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 2023 .................................... 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]

Ablaze - Jotz Productions

Barrumbi Kids - Ambience Entertainment

Summer Love - Gristmill

CONTENTS

SCREENRIGHTS ANNUAL REPORT 2022–2023 | 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 Developer: Brian Chambers

Engineering Team Lead: Daniel McCosker*

Senior Data Engineer:

Badruddin (Raad) Kamal

Senior Analyst Programmer:

Sandhya [Sandra] Bhalla

Cloud Engineer: Maria Nguyen

Data Engineer: Jia Yi (Ryan) Kang

Junior Data Engineer - Film & TV

Registration: Yogesh Babu Krishnakumar

Data Manager: Nicholas Grodzicki

Licensing & Registrations: Mary Luque*

IT Operations Support: Daniel Read

MEMBER SERVICES

Head of Member Services: Maha Ismail

Manager, Customer Success & Support:

Kaaran Watene

Royalty Distribution Manager: Sean Price

Resolutions Manager: Dominique Nesbitt

Key Account Associate: John Alexander

Operations Analyst: Tova Borwein

Customer Success Associate:

Genesis Mercado

Customer Success Associate Julie Seldon*

COMMERCIAL & INDUSTRY SERVICES

Head of Commercial & Industry Services:

Emma Madison

Manager, Royalties World: Gaëlle Chambers

Manager, Disbursements:

Madeleine Donovan*

Product Manager: Swarnima (Simi) Singh

Associate Product Manager: Hayley Colley

Industry Services Oﬃcer: Mariana Corbellini

Industry Services Virtual Assistant:

Abigail Tabone*

MARKETING

Head of Marketing & Industry Support:

Sarah Steel*

BUSINESS OPERATIONS

Chief Financial Oﬃcer: Renee Bryant

Financial Accountant: Nishi Patel

Bookkeeper: Jinglei [David] Sun*

Administration/Customer Success

Coordinator: Isaac Heath

LICENSING

Head of Licensing: Scott James

LEGAL

General Counsel & Head of Policy:

Natalie Buck*

Associate Counsel: Alexandra Nastovski

Executive Business Partner: Kylie Cooke*

* Indicates part-time employee/consultant

Full time equivalent = 34.3

DIRECTORS & OFFICERS

Kim Dalton OAM Chair

Georgina Waite Deputy Chair

DIRECTORS

Tom Alegounarias

Rachel Antony

Jonathan Carter

Anne Chesher

Jub Clerc

Sandra Davey

Karina Holden

Kelly Lefever

Anthony Travers

Paul Wiegard

AUDITORS

KPMG

BANKERS

Airwallex

Bank of New Zealand

Commonwealth Bank

of Australia

National Australia Bank

The Australia and New

Zealand Banking Group

Westpac

SOLICITORS

Banki Haddock Fiora

Breakwall Legal

Bridges Lawyers

Esplins Lawyers

FCB Workplace Law

Gilbert + Tobin

Harmers Workplace Lawyers

Holding Redlich

Simpsons Solicitors

Thomson Geer

Screenrights is the trading name of Audio-Visual Copyright Society Limited ACN 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 2023

SCREENRIGHTS ANNUAL REPORT 2022–2023 | 3

GEOFFREY ATHERDEN - Director from 2016 to November 2022

CHRISTOPHER GARDOLL –

Director from 2020 to March 2023

BEN GRANT –

Director from 2013 to November 2022

TOM ALEGOUNARIAS –

Director from October 2022

PAUL WIEGARD –

Director from October 2022

ANTHONY TRAVERS –

Director from April 2023

NATALIE BUCK - Company Secretary from June 2022

DIRECTORS’ REPORT

TOM ALEGOUNARIAS –

Over 40 years’ experience in school education with an emphasis of equity and quality teaching. Tom is former chair

and CEO of the NSW Educational Standards Authority and General Manager of Strategic Policy for NSW education. He is now adjunct professor of

education at the University of Sydney and director of the Teaching and Educational Standards Alliance. Director since 2022.

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 government; 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.

JONATHAN CARTER –

Authorial (Music) Board Director. Chief Operating Oﬃcer, APRA AMCOS. Director, Australian Copyright Council;

Director, Support Act Ltd. Global Legal & 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 ﬁrst feature ﬁlm

Sweet As premiered at MIFF 2022. She has directed two episodes of The Heights and Turn up the Volume, 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 consultant and coach, and digital product leader with Organa with career experience across climate-tech, telco/

broadband, IoT, Internet names and numbers, cross-platform content and interactive TV, sport, libraries and consumer advocacy. Former Board

member and Chair of CHOICE, and current Board member of .au Domain Administration along with Chair of their Public Beneﬁt Committee.

Director since 2020.

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 –

Authorial (Screenwriter) Board Director. Authorial (Screenwriter) Board Director. Kelly is co-creator of the critically acclaimed

series The Circuit and her credits include The Doctor Blake Mysteries, The Code, Miss Fisher’s Murder Mysteries, The Black Balloon and The Merger.

Director since 2018.

ANTHONY TRAVERS –

Anthony is a Chartered Accountant and a Registered Company Auditor in Australia & New Zealand. As a Senior Audit

Partner with WilliamBuck, Anthony has over 30 years of experience across audit, ﬁnancial reporting, governance and risk. Previous roles include

Lead & Audit Partner with KPMG Australia. Director since 2023.

GEORGINA WAITE –

Former 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.

PAUL WIEGARD –

Founder CEO, Madman Entertainment. Executive Produced 20+ feature ﬁlms & documentaries. Established streaming

platform DocPlay. Distributed more than 25 Oscar nominated/winning ﬁlms in ANZ. Current President of Australian Independent Distributors

Association (AIDA), Co-Chair Australian Documentary Conference (AIDC), Board Member of Australian Centre for the Moving Image (ACMI).

Director since 2022.

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 $48.7 million [2022: $48.5million] was

determined to form the Distributable Amount available for

distribution to relevant rightsholders from monies collected

for the accounting year ended 30 June 2023.

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

was $Nil [2022: $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 $38,753

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 2023, membership of

the Company comprised 5,150 full members [2022: 4,996],

resulting in a total liability of $51,500 [2022: $49,960].

Dated at Sydney this 27 September 2023 and signed in

accordance with a resolution of the Directors.

Kim Dalton OAM

Chair

SCREENRIGHTS ANNUAL REPORT 2022–2023 | 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

T Alegounarias 5 5 4 4 N/A N/A N/A N/A N/A N/A

R Antony 7 7 2 2 N/A N/A N/A N/A N/A N/A

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

J Carter 5 7 6 6 1 1 N/A N/A 5 6

A Chesher 6 7 N/A N/A N/A N/A N/A N/A N/A N/A

J Clerc 2 7 N/A N/A N/A N/A N/A N/A N/A N/A

K Dalton 7 7 6 6 1 1 5 5 N/A N/A

S Davey 5 7 N/A N/A N/A N/A N/A N/A 6 6

C Gardoll 3 4 2 2 1 1 N/A N/A N/A N/A

B Grant 2 2 N/A N/A N/A N/A N/A N/A 1 2

K Holden 6 7 N/A N/A N/A N/A 3 3 N/A N/A

K Lefever 5 7 N/A N/A N/A N/A 4* 5N/A N/A

A Travers 2 2 3 3 N/A N/A N/A N/A N/A N/A

G Waite 5 7 N/A N/A 0 1 4 5 4 6

P Wiegard 4 5 N/A N/A N/A N/A N/A N/A 1 3

A Number of meetings attended

B Possible number of meetings

N/A Not applicable

* Not in attendance due to conﬂict of interest

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 2023

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 2023 and signed in accordance with a resolution of the Directors.

Kim Dalton OAM

Chair

SCREENRIGHTS ANNUAL REPORT 2022–2023 | 7

SCREENRIGHTS ANNUAL REPORT 2022–2023 | 9

Consolidated

2023 2022

$000s $000s

Revenue from Ordinary Actitivies

Gross Revenue

55,331 55,883

Other Revenues

2,021 234

Expenses

[8,696] [7,654]

48,656 48,463

Transfer [to]/from retained

earnings and reserves

— —

Amount available for Distribution

48,656 48,463

Add Allocation from Fund for the Beneﬁt of Members

285 —

Add Allocation from IBNR Fund

251 —

Add Expired Trust Funds [2017 & prior]

—155

Add Expired Trust Funds [2018]

41,305

Add Expired Trust Funds [2019]

1,354 —

Add Expired Trust Funds [CCF]

115 —

Total amount available for Distribution

50,665 49,923

Amount transferred to Statutory

Distributable Pools:

Australian Education Service [AES]

[32,802] [30,782]

Australian Retransmission Service [ARS]

[5,419] [7,357]

Australian Government Copying Service [AGS]

[1,081] [1,100]

Amount transferred to Non-Statutory

Distributable Pools:

NZ Education Service [NZES]

[2,538] [2,343]

Collection Account Management Service [CAM]

[6,529] [6,485]

International Service [INT]

[1,662] [1,441]

Residual Service [RSD]

[232] [265]

Allocation to IBNR Fund

—[150]

Allocation to Cultural Fund

[402] —

Total amount transferred to distribution pools

[50,665] [49,923]

ANNOTATED STATEMENT OF FINANCIAL

PERFORMANCE FOR THE YEAR ENDED

30 JUNE 2023

Royalty collections for the year from

Australian & New Zealand educational

institutions, retransmission

broadcasters, government agencies, as

well as Collection Account Management,

International and 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.

Expired funds were by amount and

percentage of Distributable Amount, AES

$852,000 [1.68%],

ARS $332,000 [0.65%],

AGS $34,000 [0.07%]

NZES $141, 000 [0.28%].

Collection Account Management

Service includes Disbursements by

Screenrights [DASA]

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 2022–2023 | 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 2023

CONSOLIDATED STATEMENT OF PROFIT OR

LOSS AND OTHER COMPREHENSIVE INCOME

2023 2022

Note $000s $000s

Revenue from rendering of services 2 55,331 55,883

Other income 3 2,021 234

Total revenue and other income 57,352 56,117

Employee expenses 4 [5,364] [4,743]

Depreciation and amortisation expense [407] [936]

Operating expense [896] [750]

Licensing expense [535] [462]

Travel expense [61] [18]

Marketing expense [145] [127]

Legal expense [497] [139]

Information Technology [663] [227]

Other expenses 5 [123] [236]

Total operating expenses [8,691] [7,6 38]

Interest expense 14 [5] [16]

Total operating and other expenses [8,696] [7,654]

Royalties paid and payable to members

and aﬃliated societies [48,656] [48,463]

Net proﬁt before income tax — —

Income tax expense 7 — —

Net operating proﬁt after income tax — —

Other comprehensive income — —

Total comprehensive proﬁt — —

AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

For the year ended 30 June 2023

CONSOLIDATED BALANCE SHEET

2023 2022

Note $000s $000s

Current assets

Cash and cash equivalents 8 9,624 6,998

Cash on deposit 8 54,449 65,421

Trade and other receivables 9 1,761 2,408

Total current assets 65,834 74,827

Non-current assets

Property, plant and equipment 10 10,586 135

Intangibles 11 154 317

Right-of-use assets 14 7240

Total non-current assets 10,747 692

Total assets 76,581 75,519

Current liabilities

Trade and other payables 12 733 592

Royalties in advance 17,689 16,000

Employee beneﬁts 13 607 533

Loans and borrowings 14 2266

Other 15 54,961 55,403

Provisions 16 238 —

Total current liabilities 74,230 72,794

Non-current liabilities

Employee beneﬁts 13 181 157

Loans and borrowings 14 5 —

Other 15 628 913

Provisions 16 —118

Total non-current liabilities 814 1,188

Total liabilities 75,044 73,982

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 2022–2023 | 13

For the year ended 30 June 2023

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.

2023 2022

Note $000s $000s

Cash ﬂows from operating activities

Cash receipts in the course of operations 58,294 56,034

Cash payments in the course of operations [57,330] [54,534]

Net cash from operating activities 19[b] 964 1,500

Cash ﬂows from investing activities

Interest received/receivable 1,396 166

Proceeds from sale of ﬁxed assets — 5

Payments for property, plant and equipment [10,432] [31]

Payments for intangibles [3] [62]

Decrease in cash on deposit 10,972 251

Net cash from investing activities 1,933 329

Cash ﬂows from ﬁnancing activities

Payments for lease liabilities [271] [386]

Net cash used in ﬁnancing activities [271] [386]

Net increase in cash held 2,626 1,443

Cash at the beginning of the ﬁnancial year 6,998 5,555

Cash at the end of the ﬁnancial year 19[a] 9,624 6,998

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 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

Balance at 1 July 2022 200 1,337 1,537

Total comprehensive proﬁt ———

Transfer between retained earnings and reserves ———

Balance at 30 June 2023 200 1,337 1,537

For the year ended 30 June 2023

CONSOLIDATED STATEMENT OF CHANGES

IN EQUITY

SCREENRIGHTS ANNUAL REPORT 2022–2023 | 15

1. SIGNIFICANT ACCOUNTING POLICIES

Audio-Visual Copyright Society Ltd trading as Screenrights

[the ‘Company’] is a non proﬁt company domiciled in Australia.

The consolidated ﬁnancial report of the Company for the ﬁnancial

year ended 30 June 2023 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 2023.

[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.

Going Concern

As at 30 June 2023, consolidated current liabilities exceed

consolidated current assets by $8,396k (2022: Nil).

The Directors believe it is appropriate to prepare the

consolidated ﬁnancial statements on a going concern basis as

distributable amounts payable are disclosed as current liabilities

as they are payable at call. However, in practise, a portion of this

balance, which the Directors expect will exceed the deﬁciency

above, will not be paid within the next twelve months.

[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].

For the year ended 30 June 2023

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

16 AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

For the year ended 30 June 2023

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

1. SIGNIFICANT ACCOUNTING POLICIES CONTINUED

[f] Property, plant and equipment continued

[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.

There is no depreciation expense in the current year for leasehold

buildings [purchase date 29 June 2023] which includes plant,

equipment and capital improvements. Land is not depreciated.

The estimated useful lives in the current and comparative periods

are as follows:

• Plant and equipment – 3-20 years;

• Computer hardware/Laptops – 2– 3 years.

• Leasehold capital improvements – 29-36 years;

• Leasehold buildings – 87 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.

SCREENRIGHTS ANNUAL REPORT 2022–2023 | 17

1. SIGNIFICANT ACCOUNTING POLICIES CONTINUED

[iii] Leased assets continued

As a lessee continued

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

• 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.

For the year ended 30 June 2023

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

18 AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

For the year ended 30 June 2023

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

1. SIGNIFICANT ACCOUNTING POLICIES CONTINUED

[g] Intangible assets continued

[i] Intangible assets continued

Determination whether conﬁguration and customisation

services are distinct from the SaaS access continued

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.

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

and at-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.

SCREENRIGHTS ANNUAL REPORT 2022–2023 | 19

For the year ended 30 June 2023

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

1. SIGNIFICANT ACCOUNTING POLICIES CONTINUED

[j] Impairment continued

[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.

[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].

20 AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

For the year ended 30 June 2023

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

1. SIGNIFICANT ACCOUNTING POLICIES CONTINUED

[n] Distributions continued

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.

[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.

SCREENRIGHTS ANNUAL REPORT 2022–2023 | 21

For the year ended 30 June 2023

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

1. SIGNIFICANT ACCOUNTING POLICIES CONTINUED

[q] Goods and services tax continued

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 2023.

[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 2023 that the consolidated entity believes will have a

material eﬀect on these ﬁnancial statements.

AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

2. RECONCILIATION OF INCOME STATEMENT

2023 2022

Note $000s $000s

Revenue from rendering of services:

– Australian Education Service 36,815 34,933

– Australian Retransmission Service 5,725 8,329

– International Service 1,845 1,586

– Australian Government Copying Service 1,241 1,249

– NZ Education Service 2,693 2,640

– Collection Account Management Service 6,767 6,662

– Residual Service 245 281

– EnhanceTV Resource Centre —203

Total revenue 55,331 55,883

Other income 32,021 234

Total revenue and other income 57,352 56,117

Employee expenses 4 [5,364] [4,743]

Depreciation and amortisation expense [407] [936]

Operating expense [896] [750]

Licensing expense [535] [462]

Travel expense [61] [18]

Marketing expense [145] [127]

Legal expense [497] [139]

Information technology [663] [227]

Other expenses 5 [123] [236]

Total operating expenses [8,691] [7,6 38]

Interest expense 14 [5] [16]

Total interest expense [5] [16]

Net royalties collected and interest received

thereon before income tax 48,656 48,463

Income tax beneﬁt — —

Net royalties collected and interest received

thereon after income tax 48,656 48,463

For the year ended 30 June 2023

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

SCREENRIGHTS ANNUAL REPORT 2022–2023 | 23

For the year ended 30 June 2023

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

2. RECONCILIATION OF INCOME STATEMENT CONTINUED

2023 2022

Note $000s $000s

Royalties paid and payable:

Add allocation from the Fund for the Beneﬁt

of Members 285 —

Add expired statutory trust funds 1,358 1,460

Add expired competing claims funds 115 —

Less amount transferred to AES

distributable pool 2023 15 [32,802] —

Less amount transferred to AES

distributable pool 2022 15 — [30,782]

Less amount transferred to ARS

distributable pool 2023 15 [5,419] —

Less amount transferred to ARS

distributable pool 2022 15 — [7,357]

Less amount transferred to AGS

distributable pool 2023 15 [1,081] —

Less amount transferred to AGS

distributable pool 2022 15 — [1,100]

Less amount transferred to NZES

distributable pool 2023 15 [2,538] —

Less amount transferred to NZES

distributable pool 2022 15 — [2,343]

Collection Account Management Service

[excludes interest income & set-up fee income]* [6,529] [6,485]

International Collection Service

[excludes set-up fee income] [1,662] [1,441]

Residual Service

[excludes set-up fee income] [232] [265]

Allocation from/[to] IBNR Fund 251 [150]

Allocation to Cultural Fund [402] —

Net royalties paid and payable [48,656] [48,463]

Net operating proﬁt — —

* Collection Account Management Service includes Disbursements by Screenrights - DASA

AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

For the year ended 30 June 2023

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

3. OTHER INCOME

2023 2022

$000s $000s

Interest and other income

– AES interest income 1,524 208

– ARS interest income 237 14

– INT interest income 17 1

– AGS interest income 51 2

– NZES interest income 111 4

– DASA interest income 46 —

– RSD interest income 3 —

– Other income 32 5

Total other income 2,021 234

4. EMPLOYEE EXPENSES

Wages and salaries [including director fees] 4,545 4,060

Contributions to deﬁned contribution superannuation funds 466 414

Increase in liabilities for annual and long service leave 98 68

Other employee expenses 255 201

Total employee expenses 5,364 4,743

5. OTHER EXPENSES

Loss on disposal of property, plant and equipment

and ROU assets. — 23

Loss on disposal of intangible assets 100 204

ISAN 1 3

Other 22 6

Total other expenses 123 236

SCREENRIGHTS ANNUAL REPORT 2022–2023 | 25

6. AUDITOR’S REMUNERATION

2023 2022

$000s $000s

Audit services 75 69

Other Assurance services 533

Total Auditor's renumeration 80 102

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 trade and as a consequence there is no tax expense for the consolidated entity

[2022: $Nil].

8. CASH ASSETS

2023 2022

$000s $000s

Cash at bank 9,624 6,998

Cash on deposit 54,449 65,421

Total cash assets 64,073 72,419

The interest rate at 30 June 2023 on cash accounts is 3.60% [2022: 1.35%] which is the prevailing interest rate on cash

at bank. The cash on deposit with banks mature within 204 days. The weighted average interest rate at 30 June 2023

on cash on deposit is 4.56% [2022: 1.79%].

9. TRADE AND OTHER RECEIVABLES

2023 2022

$000s $000s

Trade receivables 950 1,724

Provision for doubtful debts [205] [88]

Sundry receivables 1,016 772

Total trade and other receivables 1,761 2,408

For the year ended 30 June 2023

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

For the year ended 30 June 2023

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

10. PROPERTY, PLANT & EQUIPMENT

Property

Plant &

equipment Total

$000s $000s $000s

Cost

Balance at 1 July 2021 — 1,022 1,022

Acquisitions — 31 31

Disposals —[19] [19]

Balance at 30 June 2022 —1,034 1,034

Balance at 1 July 2022 — 1,034 1,034

Acquisitions 10,213* 339 10,552

Disposals ———

Balance at 30 June 2023 10,213 1,373 11,586

Accumulated depreciation

Balance at 1 July 2021 — 800 800

Depreciation charge for the year — 117 117

Disposals — [18] [18]

Balance at 30 June 2022 —899 899

Balance at 1 July 2022 — 899 899

Depreciation charge for the year — 101 101

Disposals ———

Balance at 30 June 2023 —1,000 1,000

Carrying amounts

At 30 June 2022 — 135 135

At 30 June 2023 10,213 373 10,586

* On 29 June 2023, the Company completed settlement for purchase of leasehold property at Level 1,

185 Gloucester Street, The Rocks in Sydney NSW with a total cost of $10.2m. The purpose for acquisition

is to secure permanent commercial oﬃce space for operations of the Company, including activities of its

staﬀ and members. The current oﬃce lease at Level 1, 140 Myrtle Street, Chippendale is due to expire on

26 March 2024. The purchase was funded from available cash reserves and did not involve any funding

from debt ﬁnance.

SCREENRIGHTS ANNUAL REPORT 2022–2023 | 27

For the year ended 30 June 2023

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

11. INTANGIBLES

Computer

software WIP Total

$000s $000s $000s

Cost

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

Acquisitions — 62 62

Disposals [2,143] —[2,143]

Transfer from/[to] 80 [80] —

Balance at 30 June 2022 464 62 526

Balance at 1 July 2022 464 62 526

Acquisitions 3 — 3

Disposals [54] [62] [116]

Transfer from/[to] — — —

Balance at 30 June 2023 413 —413

Accumulated amortisation

Balance at 1 July 2021 1,662 —1,662

Amortisation charge for the year 486 —486

Disposals [1,939] —[1,939]

Balance at 30 June 2022 209 —209

Balance at 1 July 2022 209 —209

Amortisation charge for the year 65 —65

Disposals [15] —[15]

Balance at 30 June 2023 259 —259

Carrying amounts

At 30 June 2022 255 62 317

At 30 June 2023 154 -154

AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

For the year ended 30 June 2023

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

12. TRADE AND OTHER PAYABLES

2023 2022

$000s $000s

Trade and other creditors 500 409

Accrued expenses 233 183

Total trade and other payables 733 592

13. EMPLOYEE BENEFITS

2023 2022

$000s $000s

Current

Liability for annual leave 281 266

Liability for long service leave 326 267

Total current employee beneﬁts 607 533

Non-current

Liability for long service leave 181 157

Total non-current employee beneﬁts 181 157

14. LEASES

Oﬃce Car Park Printer Total

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

[i] Right-of-use assets

Cost

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

Balance at 1 July 2022 1,185 15 —1,200

Acquisitions — — 8 8

Disposals [1,185] [15] —[1,200]

Balance at 30 June 2023 — — 8 8

SCREENRIGHTS ANNUAL REPORT 2022–2023 | 29

For the year ended 30 June 2023

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 2021 632 826 666

Depreciation charge for the year 316 413 333

Disposals — — [39] [39]

Balance at 30 June 2022 948 12 —960

Balance at 1 July 2022 948 12 —960

Depreciation charge for the year 237 3 1 241

Disposals [1,185] [15] —[1,200]

Balance at 30 June 2023 — — 1 1

Carrying amounts

At 30 June 2022 237 3 — 240

At 1 July 2023 — — 7 7

[ii] Loans and borrowings

Lease liabilities in Balance Sheet as at

30 June 2023

Current — — 2 2

Non-current — — 5 5

Total lease liabilities — — 7 7

Maturity analysis as at 30 June 2023

Less than one year — — — —

One to ﬁve years — — 7 7

More than ﬁve years — — — —

Total undiscounted lease liabilities as

at 30 June 2023 — — 7 7

AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

For the year ended 30 June 2023

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 5 — — 5

Depreciation expenses 237 3 1 241

Loss on disposal of leased assets — — — —

242 3 1 246

[iv] Amounts recognised in Proﬁt/[Loss]

Total cash outﬂow for leases 266 3 2 271

266 3 2 271

15. OTHER LIABILITIES

2023 2022

$000s $000s

Current

Cultural Fund 803 415

Trust – IBNR Fund 968 1,329

Trust – Artistic Works 554 614

Unearned revenue 17 17

2,342 2,375

SCREENRIGHTS ANNUAL REPORT 2022–2023 | 31

For the year ended 30 June 2023

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

15. OTHER CURRENT LIABILITIES CONTINUED

2023 2022

$000s $000s

Trust – Statutory

Australian Education Service

2018 Distributable amount payable to copyright owners — 118

2019 Distributable amount payable to copyright owners — 1,317

2020 Distributable amount payable to copyright owners 1,159 1,662

2021 Distributable amount payable to copyright owners 1,584 2,638

2022 Distributable amount payable to copyright owners 2,424 30,782

2023 Distributable amount payable to copyright owners 32,802 —

Australian Retransmission Service

2018 Distributable amount payable to copyright owners — 39

2019 Distributable amount payable to copyright owners — 516

2020 Distributable amount payable to copyright owners 500 681

2021 Distributable amount payable to copyright owners 645 972

2022 Distributable amount payable to copyright owners 1,147 7,357

2023 Distributable amount payable to copyright owners 5,419 —

Australian Government Copying Service

2019 Distributable amount payable to copyright owners — 7

2020 Distributable amount payable to copyright owners 23 24

2021 Distributable amount payable to copyright owners 99 107

2022 Distributable amount payable to copyright owners 132 1,100

2023 Distributable amount payable to copyright owners 1,081 —

Sound Recordings Distributable amount 27 27

Total Trust - Statutory 47,042 47,347

AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

For the year ended 30 June 2023

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

15. OTHER CURRENT LIABILITIES CONTINUED

Trust – Non-statutory

2023 2022

$000s $000s

NZ Education Service

2018 Distributable amount payable to copyright owners — 18

2019 Distributable amount payable to copyright owners — 207

2020 Distributable amount payable to copyright owners 207 288

2021 Distributable amount payable to copyright owners 330 464

2022 Distributable amount payable to copyright owners 489 2,343

2023 Distributable amount payable to copyright owners 2,538 —

Collection Account Management Service* 1,579 1,883

International Collection Service 326 468

Residual Service 108 10

Total Trust – Non-statutory 5,577 5,681

Total other liabilities - Current 54,961 55,403

Non-current

Fund for the beneﬁt of members 628 913

Total other liabilities - Non-current 628 913

* Collection Account Management Service includes Disbursements by Screenrights - DASA

16. PROVISIONS

2023 2022

$000s $000s

Current

Lease make good 118 —

Capital Works Provision 120 —

Total provisions 238 —

Non-current

Lease make good —118

Total other liabilities - Non-current —118

SCREENRIGHTS ANNUAL REPORT 2022–2023 | 33

For the year ended 30 June 2023

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 2023

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 $64.1m. at 30 June 2023 is 4.41% [2022: $72.4m.

- 1.68%]. 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 2022–2023 | 35

For the year ended 30 June 2023

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:

2023 2022

$000s $000s

Cash and cash equivalents 9,624 6,998

Cash on deposit 54,449 65,421

Trade and other receivables 1,761 2,408

65,834 74,827

Impairment losses

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

2023 2022

$000s $000s

Not past due 676 1,256

Past due 0-30 days 158 369

Past due 31-90 days 17 —

Past due 91 days 99 99

Total Trade Receivables 950 1,724

As at 30 June 2023, the Consolidated Entity recognised a provision for impairment of $205k due to the Directors being of

the opinion that this amount is unlikely to be recovered [2022: $88k].

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:

2023 2022

AUD equivalent of NZD exposure $000s $000s

Trade receivables 83 461

Total balance sheet exposure 83 461

AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

For the year ended 30 June 2023

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

2023

Average rate

2022

Spot rate

2023

Spot rate

2022

New Zealand Dollar 1.0928 1.0666 1.0883 1.1088

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 $738 at 30 June 2023 [2022: $10,798 ].

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

2023 2022

$000s $000s

Fixed rate instruments

Cash on deposits 54,449 65,421

Variable rate instruments

Cash at bank 9,624 6,998

Sensitivity analysis

If interest rates had changed by plus/[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 $96,240 [2022: $69,980]

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:

2023 2022

$000s $000s

Cash 9,624 6,998

9,624 6,998

SCREENRIGHTS ANNUAL REPORT 2022–2023 | 37

For the year ended 30 June 2023

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

19. NOTES TO THE STATEMENT OF CASH FLOWS CONTINUED

[b] Reconciliation of cash ﬂows from operating activities

2023 2022

$000s $000s

Operating proﬁt/[loss] — —

Add/[less] items classiﬁed as investing activities:

Interest received [1,990] [229]

Add/[less] non-cash items:

Depreciation, amortisation and loss on disposals 508 1,140

Finance costs 418

Net cash provided by operating activities before change in

assets and liabilities [1,478] 929

Change in assets and liabilities:

Increase in trade and other receivables 1,242 24

Increase/[decrease] in trade creditors and accruals 139 [43]

Increase in royalties in advance 1,690 123

Increase in provision for employee entitlements 97 67

Increase in other liabilities — 29

[Decrease]/increase in distributable amounts [726] 371

Net cash provided by operating activities 964 1,500

20. RELATED PARTY DISCLOSURES

Key management personnel compensation

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

2023 2022

$000s $000s

Short-term employee beneﬁts 2,184 2,142

Other long-term beneﬁts 47 65

2,231 2,207

AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED

For the year ended 30 June 2023

NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

20. RELATED PARTY DISCLOSURES CONTINUED

Statement of management remuneration

Salary range* Screenrights Executives

in range 2022/23

Screenrights Executives

in range 2021/22

$0-99k 1** 3**

$100-149k 0 2**

$150-199k 1* 1

$200-249k 4* 2**

$250-299k 0 1

$300-400k 2** 0

$400-449k 0 1

* 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 and Paul Wiegard, 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 2023.

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. For the year ended 30 June 2023, the

subsidiary did not trade and reported a net loss of $0 [2022: $145k].

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 2023, membership of the Company comprised 5,150 full members

[2022: 4,996], resulting in a total guarantee of $51,500 [2022: $49,960].

22. COMMITMENTS FOR EXPENDITURE

SCREENRIGHTS ANNUAL REPORT 2022–2023 | 39

Following the purchase on 29 June 2023 of leasehold property at Level 1, 185 Gloucester Street, the Company

has committed to spending a further $120,000 in planned capital works costs to meet occupancy compliance and

equipment repairs.

23. CONTINGENT LIABILITY

The parent entity does not have any contingent liabilities at 30 June 2023 [2022: $ NIL].

24. PARENT ENTITY DISCLOSURES

As at, and throughout, the ﬁnancial year ended 30 June 2023, the parent entity of the consolidated entity was

Audio-Visual Copyright Society Limited.

2023 2022

$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 65,867 75,006

Total assets 76,614 75,698

Current liabilities 73,946 72,939

Total liabilities 75,045 74,129

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 2023

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

58,383 1,182,784 25,504,525 6,368,940 502,289 4,439,428 38,056,349

Income on

investments

of licence fees

2,418 48,976 1,056,079 263,722 20,799 183,826 1,575,819

Total amount

allocated to

members

50,543 1,023,952 22,079,598 5,513,674 434,838 3,843,270 32,945,875

Total amount

paid to

members

46,541 942,863 21,740,101 5,428,895 428,152 3,784,176 32,370,626

Total amount

of licence fees

held in trust

65,561 1,328,189 26,539,315 6,627,346 522,668 4,619,548 39,702,626

Total licence

fees for which

the trust period

expired*

1,587 32,143 590,224 147,390 11,624 102,737 885,704

* 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 2023

This page has been left intentionally blank.

Screenrights

ACN: 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