The Leslie Retirement Fund
	ABN: 59 475 407 579
	Financial Report
	For the Year Ended 30 June 2018

	- 1 -

	The Leslie Retirement Fund
	ABN: 59 475 407 579
	Operating Statement
	For the Year Ended 30 June 2018

	Note	2018	2017
	$	$

	Income
	Contribution from Employers	25,000	35,000
	Contribution from Members	33,645	64,992
	Dividends	5	-	300
	Interest	1,748	1,665
	Changes in Net Market Values	(5,085)	267,780
	55,308	369,737

	Expenses
	Accountancy Fees	2,200	2,200
	Bank Charges	220	240
	Filing Fees	259	259
	2,679	2,699

Benefits Accrued as a Result of Operations before Income 
Tax	52,629	367,038	

	Income Tax Expense	7,382	11,621

	Benefits Accrued as a Result of Operations	7	45,247	355,417

The accompanying notes form part of these financial statements.
These financial statements  should be read in conjunction with the attached .
	- 2 -

	The Leslie Retirement Fund
	ABN: 59 475 407 579
	Statement of Financial Position
	As at 30 June 2018

	Note	2018	2017
	$	$

	Investments
	Shares in Listed Companies	3	30,162	47,609
	Units in Unlisted Unit Trust	4	754,325	745,680
	Total Investments	784,487	793,289

	Other Assets
	Cash and Cash Equivalents	383,476	337,089
	Formation Expenses	880	880
	Total Other Assets	384,356	337,969

	Total Assets	1,168,843	1,131,258

	Liabilities
	Sundry Creditors	-	2,200
	Current Tax Liability	8	(1,728)	3,735
	Total Liabilities	(1,728)	5,935

	Net Assets Available to Pay Benefits	1,170,571	1,125,323

	Represented By;

	Liability for Accrued Benefits	7
	Allocated to Members' Accounts	1,170,570	1,125,323
	1,170,570	1,125,323

The accompanying notes form part of these financial statements.
These financial statements  should be read in conjunction with the attached .
	- 3 -

	The Leslie Retirement Fund
	Notes to the Financial Statements
	For the Year ended 30 June 2018

	1.	Summary of Significant Accounting Policies

The Trustee has prepared the financial statements on the basis that the fund is a non 
reporting entity because the members are able to command the preparation of tailored 
financial reports so as to satisfy specifically all of their needs and there are no other users 
dependent on the financial statements.  The financial statements are therefore special purpose
 financial statements that have been prepared with reference to Australian Accounting 
Standard AAS 25 Financial Reporting by Superannuation Plans, and in accordance with the 
legislative requirements of the Superannuation Industry (Supervision) Act 1993 and 
Regulations 1994 and the provisions of the Trust Deed.

	Basis of Preparation
The financial statements have been prepared on an accrual basis using historical costs 
convention unless stated otherwise.
The functional and presentation currency of the fund is Australian dollars.
The financial statements have been prepared in accordance with the significant 
accounting policies disclosed below, which the Trustee has determined are appropriate 
to meet the requirements of the Trust Deed.  Such accounting policies are consistent 
with the previous period unless otherwise stated.

	(a)	Cash and Cash Equivalents
Cash and cash equivalents comprises cash on hand, demand deposits and short-term 
investments which are readily convertible to known amounts of cash and which are subject to
 an insignificant risk of change in value.

	(b)	Measurements of Investments
Investments of the fund have been measured at net market values after allowing for costs of 
realisation.  Changes in the net market value of assets are brought to account in the operating
 statement in the periods in which they occur.

	Net market values have been determined as follows:

(i)	shares and other securities listed on the Australian Securities Exchange by 
reference to the relevant market quotations at the end of the reporting period;	

(ii)	units in managed funds by reference to the unit redemption price at the end of 
the reporting period;	

	(iii)	insurance policies by reference to the surrender value of the policy;

	(iv)	investments properties at trustees’ assessment of their realisable value; and

(v)	Investment properties are carried at market value and are held for the purpose of 
generating long-term rental yields and capital appreciation. The Trustees give 
consideration to the value of the investment property  each financial year and 
revalue when a significant event occurs or when deemed appropriate. Where an 
external valuation has been obtained, the valuation is based on objective and 
supportable data and has been carried out by a property valuation service	

	- 4 -

	The Leslie Retirement Fund
	Notes to the Financial Statements
	For the Year ended 30 June 2018

	provider or qualified independent valuer as appropriate.

	(c)	Liability for Members' Accrued Benefits
The liability for accrued benefits represents the fund’s present obligation to pay benefits to 
members and beneficiaries and has been calculated as the difference between the carrying 
amount of the assets and the carrying amount of the other payables and income tax liabilities 
as at the end of the reporting period.

	2.	Vested Benefits

Vested benefits are benefits which are not conditional upon continued membership of the fund (or 
any factor other than resignation from the plan) and include benefits which members were entitled 
to receive had they terminated their fund membership as at the end of the reporting period.

	Vested Benefits	1,170,570	1,125,323

	(d)	Revenue and Other Income
Revenue is recognised when the amount of the revenue can be measured reliably, it is 
probable that economic benefits associated with the transaction will flow to the entity 
and specific criteria relating to the type of revenue as noted below, has been satisfied.
Revenue is measured at the fair value of the consideration received or receivable and is 
presented net of returns, discounts and rebates.
All revenue is stated net of the amount of goods and services tax (GST).

	Sale of Goods
Revenue is recognised on transfer of goods to the customer as this is deemed to be the point 
in time when risks and rewards are transferred and there is no longer any ownership or 
effective control over the goods.

	Interest Revenue
Interest revenue is recognised on a proportional basis taking into account the interest rates 
applicable to the financial assets.

	Dividend Revenue
Dividend revenue is recognised when the fund has established that it has a right to receive a 
dividend.

	Movement in The Net Market Value of An Investment
Movement in the net market value of an investment is calculated as the change in the fair 
value of the investment between the previous and current reporting dates (or disposal date).

	(e)	Contributions
Contributions are recognised when control of the asset has been obtained and is recorded in 
the period to which they relate.

	(f)	Critical Accounting Estimates and Judgements
The preparation of financial statements requires the trustees to make judgements, estimates 
and assumptions that affect the application of accounting policies and the 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

	- 5 -

	The Leslie Retirement Fund
	Notes to the Financial Statements
	For the Year ended 30 June 2018

believed to be reasonable under the circumstance, the results of which form the basis of 
making the judgements. Actual results may differ from these estimates.
The significant judgements made are around the valuation of the investment property.  
The Trustees used recent sales and knowledge of the market to estimate the fair value.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to 
accounting estimates are recognised in the period in which the estimate is revised and 
in any future period affected.

	- 6 -

	The Leslie Retirement Fund
	Notes to the Financial Statements
	For the Year ended 30 June 2018

	2018	2017
	$	$

	3.	Shares in Listed Companies

	At Net Market Value:
	Shares in Listed Companies	30,162	47,609
	30,162	47,609

	4.	Units in Unlisted Unit Trusts

	At Net Market Value of Managed Fund:
	The Doug Leslie Investment Unit Trust	469,046	460,401
	Market Value adjustment	285,279	285,279
	754,325	745,680

	5.	Dividends

	Other Corporations	-	300
	-	300

6.	Movements in Net Market Values of 
Investments	

	Unrealised Changes - Listed Shares/Units
	Unrealised Investments held at Reporting Date	(4,447)	254,862
	(4,447)	254,862

	Realised Changes - Listed Shares/units
	Company Shares Realised	(638)	12,918
	(638)	12,918

	(5,085)	267,780

	7.	Members' Funds

	Balance at Beginning of the Year	1,125,323	769,906
	Benefits Accrued as a Result of Operations	45,247	355,417
	Balance at End of Year	1,170,570	1,125,323

	8.	Tax Assets and Liabilities

	Current
	Assets
	Current Tax Liability	1,728	-
	1,728	-

	- 7 -

	The Leslie Retirement Fund
	Notes to the Financial Statements
	For the Year ended 30 June 2018

	2018	2017
	$	$

	Liabilities
	Current Tax Liability	-	3,735
	-	3,735

	Net Tax Assets	(1,728)	3,735

	- 8 -

	The Leslie Retirement Fund
	ABN: 59 475 407 579
	Trustees' Declaration
	for the Year Ended 30 June 2018

The directors of the trustee company have determined that the fund is not a reporting entity and that
 these special purpose financial statements should be prepared in accordance with the 
accounting policies outlined in Note 1 to the financial statements.
In the opinion of the directors of the trustee company:

(i)	the financial statements and notes to the financial statements for the year ended  30 
June 2018 present fairly the financial position of the superannuation fund at 30 June 
2018 and the results of its operations for the year then ended on that date in accordance
 with the accounting policies described in Note 1 to the financial statements; and	

(ii)	the financial statements and notes to the financial statements have been prepared in 
accordance with the requirements of the trust deed; and	

(iii)	the operation of the superannuation fund has been carried out in accordance with its 
trust deed and in compliance with the requirements of the Superannuation Industry 
(Supervision) Act 1993 during the year ended 30 June 2018.	

	Signed:

Doug Leslie
Director

Janet Leslie
Director

	Dated this............day of......................................2019

	- 9 -

	The Leslie Retirement Fund
	Member's Information Statement
	For the Year ended 30 June 2018

	2018
	$
	DOUG LESLIE

	Withdrawal benefit at beginning of year	606,199

	Allocated Earnings	(3,251)
	Less Income Tax on Earnings	(64)
	(3,187)

	Contributions from Employer	25,000
	Contributions from Member	8,645
	Less Income Tax on Contributions	3,750
	29,895

	Withdrawal benefit at end of year	632,907

	Withdrawal benefit at 30 June 2018 must be preserved	632,907
	Withdrawal benefit at 30 June 2018 restricted non-preserved	-
	Withdrawal benefit at 30 June 2018 unrestricted non-preserved	-

	Withdrawal Benefit
Your withdrawal benefit is the amount you are entitled to on resignation or retirement and 
represents the sum of:
	- member contributions;
	- superannuation guarantee contributions;
	- award contributions;
	- other employer contributions made on your behalf; and
	- and earnings (after income tax) associated with the above contributions.

The preserved portion of your withdrawal benefit is the amount which cannot be paid out until you 
permanently retire from the workforce on or after age 55. The preservation age is to be 
increased from 55 to 60, on a phased in basis, by 2025.

	Total Benefit
	In the event of death:
	Death benefit plus withdrawal benefit	632,907
	In the event of TPD:
	TPD benefit plus withdrawal benefit	632,907

	Benefit Components
	Tax Free	38,638
	Taxable - Taxed in fund	594,269

	Contact Details
If you require further information on your withdrawal benefit please contact Doug Leslie on * or 
write to The Trustees, Berkeley Vale Hydraulics & Engineering Pty Ltd, Suite 407, 3 Waverley 
Street, Bondi Junction, NSW, 2022.

	- 10 -

	The Leslie Retirement Fund
	Member's Information Statement
	For the Year ended 30 June 2018

	2018
	$
	JANET LESLIE

	Withdrawal benefit at beginning of year	519,124

	Allocated Earnings	(2,765)
	Less Income Tax on Earnings	(54)
	(2,711)

	Contributions from Member	25,000
	Less Income Tax on Contributions	3,750
	21,250

	Withdrawal benefit at end of year	537,663

	Withdrawal benefit at 30 June 2018 must be preserved	537,663
	Withdrawal benefit at 30 June 2018 restricted non-preserved	-
	Withdrawal benefit at 30 June 2018 unrestricted non-preserved	-

	Withdrawal Benefit
Your withdrawal benefit is the amount you are entitled to on resignation or retirement and 
represents the sum of:
	- member contributions;
	- superannuation guarantee contributions;
	- award contributions;
	- other employer contributions made on your behalf; and
	- and earnings (after income tax) associated with the above contributions.

The preserved portion of your withdrawal benefit is the amount which cannot be paid out until you 
permanently retire from the workforce on or after age 55.  The preservation age is to be 
increased from 55 to 60, on a phased in basis, by 2025.

	Total Benefit
	In the event of death:
	Death benefit plus withdrawal benefit	537,663
	In the event of TPD:
	TPD benefit plus withdrawal benefit	537,663

	Benefit Components
	Taxable - Taxed in fund	537,663

	Contact Details
If you require further information on your withdrawal benefit please contact Doug Leslie on * or 
write to The Trustees, Berkeley Vale Hydraulics & Engineering Pty Ltd, Suite 407, 3 Waverley 
Street, Bondi Junction, NSW, 2022.

	- 11 -

	The Leslie Retirement Fund

	Annual Report
	for the Year Ended 30 June 2018

	Contents	Page

	Operating Statement	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	2

	Statement of Financial Position	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	3

	Notes to the Accounts	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	4

	Trustees' Declaration	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	9

	Member's Information Statement	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	10