,272  
1,597  
$
000s  
49,906  
1,670  
Revenue from rendering of services  
Other income  
2
3
Total revenue and other income  
51,576  
49,869  
Employee expenses  
Depreciation and amortisation expense  
Operating expense  
Licensing expense  
Travel expense  
4
(4,878)  
(574)  
(2,315)  
(117)  
(105)  
(241)  
(89)  
(4,874)  
(436)  
(2,332)  
(23)  
(73)  
Marketing expense  
Legal expense  
(149)  
(53)  
Other expenses  
5
2
(336)  
(206)  
Royalties paid and payable to members and  
affiliated societies  
(42,921)  
(41,723)  
Net profit before income tax  
Income tax expense  
–
–
–
–
–
–
–
–
–
–
7
Net operating profit after income tax  
Other comprehensive income  
Total comprehensive profit  
The Statement of Profit or Loss and Other Comprehensive Income is to be read in conjunction with the  
notes to the Consolidated Financial Statements set out on pages 15 to 36.  
SCREENRIGHTS ANNUAL REPORT 2018–2019 | 11  
CONSOLIDATED BALANCE SHEET  
For the year ended 30 June 2019  
Note  
2019  
2018  
$
000s  
$000s  
Current assets  
Cash and cash equivalents  
Cash on deposit  
8
8
9
3,321  
60,687  
9,480  
3,299  
63,752  
4,031  
Trade and other receivables  
Total current assets  
73,488  
71,082  
Non-current assets  
Property, plant and equipment  
Intangibles  
10  
11  
344  
1,711  
400  
1,728  
Total non-current assets  
Total assets  
2,055  
2,128  
75,543  
73,210  
Current liabilities  
Trade and other payables  
Royalties in advance  
Employee benefits  
Other  
12  
667  
14,971  
505  
744  
14,536  
501  
13  
14  
55,970  
55,626  
Total current liabilities  
72,113  
71,407  
Non-current liabilities  
Employee benefits  
Provisions  
13  
15  
167  
199  
67  
1,726  
Total non-current liabilities  
Total liabilities  
1,893  
74,006  
1,537  
266  
71,673  
1,537  
Net assets  
Equity  
Retained earnings  
Reserves  
1,337  
200  
1,337  
200  
Total equity  
1,537  
1,537  
The Balance Sheet is to be read in conjunction with the  
notes to the Consolidated Financial Statements set out on pages 15 to 36.  
12  
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED  
STATEMENT OF CASH FLOWS  
For the year ended 30 June 2019  
Note  
2019  
2018  
$
000s  
$000s  
Cash flows from operating activities  
Cash receipts in the course of operations  
Cash payments in the course of operations  
44,749  
47,160  
(48,989)  
(50,520)  
Net cash from operating activities  
18(b)  
(4,240)  
(3,360)  
Cash flows from investing activities  
Interest received  
1,699  
(64)  
2,022  
(52)  
Payments for property, plant and equipment  
Payments for intangibles  
(437)  
3,065  
(629)  
1,807  
Decrease in cash on deposit  
Net cash from investing activities  
4,263  
3,148  
Net increase/(decrease) in cash held  
22  
(212)  
3,511  
Cash at the beginning of the financial year  
3,299  
Cash at the end of the financial year  
18(a)  
3,321  
3,299  
The Statement of Cash Flows is to be read in conjunction with the  
notes to the Consolidated Financial Statements set out on pages 15 to 36.  
SCREENRIGHTS ANNUAL REPORT 2018–2019 | 13  
STATEMENT OF CHANGES IN EQUITY  
For the year ended 30 June 2019  
Reconciliationꢀofꢀmovementsꢀinꢀcapitalꢀandꢀreservesꢀattributableꢀtoꢀmembers  
Societyꢀ  
Retainedꢀ  
Totalꢀ  
ReserveꢀFund  
Earnings  
$000s  
1,337  
–
Equity  
$
000s  
200  
–
$000s  
1,537  
–
Balance at 1 July 2017  
Total comprehensive profit  
Transfer between retained earnings  
and reserves  
–
–
–
Balance at 30 June 2018  
200  
1,337  
1,537  
Balance at 1 July 2018  
200  
–
1,337  
–
1,537  
–
Total comprehensive profit  
Transfer between retained earnings  
and reserves  
–
–
–
Balance at 30 June 2019  
200  
1,337  
1,537  
The Statement of Changes in Equity is to be read in conjunction with the  
notes to the Consolidated Financial Statements set out on pages pages 15 to 36.  
14  
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED  
NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS  
For the year ended 30 June 2019  
1. SIGNIFICANT ACCOUNTING POLICIES  
Audio-Visual Copyright Society Ltd trading as Screenrights  
the ‘Company’) is a company domiciled in Australia.  
reasonable under the circumstances, the results of which  
form the basis of making the judgements about carrying  
values of assets and liabilities that are not readily apparent  
from other sources. Actual results may differ from these  
estimates.  
(
The consolidated financial report of the Company for the  
financial year ended 30 June 2019 comprises the Company  
and its subsidiary (together referred to as the ‘consolidated  
entity’). The financial report was authorised for issue by the  
Directors on 25 September 2019.  
These accounting policies have been consistently applied  
by each entity in the consolidated entity.  
(a) Principal Activities  
(c) Basis of consolidation  
The principal activities of the Company during the  
course of the financial year were utilisation of its right  
as a declared collecting society under Div 4 Part IVA of  
the Copyright Act, to collect money from educational  
institutions, government departments and agencies and  
retransmitters for distribution to relevant copyright owners.  
(
i) Subsidiaries  
Subsidiaries are entities controlled by the Company.  
Control exists when the Company is exposed to, or has  
rights to, variable returns from its involvement with the  
entity and has the ability to affect those returns through  
its power over the entity. The financial statements of  
subsidiaries are included in the consolidated financial  
statements from the date that control commences until the  
date that control ceases.  
(b) Statement of compliance and basis  
of preparation  
The financial report is a general purpose financial report  
which has been prepared in accordance with Australian  
Accounting Standards (‘AASBs’) adopted by the Australian  
Accounting Standards Board (‘AASB’) and the Corporations  
Act 2001. The financial report of the consolidated entity  
also complies with International Financial Reporting  
Standards (IFRSs) adopted by the International Accounting  
Standards Board.  
(ii) Transactions eliminated on consolidation  
Intra-group balances and any unrealised gains and losses  
or income and expenses arising from transactions within  
the consolidated entity are eliminated in preparing the  
consolidated financial statements.  
(
d) Foreign currency transactions  
The financial report is prepared in Australian dollars,  
which is the Company’s functional currency. The Company  
is of a kind referred to in ASIC Corporations (Rounding in  
Financial / Directors’ Report) Instrument 2016/191 dated  
Transactions in foreign currencies are translated at the  
foreign exchange rate ruling at the date of the transaction.  
Monetary assets and liabilities denominated in foreign  
currencies at the balance date are translated to Australian  
dollars at the foreign exchange rate ruling at that date.  
Foreign exchange differences arising on translation are  
recognised in profit or loss. Non-monetary assets and  
liabilities that are measured in terms of historical cost in a  
foreign currency are translated using the exchange rate at  
the date of the transaction.  
24 March 2016 and in accordance with that Instrument  
amounts in the financial report and Directors’ report have  
been rounded off to the nearest one thousand dollars,  
unless otherwise stated.  
The financial report is prepared on the historical cost basis.  
The preparation of a financial report in conformity with  
Australian Accounting Standards requires management  
to make judgements, estimates and assumptions that  
affect the application of policies and reported amounts of  
assets and liabilities, income and expenses. The estimates  
and associated assumptions are based on historical  
experience and various other factors that are believed to be  
(
e) Derivatives  
The consolidated entity is exposed to changes in interest  
rates and foreign exchange balances. The consolidated  
entity does not use derivative financial instruments to  
hedge these risks.  
SCREENRIGHTS ANNUAL REPORT 2018–2019 | 15  
NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS  
For the year ended 30 June 2019  
1. SIGNIFICANT ACCOUNTING POLICIES CONTINUED  
(f) Property, plant and equipment  
(h) Trade and other receivables  
(
i) Owned assets  
Trade and other receivables are stated initially at fair value  
and then amortised cost less impairment losses (see  
accounting policy j).  
Items of property, plant and equipment are stated at cost  
or deemed cost less accumulated depreciation (see f(ii))  
and impairment losses (see accounting policy j).  
(i) Cash and cash equivalent  
(
ii) Depreciation  
Cash and cash equivalents comprise cash balances, short-  
term bills and call deposits.  
With the exception of freehold land, depreciation is charged  
to profit or loss on a straight-line basis over the estimated  
useful life of each part of an item of property, plant or  
equipment. Land is not depreciated. The estimated useful  
lives in the current and comparative periods are as follows:  
(j) Impairment  
The carrying amounts of the consolidated entity’s assets  
are reviewed at each balance sheet date to determine  
whether there is any indication of impairment. If any  
such indication exists, the asset’s recoverable amount is  
estimated (see accounting policy j(i)).  
•
•
Plant and equipment – 3-10 years;  
Computer hardware/Laptops – 3 years;  
The residual value, the useful life and the depreciation  
method applied to an asset are reassessed at least annually.  
An impairment loss is recognised whenever the carrying  
amount of an asset or its cash-generating unit exceeds its  
recoverable amount. Impairment losses are recognised in  
the income statement, unless an asset has previously been  
revalued, in which case the impairment loss is recognised  
as a reversal to the extent of that previous revaluation with  
any excess recognised through profit or loss.  
(iii) Leased assets  
Leases in terms of which the consolidated entity assumes  
substantially all the risks and rewards of ownership are  
classified as finance leases. Upon initial recognition the  
leased asset is measured at an amount equal to the lower  
of its fair value and the present value of the minimum lease  
payments. Subsequent to initial recognition, the asset is  
accounted for in accordance with the accounting policy  
applicable to that asset.  
The Company recognises loss allowance for expected  
credit losses (ECL) on financial assets measured at  
amortised cost. Loss allowances for trade receivables and  
contract assets are always measured at an amount equal  
to lifetime ECLs. Lifetime ECLs are the ECLs that result  
from all possible default events over the expected life of a  
financial instrument.  
Other leases are operating leases and the leased assets  
are not recognised on the consolidated balance sheet.  
(g) Intangible assets  
(i) Calculation of recoverable amount  
(
i) Intangible assets  
The recoverable amount of the consolidated entity’s  
receivables carried at amortised cost is calculated as the  
present value of estimated future cash flows, discounted at  
the original effective interest rate (i.e. the effective interest  
rate computed at initial recognition of these financial assets).  
Receivables with a short duration are not discounted.  
Impairment of receivables is not recognised until objective  
evidence is available that a loss event has occurred.  
Intangible assets that are acquired by the consolidated  
entity are stated at cost less accumulated amortisation  
(see g(ii)) and impairment losses (see accounting policy j).  
(ii) Amortisation  
Amortisation is charged to profit or loss on a straight-line  
basis over the estimated useful lives of intangible assets  
from the date they are available for use. The estimated  
useful lives in the current and comparative periods are  
as follows:  
Significant receivables are individually assessed for  
impairment. Impairment testing of significant receivables  
that are not assessed as impaired individually is performed  
•
Capitalised software costs – 3-5 years  
16  
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED  
NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS  
For the year ended 30 June 2019  
1. SIGNIFICANT ACCOUNTING POLICIES CONTINUED  
by placing them into portfolios of significant receivables  
with similar risk profiles and undertaking a collective  
assessment of impairment.  
the current and prior periods. The obligation is calculated  
using expected future increases in wage and salary rates,  
including related on-costs and expected settlement  
dates, and is discounted using the rates attached to the  
Commonwealth Government bonds at the balance sheet  
date which have maturity dates approximating to the terms  
of the consolidated entity’s obligations.  
Non-significant receivables are not individually assessed.  
Instead, impairment testing is performed by placing non-  
significant receivables in portfolios of similar risk profiles,  
based on objective evidence from historical experience  
adjusted for any effects of conditions existing at each  
balance sheet date.  
(iii) Wages, salaries and annual leave  
Liabilities for employee benefits for wages, salaries  
and annual leave that are expected to be settled within  
The recoverable amount of other assets is the greater  
of their fair value less costs to sell and value in use. In  
assessing value in use, the estimated future cash flows are  
discounted to their present value using a pre-tax discount  
rate that reflects current market assessments of the time  
value of money and the risks specific to the asset. For an  
asset that does not generate largely independent cash  
inflows, the recoverable amount is determined for the  
cash-generating unit to which the asset belongs.  
12 months of the reporting date and represent present  
obligations resulting from employees’ services provided  
to reporting date are calculated at undiscounted amounts  
based on remuneration wage and salary rates that the  
consolidated entity expects to pay as at reporting date,  
including related on-costs such as workers compensation  
insurance and payroll tax.  
(l) Provisions  
(
ii) Reversals of impairment  
A provision is recognised in the balance sheet when the  
consolidated entity has a present legal or constructive  
obligation as a result of a past event and it is probable that  
an outflow of economic benefits will be required to settle  
the obligation. Provisions are determined by discounting  
the expected future cash flows at a pre-tax rate that  
reflects current market assessments of the time value  
of money and, where appropriate, the risks specific to  
the liability.  
Impairment losses are reversed when there is an indication  
that the impairment loss may no longer exist and there  
has been a change in the estimate used to determine  
the recoverable amount. An impairment loss in respect  
of a receivable carried at amortised cost is reversed if  
the subsequent increase in the recoverable amount can  
be related objectively to an event occurring after the  
impairment loss was recognised. An impairment loss is  
reversed only to the extent that the asset’s carrying amount  
does not exceed the carrying amount that would have  
been determined, net of depreciation or amortisation, if no  
impairment loss had been recognised.  
(m) Trade and other payables  
Trade and other payables are stated initially at fair value  
and then amortised cost. Trade payables are non-interest-  
bearing and are normally settled on 60-day terms.  
(
k) Employee benefits  
(n) Distributions  
(i) Defined contribution superannuation funds  
The consolidated entity holds the net distributable amount  
for each year in trust for rightsholders of the copyright  
in film and television programs. These rightsholders  
are eligible to receive the royalties held on their behalf  
upon completing necessary documentation, including a  
membership agreement and warranty. With respect to  
the Statutory Services, the distributable pool is allocated  
to all copied programs, and actual distributions are made  
Obligations for contributions to defined contribution  
superannuation funds are recognised as an expense in  
profit or loss as incurred.  
(ii) Long-term service benefits  
The consolidated entity’s net obligation in respect of  
long-term service benefits is the amount of future benefit  
that employees have earned in return for their service in  
SCREENRIGHTS ANNUAL REPORT 2018–2019 | 17  
NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS  
For the year ended 30 June 2019  
1. SIGNIFICANT ACCOUNTING POLICIES CONTINUED  
as and when the required documentation is completed.  
Until this stage is reached for a given title, all funds are  
held in trust for the rightsholders of the copied program  
up to a period of four years.  
With respect to the international registration and collection  
process, the Company simply distributes the royalties it  
receives from other audiovisual societies for titles it has  
registered on behalf of the rightsholders. The Company  
follows the allocations set by the relevant society and  
only makes an adjustment for interest and the expenses  
incurred in providing the service for its members.  
The Board of Directors may decide that special  
circumstances exist and continue to hold the pool in  
trust for a maximum of two further years. The Board  
has exercised this discretion for all relevant distribution  
periods to date. After that period, the remaining  
allocations that have not been distributed are forfeited and  
placed into general revenue for inclusion in the current  
distribution period in accordance with Guidelines issued  
by the Attorney-General. In administering the Statutory  
Service, the consolidated entity collects and distributes  
remuneration payable by educational institutions. The  
Distributable Amount is the total amount received  
from record-keeping and sampling institutions for the  
distribution period (financial year) together with bank  
interest after deducting operating expenses, providing  
for taxation if applicable and allocating the relevant  
portion to the Reserve Fund. Results of record-keeping  
and sampling procedures are collated so that the total  
number of minutes for each program title and episode is  
ascertained.  
(o) Revenue and other income  
Revenues are recognised at fair value of the consideration  
received net of the amount of goods and services tax (GST)  
payable to the taxation authority.  
(i) Revenue from rendering services  
Royalty receipts are based partly on information provided  
by copyright users. Receipts are generally determined  
either based on agreed rates per user, or agreed rates  
overall. Revenue is recognised over the period for which  
the copying licence has been granted.  
(ii) Interest income  
Interest is generally recognised as it accrues, taking into  
account the effective yield on the financial asset.  
(iii) Net gain/loss on disposal of property, plant  
and equipment  
Allocations are made to each program according to the  
number of minutes copied and the type of program. Once  
an allocation per program by title has been established, a  
further allocation is made to the various forms of copyright  
subsisting in the programs (e.g. cinematograph films,  
literary/dramatic works, artistic works, sound recordings).  
Claimants warrant that they own or control the relevant  
copyright in one or more of these components and at  
the close of the distribution period are paid accordingly.  
This same process has been instituted for the allocation  
and distribution of royalties for the copying of programs  
by educational institutions in New Zealand. This is so  
even though the mechanism of conducting the service is  
different, with the Company licensing this recording right  
in New Zealand on behalf of the rightsholders.  
The net gains of non-current asset sales are included as other  
income at the date control of the asset passes to the buyer,  
usually when an unconditional contract of sale is signed.  
The net losses on non-current asset sales are included in  
other expenses. The gain or loss on disposal is calculated  
as the difference between the carrying amount of the asset  
at the time of disposal and the gross proceeds on disposal.  
(p) Income tax  
The Income Tax Assessment Act 1997, as amended by the  
Tax Laws Amendment (2004 Measures No 6) Act 2005,  
provides the following for collecting societies:  
•
Collecting societies will not be taxed on any copyright  
income that they collect and hold on behalf of members,  
pending allocation to them;  
•
Non-copyright income derived by collecting societies will  
not be taxed (provided that the amount of non-copyright  
income derived is within certain limits); and  
18  
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED  
NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS  
For the year ended 30 June 2019  
1. SIGNIFICANT ACCOUNTING POLICIES CONTINUED  
•
Any copyright and non-copyright income collected or  
derived by the collecting society that is exempt from  
income tax is included in the assessable income of the  
members upon distribution.  
(r) New accounting standards adopted during  
the period  
•
AASB 9 Financial Instruments  
AASB 9 replaces the existing guidance in AASB 139  
Financial Instruments: Recognition and Measurement.  
AASB 9 includes revised guidance on the classification  
and measurement of financial instruments, including  
a new expected credit loss model for calculating  
impairment on financial assets, and the new general  
hedge accounting requirements. It also carries forward  
the guidance on recognition and de-recognition of  
financial instruments from AASB 139. AASB 9 has  
been adopted with no material changes in comparative  
information required.  
The amending Act contains definitions of:  
a) Declared collecting society;  
b) Collecting society;  
c) Copyright income, which includes licence fees and  
(
(
(
interest received or derived from the copyright income.  
Non-copyright income is subject to a de minimis rule.  
Non-copyright income of collecting societies will be exempt  
from income tax to the extent that this non-copyright income  
does not exceed the lesser of:  
(
s) New accounting standards and interpretations not  
yet adopted  
•
5% of the total amount of copyright income and non-  
copyright income of the collecting societies for the  
income year; and  
A number of new standards and amendments to standards  
are effective for annual periods beginning after 30 June  
2
•
$5 million or such other amount as is prescribed by  
the regulations.  
019, and have not been applied in preparing these  
financial statements. None of these is expected to have  
a significant effect on the financial statements of the  
Company, except for:  
The Society will not be taxed on any copyright income  
defined as ordinary or statutory royalties/licence fees and  
(
interest received or derived by the Society) it collects and  
holds on behalf of members, pending allocation to them.  
Additionally, the Society will not be taxed on non-copyright  
income to the extent that this non-copyright income does  
not exceed the above specified limitations.  
•
AASB 15 Revenue from Contracts with Customers, which  
becomes mandatory for not-for-profit organisations in  
FY2020, could change when revenue is recognised.  
• AASB 16 Leases, which becomes mandatory for the  
Company’s FY 2020 financial statements, could change  
the classification and measurement of leases.  
(q) Goods and services tax  
Revenue, expenses and assets are recognised net of the  
amount of goods and services tax (GST), except where  
the amount of GST incurred is not recoverable from the  
taxation authority. In these circumstances, the GST is  
recognised as part of the cost of acquisition of the asset  
or as part of the expense. Receivables and payables are  
stated with the amount of GST included. The net amount  
of GST recoverable from, or payable to, the Australian Tax  
Office (ATO) is included as a current asset or liability in the  
balance sheet. Cash flows are included in the statement of  
cash flows on a gross basis. The GST components of cash  
flows arising from investing and financing activities which  
are recoverable from, or payable to, the ATO are classified  
as operating cash flows.  
The Company has not adopted these standards early and  
the extent of the impact has not been determined.  
SCREENRIGHTS ANNUAL REPORT 2018–2019 | 19  
NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS  
For the year ended 30 June 2019  
2. RECONCILIATION OF INCOME STATEMENT  
Note  
2019  
2018  
$
000s  
$000s  
Revenue from rendering of services:  
–
–
–
–
–
–
–
Australian Education Service  
Australian Retransmission Service  
International Service  
32,018  
9,060  
1,486  
1,624  
2,421  
2,940  
357  
30,946  
9,236  
1,818  
1,576  
2,253  
2,132  
311  
Australian Government Copying Service  
NZ Education Service  
Disbursements by Screenrights  
EnhanceTV Resource Centre  
Total revenue  
Other income  
49,906  
1,670  
48,272  
1,597  
3
4
Total revenue and other income  
51,576  
49,869  
Employee expenses  
Depreciation and amortisation expense  
Operating expense  
Licensing expense  
Travel expense  
(4,878)  
(574)  
(2,315)  
(117)  
(105)  
(241)  
(89)  
(4,874)  
(436)  
(2,332)  
(23)  
(73)  
Marketing expense  
Legal expense  
(149)  
(53)  
Other expenses  
5
(336)  
(206)  
Net royalties collected and interest received  
thereon before income tax  
42,921  
–
41,723  
–
Income tax benefit  
Net royalties collected and interest received  
thereon after income tax  
42,921  
41,723  
2
0
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED  
NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS  
For the year ended 30 June 2019  
2. RECONCILIATION OF INCOME STATEMENT CONTINUED  
Note  
2019  
2018  
$
000s  
$000s  
Royalties paid and payable:  
Add expired statutory trust funds  
578  
405  
(26,921)  
–
Less amount transferred to AES  
distributable pool 2018  
–
Less amount transferred to AES  
distributable pool 2019  
14  
14  
14  
14  
(27,819)  
Less amount transferred to ARS  
distributable pool 2018  
–
(7,867)  
–
(8,106)  
–
Less amount transferred to ARS  
distributable pool 2019  
Less amount transferred to AGS  
distributable pool 2018  
(1,382)  
–
Less amount transferred to AGS  
distributable pool 2019  
(1,497)  
–
Less amount transferred to  
NZES distributable pool 2018  
(1,878)  
Less amount transferred to  
NZES distributable pool 2019  
(1,978)  
(2,939)  
(1,399)  
–
(2,132)  
(1,709)  
Disbursements by Screenrights  
International Service  
Net royalties paid and payable  
Net operating profit  
(42,921)  
–
(41,723)  
–
SCREENRIGHTS ANNUAL REPORT 2018–2019 | 21  
NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS  
For the year ended 30 June 2019  
3. OTHER INCOME  
ꢀ
2019  
2018  
$
000s  
$000s  
Interest and other income  
–
–
–
–
–
–
AES interest income  
ARS interest income  
INT interest income  
AGS interest income  
NZES interest income  
1,160  
233  
64  
1,025  
316  
72  
39  
50  
40  
48  
International Standard AV Numbering (ISAN)  
interest income  
1
132  
1
1
82  
3
–
–
DASA interest income and admin fee  
Other interest income  
1
,670  
1,597  
4. EMPLOYEE EXPENSES  
Wages and salaries (including director fees)  
Contributions to defined contribution superannuation funds  
Increase in liabilities for annual and long service leave  
Other employee expenses  
3,913  
410  
4,122  
416  
42  
203  
352  
294  
4
,878  
4,874  
5. OTHER EXPENSES  
NZES expenses  
Recruitment expenses  
ISAN  
128  
185  
10  
127  
16  
17  
Other  
13  
46  
3
36  
206  
2
2
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED  
NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS  
For the year ended 30 June 2019  
6. AUDITOR’S REMUNERATION  
2
019  
2018  
$000s  
56  
$
000s  
60  
Audit services  
Other Assurance Services  
8
3
6
8
59  
7. TAXATION  
Audio-Visual Copyright Society Limited trading as Screenrights and its subsidiary entity, EnhanceTV Pty Ltd, form  
part of a tax consolidated group. Legislation which states copyright collection societies are not taxed on income  
they collect on behalf of copyright owners came into effect from 1 July 2002. Audio-Visual Copyright Society Limited  
needs to assess each year whether non-copyright income exceeds the relevant threshold (5% or $5m) which then  
determines whether a full income tax exemption will apply. Income derived by EnhanceTV Pty Ltd is not subject to  
the tax exemption for copyright collecting societies. In the current financial year, EnhanceTV Pty Ltd did not make a  
profit and as a consequence there is no tax expense for the consolidated entity (2018: $Nil).  
8. CASH ASSETS  
2
019  
2018  
$000s  
3,299  
$
000s  
Cash at bank  
3,321  
Cash on deposit  
60,687  
63,752  
6
4,008  
67,051  
The interest rate at 30 June 2019 on cash accounts is 0.75% (2018: 1.00%) which is the prevailing interest rate on  
cash at bank. The cash on deposit with banks mature within 256 days. The weighted average interest rate at  
30 June 2019 on cash on deposit is 2.44% (2018: 2.69%).  
9. TRADE AND OTHER RECEIVABLES  
2
019  
2018  
$000s  
3,730  
301  
$
000s  
Trade receivables  
Sundry receivables  
6,096  
3,384  
9
,480  
4,031  
SCREENRIGHTS ANNUAL REPORT 2018–2019 | 23  
NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS  
For the year ended 30 June 2019  
10. PROPERTY, PLANT & EQUIPMENT  
Plantꢀandꢀ  
equipment  
Total  
$
000s  
$000s  
Cost  
Balance at 1 July 2017  
Acquisitions  
1,645  
51  
1,645  
51  
Balance at 30 June 2018  
1,696  
1,696  
Balance at 1 July 2018  
Acquisitions  
1,696  
64  
1,696  
64  
Disposals  
(861)  
(861)  
Balance at 30 June 2019  
899  
899  
Accumulated depreciation  
Balance at 1 July 2017  
1,178  
118  
1,178  
118  
Depreciation charge for the year  
Balance at 30 June 2018  
1,296  
1,296  
Balance at 1 July 2018  
Depreciation charge for the year  
Disposals  
1,296  
120  
1,296  
120  
(861)  
(861)  
Balance at 30 June 2019  
555  
555  
Carrying amounts  
At 1 July 2018  
400  
344  
400  
344  
At 30 June 2019  
2
4
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED  
NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS  
For the year ended 30 June 2019  
11. INTANGIBLES  
Computerꢀ  
software  
WIP  
Total  
$
000s  
$000s  
$000s  
Cost  
Balance at 1 July 2017  
Acquisitions  
916  
1,290  
2,206  
629  
1,863  
2,779  
(1,234)  
Balance at 30 June 2018  
56  
2,835  
Balance at 1 July 2018  
Acquisitions  
2,779  
299  
56  
2,835  
437  
138  
Disposals  
(799)  
2,279  
–
(799)  
2,473  
Balance at 30 June 2019  
194  
Accumulated amortisation  
Balance at 1 July 2017  
789  
318  
–
–
789  
318  
Amortisation charge for the year  
Balance at 30 June 2018  
1,107  
–
1,107  
Balance at 1 July 2018  
1,107  
454  
–
–
1,107  
454  
Amortisation charge for the year  
Disposals  
(799)  
762  
–
–
(799)  
762  
Balance at 30 June 2019  
Carrying amounts  
At 1 July 2018  
1,672  
1,157  
56  
1,728  
1,711  
At 30 June 2019  
194  
SCREENRIGHTS ANNUAL REPORT 2018–2019 | 25  
NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS  
For the year ended 30 June 2019  
12. TRADE AND OTHER PAYABLES  
2
019  
2018  
$000s  
342  
$
000s  
391  
Trade and other creditors  
Accrued expenses  
276  
402  
6
67  
744  
13. EMPLOYEE BENEFITS  
2019  
2018  
$
000s  
$000s  
Current  
Liability for annual leave  
236  
269  
249  
252  
Liability for long service leave  
5
05  
501  
Non-current  
1
1
67  
67  
199  
199  
Liability for long service leave  
14. OTHER CURRENT LIABILITIES  
2
019  
2018  
$000s  
382  
$
000s  
Cultural Fund  
465  
757  
Trust – IBNR Fund  
Trust – Artistic Works  
1,064  
1,595  
1,375  
74  
Competing Claims Fund  
–
2
,671  
3,041  
2
6
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED  
NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS  
For the year ended 30 June 2019  
14. OTHER CURRENT LIABILITIES CONTINUED  
2019  
2018  
$
000s  
$000s  
Trust – Statutory  
Australian Education Service  
2
2
2
2
2
2
2
013 Distributable amount payable to copyright owners  
014 Distributable amount payable to copyright owners  
015 Distributable amount payable to copyright owners  
016 Distributable amount payable to copyright owners  
017 Distributable amount payable to copyright owners  
018 Distributable amount payable to copyright owners  
019 Distributable amount payable to copyright owners  
–
528  
539  
383  
638  
820  
1,064  
1,835  
1,586  
3,056  
26,921  
–
3,785  
27,819  
Australian Retransmission Service  
2
2
2
2
2
2
2
013 Distributable amount payable to copyright owners  
014 Distributable amount payable to copyright owners  
015 Distributable amount payable to copyright owners  
016 Distributable amount payable to copyright owners  
017 Distributable amount payable to copyright owners  
018 Distributable amount payable to copyright owners  
019 Distributable amount payable to copyright owners  
129  
286  
412  
374  
345  
443  
501  
655  
710  
1,189  
8,106  
–
1,383  
7,867  
Australian Government Copying Service  
2
2
2
2
2
2
2
013 Distributable amount payable to copyright owners  
014 Distributable amount payable to copyright owners  
015 Distributable amount payable to copyright owners  
016 Distributable amount payable to copyright owners  
017 Distributable amount payable to copyright owners  
018 Distributable amount payable to copyright owners  
019 Distributable amount payable to copyright owners  
–
13  
35  
14  
16  
19  
14  
17  
19  
171  
1,382  
–
229  
1,497  
Sound Recordings Distributable amount  
30  
31  
4
8,609  
46,252  
SCREENRIGHTS ANNUAL REPORT 2018–2019 | 27  
NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS  
For the year ended 30 June 2019  
14. OTHER CURRENT LIABILITIES CONTINUED  
2019  
2018  
$
000s  
$000s  
Trust – Non-statutory  
NZ Education Services:  
2
2
2
2
2
2
2
013 Distributable amount payable to copyright owners  
014 Distributable amount payable to copyright owners  
015 Distributable amount payable to copyright owners  
016 Distributable amount payable to copyright owners  
017 Distributable amount payable to copyright owners  
018 Distributable amount payable to copyright owners  
019 Distributable amount payable to copyright owners  
–
105  
125  
151  
247  
417  
103  
129  
162  
200  
348  
1,878  
–
1,978  
Disbursements by Screenrights  
International Service  
825  
842  
905  
2,608  
4
,690  
6,333  
5
5,970  
55,626  
15. PROVISIONS  
2
019  
000s  
80  
1,646  
,726  
2018  
$000s  
67  
$
Lease make good  
Provision for the benefit of members*  
–
1
67  
*
This amount has been transferred from the International Service Distribution pool. Collections were for  
retransmission or blank tape levies in Europe, with insufficient data to distribute to rightsholders. Therefore, this  
provision has been created for the future benefit of members.  
2
8
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED  
NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS  
For the year ended 30 June 2019  
16. EQUITY  
Retained earnings  
Funds held as part of the Company’s retained earnings will be used for the benefit of all members at the discretion of  
the Board.  
Reserve Fund  
In accordance with 15.4(c) of the Articles of Association, the Company is required to establish a reserve fund.  
From time to time, the Board will authorise funds to be released from the reserve fund to meet the costs of  
abnormal or exceptional expenditure.  
17. FINANCIAL RISK MANAGEMENT  
(a) Overview  
The consolidated entity has exposure to the following risks from the use of financial instruments:  
•
•
•
Credit risk;  
Liquidity risk; and  
Market risk.  
This note presents information about the consolidated entity’s exposure to each of the above risks, their objectives, and  
the policies and processes for measuring and managing risk. Further quantitative disclosures are included in this note.  
The Board of Directors has overall responsibility for the establishment and oversight of the risk management  
framework. The Board has established the Audit & Risk Committee, which is responsible for developing and  
monitoring risk management policies. The Committee reports regularly to the Board on its activities.  
Risk management policies are established to identify and analyse the risks faced by the consolidated entity, to set  
appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and  
systems are reviewed regularly to reflect changes in market conditions and the consolidated activities. The Company  
and its subsidiary, through their training and management standards and procedures, aim to develop a disciplined  
and constructive control environment in which all employees understand their roles and obligations.  
The Audit & Risk Committee oversees how management monitors compliance with the consolidated entity’s risk  
management policies and procedures, and reviews the adequacy of the risk management framework in relation to  
the risks faced by the consolidated entity.  
Credit risk  
Credit risk represents the loss that would be recognised if a customer or counterparty failed to perform their  
contractual obligations and arises principally from the consolidated entity’s receivables from licensees and  
investments in short-term deposits.  
Trade receivables  
The consolidated entity’s exposure to credit risk is influenced mainly by the individual characteristics of each licensee.  
Concentrations of credit risk are minimised by undertaking transactions with a large number of licensees and  
counterparties with no geographical concentration of credit risk.  
SCREENRIGHTS ANNUAL REPORT 2018–2019 | 29  
NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS  
For the year ended 30 June 2019  
17. FINANCIAL RISK MANAGEMENT CONTINUED  
Trade receivables continued  
Approximately 70% of the consolidated entity’s revenue base is attributable to general licensing in Australia, where  
licensee fees are paid at the beginning of the licence period, normally 12 months. The Audit & Risk Committee has  
established a credit policy under which defaulting licensees are pursued rigorously.  
The consolidated entity has established, where necessary, an allowance for impairment that represents its estimate  
of incurred losses in respect of trade and other receivables. The main component of this allowance is for trade debtor  
balances assessed on an individual account basis and provided for when recovery is considered doubtful.  
Investments in short-term deposits  
The consolidated entity minimises credit risks in relation to its investments in short-term deposits by only dealing  
with Australian banks maintaining an acceptable credit rating.  
Liquidity risk  
Liquidity risk is the risk that the consolidated entity will not be able to meet its obligations as they fall due.  
The consolidated entity’s approach to managing liquidity is to ensure that it will always have sufficient liquidity to  
meet its liabilities when due, under both normal and unusual conditions, without incurring unacceptable losses or  
risking damage to the consolidated entity’s reputation.  
Typically the consolidated entity ensures that it has sufficient cash on demand to meet expected member distributions  
and operational expenses for a period of 60 days; this excludes the potential impact of extreme circumstances that  
cannot reasonably be predicted, such as natural disasters. The consolidated entity has additional deposits invested for  
short terms varying from 90 to 365 days.  
Market risk  
Market risk is the risk that changes in market prices such as foreign exchange rates and interest rates will affect  
the consolidated entity’s income or the value of its holding of financial instruments. The objective of market risk  
management is to manage and control market risk exposures within acceptable parameters, while optimising  
the return.  
Interest rate risk  
The consolidated entity is exposed to interest rate risk in relation to its cash and cash on deposit balances.  
The weighted average interest rate on cash and cash on deposit of $64,007,994 at 30 June 2019 is 2.44%  
[2018: $67,051,109 - 2.61%]. It is the Company's policy not to hedge this exposure to interest rate risk.  
Currency risk  
The consolidated entity receives royalties from overseas affiliates in foreign currencies. It is group policy not to  
hedge this exposure to foreign exchange risk.  
Fair values  
The carrying value of financial assets and liabilities in the balance sheet approximates their fair values.  
3
0
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED  
NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS  
For the year ended 30 June 2019  
17. FINANCIAL RISK MANAGEMENT CONTINUED  
(b) Financial transactions  
Credit risk  
Exposure to credit risk  
The carrying amount of the consolidated entity’s financial assets represents the maximum credit exposure.  
The consolidated entity’s maximum exposure to credit risk at the reporting date was:  
2
019  
2018  
$000s  
3,299  
$
000s  
Cash and cash equivalents  
Cash on deposit  
3,321  
60,687  
63,752  
Trade and other receivables  
9,480  
4,031  
7
3,488  
71,082  
Impairment losses  
The ageing of the consolidated entity and the Company’s trade receivables at the reporting date was:  
2
019  
2018  
$000s  
1,204  
801  
$
000s  
Not past due  
4,788  
636  
Past due 0-30 days  
Past due 31-120 days  
Past due 121 days  
504  
111  
168  
1,614  
6
,096  
3,730  
As at 30 June 2019, the Consolidated Entity did not recognise a provision for impairment due to the Directors being  
of the opinion that the amounts receivable are recoverable (2018: $Nil).  
Liquidity risk  
The contractual maturities of financial liabilities, as represented by trade and other payables (Note 12) and other  
current liabilities (Note 14), are all within one year. The carrying amount of these liabilities also represents the  
contractual cash flows.  
SCREENRIGHTS ANNUAL REPORT 2018–2019 | 31  
NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS  
For the year ended 30 June 2019  
17. FINANCIAL RISK MANAGEMENT CONTINUED  
Currency risk  
Exposure to currency risk  
The exposure to foreign currency risk at balance date was as follows, based on notional amounts:  
2
019  
2018  
$000s  
75  
AUD equivalent of NZD exposure  
$000s  
Trade receivables  
28  
Total balance sheet exposure  
28  
75  
The following significant exchange rates applied during the year:  
Averageꢀrateꢀ  
019  
Averageꢀrateꢀ  
018  
1.0874  
Spotꢀrateꢀꢀ  
2019  
Spotꢀrateꢀꢀ  
2018  
2
2
New Zealand Dollar  
1.0355  
1.0446  
1.0913  
Sensitivity  
A 10% strengthening/weakening of the Australian Dollar against the New Zealand Dollar at 30 June would have  
increased/(decreased) the consolidated entity’s profit/(loss) by $2,759 at 30 June 2019 [2018: $7,537]. This analysis  
assumes that all other variables, in particular interest rates, remain constant.  
Interest rate risk  
Profile  
At the reporting date the interest rate profile of the consolidated entity’s interest-bearing financial instruments was:  
CarryingꢀAmount  
2019  
2018  
$
000s  
$000s  
Fixed rate instruments  
Cash on deposits  
6
0,687  
3,321  
63,752  
3,299  
Variable rate instruments  
Cash at bank  
Sensitivity analysis  
If interest rates had changed by plus (or minus) 100 basis points per annum from the year end interest rate,  
with all other variables held constant, the consolidated entity profit for the year would have been $33,210  
(2018: $32,990 higher).  
3
2
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED  
NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS  
For the year ended 30 June 2019  
18. NOTES TO THE STATEMENT OF CASH FLOWS  
(a) Reconciliation of cash  
For the purposes of the Statement of Cash Flows, cash includes cash on hand and at bank and short term deposits  
at call. Cash as at the end of the financial year as shown in the Statement of Cash Flows is reconciled to the related  
items in the balance sheet as follows:  
2
019  
000s  
3,321  
,321  
2018  
$000s  
3,299  
$
Cash  
3
3,299  
(b) Reconciliation of cash flows from operating activities  
Operating profit  
–
–
(2,022)  
436  
Add/(less) items classified as investing activities:  
Interest received  
(1,699)  
574  
Add/(less) non-cash items:  
Depreciation and amortisation  
Net cash utilised by operating activities before change in  
assets and liabilities  
(1,124)  
(1,586)  
Change in assets and liabilities:  
Increase in trade and other receivables  
(5,449)  
(77)  
(1,009)  
116  
Increase/(decrease) in trade creditors and accruals  
Increase in royalties in advance  
435  
178  
Increase/(decrease) in provision for employee entitlements  
Increase in provisions  
(27)  
43  
13  
12  
Increase/(decrease) in distributable amounts  
1,990  
(1,114)  
Net cash (used in)/provided by operating activities  
(4,240)  
(3,360)  
SCREENRIGHTS ANNUAL REPORT 2018–2019 | 33  
NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS  
For the year ended 30 June 2019  
19. RELATED PARTY DISCLOSURES  
Key management personnel compensation  
The key management personnel compensation included in ‘employee expenses’ (see Note 4) is as follows:  
ꢀ
2019  
2018  
$000sꢀ  
1,899  
118  
$
000s  
2,054  
153  
Short-term employee benefits  
Post-employment benefits  
Other long-term benefits  
31  
39  
2
,238  
2,056  
Statement of management remuneration  
ScreenrightsꢀExecutivesꢀꢀ  
ScreenrightsꢀExecutivesꢀꢀ  
inꢀrangeꢀ2017/18  
Salaryꢀrange*ꢀ  
inꢀrangeꢀ2018/19  
$
$
$
$
$
$
0-99k  
2**  
1
4**  
–
100-149k  
150-199k  
200-249k  
250-299k  
300-400k  
2
2
2
3
2
2
1
–
*
*
Includes superannuation, leave provisions and incentive payments  
* Includes executives who held a key management position for part of the year  
Other key management personnel transactions with the Company or its controlled entities  
A number of key management persons of the Company, or their related parties, hold positions in other entities  
that result in them having control or significant influence over the financial or operating policies of these entities.  
A number of these entities transacted with the Group in the reporting period. The terms and conditions of the  
transactions with key management personnel and their related parties were no more favourable than those  
available, or which might reasonably be expected to be available, on similar transactions to non-key management  
personnel related entities or on an arm’s length basis. Related entities of David Anderson, Kim Dalton, Ben  
Grant, Kelly Lefever, Chris Oliver-Taylor, Victoria Spackman and Georgina Waite, or entities in which they hold a  
management position, are entitled to distributions calculated in accordance with Note 1(n). Related entities of  
Jill Bryant and John Ford were compensated for services provided outside their directors' duties.  
Apart from the details disclosed in this note, no key management personnel have entered into a material contract  
with the Company or consolidated entity since the end of the previous financial year and there were no material  
contracts involving key management personnel interests subsisting at year end.  
3
4
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED  
NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS  
For the year ended 30 June 2019  
19. RELATED PARTY DISCLOSURES CONTINUED  
Loans to key management personnel  
There were no loans to key personnel at any time during the year ended 30 June 2019.  
Controlled entity  
On 15 May 2006, Audio-Visual Copyright Society Limited (the Company) established a wholly owned subsidiary  
company called EnhanceTV Pty Ltd. The objectives of the Company are to operate as an educational resource  
centre and to operate as a distribution outlet for the Australian educational market. At 30 June 2019, in respect of  
management fees, the company owed the subsidiary $652,809 [2018: $179,427].  
20. MEMBERS’ LIABILITY  
The Company is a company limited by guarantee. The guarantee of members in the event of the winding up of the  
Company is $10 for each member. At 30 June 2019, membership of the Company comprised 4,438 full members  
(2018: 4,227), resulting in a total guarantee of $44,380 (2018: $42,270).  
21. COMMITMENTS FOR EXPENDITURE  
Operating leases – leases as lessee  
Non-cancellable operating leases rentals are payable as follows:  
2
019  
2018  
$000sꢀ  
311  
$
000s  
Less than one year  
345  
Between one and five years  
Later than five years  
1,019  
–
1,267  
–
22. CONTINGENT LIABILITY  
The parent entity does not have any contingent liabilities at 30 June 2019 [2018: $ NIL].  
SCREENRIGHTS ANNUAL REPORT 2018–2019 | 35  
NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS  
For the year ended 30 June 2019  
23. PARENT ENTITY DISCLOSURES  
As at, and throughout, the financial year ended 30 June 2019, the parent entity of the consolidated entity was  
Audio-Visual Copyright Society Limited.  
ꢀ
ꢀ
2019  
2018  
$
000s  
$000sꢀ  
Result of parent entity  
Profit/(loss) for the period  
Other comprehensive income  
–
–
–
–
Total comprehensive profit/(loss)  
–
–
Financial position of parent entity at year end  
Current assets  
73,504  
75,559  
71,067  
73,196  
Total assets  
Current liabilities  
Total liabilities  
72,097  
73,990  
71,361  
71,627  
1,569  
1,569  
Total equity of the parent entity comprising of:  
Retained earnings  
1,369  
200  
1,369  
200  
Reserves  
Total equity  
1,569  
1,569  
24. SUBSEQUENT EVENTS  
There have been no events subsequent to balance date which would have a material effect on the consolidated entity’s  
financial statements at 30 June 2019.  
3
6
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED  
APPENDIX  
For the year ended 30 June 2019  
SUPPLEMENTARY REPORTING FOR EACH AUSTRALIAN STATUTORY LICENSEE CLASS  
Other  
State and  
Territory  
Australian  
Educational  
Institutions  
$
Commonwealth  
Government Governments Schools  
Universities  
$
TAFE  
$
TOTAL  
$
$
$
$
Total licence  
fees received  
26,811  
1,597,184 26,034,731  
5,654,619 290,899  
37,428 33,641,672  
Income on  
investments  
of licence fees  
643  
38,309  
943,136  
204,845  
10,538  
1,356 1,198,827  
Total amount  
allocated to  
members  
23,095  
21,069  
32,527  
1,375,796 22,297,089  
1,255,095 20,350,151  
1,937,669 29,532,384  
4,842,821 249,137  
4,419,955 227,383  
6,414,292 329,981  
32,055 28,819,993  
29,256 26,302,909  
42,457 38,289,310  
Total amount  
paid to  
members  
Total amount  
of licence fees  
held in trust  
Total licence  
fees for which  
the trust period  
expired*  
1,853  
110,400  
228,423  
49,612  
2,552  
328  
393,168  
*
Licence fees for which the trust period expired during the year are recorded in separate distribution pools for Government and  
Education. Any further breakdown by statutory licensee class is calculated pro rata, based on licence fees received.  
SCREENRIGHTS ANNUAL REPORT 2018–2019 | 37  
Screenrights  
Australia  
ABN: 76 003 912 310  
Phone +61 2 8038 1300  
Level 1, 140 Myrtle Street  
Chippendale NSW Australia 2008  
NewꢀZealand  
Freephone 0800 44 2348  
Freefax 0800 44 7006  
Email info@screenrights.org  
screenrights.org