MACF Final year ended 30th June 2013

Myanmar Australia Conolly Foundation for Health
DIRECTORS’ report
Myanmar Australia Conolly Foundation for Health Ltd (ACN 161 467 983) was incorporated on 13
November 2012 to incorporate the voluntary work carried out by Bruce and Joyce Conolly in Myanmar.
This is the first Annual Report for the company although the voluntary medical missions to Myanmar have
been undertaken by Bruce and Joyce Conolly for the past 13 years.
ANNUAL REPORT 2012 / 2013
The Directors of Myanmar Australia Conolly Foundation for Health Ltd (MACF) submit herewith the
Annual Financial Report for the Financial Period ended 30th June 2013. In order to comply with the
provisions of the Corporations Act 2001, the Directors report as follows:
The names of Directors of the Company during or since the end of the Financial Period are:
Associate Professor Bruce Conolly AM (Founder)
Dr Joyce Conolly
Ms Christine Conolly
Mr Michael Withford
Ms Susan Nixon
Mr James Heller (appointed 30 August 2013)
Ms Lisa Bartak (appointed 30 August 2013)
Principal Activities
The principal activities of the entity in the course of the Financial Period were the provision of hand
surgery and upper limb surgery and services and capacity building in midwifery, child healthcare and
community in Myanmar, especially remote rural regions.
The entity’s short-term objectives are to:
• Support increasing local health services’ capacity to provide appropriate treatment to patients with
hand injuries through the facilitation of training and professional development;
• Decrease mortality and morbidity of mothers and children following childbirth;
• Improve the basic physical and mental health of people in rural areas; and
• Support the delivery of surgical procedures and other medical and allied health services.
The entity’s long-term objectives are to:
• Improve the quality of life of people with hand injuries and increase their access to local health systems;
• Improve the quality of care given to birthing mothers and their new babies and increase their access to
local health systems; and
• Contribute to the development of sustainable health systems and capacity building of health
professionals with a focus on hand injuries, childbirth and community healthcare.
To achieve these objectives, the entity has adopted the following strategies:
• Attract highly skilled and appropriately qualified volunteers and staff, both in Australia and Myanmar,
who are committed to MACF’s mission and values;
• Build, maintain and enhance relationships with, and contributions from our donor base;
• Work in partnership with a range of stakeholders, both in Australia and Myanmar to implement
activities consistent with local Myanmar needs and contexts;
• Ensure program activities and missions are implemented on time and on budget.

Page 1 of 17


DIRECTORS’ report continued
• Demonstrate accountability and transparency consistent with the Australian Council for International
Development’s (ACFID) Code of Conduct and AusAID requirements.
Key Performance Measures
The entity measures its performance through the review of:
• Number of activities and type (patients seen, doctors trained);
 Amount of equipment and medical supplies provided to local hospitals free of charge;
 Number of medical manuals distributed to healthcare workers free of charge;
 Number of healthcare workers trained;
• The number of people reached and receiving medical treatment at minimal cost; and
• The number of people reached and receiving medical treatment at no cost.
These benchmarks are used to assess whether the entity’s long and short-term objectives are being
achieved.
The entity implemented activities in 3 regional locations across Myanmar and performed:
• 10 surgical activities which included practical teaching and training of surgical registrars and other
medical staff;
• 6 training-mentoring-professional development activities with local country medical staff within
Myanmar;
 10,000 medical manuals distributed;
 In excess of $80,000 worth of medical equipment and supplies distributed to 4 teaching hospitals; and
• 2 planning assessment activities to help strengthen future programming.
From these 20 activities, the entity reached at least 2000 people and performed 10 operations.
Associate Professor Bruce Conolly and Dr Joyce Conolly and other members of the Australian team
volunteered a total of 80 days in Myanmar and 40 days Australia respectively.
Information on Directors
Associate Professor Bruce Conolly -Founder
Qualifications F.R.C.S., F.R.A.C.S., F.A.C.S.
Bachelor of Medicine,
Experience
Appointed to the Board 2012, appointed Founder 2013
Special Responsibilities
Chair of the Executive Committee
Dr Joyce Conolly -Director
Qualifications MB. B.Ch. B.A.O., B.A. (Dublin University)
Bachelor of Medicine,
Experience
Appointed to the Board 2012,
Chair of the Board of Directors, Member of the Executive Committee

Page 2 of 17

Ms Christine Conolly - Director
Qualifications BSc
Bachelor of Arts
Experience
On leave of absence

Mr Michael Withford- Director
Qualifications MA, AICD, FAMI
Bachelor of Business
Experience
Member of the Executive Committee
Mr James Heller - Secretary
Qualifications
Law degree
Experience
Appointed Secretary 2012; Director 2013
Ms. Susan Nixon - Director
Qualifications BA Economics, GAICD
Bachelor of
Experience
Appointed to the Board 2012
Ms. Lisa Bartak – Director
Qualifications Masters of Business Administration
Experience
Appointed 2013
Directors’ Meetings
During the year, MACF held six meetings of the Board. The attendees of the Directors at meetings of the
Board were:
Board of Directors
Number eligible to attend
Number attended
Associate Professor Bruce Conolly
6
6
Dr Joyce Conolly
6
6
Ms Christine Conolly
6
5
Mr Michael Withford
6
5
Mr James Heller (as secretary)
6
6
Ms. Susan Nixon
6
1

Page 3 of 17

Ms Bartak was appointed as a director on 30 August and is not included in the above table.
The Company is incorporated under the Corporations Act 2001 and is a company limited by guarantee. If
the Company is wound up, the constitution states that each member is required to contribute a
maximum of $24 each towards meeting any outstanding obligations of the entity.
At 30 June 2013, the total amount that members of the company are liable to contribute if the company
is wound up is $72.

Review of Operations
The net surplus amounted to $6002 comprising:
 excess expenditure over the AusAid Grant of $(491)
 administration expenses of $(659)
 offset by private donations received over expenditures of $7152
Dividends
Payment of dividends is prohibited under our current Constitution.
Directors’ Remuneration
No fees were paid or are payable to the Directors
Actual Value of Volunteer Services
It is recognised that the APS rates used by AusAID below to calculate volunteer services under-represent
the true value of services provided by MACF volunteers. A more appropriate calculation, while not
included in the accounts, is represented below to acknowledge the significant contribution made by
MACF volunteers - 2 doctors and 2 associates in the health field working in Myanmar for a total of 40
days valued at $20,000.
In addition to donating their time, the volunteers paid for 100% of their own travel costs and
accommodation expenses, including flights to Myanmar, which for the mission conducted in February
2013, totalled $18,925.
In addition, specialised medical equipment & supplies provided by Medartis to a value of $74,535 was
donated to 4 teaching hospitals in Myanmar.
Actual Total Value of Volunteer Services and supplies provided to Myanmar in excess of AusAid grant
totals $113,460. This figure does not include time spent in Australia planning for the mission to Myanmar,
revenue raising and other administration matters provided by volunteers. In this regard the Directors
recognise the contribution provided pro bono by lawyers Baker McKenzie and their assistance in
incorporating the MACF foundation.
Change in State of Affairs
During the Financial Period, there was no significant change in the state of affairs of the Company other
than that referred to in the accounts or notes thereto.

Page 4 of 17

Indemnification of Officers and Auditors
Directors and Officers Liability Insurance and Indemnity:
During the Financial Period the Company provided no insurance for the Directors of the Company (as
named above) against a liability incurred as such a Director.
The Company has not otherwise given indemnities during or since the end of the Financial Period for any
person who is or has been an officer or auditor of the Company.
Proceedings on Behalf of the Company
No person has applied for leave of Court to bring proceedings on behalf of the entity or intervene in any
proceedings to which the entity is a party for the purpose of taking responsibility on behalf of the entity
for all or any part of those proceedings.
The Company was not a party to any such proceedings during the period.
Subsequent Events
There has not been any matter or circumstance, other than that referred to in the Financial Statements or
notes thereto, that has arisen since the end of the Financial Period, that has significantly affected, or may
significantly affect the operations of the Company, the results of those operations, or the state of affairs
of the Company in future years.
Auditor’s Independence Declaration
The Auditor’s independence declaration is included on page 13.
Signed in accordance with a resolution of the Directors made pursuant to s.298 (2) of the Corporations
Act 2001.
On behalf of the Directors
W. Bruce Conolly
Director
Mike Withford
Director
22 October 2013

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DIRECTORS’ DECLARATION
The Directors have determined that the company is not a reporting entity and that this special purpose
financial report should be prepared in accordance with the accounting policies described in Note 1 to the
financial statements.
The Directors declare that:
1. The financial statements and notes, as set out on pages 7 to 17, are in accordance with the
Corporations Act 2001
and:
a. Comply with Accounting Standards applicable to the Company; and
b. Give a true and fair view of the financial position as at 30 June 2013 and of the performance for the
period ended on that date in accordance with the accounting policies described in Note 1 of the financial
statements.
2. In the Directors’ opinion, there are reasonable grounds to believe that the Company will be able to pay
its debts as and when they become due and payable.
The declaration is made in accordance with a resolution of the Board of Directors.
On behalf of the Directors
.....................................
W Bruce Conolly
Director
.....................................
Michael Withford
Director
22 October 2013

Page 6 of 17


Report on Activities
A grant of $28,150 was received from AusAid and was fully expended on providing:
 teaching hospitals with direct donations $20,000
 medical supplies and equipment $4,182
 Medical manuals & training materials $4,312
Our volunteers and private donors provided additional contributions as follows:
EXPENSES TOTALS
 Volunteer Services $43,925
 Specialist Medical Equipment donations $74,535
 Administration costs $806
 Fundraising costs $nil
 Meeting AusAid program overspend $344
 Total additional EXPENSES $119,610
Full Program Expenses $147,760
 Direct Donations Program 14%
 Administration 1%
 Fundraising costs 0%
 Specialist Medical Equipment & supplies 52%
 Medical manuals & training materials 3%
 Volunteer Services 30%
Where our support comes from
INCOME TOTALS
 AusAid $28,150
 General Donations $7152
 Support In Kind $118,460
Total Support $153,762
 General Donations 5%
 Support In Kind 77%
 AusAID 18%
It is recognised that the APS rates used by AusAID to calculate volunteer services under-represent the
true value of services provided by MACF volunteers. A more appropriate calculation, while not included in
the accounts, is represented within our Directors’ Report to acknowledge the significant contribution
made by MACF volunteers.

Page 7 of 17


Income Statement
For Period ended 30 June 2013
REVENUE
-Donations and gifts – monetary
-Donations and gifts - non-monetary
-Legacies and bequests -Grants - AusAID

$7,152
$93,460
$nil
$28,150

Total Revenue

$128,762

EXPENSES
International aid and development programs expenditure
Myanmar projects
- Funds to Teaching Hospitals
- Program support costs
-Community education
-Medical supplies & equipment
-Fundraising costs
- Administration

$20,000
$18,925
$4312
$78,717
$nil
$806

Total Expenses

$122,760

Excess (Deficit) from continuing operations

$6002

Page 8 of 17


BALANCE SHEET as at 30 June 2013
ASSETS
Current assets
Cash

$6002

Total Current Assets
Non- current assets
Total assets

$6002
$nil
$6002

LIABILITIES
Current Liabilities
Non- current liabilities
Total liabilities
Net assets
Equity
Funds available for future use
Total equity

$nil
$nil
$nil
$6002
$6002
$6002

Summary of changes in equity
For the Period ended 30 June 2012
Surplus from operations (unspent donations)

$6,002

Information to be furnished under the ACFID Code of Conduct
Recognised Development Expenditure: Value of Volunteer Services
The value of volunteer services is not included in the accounts. However, for the purposes of recognising
volunteer services using AusAID Recognised Development Expenditure guidelines the following
information has been prepared in accordance with the rates approved by AusAID.
Volunteers for the year ended 30 June 2013
A surgeon and general practitioner doctor for a total of 20 days - Executive Level 2 $8979
2 allied health specialists for a total of 20 days - APS Level 4 $4803
Total Value of Volunteer Services $13,782
The directors acknowledge the above value understates the commercial value of the volunteer services
provided for which $20,000 is a more realistic figure.

Page 9 of 17

Summary of cash movements
For the period ended 30 June 2012
Cash Available at Beginning of Financial Period

$nil

Cash Raised During Financial Period
Cash Disbursed During Financial Period

$35,645
$29,643

Cash Available at End of Financial Period

$6,002

Sources of Cash Raised
AusAID
Private donations
TOTAL

$28150
$7495
$ 35,645

Page 10 of 17


Auditor’s declaration
An audit involves performing procedures to obtain audit evidence about the amounts
and disclosures in the financial report and the company's compliance with specific
requirements of the Charitable Collections Act 1946. The procedures selected depend
on the auditor's judgment, including the assessment of the risks of material
misstatement of the financial report, whether due to fraud or error, and the risks of
non-compliance with specific requirements of the Charitable Collections Act 1946. In
making those risk assessments, the auditor considers internal control relevant to the
entity's compliance with the Charitable Collections Act 1946 and preparation and fair
presentation of the financial report in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the entity's internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting
estimates made by the directors, as well as evaluating the overall presentation of the
financial report.

Inherent limitations
Because of the inherent limitations of any compliance procedure, it is possible that fraud, error, or noncompliance with the Charitable Collections Act 1946 may occur and not be detected. An audit is not
designed to detect all weaknesses in Myanmar Australia Conolly Foundation Ltd compliance with the
Charitable Collections Act 1946 as an audit is not performed continuously throughout the period and the
tests are performed on a sample basis.
Any projection of the evaluation of compliance with the Charitable Collections Act
1946 to future periods is subject to the risk that the procedures may become
inadequate because of changes in conditions, or that the degree of compliance with
them may deteriorate.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.

Independence
In conducting our audit, we have complied with the independence requirements of the
Corporations Act 2001.

Page 11 of 17


Auditor’s Opinion
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS Myanmar Australia Conolly Foundation Ltd
In our opinion,
a.
the financial report of Myanmar Australia Conolly Foundation Ltd is in accordance with the
Corporations Act 2001, including:
i.
giving a true and fair view of the Company's financial position as at 30 June 2013
and of its performance for the year ended on that date; and
ii.
Complying with Australian Accounting Standards (including the Australian Accounting
Interpretations) to the extent described in Note 1 and the Corporations Regulations
b.
the financial report agrees to the underlying financial records of Myanmar
Australia Conolly Foundation Ltd, that have been maintained, in all material
respects, in accordance with the Charitable Collections Act 1946 and its
regulations for the year ended 30 June 2012; and
c.

monies received by Myanmar Australia Conolly Foundation Ltd, as a result of
fundraising appeals conducted during the year ended 30 June 2013, have
been accounted for and applied, in all material respects, in accordance with
the Charitable Collections Act 1946 and its regulations.

Basis of Accounting
Without modifying our opinion, we draw attention to Note 1 to the financial report,
which describes the basis of accounting. The financial report has been prepared for the
purpose of fulfilling the directors' financial reporting responsibilities under the
Corporations Act 2001 and the specific requirements of the Charitable Collections Act
1946. As a result, the financial report may not be suitable for another purpose.

Matters Relating to the Electronic Presentation of the Audited Financial Report
This auditor's report relates to the financial report of Myanmar Australia Conolly
Foundation Ltd for the year ended 30 June 2013 included on Myanmar Australia
Conolly Foundation Ltd web site. The company's directors are responsible for the
integrity of the Myanmar Australia Conolly Foundation Ltd web site. We have not been
engaged to report on the integrity of the Myanmar Australia Conolly Foundation Ltd
web site. The auditor's report refers only to the financial report. It does not provide an
opinion on any other information which may have been hyperlinked to/from these
statements. If users of this report are concerned with the inherent risks arising from
electronic data communications they are advised to refer to the hard copy of the
audited financial report to confirm the information included in the audited financial
report presented on this web site.
Signed by John Cowling FCA
Dated 22 October 2013

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AUDITOR'S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE
CORPORATIONS ACT 2001 TO THE DIRECTORS OF Myanmar Australia Conolly
Foundation Ltd

I declare that, to the best of my knowledge and belief during the year ended 30
June 2013 there has been:
No contraventions of the auditor independence requirements as set out in the
Corporations Act 2001 in relation to the audit; and
No contraventions of any applicable code of professional conduct in relation to the audit.

Signed by John Cowling FCA
Dated 22 October 2013

Page 13 of 17

1

Summary of Significant Accounting Policies
The Directors have prepared the financial statements on the basis that the Company is a non-reporting
entity because there are no users who are dependent on its general purpose financial statements.
These financial statements are therefore special purpose financial statements that have been
prepared in order to meet the requirements of the Corporations Act 2001. The Company is a not for
profit entity for financial reporting purposes under Australian Accounting Standards.
The financial statements have been prepared in accordance with the mandatory Australian Accounting
Standards applicable to entities reporting under the Corporation Act 2001 and the significant
accounting policies disclosed below, which the directors have determined are appropriate to meet the
needs of members. Such accounting policies are consistent with those of previous periods unless stated
otherwise.
The financial statements, except for the cash flow information, have been prepared on an accruals basis
and are based on historical costs unless otherwise stated in the notes. Material accounting policies
adopted in the preparation at these financial statements are presented below and will be consistently
applied unless stated otherwise. The amounts presented in the financial statements have been rounded
to the nearest dollar. The financial statements were authorised on 161 October 2012 by the directors
h
of the Company.
Accounting Policies

(a)

Donated Services
A number of volunteers have donated a significant amount of their time in the Company's services.
However, since no objective basis exists for recording and assigning values to their services, they are
not reflected in the accompanying Financial Statements.

(b)

Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits held at-call with banks, other short-term
highly liquid investments.

(c)

Employee Entitlements
At the present time the company has no paid employees.

(d)

Income Tax
No provision for income tax has been raised as the entity is exempt from income tax under Division 50
of the Income Tax Assessment Act 1997

Page 14 of 17


Summary of Significant Accounting Policies continued

(e)

Goods and Services Tax
Revenues, 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, it is
recognised as part of the cost of acquisition of an asset or as part of an item of
expense;

i.

or
ii.

for receivables and payables which are recognised inclusive of GST.

The net amount of GST recoverable from, or payable to, the taxation authority is included as part of
receivables or payables.
Cash flows are included in the statement of cash flows on a gross basis.
2.

Receivables
Trade receivables and other receivables are recorded as amounts due.

3.

Revenue Recognition/Unearned Contributions
General donations and bequests are recognised as revenue when received.
Interest revenue is recognised as it accrues using the effective interest rate method, which for
floating rate financial assets is the rate inherent in the instrument.
Myanmar Australia Conolly Foundation Ltd receives non-reciprocal contributions of assets from
various parties for zero or a nominal value. These assets are recognised at fair value on the date of
acquisition in the statement of financial position with a corresponding amount of income
recognised in the profit and loss.
All revenue from donations and contributions to specific programs is recognised by reference to the
stage of completion of activities to which the revenue relates.

4.

Inventories
Inventories are measured at the lower of cost or net replacement cost.

Page 15 of 17


Summary of Significant Accounting Policies continued
Inventories acquired at no cost, or for nominal consideration, are valued at the current replacement cost
as at the date of acquisition

5. Critical Accounting Estimates and Judgments

The Directors evaluate estimates and judgments incorporated into the financial statements based on
historical knowledge and best available current information. Estimates assume a reasonable
expectation of future events and are based on current trends and economic data, obtained both
externally and within the Company.
6. New Accounting Standards for Application in Future Periods

The AASB has issued new and amended accounting standards and interpretations that have
mandatory application dates for future reporting periods. The Company has decided against early
adoption of these standards. The directors anticipate that the adoption of these Standards and
Interpretations in future periods will have no material financial impact on the financial statements of
the Company.
7.

Comparative Figures
As this is the first set of Financial Statements for the company since incorporation there are no
comparative figures.

8. Related Party Transactions

There were no monetary transactions with related parties during the Financial Year.
Myanmar Australia Conolly Foundation Ltd has obtained legal, professional and surgical pro-bono
services from members of the Board of Directors. No payment was made for these services.
9. Auditing the Financial Report

$ nil

10. Numbers of employees at end of the Financial Year
11.

none

Notes to the Cash Flow
Statement Reconciliation of Cash
Cash at the end of the Financial Period as shown in the cash flow statement is reconciled to the balance
sheet in a total of
$6002

12 Accumulated Funds
Balance at beginning of Financial Period

0
$ 6002

Surplus for period

$6002

Balance at end of Financial Period
Page 16 of 17


Principal Founder: Associate Professor W Bruce Conolly
Co Founder: Dr Joyce Conolly
Secretary: James Heller
Auditor: John Cowling
Bankers: Australia & New Zealand Banking Group Limited
ACN 161 467 983
Solicitors: Baker McKenzie
Founded in 2012 as an incorporated medical foundation (a Company limited by guarantee) enables
voluntary medical teams to carry out reconstructive surgery and deliver training in developing countries.
MACF is proudly supported by the Australian Society of Hand Surgeons
MACF has received Charitable Fundraising Authority from the NSW Government Trade & Investment for
the period 18/10/2013 until 17/10/2015 – License number CFN/23010.
Directors will apply to the Australian Council for International Development (ACFID) for membership for
MACF and in preparation have resolved to follow the ACFID Code of Conduct. The Code is a voluntary,
self-regulatory sector code of good practice. If you wish to lodge a complaint against MACF for a breach
of this Code, please visit the website: www.macf.net.au or email jamesmheller@yahoo.com
MACF has a process for handling any complaints. If you wish to lodge a complaint about MACF, please do
so at www. macf.net.au, via email on contact us @macf.net.au or mail at the principal office address
listed below.
Registered Office:
Level 7
187, Macquarie Street
Sydney
NSW 2000
admin@macf.net.au
www.macf.net.au
MACF is a project actively supported by the Conolly family, friends and associates.

Page 17 of 17

MACF Final year ended 30th June 2013

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