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

for the Year Ended 30 June 2022 .................................... 10

Consolidated Statement of Proﬁt and Loss

and Other Comprehensive Income ................................ 11

Consolidated Balance Sheet .......................................... 12

Consolidated Statement of Cash Flows ......................... 13

Consolidated Statement of Changes in Equity ............... 14

Notes to the Consolidated Financial

Statements ................................................................... 15

Appendix ....................................................................... 40

Front cover: [L-R]

DiveClub - Steve Jaggi Company

Girl’s Can’t Surf - Pursekey Production

The Newsreader - Werner Film Productions

Anonymous Club - Film Camp, Photo Danny Cohen

CONTENTS

SCREENRIGHTS ANNUAL REPORT 2021–2022 | 1

1. GENERAL STATEMENT

1.1 Screenrights is dedicated to maximising the

incentive provided by the copyright system for

the production of audiovisual works. Speciﬁcally

Screenrights aims to:

• maximise returns to audiovisual rightsholders

through collective management of rights; and

• encourage access to our members’ content in

return for fair fees.

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.

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

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.

1.4 The aim of the Screenrights Board of Directors is

stewardship that is eﬀective, accountable and fair.

2. GOVERNANCE FOR WHOM?

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

Communications, Urban Infrastructure, Cities and

the Arts], the statutory and voluntary licensees,

employees and other parties with whom

Screenrights interacts.

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.

2.3 The Board [and Screenrights] stand in a ﬁduciary

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.

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.

GOVERNANCE STATEMENT

Extract from Screenrights' Corporate Governance Statement which was last reviewed by

Screenrights’ Board of Directors and published on 28 July 2021.

Full Statement available at: https://www.screenrights.org/wp-content/uploads/2019/08/

July-2021-Corporate-Governance-Statement.pdf

OFFICE OF THE CHIEF EXECUTIVE

Chief Executive: James Dickinson

INFORMATION TECHNOLOGY

Chief Technology Oﬃcer: Alper Aydin

Lead, Application Development:

Brian Chambers

Business Analyst/Programmer:

Daniel McCosker*

Senior Analyst Programmer:

Sandyha [Sandra] Bhalla

Cloud Engineer: Maria Nguyen

Data Engineer: Ryan Kang

Junior Data Engineer - Film & TV

Registration: Yogesh Babu Krishnakumar

Data Manager: Nick Grodzicki

Licensing/Registrations Oﬃcer:

Mary Luque*

Desktop Support Oﬃcer: Daniel Read

MEMBER SERVICES

Head of Member Services: Maha Ismail*

Manager, Customer Success & Support:

Kaaran Watene

Distribution Manager: Sean Price

Resolutions Manager: Anna Nolan

Key Account Associate: John Alexander

Quality Data Lead: Kate Bowley*

Key Account Associate & Cultural Fund

Administrative Assistant: Tova Borwein

Customer Success Associate:

Dominique Nesbitt

Customer Success Associate: Aileen Fang

Customer Success Associate: Mariya Poloziuk

COMMERCIAL & INDUSTRY SERVICES

Head of Commercial & Industry Services:

Emma Madison

Manager, Royalties World: Gaëlle Chambers

Manager, Disbursements:

Madeleine Donovan*

Product Manager: Swarnima Singh

Associate Product Manager: Hayley Colley

Industry Services Oﬃcer: Mariana Corbellini

Industry Services Virtual Assistant:

Abigail Tabone*

MARKETING

Marketing & Industry Support Manager:

Sarah Steel*

BUSINESS OPERATIONS

Chief Financial Oﬃcer: Renee Bryant

Financial Accountant: Nishi Patel

[Angela Cheung* on extended leave]

Bookkeeper: Jinglei [David] Sun*

LICENSING

Head of Licensing: Scott James

Policy & Licensing Oﬃcer: Erin O'Dwyer*

LEGAL

General Counsel/Company Secretary:

Natalie Buck*

Associate Counsel: Alexandra Nastovski

Executive Business Partner: Kylie Cooke*

* Indicates part-time employee/consultant

Full time equivalent = 32.2

DIRECTORS & OFFICERS

Kim Dalton OAM

Chair

Georgina Waite

Deputy Chair

DIRECTORS

Rachel Antony

Geoﬀrey Atherden AM

Jonathan Carter

Anne Chesher

Jub Clerc

Sandra Davey

Christopher Gardoll

Ben Grant

Karina Holden

Kelly Lefever

AUDITORS

KPMG

BANKERS

National Australia Bank

Westpac

Bank of New Zealand

SOLICITORS

Simpsons Solicitors

Negocio Resolutions

Nigel Bowen Chambers

Breakwall Legal

David Chisholm Qd

Sainty Law

Gilbert + Tobin

Harmers Workplace Lawyers

Mccabe Curwood

Cole Media & Entertainment

Law

Banki Haddock Fiora

Screenrights is the trading name of Audio-Visual Copyright Society Limited ABN 76 003 912 310

ADDRESS: Level 1, 140 Myrtle Street, Chippendale NSW 2008, Australia | WEBSITE: www.screenrights.org

POSTAL: PO Box 853, Broadway NSW 2007 Australia | TELEPHONE: +61 2 8038 1300

NEW ZEALAND: FreePhone: 0800 44 2348

COMPANY PROFILE

As at 30 June 2022

SCREENRIGHTS ANNUAL REPORT 2021–2022 | 3

JOHN [JACK] FORD - Director from 1997 to October 2021

SUSAN CASALI – Company Secretary from April 2019 to December 2021

RENEE BRYANT - Company Secretary from January 2022 to June 2022

NATALIE BUCK - Company Secretary from June 2022

DIRECTORS’ REPORT

RACHEL ANTONY –

NZ Board Director CEO of Greenstone TV, Rachel has produced hundreds of hours of content in both NZ and Australia.

She was recently one of the group facilitating the creation of NZ’s 2030 Screen Sector Strategy ; is an active member of WIFT and

SPADA; a member of the NZ Institute of Directors; and on the Board of theatre company Nightsong. Director since 2020.

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 includingMother and Son,BabaKiueriaand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.

JONATHAN CARTER –

Head of the Legal & Corporate Services Division, APRA AMCOS; Director, Australian Copyright Council; Director,

The Dallas May Foundation; Global Policy Committee, International Confederation of Societies of Authors and Composers. Director since 2017.

ANNE CHESHER –

Education consultant with PhD thesis “Television 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]. Humanities

teacher, Creative Media lecturer, and Education Resources Producer. Director since 2014.

JUB CLERC–

Authorial [Screen Director] Board Director. A Nyul Nyul/ Yawuru woman of the Kimberley regions of W.A, Jub’s ﬁlm credits

include The Circuit 1 & 2, Mad Bastards, Satellite Boy, Jandamarra’s War and Mystery Road Season 1. Jub has written/directed short ﬁlms including

Abbreviation from feature anthology The Turning, has directed two episodes of The Heights, and is on the Board of CinefestOZ. Director since 2020.

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. Elected Chair 2019.

SANDRA DAVEY–

Product leader, coach and consultant with Organa with digital and tech experience across telco/broadband, IoT,

cross-platform content, interactive TV, sport, libraries and consumer advocacy. Former Chair of CHOICE, and current Board member of .au Domain

Administration. Director since 2020.

CHRISTOPHER GARDOLL –

Over 45 years’ experience in professional accounting and business as a senior executive. Formerly an audit

partner with KPMG specialising in consumer products, distribution and copyright. Previous roles included CFO and Company Secretary with publicly

listed company API, CFO with APRA|AMCOS and COO with Screenrights. Director since 2020.

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.

KARINA HOLDEN –

. Executive Producer, Writer and Director with 25 years’ experience in documentary and factual ﬁlm making for global

networks. Member of the International Academy of Television Arts & Sciences [Emmy]. Recognised by the Australian Financial Review’s 100 Women

of Inﬂuence for her work in ﬁlm making, and recipient of the 2021 Sydney UNESCO City of Film Award. Director since 2021.

KELLY LEFEVER –

Kelly is a Screenwriter, Script Editor, and Script Producer of over 30 years experience. She has written, edited, Script produced

and developed over 600 hours of television, and several ﬁlms. She is the co-creator of the critically acclaimed series The Circuit, and her credits

include Under The Vines, The Doctor Blake Mysteries, The Code, The Black Balloon and The Merger. Kelly served on the Film Victoria Board for six

years, and the National Executive of the AWG for eleven years. Director since 2018.

GEORGINA WAITE –

Head of Content Business 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. Elected Deputy Chair 2019.

DIRECTORS’ REPORT [CONTINUED]

LEAD AUDITOR’S INDEPENDENCE DECLARATION

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.

PRINCIPAL ACTIVITIES

The principal activity of the Company during the course of

the ﬁnancial year was utilisation of its right as a declared

collecting society under Part IVA, Div 4, s183 and Part VC

of the Copyright Act, to collect monies from educational

institutions, government departments and agencies and

retransmitters for distribution to relevant copyright owners

and to provide related services to members and others.

REVIEW AND RESULTS OF OPERATIONS

The amount of $49.9 million [2021: $47.6 million] was

determined to form the Distributable Amount available for

distribution to relevant rightsholders from monies collected

for the accounting year ended 30 June 2022.

The net operating proﬁt/[loss] after income tax for the year

was $Nil [2021: $Nil].

STATE OF AFFAIRS

In the opinion of the Directors there were no signiﬁcant

changes in the state of aﬀairs of the Company or

consolidated entity that occurred during the ﬁnancial year

under review.

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 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 other 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.

LIKELY DEVELOPMENTS

The Company will continue its current activities. Potential

new revenue streams in development include additional

services to members and expansion of licences to new users.

INDEMNIFICATION AND INSURANCE OF OFFICERS

During the year, the Company paid a premium of $15,084

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.

MEMBERS’ LIABILITY

The Company is a company limited by guarantee.

The guarantee in the event of the winding up of the Company

is $10 for each member. At 30 June 2022, membership of

the Company comprised 4,996 full members [2021: 4,897],

resulting in a total liability of $49,960 [2021: $48,970].

Dated at Sydney this 27 September 2022 and signed in

accordance with a resolution of the Directors.

Kim Dalton OAM

Chair

SCREENRIGHTS ANNUAL REPORT 2021–2022 | 5

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:

DIRECTOR DIRECTORS’

MEETINGS

AUDIT & RISK

COMMITTEE

MEETINGS

REMUNERATION

COMMITTEE

MEETINGS

NOMINATIONS

COMMITTEE

MEETINGS

TECHNOLOGY &

DATA COMMITTEE

MEETINGS

A B A B A B A B A B

R Antony 6 6 4 5 N/A N/A N/A N/A N/A N/A

G Atherden 6 6 N/A N/A N/A N/A 2 2 N/A N/A

J Carter 5 6 4 5 1 1 N/A N/A 4 4

A Chesher 5 6 N/A N/A N/A N/A N/A N/A N/A N/A

J Clerc 4 6 N/A N/A N/A N/A N/A N/A N/A N/A

K Dalton 6 6 5 5 1 1 4 4 N/A N/A

S Davey 6 6 N/A N/A N/A N/A N/A N/A 4 4

J Ford 1 2 N/A N/A N/A N/A 1 1 N/A N/A

C Gardoll 6 6 5 5 1 1 N/A N/A N/A N/A

B Grant 5 6 N/A N/A N/A N/A N/A N/A 4 4

K Holden 4 4 N/A N/A N/A N/A N/A N/A N/A N/A

K Lefever 4 6 N/A N/A N/A N/A 3 4 N/A N/A

G Waite 6 6 N/A N/A 1 1 4 4 4 4

A Number of meetings attended

B Number of meetings held during the time the Director held oﬃce during the year

N/A 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 39, 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 2022

and of its performance for the ﬁnancial year ended on that date, and

[ii] complying with

Australian Accounting Standards

and the

Corporations 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 27 September 2022 and signed in accordance with a resolution of the Directors.

Kim Dalton OAM

Chair

SCREENRIGHTS ANNUAL REPORT 2021–2022 | 7

SCREENRIGHTS ANNUAL REPORT 2021–2022 | 9

Consolidated

2022 2021

$000s $000s

Revenue from Ordinary Actitivies

Gross Revenue

55,883 52,676

Other Revenues

234 305

Expenses

[7,65 4] [8,858]

48,463 44,123

Transfer [to]/from retained

earnings and reserves

— —

Amount available for Distribution

48,463 44,123

Add Allocation from Fund for the Beneﬁt of Members

—481

Add Expired Trust Funds [2015 & prior]

152 —

Add Expired Trust Funds [2016]

2645

Add Expired Trust Funds [2017]

1957

Add Expired Trust Funds [2018]

1,305 1,290

Add Expired Trust Funds [CCF]

—148

Total amount available for Distribution

49,923 47,644

Amount transferred to Statutory

Distributable Pools:

Australian Education Service [AES]

[30,782] [30,113]

Australian Retransmission Service [ARS]

[7,357] [6,306]

Australian Government Copying Service [AGS]

[1,100] [1,078]

Amount transferred to Non-Statutory

Distributable Pools:

NZ Education Service [NZES]

[2,343] [2,296]

Disbursements by Screenrights [DASA]

[6,485] [5,800]

International Service [INT]

[1,441] [2,047]

Residual Service [RSD]

[265] [4]

Allocation to IBNR Fund

[150] —

Total amount transferred to distribution pools

[49,923] [47,644]

ANNOTATED STATEMENT OF FINANCIAL

PERFORMANCE FOR THE YEAR ENDED

30 JUNE 2022

Royalty collections for the year

from Australian & New Zealand

educational institutions,

retransmission income, government

agencies, as well as DASA,

International & Residual services.

Includes interest.

The cost of running Screenrights,

including employee expenses,

depreciation and other ordinary

expenses.

Screenrights can hold allocations in

trust for a maximum of four years

while trying to locate relevant

rightsholders. With respect to CCF,

an additional one year applies to

any disputed royalties to give the

rightsholders a further opportunity to

resolve disputes.

Expired funds were by amount and

percentage of Distributable Amount,

AES $911,292 [1.83%],

ARS $365,553 [0.73%],

AGS $37,045 [0.07%]

NZES $146 116 [0.29%].

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.

SCREENRIGHTS ANNUAL REPORT 2021–2022 | 11

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 39.

For the year ended 30 June 2022

CONSOLIDATED STATEMENT OF PROFIT OR

LOSS AND OTHER COMPREHENSIVE INCOME

2022 2021

Note $000s $000s

Restated *

Revenue from rendering of services 2 55,883 52,676

Other income 3 234 305

Total revenue and other income 56,117 52,981

Employee expenses 4 [4,743] [5,359]

Depreciation and amortisation expense [936] [903]

Operating expense [750] [1,328]

Licensing expense [462] [109]

Travel expense [18] [7]

Marketing expense [127] [149]

Legal expense [139] [550]

Information Technology [227] [245]

Other expenses 5 [236] [180]

Total operating expenses [7,638] [8,830]

Interest expense 14 [16] [28]

Total operating and other expenses [7,65 4] [8,858]

Royalties paid and payable to members

and aﬃliated societies [48,463] [44,123]

Net proﬁt before income tax — —

Income tax expense 7 — —

Net operating proﬁt after income tax — —

Other comprehensive income — —

Total comprehensive proﬁt — —

* Refer to Note 1[t] for detailed information on the restatement of comparatives

AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

For the year ended 30 June 2022

CONSOLIDATED BALANCE SHEET

2022 2021

Note $000s $000s

Current assets

Cash and cash equivalents 8 6,998 5,555

Cash on deposit 8 65,421 65,672

Trade and other receivables 92,408 2,370

Total current assets 74,827 73,597

Non-current assets

Property, plant and equipment 10 135 222

Intangibles 11 317 945

Right-of-use assets 14 240 595

Total non-current assets 692 1,762

Total assets 75,519 75,359

Current liabilities

Trade and other payables 12 592 636

Royalties in advance 16,000 15,877

Employee beneﬁts 13 533 507

Loans and borrowings 14 266 347

Other 15 55,403 55,031

Total current liabilities 72,794 72,398

Non-current liabilities

Employee beneﬁts 13 157 116

Loans and borrowings 14 —288

Other 15 913 913

Provisions 16 118 107

Total non-current liabilities 1,188 1,424

Total liabilities 73,982 73,822

Total net assets 1,537 1,537

Equity

Retained earnings 17 1,337 1,337

Reserves 17 200 200

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 39.

SCREENRIGHTS ANNUAL REPORT 2021–2022 | 13

For the year ended 30 June 2022

CONSOLIDATED STATEMENT OF CASH FLOWS

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 39.

2022 2021

Note $000s $000s

Cash ﬂows from operating activities

Cash receipts in the course of operations 56,034 55,851

Cash payments in the course of operations [54,534] [52,505]

Net cash from operating activities 19[b] 1,500 3,346

Cash ﬂows from investing activities

Interest received/receivable 166 381

Proceeds from sale of ﬁxed assets 5 —

Payments for property, plant and equipment [31] [37]

Payments for intangibles [62] [134]

Increase/[decrease] in cash on deposit 251 [863]

Net cash from/[used in] investing activities 329 [653]

Cash ﬂows from ﬁnancing activities

Payments for lease liabilities [386] [351]

Net cash used in ﬁnancing activities [386] [351]

Net increase in cash held 1,443 2,342

Cash at the beginning of the ﬁnancial year 5,555 3,213

Cash at the end of the ﬁnancial year 19[a] 6,998 5,555

AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

The Statement of Changes in Equity is to be read in conjunction with the

Notes to the Consolidated Financial Statements set out on pages 15 to 39.

Reconciliation of movements in capital and reserves attributable to members

Society

Reserve Fund

Retained

Earnings

Total

Equity

$000s $000s $000s

Balance at 1 July 2020 200 1,337 1,537

Total comprehensive proﬁt ———

Transfer between retained earnings and reserves ———

Balance at 30 June 2021 200 1,337 1,537

Balance at 1 July 2021 200 1,337 1,537

Total comprehensive proﬁt ———

Transfer between retained earnings and reserves ———

Balance at 30 June 2022 200 1,337 1,537

For the year ended 30 June 2022

CONSOLIDATED STATEMENT OF CHANGES

IN EQUITY

SCREENRIGHTS ANNUAL REPORT 2021–2022 | 15

1. SIGNIFICANT ACCOUNTING POLICIES

Audio-Visual Copyright Society Ltd trading as Screenrights

[the ‘Company’] is a not for proﬁt company domiciled in Australia.

The consolidated ﬁnancial report of the Company for the ﬁnancial

year ended 30 June 2022 comprises the Company and its

subsidiary [together referred to as the ‘consolidated entity’].

The ﬁnancial report was authorised for issue by the Directors on

27 September 2022.

[a] Principal activities

The principal activities of the Company during the course of the

ﬁnancial year were utilisation of its right as a declared collecting

society under Part IVA, Div 4, s183 and Part VC of the Copyright

Act, to collect money from educational institutions, government

departments and agencies and retransmitters for distribution

to relevant copyright owners and to provide related services to

members and others.

[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.

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 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 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. These accounting policies have been

consistently applied by each entity in the consolidated entity.

[c] Basis of consolidation

[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.

[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

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.

[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.

[f] Property, plant and equipment

[i] Owned assets

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].

[ii] Depreciation

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:

For the year ended 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

16 AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

For the year ended 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

1. SIGNIFICANT ACCOUNTING POLICIES CONTINUED

[ii] Depreciation continued

• 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.

[iii] Leased assets

AASB 16 introduces a single, on-balance sheet accounting

model for lessees. A lessee recognises a right-of-use asset

representing its right to use the underlying asset and a lease

liability representing its obligation to make lease payments. There

are optional exemptions for short-term leases and leases of low

value items. Lessor accounting remains similar to the current

standard - i.e lessors continue to classify leases as ﬁnance or

operating leases.

Policy applicable from 1 July 2019

At inception of a contract, the consolidated entity assesses

whether a contract is, or contains, a lease. A contract is, or

contains, a lease if the contract conveys the right to control the

use of an identiﬁed asset for a period of time in exchange for

consideration. To assess whether a contract conveys the right

to control the use of an identiﬁed asset, the consolidated entity

assesses whether:

• the contract involves the use of an identiﬁed asset – this may be

speciﬁed explicitly or implicitly, and should be physically distinct

or represent substantially all of the capacity of a physically

distinct asset. If the supplier has a substantive substitution right,

then the asset is not identiﬁed;

• the consolidated entity has the right to obtain substantially all

of the economic beneﬁts from use of the asset throughout the

period of use; and

• the consolidated entity has the right to direct the use of the

asset. The consolidated entity has this right when it has the

decision-making rights that are most relevant to changing how

and for what purpose the asset is used. In rare cases where the

decision about how and for what purpose the asset is used is

predetermined, the consolidated entity has the right to direct

the use of the asset if either:

• the consolidated entity has the right to operate the asset; or

• the consolidated entity designed the asset in a way that

predetermines how and for what purpose it will be used.

This policy is applied to contracts entered into, or changed, on or

after 1 July 2019.

As a lessee

At inception or on reassessment of a contract that contains a lease

component, the consolidated entity allocates the consideration in

the contract to each lease component on the basis of their relative

stand-alone prices. However, for the leases of land and buildings

in which it is a lessee, the consolidated entity has elected not to

separate non-lease components and account for the lease and

non-lease components as a single lease component.

The consolidated entity recognises a right-of-use asset and a

lease liability at the lease commencement date. The right-of-use

asset is initially measured at cost, which comprises the initial

amount of the lease liability adjusted for any lease payments

made at or before the commencement date, plus any initial direct

costs incurred and an estimate of costs to dismantle and remove

the underlying asset or to restore the underlying asset or the site

on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the

straight-line method from the commencement date to the earlier

of the end of the useful life of the right-of-use asset or

the end of the lease term. The estimated useful lives of right-of-

use assets are determined on the same basis as those of property

and equipment.

In addition, the right-of-use asset is periodically reduced

by impairment losses, if any, and adjusted for certain

remeasurements of the lease liability.

The lease liability is initially measured at the present value of the

lease payments that are not paid at the commencement date,

discounted using the interest rate implicit in the lease or, if that

rate cannot be readily determined, the consolidated entity’s

incremental borrowing rate. Generally, the consolidated entity

uses its incremental borrowing rate as the discount rate.

Lease payments included in the measurement of the lease liability

comprise the following:

• ﬁxed payments, including in-substance ﬁxed payments;

• variable lease payments that depend on an index or a

rate, initially measured using the index or rate as at the

commencement date;

• amounts expected to be payable under a residual value

guarantee; and

SCREENRIGHTS ANNUAL REPORT 2021–2022 | 17

1. SIGNIFICANT ACCOUNTING POLICIES CONTINUED

[iii] Leased assets continued

• the exercise price under a purchase option that the consolidated

entity is reasonably certain to exercise, lease payments in an

optional renewal period if the consolidated entity is reasonably

certain to exercise an extension option, and penalties for

early termination of a lease unless the consolidated entity is

reasonably certain not to terminate early.

The lease liability is measured at amortised cost using the

eﬀective interest method. It is remeasured when there is a change

in future lease payments arising from a change in an index or rate,

if there is a change in the consolidated entity’s estimate of the

amount expected to be payable under a residual value guarantee,

or if the consolidated entity changes its assessment of whether it

will exercise a purchase, extension or termination option.

When the lease liability is remeasured in this way, a

corresponding adjustment is made to the carrying amount of the

right-of-use asset, or is recorded in proﬁt or loss if the carrying

amount of the right-of-use asset has been reduced to zero.

The consolidated entity presents right-of-use assets that do not

meet the deﬁnition of investment property in ‘property, plant and

equipment’ and lease liabilities in ‘loans and borrowings’ in the

statement of ﬁnancial position.

Short-term leases and leases of low-value assets

The consolidated entity has elected not to recognise right-of-use

assets and lease liabilities for short-term leases of plant and

equipment that have a lease term of 12 months or less and leases

of low-value assets, including IT equipment. The consolidated

entity recognises the lease payments associated with these

leases as an expense on a straight-line basis over the lease term.

[g] Intangible assets

[i] Intangible assets

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].

Software-as-a-Service [SaaS] arrangements

SaaS arrangements are service contracts providing the

Consolidated entity with the right to access the cloud provider’s

application software over the contract period. As such, the

Consolidated entity does not receive a software intangible asset

at the contract commencement date.

The following outlines the accounting treatment of costs incurred

in relation to SaaS arrangements:

Recognise as an operating

expense over the term of the

service contract

• Fee for use of

application software

• Customisation costs

Recognise as an operating

expense as the service is

received

• Conﬁguration costs

• Data conversion and

migration costs

• Testing costs

• Training costs

Costs incurred for the development of software code that

enhances or modiﬁes, or creates additional capability to, existing

on-premise systems and meets the deﬁnition of and recognition

criteria for an intangible asset are recognised as intangible

software assets.

In applying the entity’s accounting policy, the directors made

the following key judgements that may have the most signiﬁcant

eﬀect on the amounts recognised in the ﬁnancial statements.

Determination whether conﬁguration and customisation

services are distinct from the SaaS access

Implementation costs including costs to conﬁgure or customise

the cloud provider’s application software are recognised as

operating expenses when the services are received.

Where the SaaS arrangement supplier provides both

conﬁguration and customisation services, judgement has been

applied to determine whether each of these services are distinct

or not from the underlying use of the SaaS application software.

Distinct conﬁguration and customisation costs are expensed

as incurred as the software is conﬁgured or customised [i.e.

upfront]. Non-distinct conﬁguration and customisation costs are

expensed over the SaaS contract term.

Non-distinct customisation activities signiﬁcantly enhance or

modify a SaaS cloud-based application. Judgement has been

applied in determining whether the degree of customisation

and modiﬁcation of the SaaS cloud-based application is

signiﬁcant or not.

Capitalisation of conﬁguration and customisation costs in

SaaS arrangements

In implementing SaaS arrangements, the Consolidated entity

has developed software code that either enhances, modiﬁes or

creates additional capability to the existing owned software.

For the year ended 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

18 AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

For the year ended 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

1. SIGNIFICANT ACCOUNTING POLICIES CONTINUED

[g] Intangible assets continued

[i] Intangible assets continued

Capitalisation of conﬁguration and customisation costs in

SaaS arrangements continued

This software is used to connect with the SaaS arrangement

cloud-based application.

Judgement has been applied in determining whether the

changes to the owned software meets the deﬁnition of and

recognition criteria for an intangible asset in accordance with

AASB 138 Intangible Assets.

[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:

• Capitalised software costs – 3-5 years

[h] Trade and other receivables

Trade and other receivables are stated initially at fair value and

then amortised cost less impairment losses [see accounting

policy j].

[i] Cash and cash equivalents

Cash and cash equivalents comprise cash balances, short-term

bills and call deposits.

[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]].

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.

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.

[i] Calculation of recoverable amount

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.

Signiﬁcant receivables are individually assessed for impairment.

Impairment testing of signiﬁcant receivables that are not

assessed as impaired individually is performed by placing them

into portfolios of signiﬁcant receivables with similar risk proﬁles

and undertaking a collective assessment of impairment.

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.

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.

[ii] Reversals of impairment

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.

SCREENRIGHTS ANNUAL REPORT 2021–2022 | 19

For the year ended 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

1. SIGNIFICANT ACCOUNTING POLICIES CONTINUED

[k] Employee beneﬁts

[i] Deﬁned contribution superannuation funds

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 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.

[iii] Wages, salaries and annual leave

Liabilities for employee beneﬁts for wages, salaries and annual

leave that are expected to be settled within 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

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.

[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.

[n] Distributions

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 used

programs, and actual distributions are made 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. 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 licensees.

The Distributable Amount is the total amount received from

licensees 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. Records of usage are collated so that the

total number of minutes for each program title and episode is

ascertained.

Allocations are made to each program according to the number of

minutes used and other factors. 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.

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.

20 AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

For the year ended 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

1. SIGNIFICANT ACCOUNTING POLICIES CONTINUED

[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

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

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.

[iii] Net gain/loss on disposal of property, plant

and equipmen continueds

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

• 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.

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:

• 5% of the total amount of copyright income and non-copyright

income of the collecting societies for the income year; and

• $5 million or such other amount as is prescribed by

the regulations.

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.

[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.

[r] New accounting standards adopted during the period

There were no new standards and amendments to standards

which were eﬀective for the period ended 30 June 2022.

[s] New accounting standards and interpretations not

yet adopted

There are currently no new standards and amendments to

standards which are eﬀective for annual periods beginning after

30 June 2022 that the consolidated entity believes are applicable

in preparing these ﬁnancial statements.

SCREENRIGHTS ANNUAL REPORT 2021–2022 | 21

For the year ended 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

1. SIGNIFICANT ACCOUNTING POLICIES CONTINUED

[t] Reclassiﬁcation of prior period balances

During the current year, certain types of income previously

presented within Other Income have been reclassiﬁed to

Revenue (Disbursement by Screenrights) within the

Consolidated Statement of Proﬁt or Loss and Other

Comprehensive Income. The impact of this change on the

previously reported comparative period has resulted in a

decrease in Other Income by $186,000 and a corresponding

increase in Revenue of $186,000.

In addition, IT-related expenses previously presented within

operating expenses, licensing expense and other expenses

have been reclassiﬁed to Information Technology expense

within the Consolidated Statement of Proﬁt or Loss and Other

Comprehensive Income. The impact of this change on the

previously reported comparative period has resulted in a

decrease in Operating Expense by $89,000, decrease in

Licensing Expense by $3,000, decrease in Other Expenses

by $153,000 and a corresponding increase in Information

Technology expense of $245,000.

The above changes did not result in any impact to the

Total Revenue and Other Income and Total Operating Expenses

as presented in the Consolidated Statement of Proﬁt or Loss and

Other Comprehensive Income.

AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

2. RECONCILIATION OF INCOME STATEMENT CONTINUED

2022 2021

Note $000s $000s

Restated *

Revenue from rendering of services:

– Australian Education Service 34,933 33,916

– Australian Retransmission Service 8,329 6,356

– International Service 1,586 2,258

– Australian Government Copying Service 1,249 1,098

– NZ Education Service 2,640 2,524

– Disbursements by Screenrights 6,662 5,981

– Residual Service 281 9

– EnhanceTV Resource Centre 203 534

Total revenue 55,883 52,676

Other income 3234 305

Total revenue and other income 56,117 52,981

Employee expenses 4 [4,743] [5,359]

Depreciation and amortisation expense [936] [903]

Operating expense [750] [1,328]

Licensing expense [462] [109]

Travel expense [18] [7]

Marketing expense [127] [149]

Legal expense [139] [550]

Information technology [227] [245]

Other expenses 5 [236] [180]

Total operating expenses [7,638] [8,830]

Interest expense 14 [16] [28]

Total interest expense [16] [28]

Net royalties collected and interest received

thereon before income tax 48,463 44,123

Income tax beneﬁt — —

Net royalties collected and interest received

thereon after income tax 48,463 44,123

* Refer to Note 1[t] for detailed information on the restatement of comparatives

For the year ended 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

SCREENRIGHTS ANNUAL REPORT 2021–2022 | 23

For the year ended 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

2. RECONCILIATION OF INCOME STATEMENT CONTINUED

2022 2021

Note $000s $000s

Royalties paid and payable:

Add allocation from the Fund for the Beneﬁt

of Members — 481

Add expired statutory trust funds 1,460 3,040

Less amount transferred to AES

distributable pool 2022 15 [30,782] —

Less amount transferred to AES

distributable pool 2021 15 — [30,113]

Less amount transferred to ARS

distributable pool 2022 15 [7,357] —

Less amount transferred to ARS

distributable pool 2021 15 — [6,306]

Less amount transferred to AGS

distributable pool 2022 15 [1,100] —

Less amount transferred to AGS

distributable pool 2021 15 — [1,078]

Less amount transferred to NZES

distributable pool 2022 15 [2,343] —

Less amount transferred to NZES

distributable pool 2021 15 — [2,296]

Disbursements by Screenrights

[excludes interest income and set-up fee income] [6,485] [5,800]

International Collection Service

[excludes set-up fee income] [1,441] [2,047]

Residual Service

[excludes set-up fee income] [265] [4]

Allocation to IBNR Fund [150] —

Net royalties paid and payable [48,463] [44,123]

Net operating proﬁt — —

AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

For the year ended 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

3. OTHER INCOME

2022 2021

$000s $000s

Restated *

Interest and other income

– AES interest income 208 216

– ARS interest income 14 68

– INT interest income 1 5

– AGS interest income 2 7

– NZES interest income 4 9

– Other income 5 —

Total other income 234 305

4. EMPLOYEE EXPENSES

Wages and salaries [including director fees] 4,060 4,602

Contributions to deﬁned contribution superannuation funds 414 403

Increase in liabilities for annual and long service leave 68 29

Other employee expenses 201 325

Total employee expenses 4,743 5,359

5. OTHER EXPENSES

Loss on disposal of property, plant and equipment

and ROU assets. 23 —

Loss on impairment of intangible assets 204 —

NZES expenses — 130

ISAN 3 —

Other 6 50

Total other expenses 236 180

* Refer to Note 1[t] for detailed information on the restatement of comparatives

SCREENRIGHTS ANNUAL REPORT 2021–2022 | 25

6. AUDITOR’S REMUNERATION

2022 2021

$000s $000s

Audit services 69 66

Other Assurance services 33 6

Total Auditor's renumeration 102 72

7. TAXATION

Audio-Visual Copyright Society Limited trading as Screenrights and its subsidiary entity, Enhance TV 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 Enhance TV Pty Ltd is not subject to the tax exemption for copyright collecting societies. In the

current ﬁnancial year, Enhance TV Pty Ltd did not make a proﬁt and as a consequence there is no tax expense for the

consolidated entity [2021: $Nil].

8. CASH ASSETS

2022 2021

$000s $000s

Cash at bank 6,998 5,555

Cash on deposit 65,421 65,672

Total cash assets 72,419 71,227

The interest rate at 30 June 2022 on cash accounts is 1.35% [2021: 0.10%] which is the prevailing interest rate on cash

at bank. The cash on deposit with banks mature within 213 days. The weighted average interest rate at 30 June 2022 on

cash on deposit is 1.79% [2021: 0.28%].

9. TRADE AND OTHER RECEIVABLES

2022 2021

$000s $000s

Trade receivables 1,724 2,306

Provision for doubtful debts [88] —

Sundry receivables 772 64

Total trade and other receivables 2,408 2,370

For the year ended 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

For the year ended 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

10. PROPERTY, PLANT & EQUIPMENT

Plant &

equipment Total

$000s $000s

Cost

Balance at 1 July 2020 985 985

Acquisitions 37 37

Disposals — —

Balance at 30 June 2021 1,022 1,022

Balance at 1 July 2021 1,022 1,022

Acquisitions 31 31

Disposals [19] [19]

Balance at 30 June 2022 1,034 1,034

Accumulated depreciation

Balance at 1 July 2020 677 677

Depreciation charge for the year 123 123

Disposals — —

Balance at 30 June 2021 800 800

Balance at 1 July 2021 800 800

Depreciation charge for the year 117 117

Disposals [18] [18]

Balance at 30 June 2022 899 899

Carrying amounts

At 30 June 2021 222 222

At 30 June 2022 135 135

SCREENRIGHTS ANNUAL REPORT 2021–2022 | 27

For the year ended 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

11. INTANGIBLES

Computer

software WIP Total

$000s $000s $000s

Cost

Balance at 1 July 2020 2,279 194 2,473

Acquisitions — 134 134

Impairment — — —

Transfer from/[to] 248 [248] —

Balance at 30 June 2021 2,527 80 2,607

Balance at 1 July 2021 2,527 80 2,607

Acquisitions — 62 62

Impairment [2,143] —[2,143]

Transfer from/[to] 80 [80] —

Balance at 30 June 2022 464 62 526

Accumulated amortisation

Balance at 1 July 2020 1,215 —1,215

Amortisation charge for the year 447 —447

Impairment ———

Balance at 30 June 2021 1,662 —1,662

Balance at 1 July 2021 1,662 —1,662

Amortisation charge for the year 486 —486

Impairment [1,939] -[1,939]

Balance at 30 June 2022 209 —209

Carrying amounts

At 30 June 2021 865 80 945

At 30 June 2022 255 62 317

AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

For the year ended 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

12. TRADE AND OTHER PAYABLES

2022 2021

$000s $000s

Trade and other creditors 409 629

Accrued expenses 183 7

Total trade and other payables 592 636

13. EMPLOYEE BENEFITS

2022 2021

$000s $000s

Current

Liability for annual leave 266 253

Liability for long service leave 267 254

Total current employee beneﬁts 533 507

Non-current

Liability for long service leave 157 116

Total non-current employee beneﬁts 157 116

14. LEASES

Oﬃce Car Park Printer Total

$000s $000s $000s $000s

[i] Right-of-use assets

Cost

Balance at 1 July 2020 1,185 15 61 1,261

Acquisitions — — — —

Disposals — — — —

Balance at 30 June 2021 1,185 15 61 1,261

Balance at 1 July 2021 1,185 15 61 1,261

Acquisitions — — — —

Disposals — — [61] [61]

Balance at 30 June 2022 1,185 15 —1,200

SCREENRIGHTS ANNUAL REPORT 2021–2022 | 29

For the year ended 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

14. LEASES CONTINUED

[i] Right-of-use assets continued

Oﬃce Car Park Printer Total

$000s $000s $000s $000s

Accumulated depreciation

Balance at 1 July 2020 316 413 333

Depreciation charge for the year 316 413 333

Disposals — — — —

Balance at 30 June 2021 632 826 666

Balance at 1 July 2021 632 826 666

Depreciation charge for the year 316 413 333

Disposals — — [39] [39]

Balance at 30 June 2022 948 12 —960

Carrying amounts

At 1 July 2021 553 735 595

At 30 June 2022 237 3 — 240

[ii] Loans and borrowings

Lease liabilities in Balance Sheet as at

30 June 2022

Current 263 3 — 266

Non-current — — — —

Total lease liabilities 263 3 — 266

Maturity analysis as at 30 June 2022

Less than one year 266 3 — 269

One to ﬁve years — — — —

More than ﬁve years — — — —

Total undiscounted lease liabilities as

at 30 June 2022 266 3 — 269

AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

For the year ended 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

14. LEASES CONTINUED

Oﬃce Car Park Printer Total

$000s $000s $000s $000s

[iii] Amounts recognised in Proﬁt/[Loss]

Interest on lease liability 15 — 1 16

Depreciation expenses 316 413 333

Loss on disposal of leased assets — — 22 22

331 436 371

[iv] Amounts recognised in Proﬁt/[Loss]

Total cash outﬂow for leases

[including interest] 345 437 386

345 437 386

15. OTHER LIABILITIES

2022 2021

$000s $000s

Current

Cultural Fund 415 380

Trust – IBNR Fund 1,329 860

Trust – Artistic Works 614 576

Unearned revenue 17 1,617

2,375 3,433

SCREENRIGHTS ANNUAL REPORT 2021–2022 | 31

For the year ended 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

15. OTHER CURRENT LIABILITIES CONTINUED

2022 2021

$000s $000s

Trust – Statutory

Australian Education Service

2015 Distributable amount payable to copyright owners — 16

2016 Distributable amount payable to copyright owners — 39

2017 Distributable amount payable to copyright owners — 136

2018 Distributable amount payable to copyright owners 118 1,423

2019 Distributable amount payable to copyright owners 1,317 1,980

2020 Distributable amount payable to copyright owners 1,662 3,003

2021 Distributable amount payable to copyright owners 2,638 30,113

2022 Distributable amount payable to copyright owners 30,782 —

Australian Retransmission Service

2015 Distributable amount payable to copyright owners — 41

2016 Distributable amount payable to copyright owners — 34

2017 Distributable amount payable to copyright owners — 42

2018 Distributable amount payable to copyright owners 39 551

2019 Distributable amount payable to copyright owners 516 733

2020 Distributable amount payable to copyright owners 681 1,680

2021 Distributable amount payable to copyright owners 972 6,306

2022 Distributable amount payable to copyright owners 7,357 —

Australian Government Copying Service

2015 Distributable amount payable to copyright owners — 2

2016 Distributable amount payable to copyright owners — 3

2017 Distributable amount payable to copyright owners — 3

2018 Distributable amount payable to copyright owners — 24

2019 Distributable amount payable to copyright owners 7 13

2020 Distributable amount payable to copyright owners 24 32

2021 Distributable amount payable to copyright owners 107 1,078

2022 Distributable amount payable to copyright owners 1,100 —

Sound Recordings Distributable amount 27 30

Total Trust - Statutory 47,347 47,282

AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

For the year ended 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

15. OTHER CURRENT LIABILITIES CONTINUED

Trust – Non-statutory

2022 2021

$000s $000s

NZ Education Service

2015 Distributable amount payable to copyright owners — 9

2016 Distributable amount payable to copyright owners — 9

2017 Distributable amount payable to copyright owners — 13

2018 Distributable amount payable to copyright owners 18 206

2019 Distributable amount payable to copyright owners 207 283

2020 Distributable amount payable to copyright owners 288 430

2021 Distributable amount payable to copyright owners 464 2,296

2022 Distributable amount payable to copyright owners 2,343 —

Disbursements by Screenrights 1,883 734

International Service 468 336

Residual Service 10 —

Total Trust – Non-statutory 5,681 4,316

Total other liabilities - Current 55,403 55,031

Non-current

Fund for the beneﬁt of members 913 913

Total other liabilities - Non-current 913 913

16. PROVISIONS

2022 2021

$000s $000s

Lease make good 118 107

Total provisions 118 107

SCREENRIGHTS ANNUAL REPORT 2021–2022 | 33

For the year ended 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

17. 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.

18. 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 subsidary,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.

AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

For the year ended 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

18. FINANCIAL RISK MANAGEMENT CONTINUED

[a] Overview continued

Trade receivables continued

Approximately 80% 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 the 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, whilst 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 $72.4m. at 30 June 2022 is 1.68% [2021: $71.2m. -

0.28%]. 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.

SCREENRIGHTS ANNUAL REPORT 2021–2022 | 35

For the year ended 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

18. 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:

2022 2021

$000s $000s

Cash and cash equivalents 6,998 5,555

Cash on deposit 65,421 65,672

Trade and other receivables 2,408 2,370

74,827 73,597

Impairment losses

The ageing of the consolidated entity and the Company’s trade receivables at the reporting date was:

2022 2021

$000s $000s

Not past due 1,256 1,731

Past due 0-30 days 369 137

Past due 31-120 days — 7

Past due 121 days 99 431

Total Trade Receivables 1,724 2,306

As at 30 June 2022, the Consolidated Entity recognised a provision for impairment of $88,000 due to the Directors being

of the opinion that this amount is unlikely to be recovered [2021: $Nil].

Liquidity risk

The contractual maturities of ﬁnancial liabilities, as represented by trade and other payables [Note 12] and other

current liabilities [Note 15], are all within one year. The carrying amount of these liabilities also represents the

contractual cash ﬂows.

Currency risk

Exposure to currency risk

The exposure to foreign currency risk at balance date was as follows, based on notional amounts:

2022 2021

AUD equivalent of NZD exposure $000s $000s

Trade receivables 461 112

Total balance sheet exposure 461 112

AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

For the year ended 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

18. FINANCIAL RISK MANAGEMENT CONTINUED

[b] Financial transactions continued

Currency risk continued

Exposure to currency risk continued

The following signiﬁcant exchange rates applied during the year:

Average rate

2022

Average rate

2021

Spot rate

2022

Spot rate

2021

New Zealand Dollar 1.0666 1.0289 1.1088 1.0742

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 net revenue by $10,798 at 30 June 2022 [2021: $11,229].

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:

Carrying Amount

2022 2021

$000s $000s

Fixed rate instruments

Cash on deposits 65,421 65,672

Variable rate instruments

Cash at bank 6,998 5,555

Sensitivity analysis

If interest rates had changed by plus/[minus] 100 basis points per annum from the year end interest rate, with all

Sother variables held constant, the consolidated entity proﬁt for the year would have been $69,980 [2021: $55,550]

higher/lower.

19. 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:

2022 2021

$000s $000s

Cash 6,998 5,555

6,998 5,555

SCREENRIGHTS ANNUAL REPORT 2021–2022 | 37

For the year ended 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

19. NOTES TO THE STATEMENT OF CASH FLOWS CONTINUED

[b] Reconciliation of cash ﬂows from operating activities

2022 2021

$000s $000s

Operating proﬁt/[loss] — —

Add/[less] items classiﬁed as investing activities:

Interest received [229] [381]

Add/[less] non-cash items:

Depreciation and amortisation and loss on disposal 1,140 903

Finance costs 18 28

Net cash provided by operating activities before change in

assets and liabilities 929 550

Change in assets and liabilities:

Increase in trade and other receivables 24 2,333

Decrease in trade creditors and accruals [43] [61]

Increase in royalties in advance 123 751

Increase/[decrease] in provision for employee entitlements 67 [68]

Increase/[decrease] in other liabilities 29 [517]

Increase in distributable amounts 371 358

Net cash provided by operating activities 1,500 3,346

20. RELATED PARTY DISCLOSURES

Key management personnel compensation

The key management personnel compensation included in ‘employee expenses’ [see Note 4] is as follows:

2022 2021

$000s $000s

Short-term employee beneﬁts 2,142 1,875

Post-employment beneﬁts — 22

Other long-term beneﬁts 65 26

2,207 1,923

AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

For the year ended 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

20. RELATED PARTY DISCLOSURES CONTINUED

Statement of management remuneration

Salary range* Screenrights Executives

in range 2021/22

Screenrights Executives

in range 2020/21

$0-99k 3** 2**

$100-149k 2** 1

$150-199k 1 3

$200-249k 2** 1

$250-299k 1 1

$300-400k 0 1

$400-449k 1 0

* Includes superannuation, leave provisions and incentive payments

** Includes executives who held a key management position for part of the year

Statement of management remuneration

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 Rachel Antony, Jonathan Carter, Kim Dalton, Ben Grant, Karina Holden,

Kelly LeFever and Georgina Waite, or entities in which they hold a management position, are entitled to distributions

calculated in accordance with Note 1[n].

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.

Loans to key management personnel

There were no loans to key personnel at any time during the year ended 30 June 2022.

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 2022, subsidiary reported a

net loss of $145,000 [2021: $ 321,000].

21. 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 2022, membership of the Company comprised 4,996 full members

[2021: 4,897], resulting in a total guarantee of $49,960 [2021: $48,970].

SCREENRIGHTS ANNUAL REPORT 2021–2022 | 39

22. COMMITMENTS FOR EXPENDITURE

As at and for the year ended 30 June 2022, the consolidated entity has not entered into any contracts and there does not

exist any capital commitments for acquisition of property, plant and equipment.

23. CONTINGENT LIABILITY

The parent entity does not have any contingent liabilities at 30 June 2022 [2021: $ NIL].

24. PARENT ENTITY DISCLOSURES

As at, and throughout, the ﬁnancial year ended 30 June 2022, the parent entity of the consolidated entity was

Audio-Visual Copyright Society Limited.

2022 2021

$000s $000s

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 75,006 73,565

Total assets 75,698 75,327

Current liabilities 72,939 72,337

Total liabilities 74,129 73,759

Total net assets 1,569 1,569

Total equity of the parent entity comprising of:

Retained earnings 1,369 1,369

Reserves 200 200

Total equity 1,569 1,569

25. SUBSEQUENT EVENTS

There has not arisen in the interval between the end of the ﬁnancial year and the date of this report, any other 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.

For the year ended 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

SUPPLEMENTARY REPORTING FOR EACH AUSTRALIAN STATUTORY LICENSEE CLASS

Commonwealth

Government

State and

Territory

Governments

Schools

Universities

TAFE

Other

Australian

Educational

Institutions

TOTAL

Total licence

fees received

26,837 1,221,838 28,274,302 6,150,524 503,990 4,615 36,182,105

Income on

investments

of licence fees

156 7,099 164,275 35,735 2,928 27 210,220

Total amount

allocated to

members

22,943 1,044,570 24,172,191 5,258,189 430,870 3,945 30,932,709

Total amount

paid to

members

22,666 1,031,945 23,880,041 5,194,638 425,663 3,898 30,558,850

Total amount

of licence fees

held in trust

28,973 1,319,105 30,525,142 6,640,150 544,112 4,982 39,062,464

Total licence

fees for which

the trust period

expired*

703 32,025 741,073 161,206 13,210 121 948,338

* 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.

APPENDIX

For the year ended 30 June 2022

This page has been left intentionally blank.

Screenrights

ABN: 76 003 912 310

Level 1, 140 Myrtle Street

Chippendale NSW Australia 2008

Email info@screenrights.org

screenrights.org

Australia

Phone +61 2 8038 1300

New Zealand

Freephone 0800 44 2348

Freefax 0800 44 7006