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 2024 .................................... 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
Consolidated Entity Disclosure Statement .................... 40
Appendix ....................................................................... 41
CONTENTS
SCREENRIGHTS ANNUAL REPORT 2023–2024 | 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 Attorney General, 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
2
OFFICE OF THE CHIEF EXECUTIVE
Chief Executive: James Dickinson
INFORMATION TECHNOLOGY
Head of Engineering & Data:
Vedvrat Sharma
Engineering Manager [Data]:
Brian Chambers
Engineering Manager [App]:
Daniel McCosker
Lead Data Engineer:
Vijay Rajagopalan
Senior Software Engineer:
Sandhya [Sandra] Bhalla
Data Engineer: Jia Yi [Ryan] Kang
Data Engineer: Yogesh Babu Krishnakumar
Senior Data Analyst: Nicholas Grodzicki
Data Quality Analyst: Mary Luque*
IT Engineer: Daniel Read
MEMBER SERVICES
Head of Member Services: Maha Ismail
Manager, Customer Success & Support:
Kaaran Watene
Royalty Distribution Manager: Sean Price
Transformation Manager, Services:
Dominique Nesbitt
Key Account Associate: John Alexander
Operations Analyst: Tova Borwein
Customer Success Associate:
Genesis Mercado*
Customer Success Associate Julie Seldon*
Operations Coordinator, Services: Charisse
De Mesa*
COMMERCIAL & INDUSTRY SERVICES
Head of Product: Emma Madison
Manager, Royalties World: Gaëlle Chambers
Manager, Disbursements:
Madeleine Donovan*
Product Manager: Swarnima (Simi) Singh*
Product Owner: Hayley Colley
Product Owner: Cormac Hartley
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
Bookkeeper: Renee Brian*
Financial Accountant: Nishi Patel
Finance Assistant: Declan Jenkins*
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 = 35.1
DIRECTORS & OFFICERS
Kim Dalton OAM Chair
Georgina Waite Deputy Chair
DIRECTORS
Tom Alegounarias
Rachel Antony
Jonathan Carter
Sandra Davey
Sofya Gollan
Karina Holden
Kelly Lefever
Anthony Travers
Dot West
Paul Wiegard
AUDITORS
KPMG
BANKERS
Airwallex
Bank of New Zealand
Commonwealth Bank
of Australia
National Australia Bank
St George Bank
SOLICITORS
Banki Haddock Fiora
Breakwall Legal
Citation Legal
Dentons
Gadens
Holding Redlich
McLay Legal Pty Ltd
Simpsons Solicitors
Screenrights is the trading name of Audio-Visual Copyright Society Limited ABN 76 003 912 310
ADDRESS: Suite 3, 185 Gloucester Street, The Rocks NSW 2000, Australia | WEBSITE: www.screenrights.org
POSTAL: GPO Box 3841, Sydney NSW 2000, Australia | TELEPHONE: +61 2 8038 1300
NEW ZEALAND: FreePhone: 0800 44 2348
COMPANY PROFILE
As at 30 June 2024
SCREENRIGHTS ANNUAL REPORT 2023–2024 | 3
SOFYA GOLLAN - Director from October 2023
DOT WEST –
Director from October 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 Aotearoa-New
Zealand and Australia. She is an active member of both WIFT NZ and SPADA; a member of the NZ Institute of Directors; and a trustee of theatre
company Nightsong. Director since 2020
JONATHAN CARTER –
Authorial (Music) Board Director. Chief Operating Officer, APRA AMCOS. Director, Australian Copyright Council;
Global Policy Committee, International Confederation of Societies of Authors and Composers. Director since 2017.
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.
SOFYA GOLLAN –
Authorial [Screen Director] Board Director. An award-winning film director and screenwriter, an advocate for diversity and
disability inclusion and a Deaf individual who has served previously on the Board of the National Australian Theatre of the Deaf and as a member of
the advisory panel for Film in Revolt. Director since 2023.
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 –
A multi award winner, and one of Australia’s most experienced screenwriters and developers, Kelly is the co-creator of the
critically acclaimed series The Circuit. Her credits include Under The Vines, The Code, The Black Balloon, and The Doctor Blake Mysteries. Kelly sat on
the board of Film Victoria/VicScreen for six years, and is a former Vice President of The Australian Writers’ Guild.
ANTHONY TRAVERS –
Anthony is a Chartered Accountant and a Registered Company Auditor in Australia & New Zealand. He is a Non Executive
Director of a number of multi nationals including the local entity of Accelya Group, is the Executive Chairman of Asset Recruitment, & a Partner with
Hall Chadwick. Anthony has over 30 years of experience across audit, financial reporting, governance and risk. 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.
DOT WEST –
Scriptwriter and story advisor is a Noongar woman who serves as a Director Goolarri Media, Ramu Productions, Cinefest Oz Film
Festival and as Co-Chairperson of the First Nations Digital Inclusion Advisory Group to Minister Rowlands. Director since 2023.
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.
4
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 $ 50.1 million [2023: $48.7million] was
determined to form the Distributable Amount available for
distribution to relevant rightsholders from monies collected
for the accounting year ended 30 June 2024.
The net operating profit/[loss] after income tax for the year
was $Nil [2023: $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 $35,822
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 2024, membership of
the Company comprised 5,300 full members [2023: 5,150],
resulting in a total liability of $53,000 [2023: $51,500].
Dated at Sydney this 25th September 2024 and signed in
accordance with a resolution of the Directors.
Kim Dalton OAM
Chair
SCREENRIGHTS ANNUAL REPORT 2023–2024 | 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 &
GOVERNANCE
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 6 2 2
0 0
0 0
0 0
R Antony 6 6
0 0 0 0 0 0 0 0
J Carter 5 6 4 4 1 1
0 0
5 6
A Chesher 2 2
0 0 0 0 0 0 0 0
J Clerc 1 2
0 0 0 0 0 0 0 0
K Dalton 5 6 3 4 1 1 5 6
0 0
S Davey 5 6
0 0 0 0 0 0
6 6
S Gollan 4 4
0 0 0 0 0 0 0 0
K Holden 4 6
0 0 0 0 6
6
0 0
K Lefever 5 6
0 0 0 0
5 6
0 0
A Travers 6 6
4
4
0
1
0 0 0 0
G Waite 6 6 1 1 1 1 6 6 6 6
D West 4 4 2 2
0 0 0 0 0 0
P Wiegard 3 6
0 0 0 0 0 0
4 6
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 15 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 2024
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 Consolidated Entity Disclosure Statement as at 30 June 2024 set out on page 40 is true and correct.
[c] The financial report also complies with International Financial Reporting Standards as disclosed in Note 1.
[d] 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 25th September 2024 and signed in accordance with a resolution of the Directors.
Kim Dalton OAM
Chair
6
SCREENRIGHTS ANNUAL REPORT 2023–2024 | 7
8
SCREENRIGHTS ANNUAL REPORT 2023–2024 | 9
10
Consolidated
2024 2023
$000s $000s
Revenue from Ordinary Actitivies
Gross Revenue
56,614 55,331
Other Revenues
2,676 2,021
Expenses
[9,212] [8,696]
50,078 48,656
Transfer [to]/from retained earnings and reserves
— —
Amount available for Distribution
50,078 48,656
Add Allocation from Fund for the Benefit of Members
285 285
Add Allocation from IBNR Fund
— 251
Add Allocation from Sound Recordings
17 —
Add Expired Trust Funds [2018]
— 4
Add Expired Trust Funds [2019]
— 1,354
Add Expired Trust Funds [2020]
1,252 —
Add Expired Trust Funds [CCF]
[90] 115
Total amount available for Distribution
51,541 50,665
Amount transferred to Statutory Distributable Pools:
Australian Education Service [AES]
[34,928] [32,802]
Australian Retransmission Service [ARS]
[4,797] [5,419]
Australian Government Copying Service [AGS]
[1,097] [1,081]
Amount transferred to Non-Statutory
Distributable Pools:
NZ Education Service [NZES]
[2,653] [2,538]
Collection Account Management Service [CAM]
[5,244] [6,529]
International Service [INT]
[2,327] [1,662]
Residual Service [RSD]
[71] [232]
Allocation to IBNR Fund
— —
Allocation to Cultural Fund
[424] [402]
Total amount transferred to distribution pools
[51,5 41] [50,665]
ANNOTATED STATEMENT OF FINANCIAL
PERFORMANCE FOR THE YEAR ENDED
30 JUNE 2024
Royalty collections for the year from
Australian & New Zealand educational
institutions, retransmission
broadcasters, government agencies,
as well as CAM, International &
Residual services.
Includes interest.
The cost of running Screenrights,
including employee expenses,
depreciation and other ordinary
expenses.
Expired funds were by amount and
percentage of Distributable Amount,
AES $721,000 [1.40%],
ARS $306,000 [0.59%],
AGS $22,000 [0.04%]
NZES $130, 000 [0.25%].
Screenrights can hold allocations in trust
for a maximum of four years while trying
to locate relevant rightsholders
Collection Account Management
Service [CAM] includes Disbursements
by Screenrights [DASA]S
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 2023–2024 | 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 2024
CONSOLIDATED STATEMENT OF PROFIT OR
LOSS AND OTHER COMPREHENSIVE INCOME
2024 2023
Note $000s $000s
Revenue from rendering of services 2 56,614 55,331
Other income 3
2,676 2,021
Total revenue and other income
59,290 57,352
Employee expenses 4 [5,463] [5,364]
Depreciation and amortisation expense [291] [407]
Operating expense [1,283] [896]
Licensing expense [531] [535]
Travel expense [60] [61]
Marketing expense [31] [145]
Legal expense [280] [497]
Information Technology [954] [663]
Other expenses 5
[319] [123]
Total operating expenses
[9,212] [8,691]
Interest expense 14
— [5]
Total operating and other expenses
[9,212] [8,696]
Royalties paid and payable to members
and affiliated societies
[50,078] [48,656]
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
12
For the year ended 30 June 2024
CONSOLIDATED BALANCE SHEET
2024 2023
Note
$000s $000s
Current assets
Cash and cash equivalents 8 7,869 9,624
Cash on deposit 8 55,980 54,449
Trade and other receivables 9
2,812 1,761
Total current assets
66,661 65,834
Non-current assets
Property, plant and equipment 10 10,761 10,586
Intangibles 11 99 154
Right-of-use assets 14
6 7
Total non-current assets 10,866 10,747
Total assets
77,527 76,581
Current liabilities
Trade and other payables 12 755 733
Royalties in advance 18,694 17,689
Employee benefits 13 632 607
Loans and borrowings 14 2 2
Other 15 55,399 54,961
Provisions 16
63 238
Total current liabilities
75,545 74,230
Non-current liabilities
Employee benefits 13 99 181
Loans and borrowings 14 4 5
Other 15
342 628
Total non-current liabilities
445 814
Total liabilities 75,990 75,044
Total net assets 1,537 1,537
Equity
Retained earnings 1,337 1,337
Reserves
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 2023–2024 | 13
For the year ended 30 June 2024
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.
2024 2023
Note
$000s $000s
Cash flows from operating activities
Cash receipts in the course of operations 56,759 58,294
Cash payments in the course of operations
[58,9 31] [57,330]
Net cash from operating activities 19[b]
[2,172] 964
Cash flows from investing activities
Interest received/receivable 2,486 1,396
Payments for property, plant and equipment [536] [10,432]
Payments for intangibles — [3]
Decrease/[increase] in cash on deposit
[1,531] 10,972
Net cash from investing activities 419 1,933
Cash flows from financing activities
Payments for lease liabilities
[2] [271]
Net cash used in financing activities [2] [271]
Net [decrease]/increase in cash held [1,755] 2,626
Cash at the beginning of the financial year
9,624 6,998
Cash at the end of the financial year 19[a]
7,869 9,624
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED
14
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 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
Balance at 1 July 2023 200 1,337 1,537
Total comprehensive profit
— — —
Transfer between retained earnings and reserves
— — —
Balance at 30 June 2024
200 1,337 1,537
For the year ended 30 June 2024
CONSOLIDATED STATEMENT OF CHANGES
IN EQUITY
SCREENRIGHTS ANNUAL REPORT 2023–2024 | 15
1. MATERIAL 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 2024 comprises the Company and its
subsidiary [together referred to as the ‘consolidated entity’].
The financial report was authorised for issue by the Directors on
25th September 2024.
[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 2024, consolidated current liabilities exceed
consolidated current assets by $8.883k (2022: $8,396k).
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 2024
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
16
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
1. MATERIAL ACCOUNTING POLICIES CONTINUED
[f] Property, plant and equipment continued
[ii] Depreciation
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. 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.
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;
SCREENRIGHTS ANNUAL REPORT 2023–2024 | 17
1. MATERIAL ACCOUNTING POLICIES CONTINUED
[iii] Leased assets continued
As a lessee continued
• 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.
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.
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
18
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
1. MATERIAL ACCOUNTING POLICIES CONTINUED
[g] Intangible assets continued
[i] Intangible assets continued
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.
[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.
SCREENRIGHTS ANNUAL REPORT 2023–2024 | 19
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
1. MATERIAL ACCOUNTING POLICIES CONTINUED
[j] Impairment continued
[ii] Reversals of impairment continued
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 2024
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
1. MATERIAL 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
copyright users. Receipts are generally determined either based
on agreed rates per user, or agreed rates overall. Revenue is
recognised over the period for which the copying licence has
been granted.
[ii] Interest income
Interest is generally recognised as it accrues, taking into account
the effective yield on the financial asset.
[iii] Net gain/loss on disposal of property, plant
and equipment
The net gains of non-current asset sales are included as other
income at the date control of the asset passes to the buyer,
usually when an unconditional contract of sale is signed.
The net losses on non-current asset sales are included in other
expenses. The gain or loss on disposal is calculated as the
difference between the carrying amount of the asset at the time of
disposal and the gross proceeds on disposal.
[p] Income tax
The Income Tax Assessment Act 1997, as amended by the Tax
Laws Amendment [2004 Measures No 6] Act 2005, provides the
following for collecting societies:
• Collecting societies will not be taxed on any copyright income
that they collect and hold on behalf of members, pending
allocation to them;
• Non-copyright income derived by collecting societies will not
be taxed [provided that the amount of non-copyright income
derived is within certain limits]; and
• 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 2023–2024 | 21
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
1. MATERIAL 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 2024.
[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 2024 that the consolidated entity believes will have a
material effect on these financial statements.
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED
22
2. RECONCILIATION OF INCOME STATEMENT
2024 2023
Note $000s $000s
Revenue from rendering of services:
– Australian Education Service 39,276 36,815
– Australian Retransmission Service 5,156 5,725
– International Service 2,565 1,845
– Australian Government Copying Service 1,234 1,241
– NZ Education Service 2,898 2,693
– Collection Account Management Service* 5,411 6,767
– Residual Service
74 245
Total revenue
56,614 55,331
Other income 3
2,676 2,021
Total revenue and other income
59,290 57,352
Employee expenses 4 [5,463] [5,364]
Depreciation and amortisation expense [291] [407]
Operating expense [1,283] [896]
Licensing expense [5 31] [535]
Travel expense [60] [61]
Marketing expense [31] [145]
Legal expense [280] [497]
Information technology [954] [663]
Other expenses 5
[319] [123]
Total operating expenses
[9,212] [8,691]
Interest expense - leases 14
– [5]
Total interest expense – [5]
Net royalties collected and interest received
thereon before income tax
50,078 48,656
Income tax benefit
– —
Net royalties collected and interest received
thereon after income tax
50,078 48,656
* Collection Account Management Service includes Disbursements by Screenrights - DASA
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
SCREENRIGHTS ANNUAL REPORT 2023–2024 | 23
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
2. RECONCILIATION OF INCOME STATEMENT CONTINUED
2024 2023
Note $000s $000s
Royalties paid and payable:
Add allocation from the Fund for the Benefit
of Members
285 285
Add expired statutory trust funds 1,251 1,358
[Less]/add expired competing claims funds [90] 115
Add expired sound recordings 17
Less amount transferred to AES
distributable pool 2024
15 [34,928] —
Less amount transferred to AES
distributable pool 2023
15 — [32,802]
Less amount transferred to ARS
distributable pool 2024
15 [4,797] —
Less amount transferred to ARS
distributable pool 2023
15 — [5,419]
Less amount transferred to AGS
distributable pool 2024
15 [1,097] —
Less amount transferred to AGS
distributable pool 2023
15 — [1,081]
Less amount transferred to NZES
distributable pool 2024
15 [2,653] —
Less amount transferred to NZES
distributable pool 2023
15 — [2,538]
Collection Account Management Service
[excludes interest income & set-up fee income]*
[5,244] [6,529]
International Collection Service
[excludes set-up fee income]
[2,327] [1,662]
Residual Service
[excludes interest income & set-up fee income]*
[71] [232]
Allocation from/[to] IBNR Fund — 251
Allocation to Cultural Fund
[424] [402]
Net royalties paid and payable [50,078] [48,656]
Net operating profit
— —
* Collection Account Management Service includes Disbursements by Screenrights - DASA
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED
24
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
3. OTHER INCOME
2024 2023
$000s $000s
Interest and other income
– AES interest income 1,941 1,524
– ARS interest income 255 237
– INT interest income 26 17
– AGS interest income 61 51
– NZES interest income 143 111
– DASA interest income 78 46
– RSD interest income 6 3
– Other income
166 32
Total other income
2,676 2,021
4. EMPLOYEE EXPENSES
Wages and salaries [including director fees] 4,725 4,545
Contributions to defined contribution superannuation funds 513 466
[Decrease]/increase in liabilities for annual
and long service leave
[57] 98
Other employee expenses
282 255
Total employee expenses
5,463 5,364
5. OTHER EXPENSES
Loss on disposal of property, plant and equipment 125 —
Loss on disposal of intangible assets — 100
ISAN — 1
Other
194 22
Total other expenses
319 123
SCREENRIGHTS ANNUAL REPORT 2023–2024 | 25
6. AUDITOR’S REMUNERATION
2024 2023
$000s $000s
Audit services 77 75
Other Assurance services
5 5
Total Auditor's renumeration
82 80
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
[2023: $Nil].
8. CASH ASSETS
2024 2023
$000s $000s
Cash at bank 7,869 9,624
Cash on deposit
55,980 54,449
Total cash assets
63,849 64,073
The interest rate at 30 June 2024 on cash accounts is 3.85% [2023: 3.60%] which is the prevailing interest rate on cash
at bank. The cash on deposit with banks mature within 358 days. The weighted average interest rate at 30 June 2024
on cash on deposit is 5.07% [2023: 4.56%].
9. TRADE AND OTHER RECEIVABLES
2024 2023
$000s $000s
Trade receivables 1,673 950
Provision for doubtful debts [40] [205]
Sundry receivables
1,179 1,016
Total trade and other receivables
2,812 1,761
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED
26
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
10. PROPERTY, PLANT & EQUIPMENT
Property
Plant &
equipment Total
$000s $000s $000s
Cost
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
Balance at 1 July 2023 10,213* 1,373 11,586
Acquisitions 201 334 536
Disposals
— [1,037] [1,037]
Balance at 30 June 2024
10,414 670 11,085
Accumulated depreciation
Balance at 1 July 2022 — 899 899
Depreciation charge for the year — 101 101
Disposals
— — —
Balance at 30 June 2023
— 1,000 1,000
Balance at 1 July 2023 — 1,000 1,000
Depreciation charge for the year 156 79 235
Disposals
— [911] [911]
Balance at 30 June 2024
156 168 324
Carrying amounts
At 30 June 2023 10,213 373 10,586
At 30 June 2024 10,258 502 10,761
* 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 office lease
at Level 1, 140 Myrtle Street, Chippendale expired on 26 March 2024. The purchase was funded from available cash
reserves and did not involve any funding from debt finance.
SCREENRIGHTS ANNUAL REPORT 2023–2024 | 27
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
11. INTANGIBLES
Computer
software WIP Total
$000s $000s $000s
Cost
Balance at 1 July 2022 464 62 526
Acquisitions 3 — 3
Disposals
[54] [62] [116]
Balance at 30 June 2023
413 — 413
Balance at 1 July 2023 413 — 413
Acquisitions — — —
Disposals
— — —
Balance at 30 June 2024
413 — 413
Accumulated amortisation
Balance at 1 July 2022 209 — 209
Amortisation charge for the year 65 — 65
Disposals
[15] — [15]
Balance at 30 June 2023
259 — 259
Balance at 1 July 2023 259 — 259
Amortisation charge for the year 55 — 55
Disposals
— — —
Balance at 30 June 2024
314 — 314
Carrying amounts
At 30 June 2023 154 — 154
At 30 June 2024 99 - 99
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED
28
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
12. TRADE AND OTHER PAYABLES
2024 2023
$000s $000s
Trade and other creditors 290 500
Accrued expenses
465 233
Total trade and other payables
755 733
13. EMPLOYEE BENEFITS
2024 2023
$000s $000s
Current
Liability for annual leave 261 281
Liability for long service leave
371 326
Total current employee benefits
632 607
Non-current
Liability for long service leave
99 181
Total non-current employee benefits
99 181
14. LEASES
Office Car Park Printer Total
$000s $000s $000s $000s
[i] Right-of-use assets
Cost
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
Balance at 1 July 2023 — — 8 8
Acquisitions — — — —
Disposals
— — — —
Balance at 30 June 2024
— — 8 8
SCREENRIGHTS ANNUAL REPORT 2023–2024 | 29
For the year ended 30 June 2024
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 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
Balance at 1 July 2023 — — 1 1
Depreciation charge for the year — — 1 1
Disposals
— — — —
Balance at 30 June 2024
— — 2 2
Carrying amounts
At 30 June 2023 — — 7 7
At 1 July 2024 — — 6 6
[ii] Loans and borrowings
Lease liabilities in Balance Sheet as at
30 June 2024
Current — — 2 2
Non-current
— — 4 4
Total lease liabilities
— — 6 6
Maturity analysis as at 30 June 2024
Less than one year — — 2 2
One to five years — — 4 4
More than five years
— — — —
Total undiscounted lease liabilities as
at 30 June 2024
— — 6 6
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED
30
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
14. LEASES CONTINUED
Office Car Park Printer Total
$000s $000s $000s $000s
[iii] Amounts recognised in Profit/[Loss]
Depreciation expenses
— — 1 1
— — — —
[iv] Amounts recognised in Profit/[Loss]
Total cash outflow for leases
— — 2 2
— — 2 2
15. OTHER CURRENT LIABILITIES
2024 2023
$000s $000s
Current
Cultural Fund 862 803
Trust – IBNR Fund 1,086 968
Trust – Artistic Works 577 554
Completing Claims Fund 155 —
Unearned revenue
17 17
2,697 2,342
Trust – Statutory
Australian Education Service
2020 Distributable amount payable to copyright owners — 1,159
2021 Distributable amount payable to copyright owners 1,029 1,584
2022 Distributable amount payable to copyright owners 1,447 2,424
2023 Distributable amount payable to copyright owners 1,984 32,802
2024 Distributable amount payable to copyright owners 34,928 —
SCREENRIGHTS ANNUAL REPORT 2023–2024 | 31
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
15. OTHER CURRENT LIABILITIES CONTINUED
2024 2023
$000s $000s
Trust – Statutory continued
Australian Retransmission Service
2020 Distributable amount payable to copyright owners — 500
2021 Distributable amount payable to copyright owners 488 645
2022 Distributable amount payable to copyright owners 737 1,147
2023 Distributable amount payable to copyright owners 818 5,419
2024 Distributable amount payable to copyright owners 4,797 —
Australian Government Copying Service
2020 Distributable amount payable to copyright owners — 23
2021 Distributable amount payable to copyright owners 11 99
2022 Distributable amount payable to copyright owners 27 132
2023 Distributable amount payable to copyright owners 51 1,081
2024 Distributable amount payable to copyright owners 1,097 —
Sound Recordings Distributable amount
— 27
Total Trust - Statutory
47,414 47,042
Trust – Non-statutory
2024 2023
$000s $000s
NZ Education Service
2020 Distributable amount payable to copyright owners — 207
2021 Distributable amount payable to copyright owners 215 330
2022 Distributable amount payable to copyright owners 268 489
2023 Distributable amount payable to copyright owners 338 2,538
2024 Distributable amount payable to copyright owners 2,653 —
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED
32
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
15. OTHER CURRENT LIABILITIES CONTINUED
Trust – Non-statutory continued
2024 2023
$000s $000s
Collection Account Management Service* 1,415 1,579
International Collection Service 253 326
Residual Service
146 108
Total Trust – Non-statutory 5,288 5,577
Total other liabilities - Current
55,399 54,961
Non-current
Fund for the benefit of members
342 628
Total other liabilities - Non-current
342 628
* Collection Account Management Service includes Disbursements by Screenrights - DASA
16. PROVISIONS
2024 2023
$000s $000s
Current
Lease make good — 118
Capital Works Provision
63 120
Total provisions
63 238
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.
SCREENRIGHTS ANNUAL REPORT 2023–2024 | 33
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
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.
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 & Governance
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.
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED
34
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
18. FINANCIAL RISK MANAGEMENT CONTINUED
[a] Overview continued
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 433 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 $63.8m at 30 June 2024 is 4.92%
[2023: $64.1m - 4.41%]. 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 2023–2024 | 35
For the year ended 30 June 2024
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:
2024 2023
$000s $000s
Cash and cash equivalents 7,869 9,624
Cash on deposit 55,980 54,449
Trade and other receivables
2,812 1,761
66,661 65,834
Impairment losses
The ageing of the consolidated entity and the Company’s trade receivables at the reporting date was:
2024 2023
$000s $000s
Not past due 1,106 676
Past due 0-30 days 354 158
Past due 31-90 days 32 17
Past due 91 days
181 99
Total Trade Receivables
1,673 950
As at 30 June 2024, the Consolidated Entity recognised a provision for impairment of $40k due to the Directors being of
the opinion that this amount is unlikely to be recovered [2023: $205k].
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:
2024 2023
AUD equivalent of NZD exposure $000s $000s
Trade receivables
231 83
Total balance sheet exposure
231 83
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED
36
For the year ended 30 June 2024
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
2024
Average rate
2023
Spot rate
2024
Spot rate
2023
New Zealand Dollar 1.0919 1.0928 1.0954 1.0883
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 $2,080 at 30 June 2024 [2023: $738 ].
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
2024 2023
$000s $000s
Fixed rate instruments
Cash on deposits
55,980 54,449
Variable rate instruments
Cash at bank
7,869 9,624
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 $78,690 [2023: $96,240]
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:
2024 2023
$000s $000s
Cash
7,869 9,624
7.869 9,624
SCREENRIGHTS ANNUAL REPORT 2023–2024 | 37
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
19. NOTES TO THE STATEMENT OF CASH FLOWS CONTINUED
[b] Reconciliation of cash flows from operating activities
2024 2023
$000s $000s
Operating profit/[loss] — —
Add/[less] items classified as investing activities:
Interest received [2,510] [1,990]
Add/[less] non-cash items:
Depreciation, amortisation and loss on disposals 417 508
Finance costs
— 4
Net cash provided by operating activities before change in
assets and liabilities
[2,093] [1,478]
Change in assets and liabilities:
[Decrease]/increase in trade and other receivables [1,026] 1,242
Increase in trade creditors and accruals 208 139
Increase in royalties in advance 1,005 1,690
[Decrease]/increase in provision for employee entitlements [57] 97
Increase in other liabilities 152 —
Decrease in distributable amounts
[361] [726]
Net cash provided by operating activities
[2,172] 964
20. RELATED PARTY DISCLOSURES
Key management personnel compensation
The key management personnel compensation included in ‘employee expenses’ [see Note 4] is as follows:
2024 2023
$000s $000s
Short-term employee benefits 2,252 2,184
Other long-term benefits 4 47
Post employment benefits 39 –
2,295 2,231
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED
38
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
20. RELATED PARTY DISCLOSURES CONTINUED
Statement of management remuneration
Salary range*
Screenrights Executives
in range 2023/24
Screenrights Executives
in range 2022/23
$0-99k 2** 1**
$100-149k 0 0
$150-199k 2* 1*
$200-249k 2* 4*
$250-299k 2* 0
$300-400k 1* 2**
$400-449k 0 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, Kim Dalton, Kelly LeFever, Georgina Waite, Dot West
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 2024.
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 2024, the
subsidiary did not trade and reported a net loss of $0k [2023: Nil].
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 2024, membership of the Company comprised 5,300 full members
[2023: 5,150], resulting in a total guarantee of $53,000 [2023: $51,500].
SCREENRIGHTS ANNUAL REPORT 2023–2024 | 39
22. COMMITMENTS FOR EXPENDITURE
Nil.
23. CONTINGENT LIABILITY
The parent entity does not have any contingent liabilities at 30 June 2024 [2023: $ NIL].
24. PARENT ENTITY DISCLOSURES
As at, and throughout, the financial year ended 30 June 2024, the parent entity of the consolidated entity was
Audio-Visual Copyright Society Limited.
2024 2023
$000s $000s
Result of parent entity
Profit/[loss] for the period — —
Other comprehensive income
— —
Total comprehensive profit/[loss]
— —
2024 2023
$000s $000s
Financial position of parent entity at year end
Current assets 66,694 65,867
Total assets 77,559 76,614
Current liabilities 75,261 73,946
Total liabilities
75,990 75,045
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 2024
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED
40
Entity name
Body
corporate,
partnership
or trust
Place
incorporated
/formed
% of share
capital held
directly or
indirectly by
the Company
in the body
corporate
Australian
or foreign
tax
resident
Jurisdiction
for foreign
tax
resident
Audio-Visual
Copyright
Society Limited
[the Company]
Body Corporate Australia Australian
N/A
EnhanceTV
Pty Limited
Body Corporate Australia 100% Australian
N/A
Key assumptions and judgements
Determination of tax residency
Section 295 [3A] of the
Corporations Acts 2001
requires that the tax residency of each entity which is included in the
Consolidated Entity Disclosure Statement [CEDS] be disclosed. In the context of an entity which was an Australian
resident, "Australian resident" has the meaning provided in the Income Tax Assessment Act 1997. The determination of
tax residency involves judgement as the determination of tax residency is highly fact dependent and there are currently
several different interpretations that could be adopted, and which could give rise to a different conclusion on residency.
In determining tax residency, the consolidated entity has applied the following interpretations:
• Australian tax residency
The consolidated entity has applied current legislation and judicial precedent, including having regard to the
Commissioner of taxation's public guidance in
Tax Ruling TR 2018/5
.
• Foreign tax residency
The consolidated entity has applied current legislation and where available judicial precedent in the
determination of foreign tax residency. Where necessary, the consolidated entity has used independent tax
advisers in foreign jurisdictions to assist in its determination of tax residency to ensure applicable foreign tax
legislation has been complied with.
As at 30 June 2024
CONSOLIDATED ENTITY DISCLOSURE
STATEMENT
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
49,702 1,184,045 27,141,380 6,517,34 8 524,338 5,093,332 40,510,146
Income on
investments
of licence fees
2,457 58,529 1,341,642 322,163 25,919 251,772 2,002,481
Total amount
allocated to
members
43,633 1,039,462 23,827,156 5,721,517 460,311 4,471,387 35,563,467
Total amount
paid to
members
50,211 1,196,159 23,150,968 5,559,147 4 47,24 8 4,344,494 34,748,226
Total amount
of licence fees
held in trust
50,461 1,202,106 27,6 46,922 6,638,742 534,104 5,188,202 41,260,536
Total licence
fees for which
the trust period
expired*
889 21,176 529,891 127,240 10,237 99,4 39 788,872
* 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 2024
