AGM - Direct Selling Australia
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
AGM
ABN 68 413 038 101
2019
ABN 68 413 038 101
NOTICE OF ANNUAL GENERAL MEETING
2019
The 52nd Annual General Meeting (“AGM”) of the Direct Selling Association of Australia Inc. will be
2019 Notic e of Annual General Meeting
NOTICE OF ANNUAL GENERAL MEETING
held at the Sheraton Grand Hyde Park, 161 Elizabeth Street, Sydney, NSW 2000 on Monday 24 June, Your Assoc iation
2019, commencing at 4.10pm
The 52nd Annual General Meeting (“AGM”) of the Direct Selling Association of Australia Inc. will be
The 52nd Annual
held at the Sheraton GrandGeneral
Hyde Meeting (“AGM”)
Park, 161 of the Direct
Elizabeth Selling
Street, Association
Sydney, NSWof2000 on Monday
Australia Inc. 24 June, Vision
AGENDA
will be held at the Sheraton Grand Hyde Park, 161 Elizabeth Street, Sydney, NSW 2000 on
2019, commencing at 4.10pm
Monday 24 June, 2019, commencing at 4.10pm
Direct Selling Australia is a vibrant transformational association recognised
1. APOLOGIES
AGENDA as a peak body leading the direct selling industry into a new paradigm.
2. CONFIRMATIONAGENDA OF MINUTES
1. APOLOGIES
Minutes of 511.st Annual General Meeting held 19 June 2018
APOLOGIES Purpose
Draft Minutes of meeting
2. CONFIRMATION OF MINUTES attached.
2. CONFIRMATION OF MINUTES The purpose of Direct Selling Australia is to be the advocate for the direct
Minutes of 51 Annual General Meeting held 19 June 2018
st
3. BUSINESS ARISING Minutes of 51st Annual General Meeting held 19 June 2018 selling industry and to represent and serve its members.
Draft Minutes of meeting attached.
4. REPORTS 3. BUSINESS ARISING
3. BUSINESS ARISING
4.1 Chairperson4. REPORTS
Goals
4.2 Executive Director
4. REPORTS 4.1 Chairperson In order to achieve our purpose, Direct Selling Australia will:
4.3Code4.1Administrator
Chairperson
4.2 Executive Director 1. Promote the direct selling industry
4.2Executive Director
5. FINANCIAL REPORTS4.3 Code Administrator 2. Advocate for a conducive business environment for the conduct of
4.3Code Administrator
5.1 Directors’ 5.
Report
FINANCIAL REPORTS direct selling
5.2
5. Financial Statements
FINANCIAL REPORTS – Audited Balance Sheet, Profit and Loss Statement
5.1 Directors’ Report 3. Ensure members conduct their business to the highest professional
5.3 Auditor’s Report
5.1 Directors’ Report and ethical standards
5.2 Financial Statements – Audited Balance Sheet, Profit and Loss Statement
5.2 Financial Statements – Audited Balance Sheet, Profit and Loss Statement
6. APPOINTMENT 5.3 Auditor’s Report
– AUDITOR
5.3 Auditor’s Report 4. Provide valuable member services and business support
An auditor6.is appointed
APPOINTMENT at each Annual General Meeting to hold office until the conclusion
– AUDITOR
5. Govern and manage the association well
6.of APPOINTMENT
the next AGM. – AUDITOR
An auditor is appointed at each Annual General Meeting to hold office until the
An auditor is appointed
conclusion of the nextat each Annual General Meeting to hold office until the conclusion
AGM.
of the next AGM.
7. GENERAL BUSINESS
7. GENERAL BUSINESS
Notice of any business to be raised by Members must reach the Executive Director by 10 June
BY ORDER OF THE BOARD
7.2019.
GENERAL BUSINESS
Notice of any business to be raised by Members must reach the Executive Director by 10 June
BY ORDER OF THE BOARD
2019.
BY ORDER OF THE BOARD
_____________________
Gillian Stapleton
Gillian Stapleton
Executive Director
_____________________
Executive Director
24 May 2019
Gillian Stapleton
24 May 2019
Executive Director
24 May 2019
2 3
C hairperson Code Administrator Report
On behalf of your Board of Directors, I am Over the last year Association governance has been This report reflects my second year of is to investigate and assist in securing settlement for informal
reviewed and updated, new financial systems implemented, disputes as well which is important in avoiding the escalation
delighted to add my welcome to you and my communication forums with members scheduled and appointment as Code Administrator following of complaints which might diminish the self-regulatory role
appreciation for your attendance and support reach out to support member companies and their key the retirement of Greg Glass in mid-2017. played by the DSA.
events increased.
of our 2019 Annual General Meeting. The implementation of the new Code of Practice at In the forthcoming year, DSA will continue to provide
There is never a time when there are no regulatory challenges last year’s Annual General Meeting, provided guidance to members to ensure their businesses continue
The purpose and function of the Board is to set the strategic
to our consumer channel. We are pleased to celebrate the further clarity around the operation of the Code of Practice to meet various Australian legal requirements particularly
vision for DSA and work closely in support of our Executive
excellent relationships that Gill has forged with regulators, for DSA’s members. It provides an effective regime for given recent changes to Australian Consumer
Director and her team as they execute that strategy.
bureaucrats, politicians and industry associations that enable implementation and enforcement. Law, and therapeutic goods legislation. Members
Our strategy is detailed and comprehensive but is broadly us not only to survive, but to also prosper. We are also are encouraged to regularly review their current
encapsulated by two imperatives – ‘Promote’ and ‘Protect’. In my official report to the Board of Directors for the
encouraged in a business sense by the potentially favourable policies, procedures and business practices to
year ending 31 March 2019, I can happily report a
Gill and her team, with Board support, have worked tirelessly political environment within which we will operate in the minimise and mitigate potential risks. Risk mitigation
very low incidence of complaints made by either
to promote and protect our channel and, in particular, the coming years. strategies will further improve industry performance, help
consumers, direct sellers or members under the DSA’s
best interests of all member companies and have done so to to safeguard brand reputation, protect distributors against
Our Association is financially secure and prepared. We are Code of Practice. During the period 1 April 2018 to
great effect and success. liability and ensure consumer rights are respected.
pleased that for the first time ever we were able to implement 31 March 2019, there were a total of 9 complaints
Gill has the strong confidence of the Board and, along with a modest subscription reduction in 2018 and beyond. We will received by the DSA which is fewer than last year. Of I am pleased with the efforts amongst Members
every member of her small team, Adele, Paul, Chong and continue to be sensitive to the cost of DSA membership and these, only 2 were categorised as ‘formal’ complaints in prioritising consumer rights and ethical
Chelsea, has contributed with high competency and passion to providing value for that cost. and the remaining 7 complaints were found to be business practices. By adopting good commercial
to deliver and maintain an environment within which all ‘informal’. Given the large volume of transactions involving practices, Members reduce the incidence of
Across all consumer channels including our own, there have
member companies can conduct their businesses in the free consumers and members, this is a pleasing result and complaints and the risk of adverse publicity. Quality
been ‘winners’ and ‘losers’ in recent years. Change in the
enterprise tradition. demonstrates that members are conscious of their products, effective training, well-resourced complaints
consumer environment is relentless and inevitable and if we
obligations under the Code of Practice. handling and a corporate management commitment
embrace that reality as an opportunity, we will win.
to creating an ethical operating environment for direct
I believe that within our Association there is a great wealth The dispute resolution system specified in the Code of
sellers are factors which reduce complaints.
of experience and intellectual insight that is available to all Practice works well and was adhered to in respect of the
formal complaints. One formal complaint related to the Whilst the incidence of complaints remains relatively
members to support your future directions. Please reach out
denigration of a member by the distributors/independent low, I encourage all DSA members to review and
if there is anything that your Board or Executive team can
contractors of another member in breach of Clause 34 improve their procedures with the object of eliminating
contribute to your ongoing viability and success.
of the Code of Practice. In this case, the other member complaints altogether.
Finally, I extend my sincere appreciation to Christine Terrill, was advised of the details of the complaint and
our Vice Chairperson and my fellow board members who are an investigation was promptly undertaken into the matter.
people of integrity and intellect, who selflessly serve the best The complaint was resolved to the satisfaction of both Graham Kinsey
interests of all of us in this great ‘people’ industry. members without the need to invoke Clause 44 of the Code
of Practice. Therefore, the need for a referral to the Code
Administrator did not arise.
Phillip Hobby The second formal complaint related to alleged mis-selling
practices and as of 31 March 2019 remained subject to
ongoing resolution procedures under the Code. I am hopeful
this complaint will be resolved in the near future.
One of the first stages in the complaints handling process
is for the DSA staff member to establish the nature of the
complaint so that it can be categorised either ‘formal’ or
‘informal’ in accordance with internal DSA process. Formal
complaints are those that involve an alleged breach of
the Code of Practice. In practice, informal complaints
(i.e. where there is no evidence of a breach of the
Code) are more common. Typically, they might involve a
dispute over the distribution agreement, late payment of
commission or delivery or refund of products. While my
jurisdiction is over formal complaints, I note that DSA policy
4 5
Executive Director
Governanc e Market Issues
Direct Selling Australia is incorporated under the DSA looked internally at our own processes intent on bringing
Your DSA Team
Associations Incorporation Act 2009 (NSW) as Direct Selling
Association of Australia Inc. Within this law and against
them up to better align with the increased engagement of
our members. Beginning with our constitution and our code Gillian Stapleton Executive Director
Withholding Tax Exemption
modern governance standards its business is directed and of practice, we performed a thorough legal review. The DSA Annual General Meeting Update 2019
Adele Sutton Director of Policy
controlled by a Board of elected member representatives. constitution provides a structure for pursuing the objectives of A material increase to the DSA’s withholding tax exemption
protecting, promoting and serving the interests of its members Paul Seitz Marketing & Communications threshold from $10,000 to $15,000 was implemented on
In the midst of its third year of new leadership, DSA decided to
and our code of practice creates a standard of behaviour Chong Yeong Fong Business Development 1 July 2018. Members are reminded that the vast majority of
examine every process and implement change in alignment
in alignment with other regulators such as the ACCC. We ISPs will have no need for an ABN as their yearly commission
with our core philosophy of putting members first. In the course Chelsea Thomson Marketing & Communications
also instituted a governance review and will be putting forth will not exceed the new threshold. DSA has published
of this endeavour we revamped nearly everything swapping
a structural change for members later in 2019. We revised Your Committee Structure factsheets for both Members and direct sellers in relation to
outdated processes, instituting new ways of engaging
our strategic direction and now have an agile “living” strategic ABN entitlement and suggests that Members regularly take
members, and building relationships with policy makers who
plan, reviewed at every Board meeting, using a simple and
Legal & Government Committee
affect our membership and the channel in which they operate. the opportunity to remind direct sellers approaching the
efficient traffic light tracking system, enabling the team to Chairperson - Christine Terrill - Board Member $15,000 threshold that an ABN will be required to avoid tax
In our industry people will often talk about their “why”; why meet the fast-changing needs of its members while keeping being withheld. Members should also remind direct sellers
Tony Greig - Life Member
they do what they do, their motivation and so since our the Board informed. An example being that as events that any ABNs that are redundant or no longer in use should
“why” is “you”, our member: we began this metamorphosis arise, as they did recently with a regulator, the focus quickly Bill Duncan - Life Member be cancelled.
with deepening and strengthening our relationships with our shifted to one of protection and DSA was able to work with Rohan Harris - Supplier Member
members. We built on the traditional yearly conference and
Australian Consumer Law
the members’ needs in mind and seek a highly successful
added new targeted events, including a CEO forum, a planned Jamie Nettleton - Supplier member
exemption from the change, proposed by this body. The
speaker showcase, and packaging sustainability meetings. Board were kept up to date in real time and able to provide John Holloway – Life Member In 2017, Consumer Affairs Australia and New Zealand’s Final
Not only did we deepen our engagement with our member input data as required. Report found that the maximum penalties available under
DSA - A
dele Sutton, Chong Yeong Fong,
companies, they all have benefited from the networking and the Australian Consumer Law (ACL) were insufficient to deter
Besides our strategic plan and governance, we also Gillian Stapleton
support of the many experts in our midst. Not only did this breaches for highly profitable conduct, as some businesses
invested in changing services and infrastructure to
benefit our direct selling members but it also increased the
better match our agile culture. We now have a new CRM Therapeutic Goods Committee see a penalty under the ACL as a ‘cost of doing business’.
exposure and success of our supplier members who skills Therefore, as of 1 September 2018, the maximum civil
system that is locally hosted, provides in-depth reporting, Chairperson - Christine Terrill - Board Member
and products serve our membership. By creating yearly pecuniary penalty for corporations under the ACL increased
easy access to support and training and has increased
sponsorships, our supplier members are able to promote their Geoff Watt - Member Company from $1.1 million per contravention to the greater of:
functionality for events. We have outsourced the accounting
offerings in a welcoming environment and engage with the
function this year and engaged with an external research Kevin Lowe - Member Company • $10 million; or
membership at several times throughout the year cementing the
company to provide better third -party data to members Lucy Dillon – Member Company
relationships that are the backbone of any sales environment. • if the court can determine the value of the benefit
and regulators. And all of that change wasn’t enough, we
These sponsorships have also allowed DSA to keep Allana Hinks - Member Company obtained from the offence by the corporation (and any
are currently looking to save further costs by relocating our
our costs down while delivering quality events and this related bodies corporate) – three times the value of the
outlying office to a co-working environment in the CBD. Claire Martin - Supplier Member
combined with an ongoing focus on minimising operational benefit; or
This move will further reduce operational costs; but just as
costs means the association is in good financial standing Tony Greig - Life Member • if the court cannot determine the value of the benefit –
importantly, DSA sees this as a retention strategy for staff.
with a strong surplus to fight any battles as they present. Carl Gibson - CMA 10% of the annual turnover of the corporation.
With two core values of trust and transparency, in all that
Although an Association does not want to carry too much
we do at DSA, there are no surprises for the members, staff DSA - A
dele Sutton, Chong Yeong Fong, The maximum penalty for individuals has also increased
surplus, a topic monitored closely by our Board, we recently
or Board. Gillian Stapleton from $220,000 to $500,000.
commenced on a legal process under the self-regulatory
function of the new code, that saw the association Working in this environment, aligned to the Board and This year’s financial performance has been
incur substantial legal fees and as such the Board are Members, gives the team focused direction, opportunity to favourable with the Association’s total equity Payroll Tax
comfortable keeping this surplus invested. adapt, be agile and make a difference in our industry that at $2,087M. The auditor has also issued a During the course of the year, Revenue NSW continued
has a lasting impact. satisfactory and unqualified report. to invite Members to submit applications for private rulings
DSA has stayed relevant and in demand for advice and help,
as companies see the pace of change speed up. Promoting We have seen an overhaul of who and what we are and where they anticipated that they had a payroll tax liability. DSA
the channel outside of its members has been a strong focus the five of us were able to change, swap, incorporate and continued to educate those Members about the threshold
for DSA lately and seen us invited to present at external events revamp all of the above with no negative impact on you, our tests relevant to assessing the existence of a liability.
promoting the rise of the independent contractor, the benefits members. In fact, with this new stronger foundation in place
of self-regulation and DSA’s role in networking to advocate for the association has seen a dramatic increase in member
members. This increased visibility of the association leads to engagement from a previous recorded 38% to a recent
growth in awareness of the changing dynamic of the channel external survey providing an 82% response rate. At the end
from that of home based to social based and the need for of the day, it’s hard to argue with the numbers.
change in legislation that is out of date and no longer relevant to
a channel that was built on door to door selling.
6 7
Member Performanc e
Business
Builder Business The 2018 annual Direct Selling Australia Member Survey DSO Business Models
Full-time Builder was conducted on behalf of Direct Selling Australia (DSA)
TOP
Direct selling is the sale of a product or service away from
Part-time in January 2019 by Survey Matters. This was the first a fixed store, typically person-to-person or in a small group
5% time that DSA had used an external provider to collect the
annual data and it was hoped that by using a third party
setting. Direct sellers generally are not employees, they are
independent contractors who sell the products or services
Unengaged
33 % there would be an increased response. The purpose of the
survey was to provide the World Federation of Direct Selling
of a company in return for a commission. PRODUCT
Association (WFDSA) with 51 of the 69 members completing
the survey* (7 members were not surveyed)
Direct selling organisations typically operate under one of
three organisational models: Wholesale, Agency or Hybrid. SECTORS:
29 % Estimated retail sales for 2018 were $1,270.8 million In a Wholesale model (also known as Buy / Resell), the
DSO sells goods to the ISP at a wholesale price which are
compared to estimated retail Sales for 2017 of $1,243.1
million* (Figures exclude the companies that did not respond then resold to the consumer on his or her account (usually
33 % at an RRP suggested by the DSO). ISP income consists
to the survey). This shows a modest increase of 2.2%
for 2018. Some businesses reported moderate to large
declines, while others reported moderate to large increases.
of the retail margin between wholesale and retail price and
any other commissions payable under the compensation
WELLNESS
Other ISPs Some new businesses doing well, offset poorly performing
ones. The 79% response rate, in conjunction with a 90%
response rate from companies whose revenue ranged from
plan. In an Agency model, the DSO appoints the ISP to act
as its independent agent to procure the sale of goods or
services but the sale transaction is between the consumer
44 %
$5-$30M resulted in strong sector coverage. However, it and the DSO. ISP income consists of commission for
should be noted that given the variances in organisation size the retail sale plus other commissions payable under the
compensation plan.
COSMETIC S
and operating models composition can affect values.
Independent Sales People Sector Composition
GENDER New this year DSA collected data on segmentation of the Of the sales generated in the last financial year, 44% were
OF ISPs
2018
industry. Business builder defined as ISP’s working full time
at their direct selling activities and likely to be earning an
income that can replace previous employment was said to
wellness products, 25.8% cosmetic products, 15.7%
household goods, 4.0% homecare 3.2 % clothing and
accessories, and 3,2 % utilities.
25.8%
22.9 % be 5%. Part time business builders at 33.3%, are working Non-Members
less than 30 hours a week in their direct selling business
DSA also collected data in relation to non-member
and a further 33% of ISPs have signed an independent
companies and estimates there to be a further 68 non
representative agreement and as such are eligible to sell
member direct selling companies with retail sales revenue
77.1 % and keep retail profit and sponsor new people. 29% of ISP’s
have signed an agreement but are not actively purchasing,
for the channel at over $2B. This indicates that DSA
members represent circ 69% of the sales generated, i.e.
selling or sponsoring.
market share by revenue.
The channel is represented by 77% female ISP’s.
45% of members have a preferred customer program
which equates to 392,962 signed agreements accounting
1 ,871 ,000 REGISTERED
for 24.4% off Net Sales (turnover). Responses to
CUSTOMERS
the survey indicated that members had 1,871,000
Registered Customers.
45%
PREFERRED
C USTOMER
393,0 00
PREFERRED CUSTOMER $ 242,316,000
PROGRAM AGREEMENTS SALES TO PREFERRED C USTOMERS
8 9
How we operate Chairperson
1967 – 68 George McKay – Beauty Counsellors 1988 - 89 Neil Greenaway – Tupperware
Board of Directors
1968 – 69 W (Wally) Hollet – Watkins 1990 - 91 W (Bill) Roche – Nutrimetics
1969 – 70 Jack Wackwitz – Rena Ware 1991 - 92 Ian Ross – May Kay Cosmetics
1971 – 72 J (Bill) Cleghorn – Sarah Coventry 1993 - 94 Val Fittler – Pro-Ma Systems
1972 – 73 Kerry Sullivan – Avon 1995 - 97 Nigel Sinclair – Nutrimetics
1973 – 74 Graeme McDougall – Mary Kay 1997 - 00 Raymond Vidor – Emma Page
1974 – 75 Kim Clarke – Bessemer 2000 - 03 Val Fittler – Pro-Ma Systems
1975 - 76 John Nevin – Field Enterprises 2003 - 06 Nigel Sinclair – Nu Skin
1977 - 78 Gordon Griffiths – Salamander 2006 - 09 Bill Duncan – USANA
1979 - 81 Imelda Roche – Constan Industries 2009 - 12 Tony Greig – Amway
Phil Hobby David Fountain Christine Terrill
1982 - 83 John Woods – Avon 2012 - 14 Jenny Messenger – PartyLite
Chairperson Vice Chairperson (April-Nov) Director (April-Nov)
Le Rêve Director (Nov-March) Vice Chairperson (Nov-March) 1984 - 85 John Watt – Mary Kay Cosmetics 2014 - 16 Michial Coldwell – Amway
Intimo Lingerie Amway
1986 - 87 Bruce Shankland – Amway 2016 - 19 Phil Hobby – Le Reve
Life Members
1981 Robert Baird 2002 Val Fittler
1981 Graeme McDougall 2005 Ian Bult
1982 William Roche 2005 Nigel Sinclair
Peter Glennie Kim Lang Jenny Messenger Brian O’Callaghan 1983 John Nevin 2006 John Fulton
Director Director Director Director
The Juice Plus Company Avon Products Partylite Norwex 1985 Jack Walder 2006 Jeanie McKendrick
Appointed June 2018 Resigned June 2018 Resigned August 2018 Appointed June 2018
1988 Les Dell 2009 Bill Duncan
1992 Bruce Shankland 2013 Tony Greig
1995 Imelda Roche 2018 John Holloway
Rochelle Potter Adrian Ryan Rod Taylor Geoff Watt
Director Director Director Director
Partylite Lorraine Lea Nutrimetics USANA
Appointed Sept 2018
10 11
Members Supplier Members A Better Chance Pty Ltd - (ETL Learning) Nature’s Sunshine Products of Australia Pty Ltd A Better Chance (Ardennan) Kirk Davis Accounting ACN Pacific Pty Ltd NeoLife International Pty Ltd (fmly GNLD Int) Acquire BPO LBW & Partners Amway of Australia Nerium International Pty Ltd Addisons Lawyers LIPA Pharmaceuticals Ltd Arbonne Australia Pty Ltd New Image International (Australia) Pty Ltd Australian Nutraceuticals Lisa Speaks Atomy Oceania Niagara Therapy Mfg. Aust P/L Be You Success Coaching Mackellar Insurance Brokers Pty Ltd Avon Products Pty Ltd Norwex Australia Pty Ltd Bioxyne Limited Marinova Pty Ltd Become International Pty Ltd Nu Skin Enterprises Australia Inc. BR International Marriott International Bioxyne Int’l Pty Ltd Nutrimetics Australia Pty Ltd Brand Promotions Pty Ltd Match Up Close to My Heart PartyLite Pty Ltd By Design Technologies MCI Group Creata Direct Pty Ltd Penny Miller Pty Ltd Certica Mondo Search Digital Crown Holdings Pte Ltd Plexus Clare Martin & Associates National Products Fulfilment Direct Cellars PM-International Click Energy Northern Territory Convention Bureau Dominant Homecare Products Pty Ltd Postie Fashions Pty Ltd Club Med Oscar Winning Productions Enagic Australia Pty Ltd Pro-Ma Systems (Aust) Pty Ltd ConferenceNational PayRight Enjo Pty Ltd Rodan and Fields Australia Pty Ltd Corporate Theatre Pty Ltd RFA Regulatory Affairs Envy Jewellery Pty Ltd Saladmaster, Inc. C T Freight Russell Kennedy Fifth Avenue Collection Pty Ltd Scentsy, Inc. Direct Selling Support Selmasu Pty Ltd Flaschengeist Seacret Direct Australia Pty Ltd Event Travel Management Shangri-La Hotels and Resorts Galibelle Australia SeneGence International, Inc. Expense Reduction Analysts Song Division Herbalife Australasia Pty Ltd Silk International Pty Ltd Fastrack Fulfilment Pty Ltd Simpson Grierson Intimo Lingerie Stampin’ Up! Australia Pty Ltd Fenton Green & Co Speakers Institute Pty Ltd Isagenix (Asia/Pacific) Australia Pty Ltd Sunrider International Australia Finsbury Green Swarovski Australia Pty Ltd Jamberry Nails Australia Pty Ltd Swipe (Australia) Pty Ltd Freedom Road Travel The Events Authority Jeunesse Global Australia Pty Ltd The Body Shop At Home Freight & Distribution Management Systems Pty Ltd Tourism New Zealand - Business Events Kaszazz Pty Ltd The Commonwealth Key & Property Register GMM Consulting Tourism Portfolio Kyäni Australia Pty Ltd The Juice Plus Company (Australia) Pty Ltd Gold Coast Business Events Village Roadshow Theme Parks Pty Ltd Le Rêve Pty Ltd Thermomix in Australia Pty Ltd Hall Chadwick NSW Pty Ltd VisionScope Coaching Pty Ltd Life Force Australasia Pty Ltd Tiens Bio Tech Australia Pty Ltd Hyperwallet Systems Australia Pty Ltd Voyages Indigenous Tourism Pty Ltd LifeVantage Australia Pty Ltd USANA Australia Pty Ltd Orange Canvas Wallara Logistics Lily Anne Jewellery World Organics Ltd idstc Lorraine Lea YJ International Pty Ltd IntegraPay Pty Ltd Mannatech Australia Pty Ltd YOR Health Intuit Australia Mary Kay Cosmetics Pty Ltd Young Living Essential Oils (Australasia) P/L Jenkon Modere Australia Pty Ltd Younique LLC Jenny Messenger Morinda (Australia) Pty Ltd 12 13
LBW & Partners Chatered Accountants & Business Advisors PO Box 276 Chatswood 2057 Telephone (02) 9411 4866 Fax (02) 9412 1143 Email mail@lbw.com.au CONTENTS
In the Directors’ opinion: • the association is not a reporting entity because there are no users dependent on general purpose financial statements. Accordingly, as described in note 2 to the financial statements, the attached special purpose financial statements have been prepared for the purposes of complying with the New South Wales legislation the Associations Incorporation Act 2009 and associated regulations; • the attached financial statements and notes comply with the Australian Accounting Standards as described in note 2 to the financial statements; • the attached financial statements and notes give a true and fair view of the association’s financial position as at 31 March 2019 and of its performance for the financial year ended on that date; and • there are reasonable grounds to believe that the association will be able to pay its debts as and when they become due and payable. On behalf of the Directors
Notes Notes __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ 30 31
Direct Selling Association
of Australia Inc.
ABN 68 413 038 101
Registered Office
Suite 207, 13A Montgomery Street
Kogarah NSW 2217
02 8567 6200
askus@directselling.org.au
Auditor Soli c itor
LBW & Partners Russell Kennedy
Charted Accountants Level 12, 469
Level 3, 845 Pacific Highway La Trobe Street
Chatswood NSW 2067 Melbourne VIC 3000You can also read
