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 2025 .................................... 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 .................... 39
Appendix ....................................................................... 40
CONTENTS
SCREENRIGHTS ANNUAL REPORT 2024–2025 | 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.
To download the Corporate Governance Statement use this LINK.
2
OFFICE OF THE CHIEF EXECUTIVE
Chief Executive: James Dickinson
Executive Business Partner: Kylie Cooke*
ENGINEERING & DATA
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
Software Engineer - Front End
Advait Junnarkar
Software Engineer - Full Stack: Dennis Khor
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
DevSecOps Engineer: Satnam Bhatt
MEMBER & INDUTRY SERVICES
Head of Member & Industry Services:
Maha Ismail
Manager, Customer Success & Support:
Kaaran Watene
Royalty Distribution Manager: Sean Price
Transformation Manager, Services:
Dominique Nesbitt
Manager, Royalties World: Gaëlle Chambers
Manager, Disbursements:
Madeleine Donovan*
Key Account Associate: John Alexander
Operations Analyst: Tova Borwein
Customer Success Associate:
Genesis Mercado*
Customer Success Associate Julie Seldon*
PRODUCT
Head of Product: Emma Madison
Product Owner: Hayley Colley
Product Owner: Cormac Hartley
Product Designer: Marek Heiland
MARKETING
Head of Marketing & Industry Support:
Sarah Steel*
BUSINESS SERVICES & OPERATIONS
Chief Financial Officer: Renee Bryant
Senior Financial Accountant: Karen Yang
Finance & Admin Assistant: Declan Jenkins
LICENSING
Head of Licensing: Scott James
LEGAL
General Counsel & Head of Policy:
Natalie Buck*
Legal Counsel: Alexandra Nastovski
* Indicates part-time employee/consultant
Full time equivalent = 37.5
DIRECTORS & OFFICERS
Kim Dalton OAM Chair
Georgina Waite Deputy Chair
DIRECTORS
Tom Alegounarias
Rachel Antony
Jonathan Carter
Sandra Davey
Sofya Gollan
Kelly Lefever
Michael McMahon
Anthony Travers
Dot West
Paul Wiegard
AUDITORS
KPMG
BANKERS
Airwallex
Bank of New Zealand
Commonwealth Bank
of Australia
National Australia Bank
Rabo Bank
St George Bank
SOLICITORS
Banki Haddock Fiora
Citation Legal
Dentons
Simpsons Solicitors
Thomson Geer
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 2025
SCREENRIGHTS ANNUAL REPORT 2024–2025 | 3
KARINA HOLDEN ‒ Director resigned October 2024
MICHAEL MCMAHON ‒ Director from October 2024
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-NZ
and Australia. She 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;
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 coach and digital product leader with Organa practising across telco/broadband, IoT, cross-platform content,
interactive TV, sport, libraries and consumer advocacy. Former Chair of CHOICE, and current Board member of .au Domain Administration and
Editorial Board member of the Business Agility Institute. 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.
KELLY LEFEVER –
Authorial [Screenwriter] Board Director. Kelly is one of Australia’s most prolific screenwriters, developers and Script
Producer/editors. She is the co-creator of the critically acclaimed series The Circuit, and her credits include The Doctor Blake Mysteries,
The Code, Under the Vines, The Black Balloon and The Merger. She is a former board member of Film Victoria and a former Vice President
of the Australian Writers’ Guild. Director since 2018.
MICHAEL MCMAHON –
A founder and first Executive Chairman of Matchbox Pictures and currently a Director and Executive Producer
of Big and Little Films. A former lawyer with extensive experience in arts and entertainment law, Michael is also an Adjunct Professor at
Swinburne University of Technology. He started producing film and television projects in 1997 and was presented the Lifetime Achievement
Award by Screen Producers Australia in 2018. Director since 2024.
ANTHONY TRAVERS –
Anthony is a Chartered Accountant and a Registered Company Auditor in Australia & New Zealand. As a Senior
Partner with Hall Chadwick, Anthony has over 30 years experience providing Audit, CFO Advisory and Financial Due Diligence services.
Anthony is also the Managing Director of Asset Recruitment proving recruiting services to the Finance sector. Director since 2023.
GEORGINA WAITE –
Former Head of Content Business at the ABC, with over 29 years at the national broadcaster in that 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 –
A scriptwriter, story advisor and accredited trainer, Dot is a Noongar woman who is a Director of Goolarri Media Enterprises
and Ramu Productions. She is also a board member of Cinefest Oz Film Festival and Co-Chair of the First Nations Digital Inclusion Advisory Group
to the Federal Government. Dot has been a Director of Screenrights since 2023.
PAUL WIEGARD –
CEO & Founder, Madman Entertainment, distributor of 35 Oscar-nominated films. Has Executive Produced more than
50 feature films & documentaries. In 2016, established streaming platform DocPlay. Current partner in European development fund CCM.
Former President AIDA. Current CoChair Australian International Documentary Conference (AIDC), Board Member 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 $ 49.3 million [2024: $50.1million] was
determined to form the Distributable Amount available for
distribution to relevant rightsholders from monies collected
for the accounting year ended 30 June 2025.
The net operating profit/[loss] after income tax for the year
was $Nil [2024: $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 $40,037
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 2025, membership of
the Company comprised 5,249 full members [2024: 5,300],
resulting in a total liability of $52,490 [2024: $53,000].
Dated at Sydney this 24th September 2025 and signed in
accordance with a resolution of the Directors.
Kim Dalton OAM
Chair
SCREENRIGHTS ANNUAL REPORT 2024–2025 | 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 3 5
0 0 0 0 0 0 0 0
R Antony 5 5
0 0 0 0 0 0 0 0
J Carter 2 5 1 2 1 1
0 0
4 4
K Dalton 5 5 3 4 1 1 2 2
0 0
S Davey 5 5
0 0 0 0 0 0
4 4
S Gollan 3 5
0 0 0 0 0 0 0 0
K Holden 1 1
0 0 0 0
1 2
0 0
K Lefever 4 5
0 0 0 0
2 2
0 0
M McMahon 4 4
2
2
0 0 0 0 0 0
A Travers 5 5
4
4 1 1
0 0 0 0
G Waite 4 5 1 1
0 0
2 2 3 4
D West 5 5 4 4
0 0 0 0 0 0
P Wiegard 4 5
0 0 0 0 0 0
2 4
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 2025
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 2025 set out on page 39 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 24th September 2025 and signed in accordance with a resolution of the Directors.
Kim Dalton OAM
Chair
6
SCREENRIGHTS ANNUAL REPORT 2024–2025 | 7
8
SCREENRIGHTS ANNUAL REPORT 2024–2025 | 9
10
Consolidated
2025 2024
$000s $000s
Revenue from Ordinary Actitivies
Gross Revenue
56,302 56,614
Other Revenues
2,666 2,676
Expenses
[9,708] [9,212]
49,260 50,078
Transfer [to]/from retained earnings and reserves
—
Amount available for Distribution
49,260 50,078
Add Allocation from Fund for the Benefit of Members
— 285
Add Allocation from Sound Recordings
— 17
Add Expired Trust Funds [2020]
— 1,252
Add Expired Trust Funds [2021]
1,274 —
Add Expired Trust Funds [CCF]
[54] [90]
Total amount available for Distribution
50,480 51,541
Amount transferred to Statutory Distributable Pools:
Australian Education Service [AES]
[36,020] [34,928]
Australian Retransmission Service [ARS]
[4,414] [4,797]
Australian Government Copying Service [AGS]
[1,049] [1,097]
Amount transferred to Non-Statutory
Distributable Pools:
NZ Education Service [NZES]
[2,793] [2,653]
Collection Account Management Service [CAM]
[3,699] [5,244]
International Service [INT]
[2,036] [2,327]
Residual Service [RSD]
[34] [71]
Allocation to Cultural Fund
[435] [424]
Total amount transferred to distribution pools
[50,480] [51, 5 41]
ANNOTATED STATEMENT OF FINANCIAL
PERFORMANCE FOR THE YEAR ENDED
30 JUNE 2025
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 operating
expenses.
Expired funds were by amount and
percentage of Distributable Amount:
AES $865k [1.71%],
ARS $311k [0.61%],
AGS $29k [0.06%],
NZES $187k [0.37%].
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 2024–2025 | 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 2025
CONSOLIDATED STATEMENT OF PROFIT OR
LOSS AND OTHER COMPREHENSIVE INCOME
2025 2024
Note $000s $000s
Revenue from rendering of services 2 56,302 56,614
Other income 3
2,666 2,676
Total revenue and other income
58,968 59,290
Employee expenses 4 [6,400] [5,463]
Operating expense [884] [1,283]
Information Technology [773] [954]
Legal expense [642] [280]
Licensing expense [592] [531]
Depreciation and amortisation expense [310] [291]
Travel expense [52] [60]
Marketing expense [40] [31]
Other expenses 5
[15] [319]
Total operating expenses
[9,708] [9,212]
Interest expense 14
— —
Total operating and other expenses
[9,708] [9,212]
Royalties paid and payable to members
and affiliated societies
[49,260] [50,078]
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 2025
CONSOLIDATED BALANCE SHEET
2025 2024
Note
$000s $000s
Current assets
Cash and cash equivalents 8 4,094 7,869
Cash on deposit 8 60,408 55,980
Trade and other receivables 9
2,706 2,812
Total current assets
67,208 66,661
Non-current assets
Property, plant and equipment 10 10,545 10,761
Intangibles 11 44 99
Right-of-use assets 14
5 6
Total non-current assets 10,594 10,866
Total assets
77,802 77,527
Current liabilities
Trade and other payables 12 1,119 755
Royalties in advance 19,099 18,694
Employee benefits 13 754 632
Loans and borrowings 14 2 2
Other 15 54,819 55,399
Provisions 16
15 63
Total current liabilities
75,808 75,545
Non-current liabilities
Employee benefits 13 113 99
Loans and borrowings 14 2 4
Other 15
342 342
Total non-current liabilities
457 445
Total liabilities 76,265 75,990
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 2024–2025 | 13
For the year ended 30 June 2025
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.
2025 2024
Note
$000s $000s
Cash flows from operating activities
Cash receipts in the course of operations 57,010 56,759
Cash payments in the course of operations
[58,786] [58,931]
Net cash from operating activities 19[b]
[1,776] [2,172]
Cash flows from investing activities
Interest received/receivable 2,469 2,486
Payments for property, plant and equipment [38] [536]
Increase in cash on deposit
[4,428] [1,531]
Net cash [user in]/from investing activities [1,997] 419
Cash flows from financing activities
Payments for lease liabilities
[2] [2]
Net cash used in financing activities [2] [2]
Net decrease in cash held [3,775] [1,755]
Cash at the beginning of the financial year
7,869 9,624
Cash at the end of the financial year 19[a]
4,094 7,869
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 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
Balance at 1 July 2024
200 1,337 1,537
Total comprehensive profit — — —
Transfer between retained earnings and reserves
— — —
Balance at 30 June 2025
200 1,337 1,537
For the year ended 30 June 2025
CONSOLIDATED STATEMENT OF CHANGES
IN EQUITY
SCREENRIGHTS ANNUAL REPORT 2024–2025 | 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 2025 comprises the Company and its
subsidiary [together referred to as the ‘consolidated entity’].
The financial report was authorised for issue by the Directors on
24th September 2025.
[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 2025, consolidated current liabilities exceed
consolidated current assets by $8.6m (2024: $8.9m).
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 2025
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
16
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED
For the year ended 30 June 2025
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
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.
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.
As a lessee
At inception or on reassessment of a contract that contains a lease
component, the consolidated entity allocates the consideration in
the contract to each lease component on the basis of their relative
stand-alone prices. However, for the leases of land and buildings
in which it is a lessee, the consolidated entity has elected not to
separate non-lease components and account for the lease and
non-lease components as a single lease component.
The consolidated entity recognises a right-of-use asset and a
lease liability at the lease commencement date. The right-of-use
asset is initially measured at cost, which comprises the initial
amount of the lease liability adjusted for any lease payments
made at or before the commencement date, plus any initial direct
costs incurred and an estimate of costs to dismantle and remove
the underlying asset or to restore the underlying asset or the site
on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the
straight-line method from the commencement date to the earlier
of the end of the useful life of the right-of-use asset or
the end of the lease term. The estimated useful lives of right-of-
use assets are determined on the same basis as those of property
and equipment.
In addition, the right-of-use asset is periodically reduced
by impairment losses, if any, and adjusted for certain
remeasurements of the lease liability.
The lease liability is initially measured at the present value of the
lease payments that are not paid at the commencement date,
discounted using the interest rate implicit in the lease or, if that
rate cannot be readily determined, the consolidated entity’s
incremental borrowing rate. Generally, the consolidated entity
uses its incremental borrowing rate as the discount rate.
Lease payments included in the measurement of the lease liability
comprise the following:
• fixed payments, including in-substance fixed payments;
• variable lease payments that depend on an index or a
rate, initially measured using the index or rate as at the
commencement date;
• amounts expected to be payable under a residual value
guarantee; and
SCREENRIGHTS ANNUAL REPORT 2024–2025 | 17
1. MATERIAL ACCOUNTING POLICIES CONTINUED
[iii] Leased assets continued
As a lessee continued
• the exercise price under a purchase option that the consolidated
entity is reasonably certain to exercise, lease payments in an
optional renewal period if the consolidated entity is reasonably
certain to exercise an extension option, and penalties for
early termination of a lease unless the consolidated entity is
reasonably certain not to terminate early.
The lease liability is measured at amortised cost using the
effective interest method. It is remeasured when there is a change
in future lease payments arising from a change in an index or rate,
if there is a change in the consolidated entity’s estimate of the
amount expected to be payable under a residual value guarantee,
or if the consolidated entity changes its assessment of whether it
will exercise a purchase, extension or termination option.
When the lease liability is remeasured in this way, a
corresponding adjustment is made to the carrying amount of the
right-of-use asset, or is recorded in profit or loss if the carrying
amount of the right-of-use asset has been reduced to zero.
The consolidated entity presents right-of-use assets that do not
meet the definition of investment property in ‘property, plant and
equipment’ and lease liabilities in ‘loans and borrowings’ in the
statement of financial position.
Short-term leases and leases of low-value assets
The consolidated entity has elected not to recognise right-of-use
assets and lease liabilities for short-term leases of plant and
equipment that have a lease term of 12 months or less and leases
of low-value assets, including IT equipment. The consolidated
entity recognises the lease payments associated with these
leases as an expense on a straight-line basis over the lease term.
[g] Intangible assets
[i] Intangible assets
Intangible assets that are acquired by the consolidated entity
are stated at cost less accumulated amortisation [see g[ii]] and
impairment losses [see accounting policy j].
Software-as-a-Service [SaaS] arrangements
SaaS arrangements are service contracts providing the
Consolidated entity with the right to access the cloud provider’s
application software over the contract period. As such, the
Consolidated entity does not receive a software intangible asset
at the contract commencement date.
The following outlines the accounting treatment of costs incurred
in relation to SaaS arrangements:
Recognise as an operating
expense over the term of the
service contract
• Fee for use of application
software
• Customisation costs
Recognise as an operating
expense as the service is
received
• Configuration costs
• Data conversion and
migration costs
• Testing costs
• Training costs
Costs incurred for the development of software code that
enhances or modifies, or creates additional capability to, existing
on-premise systems and meets the definition of and recognition
criteria for an intangible asset are recognised as intangible
software assets.
In applying the entity’s accounting policy, the directors made
the following key judgements that may have the most significant
effect on the amounts recognised in the financial statements.
Determination whether configuration and customisation
services are distinct from the SaaS access
Implementation costs including costs to configure or customise
the cloud provider’s application software are recognised as
operating expenses when the services are received.
Where the SaaS arrangement supplier provides both
configuration and customisation services, judgement has been
applied to determine whether each of these services are distinct
or not from the underlying use of the SaaS application software.
Distinct configuration and customisation costs are expensed
as incurred as the software is configured or customised [i.e.
upfront]. Non-distinct configuration and customisation costs are
expensed over the SaaS contract term.
Non-distinct customisation activities significantly enhance or
modify a SaaS cloud-based application. Judgement has been
applied in determining whether the degree of customisation
and modification of the SaaS cloud-based application is
significant or not.
For the year ended 30 June 2025
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
18
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED
For the year ended 30 June 2025
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 2024–2025 | 19
For the year ended 30 June 2025
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 30-60 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 2025
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 2024–2025 | 21
For the year ended 30 June 2025
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 2025.
[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 2025 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
2025 2024
Note $000s $000s
Revenue from rendering of services:
– Australian Education Service 41,100 39,276
– Australian Retransmission Service 4,792 5,156
– International Service 2,240 2,565
– Australian Government Copying Service 1,188 1,234
– NZ Education Service 3,094 2,898
– Collection Account Management Service* 3,851 5,411
– Residual Service
37 74
Total revenue
56,302 56,614
Other income 3
2,666 2,676
Total revenue and other income
58,968 59,290
Employee expenses 4 [6,400] [5,463]
Depreciation and amortisation expense [310] [291]
Operating expense [884] [1,283]
Licensing expense [592] [531]
Travel expense [52] [60]
Marketing expense [40] [31]
Legal expense [642] [280]
Information technology [773] [954]
Other expenses 5
[15] [319]
Total operating expenses
[9,708] [9,212]
Net royalties collected and interest received
thereon before income tax
49,260 50,078
Income tax benefit
– –
Net royalties collected and interest received
thereon after income tax
49,260 50,078
* Collection Account Management Service includes Disbursements by Screenrights - DASA
For the year ended 30 June 2025
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
SCREENRIGHTS ANNUAL REPORT 2024–2025 | 23
For the year ended 30 June 2025
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
2. RECONCILIATION OF INCOME STATEMENT CONTINUED
2025 2024
Note $000s $000s
Royalties paid and payable:
Add allocation from the Fund for the Benefit
of Members
– 285
Add expired statutory trust funds 1,274 1,251
[Less]/add expired competing claims funds [54] [90]
Add expired sound recordings – 17
Less amount transferred to AES
distributable pool 2025
15 [36,020] —
Less amount transferred to AES
distributable pool 2024
15 – [34,928]
Less amount transferred to ARS
distributable pool 2025
15 [4,414] –
Less amount transferred to ARS
distributable pool 2024
15 — [4,797]
Less amount transferred to AGS
distributable pool 2025
15 [1,049] –
Less amount transferred to AGS
distributable pool 2024
15 – [1,097]
Less amount transferred to NZES
distributable pool 2025
15 [2,793] –
Less amount transferred to NZES
distributable pool 2024
15 – [2,653]
Collection Account Management Service
[excludes interest income & set-up fee income]*
[3,699] [5,244]
International Collection Service
[excludes set-up fee income]
[2,036] [2,327]
Residual Service
[excludes interest income & set-up fee income]*
[34] [71]
Allocation to Cultural Fund
[435] [424]
Net royalties paid and payable [49,260] [50,078]
Net operating profit
– —
* Collection Account Management Service includes Disbursements by Screenrights - DASA
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED
24
For the year ended 30 June 2025
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
3. OTHER INCOME
2025 2024
$000s $000s
Interest and other income
– AES interest income 2,100 1,941
– ARS interest income 245 255
– INT interest income 28 26
– AGS interest income 61 61
– NZES interest income 158 143
– DASA interest income 64 78
– RSD interest income 7 6
– Other income
3 166
Total other income
2,666 2,676
4. EMPLOYEE EXPENSES
Wages and salaries [including director fees] 5,344 4,725
Contributions to superannuation funds 603 513
Increase/[decrease] in liabilities for annual
and long service leave
136 [57]
Other employee expenses
317 282
Total employee expenses
6,400 5,463
5. OTHER EXPENSES
Loss on disposal of property, plant and equipment — 125
Other
15 194
Total other expenses
15 319
SCREENRIGHTS ANNUAL REPORT 2024–2025 | 25
6. AUDITOR’S REMUNERATION
2025 2024
$000s $000s
Audit services 79 77
Other Assurance services
— 5
Total Auditor's renumeration
79 82
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
[2024: $Nil].
8. CASH ASSETS
2025 2024
$000s $000s
Cash at bank 4,094 7,869
Cash on deposit
60,408 55,980
Total cash assets
64,502 63,849
The interest rate at 30 June 2025 on cash accounts is 3.85% [2024: 3.85%] which is the prevailing interest rate on cash
at bank. The cash on deposit with banks mature within 365 days. The weighted average interest rate at 30 June 2025
on cash on deposit is 4.58% [2024: 5.07%].
9. TRADE AND OTHER RECEIVABLES
2025 2024
$000s $000s
Trade receivables 1,002 1,673
Provision for doubtful debts [21] [40]
Sundry receivables
1,725 1,179
Total trade and other receivables
2,706 2,812
For the year ended 30 June 2025
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED
26
For the year ended 30 June 2025
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
10. PROPERTY, PLANT & EQUIPMENT
Property
Plant &
equipment Total
$000s $000s $000s
Cost
Balance at 1 July 2023 10,213 1,373 11,586
Acquisitions 201 335 536
Disposals
— [1,037] [1,037]
Balance at 30 June 2024
10,414 671 11,085
Balance at 1 July 2024 10,414 671 11,085
Acquisitions — 38 38
Disposals
— — —
Balance at 30 June 2025
10,414 709 11,123
Accumulated depreciation
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
Balance at 1 July 2024 156 168 324
Depreciation charge for the year 159 95 254
Disposals
— — —
Balance at 30 June 2025
315 263 578
Carrying amounts
At 30 June 2024 10,258 503 10,761
At 30 June 2025 10,099 446 10,545
SCREENRIGHTS ANNUAL REPORT 2024–2025 | 27
For the year ended 30 June 2025
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
11. INTANGIBLES
Computer
software Total
$000s $000s
Cost
Balance at 1 July 2023
413 413
Balance at 30 June 2024
413 413
Balance at 1 July 2024
413 413
Balance at 30 June 2025
413 413
Accumulated amortisation
Balance at 1 July 2023 259 259
Amortisation charge for the year
55 55
Balance at 30 June 2024
314 314
Balance at 1 July 2024 314 314
Amortisation charge for the year
55 55
Balance at 30 June 2025
369 369
Carrying amounts
At 30 June 2024 99 99
At 30 June 2025 44 44
12. TRADE AND OTHER PAYABLES
2025 2024
$000s $000s
Trade and other creditors 469 290
Accrued expenses
650 465
Total trade and other payables
1,119 755
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED
28
For the year ended 30 June 2025
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
13. EMPLOYEE BENEFITS
2025 2024
$000s $000s
Current
Liability for annual leave 288 261
Liability for long service leave
466 371
Total current employee benefits
754 632
Non-current
Liability for long service leave
113 99
Total non-current employee benefits
113 99
14. LEASES
Printer Total
$000s $000s
[i] Right-of-use assets
Cost
Balance at 1 July 2023
8 8
Balance at 30 June 2024
8 8
Balance at 1 July 2024
8 8
Balance at 30 June 2025
8 8
Accumulated depreciation
Balance at 1 July 2023 1 1
Depreciation charge for the year
1 1
Balance at 30 June 2024
2 2
Balance at 1 July 2024 2 2
Depreciation charge for the year
1 1
Balance at 30 June 2025
3 3
SCREENRIGHTS ANNUAL REPORT 2024–2025 | 29
For the year ended 30 June 2025
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
14. LEASES CONTINUED
[i] Right-of-use assets continued
Printer Total
$000s $000s
Carrying amounts
At 30 June 2024 6 6
At 30 June 2025 5 5
[ii] Loans and borrowings
Lease liabilities in Balance Sheet as at
30 June 2025
Current 2 2
Non-current
2 2
Total lease liabilities
4 4
Maturity analysis as at 30 June 2025
Less than one year — —
One to five years 4 4
More than five years
— —
Total undiscounted lease liabilities as
at 30 June 2025
4 4
[iii] Amounts recognised in Profit/[Loss]
Depreciation expenses
1 1
1 1
[iv] Amounts recognised in Profit/[Loss]
Total cash outflow for leases
2 2
2 2
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED
30
For the year ended 30 June 2025
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
15. OTHER CURRENT LIABILITIES
2025 2024
$000s $000s
Current
Cultural Fund 855 862
Trust – IBNR Fund 1,024 1,086
Trust – Artistic Works 638 577
Completing Claims Fund 118 155
Unearned revenue
17 17
2,652 2,697
Trust – Statutory
Australian Education Service
2021 Distributable amount payable to copyright owners — 1,029
2022 Distributable amount payable to copyright owners 1,040 1,447
2023 Distributable amount payable to copyright owners 1,263 1,984
2024 Distributable amount payable to copyright owners 1,952 34,928
2025 Distributable amount payable to copyright owners 36,020 —
Australian Retransmission Service
2021 Distributable amount payable to copyright owners — 488
2022 Distributable amount payable to copyright owners 572 737
2023 Distributable amount payable to copyright owners 577 818
2024 Distributable amount payable to copyright owners 773 4,797
2025 Distributable amount payable to copyright owners 4,414 —
Australian Government Copying Service
2021 Distributable amount payable to copyright owners — 11
2022 Distributable amount payable to copyright owners 14 27
2023 Distributable amount payable to copyright owners 20 51
2024 Distributable amount payable to copyright owners 36 1,097
2025 Distributable amount payable to copyright owners 1,049 —
Total Trust - Statutory
47,730 47,414
SCREENRIGHTS ANNUAL REPORT 2024–2025 | 31
For the year ended 30 June 2025
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
15. OTHER CURRENT LIABILITIES CONTINUED
Trust – Non-statutory
2025 2024
$000s $000s
NZ Education Service
2021 Distributable amount payable to copyright owners — 215
2022 Distributable amount payable to copyright owners 203 268
2023 Distributable amount payable to copyright owners 237 338
2024 Distributable amount payable to copyright owners 313 2,653
2025 Distributable amount payable to copyright owners 2,793 —
Collection Account Management Service* 617 1,415
International Collection Service 108 253
Residual Service
166 146
Total Trust – Non-statutory 4,437 5,288
Total other liabilities - Current
54,819 55,399
Non-current
Fund for the benefit of members
342 342
Total other liabilities - Non-current
342 342
* Collection Account Management Service includes Disbursements by Screenrights - DASA
16. PROVISIONS
2025 2024
$000s $000s
Current
Capital Works Provision
15 63
Total provisions
15 63
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED
32
For the year ended 30 June 2025
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.
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.
SCREENRIGHTS ANNUAL REPORT 2024–2025 | 33
For the year ended 30 June 2025
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
18. FINANCIAL RISK MANAGEMENT CONTINUED
[a] Overview continued
Trade receivables continued
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 $64.5m at 30 June 2025 is 4.58%
[2024: $63.8m - 4.92%]. 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.
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED
34
For the year ended 30 June 2025
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:
2025 2024
$000s $000s
Cash and cash equivalents 4,094 7,869
Cash on deposit 60,408 55,980
Trade and other receivables
2,706 2,812
67,208 66,661
Impairment losses
The ageing of the consolidated entity and the Company’s trade receivables at the reporting date was:
2025 2024
$000s $000s
Not past due 384 1,106
Past due 0-30 days 423 354
Past due 31-90 days 174 32
Past due 91 days
21 181
Total Trade Receivables
1,002 1,673
As at 30 June 2025, the Consolidated Entity recognised a provision for impairment of $21k due to the Directors being of
the opinion that this amount is unlikely to be recovered [2024: $40k].
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:
2025 2024
AUD equivalent of NZD exposure $000s $000s
Trade receivables
150 231
Total balance sheet exposure
150 231
SCREENRIGHTS ANNUAL REPORT 2024–2025 | 35
For the year ended 30 June 2025
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
2025
Average rate
2024
Spot rate
2025
Spot rate
2024
New Zealand Dollar 1.0866 1.0919 1.0778 1.0954
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 $1,323 at 30 June 2025 [2024: $2,080 ]. 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
2025 2024
$000s $000s
Fixed rate instruments
Cash on deposits
60,408 55,980
Variable rate instruments
Cash at bank
4,094 7,869
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 $40,940 [2024: $78,690]
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:
2025 2024
$000s $000s
Cash
4,094 7,869
4,094 7.869
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED
36
For the year ended 30 June 2025
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
19. NOTES TO THE STATEMENT OF CASH FLOWS CONTINUED
[b] Reconciliation of cash flows from operating activities
2025 2024
$000s $000s
Operating profit/[loss]
Add/[less] items classified as investing activities:
Interest received [2,663] [2,510]
Add/[less] non-cash items:
Depreciation, amortisation and loss on disposals
310 417
Net cash provided by operating activities before change in
assets and liabilities
[2,353] [2,093]
Change in assets and liabilities:
Increase/[decrease]in trade and other receivables 301 [1,026]
Increase in trade creditors and accruals 363 208
Increase in royalties in advance 405 1,005
Increase/[decrease]in provision for employee entitlements 135 [57]
Decrease in other liabilities [48] 152
[Decrease]/increase in distributable amounts
[578] [3 61]
Net cash provided by operating activities
[1,775] [2,172]
20. RELATED PARTY DISCLOSURES
Key management personnel compensation
The key management personnel compensation included in ‘employee expenses’ [see Note 4] is as follows:
2025 2024
$000s $000s
Short-term employee benefits 2,523 2,252
Other long-term benefits 57 4
Post employment benefits
— 39
2,580 2,295
SCREENRIGHTS ANNUAL REPORT 2024–2025 | 37
For the year ended 30 June 2025
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
20. RELATED PARTY DISCLOSURES CONTINUED
Statement of management remuneration
Salary range*
Screenrights Executives
in range 2024/25
Screenrights Executives
in range 2023/24
$0-99k 1 2**
$100-149k 0 0
$150-199k 1 2
$200-249k 3 2
$250-299k 2 2
$300-400k 1 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, Jonathon Carter, Micael McMahon, 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 2025.
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 2025, the
subsidiary did not trade and reported a net loss of $0k [2024: 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 2025, membership of the Company comprised 5,249 full members
[2024: 5,300], resulting in a total guarantee of $52,490 [2024: $53,000].
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED
38
For the year ended 30 June 2025
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
22. COMMITMENTS FOR EXPENDITURE
Nil.
23. CONTINGENT LIABILITY
The parent entity does not have any contingent liabilities at 30 June 2025 [2024: $ NIL].
24. PARENT ENTITY DISCLOSURES
As at, and throughout, the financial year ended 30 June 2025, the parent entity of the consolidated entity was
Audio-Visual Copyright Society Limited.
2025 2024
$000s $000s
Result of parent entity
Profit/[loss] for the period — —
Other comprehensive income
— —
Total comprehensive profit/[loss]
— —
2025 2024
$000s $000s
Financial position of parent entity at year end
Current assets 67,206 66,694
Total assets 77,801 77,559
Current liabilities 75,774 75,261
Total liabilities
76,232 75,990
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.
SCREENRIGHTS ANNUAL REPORT 2024–2025 | 39
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.
For the year ended 30 June 2025
CONSOLIDATED ENTITY DISCLOSURE
STATEMENT
AUDIO-VISUAL COPYRIGHT SOCIETY LIMITED
40
SUPPLEMENTARY REPORTING FOR EACH AUSTRALIAN STATUTORY LICENSEE CLASS
Commonwealth
Government
$'000
State and
Territory
Governments
$'000
Schools
$'000
Universities
$'000
TAFE
$'000
Other
Australian
Educational
Institutions
$'000
TOTAL
$'000
Total licence
fees received
61 1,127 28,401 6,702 572 5,425 42,288
Income on
investments
of licence fees
3 58 1,451 343 29 277 2,161
Total amount
allocated to
members
53 977 24,618 5,809 495 4,702 36,654
Total amount
paid to
members
56 1,031 23,732 5,600 478 4,533 35,430
Total amount
of licence fees
held in trust
60 1,117 28,119 6,635 566 5,371 41,868
Total licence
fees for which
the trust period
expired*
1 28 544 128 11 104 816
* 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 2025
