FIRSTHEALTH LIMITED ABN: 15 111 520 168
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2026
FIRSTHEALTH LIMITED ABN: 15 111 520 168
CONTENTS FOR THE YEAR ENDED 30 JUNE 2026 Financial Report Auditor's Independence Declaration Statement of Income and Retained Earnings Statement of Financial Position Statement of Cash Flows Notes to the Financial Statements Responsible Persons' Declaration Independent Auditor's Report
Page 1 2 3 4 5 13 14
FIRSTHEALTH LIMITED ABN: 15 111 520 168
AUDITOR'S INDEPENDENCE DECLARATION FOR THE YEAR ENDED 30 JUNE 2026 We declare that, to the best of our knowledge and belief, during the year ended 30 June 2026, there have been: (i) no contraventions of the auditor independence requirements as set out in Section 60-40 of the Australian Charities and Not-For-Profits Commission Act 2012 in relation to the audit; and (ii) no contraventions of any applicable code of professional conduct in relation to the audit.
National Audits Group Pty Ltd Authorised Audit Company
Stephen Prowse Director
Dated 21 October 2026 Wagga Wagga
1
FIRSTHEALTH LIMITED ABN: 15 111 520 168
STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 30 JUNE 2026 2026
2025
$
$
40,989,488 1,165,029
36,715,642 1,159,422
42,154,517
37,875,064
85,695 434,000 31,934,085 18,896 218,697 6,893,411 392,562 210,527 347,222 57,665 682,811 762,366 63,212
143,101 (2,891) 26,185,409 24,839 217,873 7,527,864 579,714 167,555 371,903 83,050 1,131,713 1,062,429 143,113
53,368
239,392
Retained earnings at the beginning of the year Opening balance adjustment
1,474,835 -
1,602,356 (366,913)
Retained earnings at the end of the year
1,528,203
1,474,835
Revenue and other income Interest income
Note 4 2(b)
Less: Expenses Advertising Community grants Contractors Depreciation Directors' fees and committee expenses Employee benefits expense General practitioners payments Insurance Rent Motor vehicle expenses Other expenses Service fees Travel and accommodation expenses Profit for the year
The accompanying notes form part of these financial statements. 2
FIRSTHEALTH LIMITED ABN: 15 111 520 168
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2026 2026
2025
Note
$
$
6 7
6,662,631 1,629,095 11,131,677 1,037,854
9,026,719 446,213 17,250,644 870,136
TOTAL CURRENT ASSETS
20,461,257
27,593,712
NON-CURRENT ASSETS Property, plant, and equipment
215,382
205,267
TOTAL NON-CURRENT ASSETS
215,382
205,267
20,676,639
27,798,979
9,756,452 8,289,659 1,073,179
9,179,430 16,085,063 1,006,368
19,119,290
26,270,861
29,146
53,283
ASSETS CURRENT ASSETS Cash and cash equivalents Trade and other receivables Term deposits (> 3 months) Other assets
8
TOTAL ASSETS LIABILITIES CURRENT LIABILITIES Trade and other payables Contract liabilities Employee benefits
9 10 11
TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Employee benefits
11
TOTAL NON-CURRENT LIABILITIES
29,146
53,283
TOTAL LIABILITIES
19,148,436
26,324,144
NET ASSETS
1,528,203
1,474,835
EQUITY Retained earnings
1,528,203
1,474,835
TOTAL EQUITY
1,528,203
1,474,835
The accompanying notes form part of these financial statements. 3
FIRSTHEALTH LIMITED ABN: 15 111 520 168
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2026 2026
2025
$
$
CASH FLOWS FROM OPERATING ACTIVITIES: Receipts from funding providers and services provided Payments to contractors and employees Interest received
31,908,264 (41,372,313) 1,165,029
44,495,499 (37,159,079) 1,159,422
Net cash movement from operating activities
(8,299,020)
8,495,842
CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of plant and equipment Amounts placed in term deposits Proceeds from maturity of term deposits
(65,068) (2,000,000) 8,000,000
(46,508) (8,000,000) 4,000,000
Net cash movement from investing activities
5,934,932
(4,046,508)
Net movement in cash and cash equivalents held Cash and cash equivalents at beginning of year
(2,364,088) 9,026,719
4,449,334 4,577,385
6,662,631
9,026,719
Note
Cash and cash equivalents at end of financial year
6
The accompanying notes form part of these financial statements. 4
FIRSTHEALTH LIMITED ABN: 15 111 520 168
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
The financial statements cover Firsthealth Limited ('the Company') as an individual entity. Firsthealth Limited is a not-forprofit Company limited by guarantee, incorporated and domiciled in Australia. The principal activities of the Company for the year ended 30 June 2026 were:
Operation of Murrumbidgee Primary Health Network under contract with the Australian Government Department of Health, Disability and Ageing including:
Coordination and integration of local health care services in collaboration with Local Hospital Networks (LHN) to improve quality of care, people's experience and efficient use of resources;
Commissioning primary care and mental health services to address population health needs and gaps in service delivery and to improve access and equity; and
Capacity-building and provide practice support to primary care and mental health providers to support quality care delivery.
Provision of After Hours Medical Services; and
Supporting and coordination of primary care workforce.
These activities supported all of the Company’s strategies and objectives. Further to the above, to do all such acts that are incidental and conducive to the furtherance of the Company's objectives. No significant change in the nature of these activities occurred during the year. The functional and presentation currency of Firsthealth Limited is Australian dollars ($AUD) and all amounts have been rounded to the nearest dollar. The financial statements were authorised for issue by the Directors on 21 October 2026.
1
Basis of Preparation The financial statements are general purpose financial statements that have been prepared in accordance with the Australian Accounting Standards - Simplified Disclosures, the Australian Charities and Not-for-profits Commission Act 2012 and Division 60 of the Australian Charities and Not-for-profits Commission Regulations 2022. The financial statements have been prepared on an accruals basis and are based on historical costs. Comparatives are consistent with prior years, subject to those which have changed from a presentation perspective. Material accounting policies adopted in the preparation of the financial statements are presented below. All other presentation remains consistent with prior reporting periods unless otherwise stated. Comparative information
Certain comparative amounts have been reclassified to conform with the presentation adopted in the current year financial statements. These reclassifications represent changes in presentation only and do not affect the underlying recognition or measurement of the relevant balances. Accrued interest previously presented within other assets has been reclassified to term deposits to align the comparative presentation with the classification adopted in the current year.
5
FIRSTHEALTH LIMITED ABN: 15 111 520 168
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 1
Basis of Preparation Comparative information
Comparative grant funding has also been reclassified to separately present funding received from the Ministry of Health (MoH). Funding under the National Mental Health and Suicide Prevention Agreement and Bilateral PHN Program is received from both the Australian Government Department of Health, Disability and Ageing (DoHDA) and the Ministry of Health. In the prior year, the MoH component was included within DoHDA grant funding and other grant funding sources. In the current year, the comparative amounts have been reclassified to separately present the MoH component and provide greater clarity over the respective funding sources. The effect of these reclassifications on the comparative amounts is summarised below:
Term deposits Other assets Grant funding - Australian Government DoHDA Grant funding - other sources Grant funding - Ministry of Health
Previously reported 2025 $ 17,000,000 1,120,780 32,125,450 4,137,275 -
Reclassification $ 250,644 (250,644) (2,251,324) (3,196,018) 5,447,342
Reclassified 2025 $ 17,250,644 870,136 29,874,126 941,257 5,447,342
These reclassifications have no impact on total revenue, profit for the year or net assets. Economic dependence
The Company is dependent on the Australian Government Department of Health, Disability and Ageing for a large proportion of its revenue used to operate the Company. The current funding agreement with the Department of Health, Disability and Ageing is in place until 31 December 2028, with individual funded activities having specified funding periods. At the date of this report, the Directors have no reason to believe the Department of Health, Disability and Ageing will not continue to support the Company. 2
Summary of Material Accounting Policies
(a) Income tax
The Company is exempt from income tax under Division 50 of the Income Tax Assessment Act 1997. (b) Revenue and other income Specific revenue streams
The revenue recognition policies for the principal revenue streams of the Company are: Department of Health, Disability and Ageing (DoHDA) The Company receives the majority of its income from the Australian Government Department of Health, Disability and Ageing under multi-year funding agreements. Most funding agreements are enforceable and contain sufficiently specific performance obligations, requiring the Company to deliver health programs in accordance with annual activity workplans and commissioning frameworks. Revenue from these programs is recognised under AASB 15 Revenue from Contracts with Customers on an input basis, measured by costs incurred relative to the approved budget, reflecting that the funder simultaneously receives and consumes the benefits of the services provided.
6
FIRSTHEALTH LIMITED ABN: 15 111 520 168
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 2
Summary of Material Accounting Policies
(b) Revenue and other income Specific revenue streams
Other grant funding From time to time, the Company may receive funding from other sources, such as State Government agencies or local health districts. These grants are assessed under AASB 15 or AASB 1058 depending on the terms of the agreement:
Where enforceable and specific performance obligations exist, revenue is recognised progressively over time as the obligations are met.
Where no such obligations exist, income is recognised when the funding is received or when the right to receive it arises.
Contract liabilities and unspent funds Funding that has not yet been applied in accordance with the terms of an agreement is recognised as a contract liability. These balances may include unexpended funds subject to refund or rollover approval, amounts committed to commissioned service providers where the related services have not yet been delivered, or funding received in advance for activities scheduled in future periods. Revenue is recognised when the associated obligations are satisfied. Interest Interest income is recognised as revenue in the period it is earned, using the effective interest method. (c) Financial instruments Financial assets
All recognised financial assets are subsequently measured in their entirety at amortised cost. The Company's financial assets measured at amortised cost comprise trade and other receivables, cash and cash equivalents and term deposits with maturities greater than 3 months in the statement of financial position.
Interest income is recognised in profit or loss. Impairment of financial assets Impairment of other financial assets measured at amortised cost is determined using the expected credit loss model in AASB 9. On initial recognition of the asset, an estimate of the expected credit losses for the next 12 months is recognised. Where the asset has experienced a significant increase in credit risk then the lifetime losses are estimated and recognised. Financial liabilities
The financial liabilities of the Company comprise trade and other payables. Trade and other payables are unsecured, non-interest bearing and are normally settled within 30 days. The carrying value of trade and other payables is considered a reasonable approximation of fair value due to the short-term nature of the balances.
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FIRSTHEALTH LIMITED ABN: 15 111 520 168
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 2
Summary of Material Accounting Policies
(c) Financial instruments Financial liabilities
Accrued expenses pertain to contractor fees and are recognised based on the work completed as at year end. (d) Employee benefits
A liability is made for the Company's employee benefits liability arising from services rendered by employees to the end of the reporting period. Employee benefits that are expected to be wholly settled within one year have been measured at the amounts expected to be paid when the liability is settled. Employee benefits expected to be settled more than one year after the end of the reporting period have been measured at the present value of the estimated future cash outflows to be made for those benefits. In determining the liability, consideration is given to employee wage increases and the probability that the employee may satisfy vesting requirements. Changes in the measurement of the liability are recognised in profit or loss. 3
Critical Accounting Estimates and Judgments The Directors make estimates and judgements during the preparation of these financial statements regarding assumptions about current and future events affecting transactions and balances.
These estimates and judgements are based on the best information available at the time of preparing the financial statements, however as additional information becomes known then the actual results may differ from the estimates. The significant estimates and judgements made have been described below. Key estimates - contractor accruals
The Company recognises accrued contractor expenses for services received but not invoiced at the reporting date. The amount recognised requires estimation based on information available at year end, including the extent of services performed, agreed contractual rates and expected amounts payable. Actual amounts subsequently invoiced may differ from the amounts accrued. Key judgments - grant income The Company receives various grant funding, which requires careful allocation of expenses and determination of whether the performance obligations associated with the grants have been satisfied. Significant judgments have been applied in assessing the specific terms and conditions of each grant agreement to determine whether the grants meet the criteria for revenue recognition under AASB 15 Revenue from Contracts with Customers.
These judgments involve evaluating the nature of the performance obligations, the Company’s ability to allocate expenses directly attributable to those obligations, and the timing of when these obligations are deemed to be fulfilled. The Company has concluded that revenue can only be recognised when the performance obligations are satisfied, ensuring that the recognition of grant income is aligned with the delivery of the agreed-upon goods or services. These judgments are critical in reflecting the Company's financial performance accurately and in compliance with the relevant accounting standards.
8
FIRSTHEALTH LIMITED ABN: 15 111 520 168
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
4
2026
2025
$
$
Grant funding - Grant funding - Australian Government DoHDA - Grant funding - Ministry of Health - Grant funding - other sources
33,117,280 6,707,359 1,052,428
29,874,126 5,447,342 941,257
Client services Membership fees
40,877,067 86,697 6,600
36,262,725 411,034 6,800
19,124
35,083
40,989,488
36,715,642
30,000 3,000 5,500 3,000
28,500 3,500 5,000 3,000
41,500
40,000
6,661,431 1,200
9,025,019 1,700
6,662,631
9,026,719
1,483,315 145,780
446,213 -
1,629,095
446,213
Revenue and Other Income
Other income Total revenue and other income
5
Auditor's Remuneration
Remuneration of the auditor National Audits Group Pty Ltd, for: - audit of the financial report - assistance with compilation of the financial report - grant acquittal services - other non-assurance services
6
Cash and Cash Equivalents
CURRENT Cash at bank Cash on hand
7
Trade and Other Receivables CURRENT Trade receivables GST receivable
9
FIRSTHEALTH LIMITED ABN: 15 111 520 168
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
Note 8
10
2025
$
$
600,000 437,854
600,000 270,136
1,037,854
870,136
295,580 9,457,678 3,194
307,855 221,905 8,646,582 3,088
9,756,452
9,179,430
8,289,659
16,085,063
104,756 8,184,903 -
967,098 14,811,402 306,563
8,289,659
16,085,063
568,763 504,416
544,244 462,124
1,073,179
1,006,368
29,146
53,283
1,102,325
1,059,651
Other assets CURRENT Office fitout funds held in trust General prepayments
9
2026
Trade and Other Payables CURRENT Trade payables GST payable Accrued expenses Other payables
Contract Liabilities
CURRENT Contract liabilities
(a)
(a) Contract liabilities
The contract liability recognised for funding is made up of the following: Unexpended funding Committed funding Funding received in advance
11
Employee Benefits CURRENT Annual leave Long service leave
NON-CURRENT Long service leave
10
FIRSTHEALTH LIMITED ABN: 15 111 520 168
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 12
Key Management Remuneration
The Directors review the remuneration packages of all key management personnel on an annual basis. The Directors also assess the appropriateness of the nature and amount of emolument of such personnel on a periodic basis by reference to current market rates. Such personnel are given the opportunity to receive their base emolument in a variety of forms including cash and fringe benefits. It is intended that the manner of payment will be optimal for the recipient without creating undue cost for the Company. The total remuneration paid to key management personnel of the Company during the year was $470,912 (2025: $428,275). Total remuneration includes wages and salaries paid to key management and fees paid to the Directors of the Company during the year. For details of other transactions with key management personnel, refer to Note 13: Related Parties.
13
Related Parties
(a) Key management personnel
Key management personnel of the Company during the year include the Chairperson, Directors, the Chief Executive Officer (up to December 2025), and the acting Chief Executive Officer from December 2025, who was appointed Chief Executive Officer in February 2026. For details of remuneration disclosures relating to key management personnel, refer to Note 12: Key Management Remuneration. Other transactions with key management personnel and their related entities are shown below. (b) Transactions with related parties
In accordance with the Australian Government Department of Health, Disability and Ageing ('the Department') Standard Funding Agreement Terms and Conditions, related party transactions are not permitted without the Department's prior written consent. The Company has sought and received written consent from the Department for all proposed transactions with related parties. All transactions with related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated. The following transactions with related parties occurred during the year: Balance outstanding Purchases
Sales
Wages
$
$
$
Owed to the Owed by the Company Company
$
$
Year ended 30 June 2026 Other related parties - Directors
2,647,152
-
-
-
-
Year ended 30 June 2025 Other related parties - Directors
2,814,220
-
-
-
-
11
FIRSTHEALTH LIMITED ABN: 15 111 520 168
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
14
Contingencies
In the opinion of the Directors, the Company did not have any contingencies at 30 June 2026 (2025: None).
15
Events Occurring After the Reporting Date
The financial statements were authorised for issue on 21 October 2026 by the Board of Directors. No matters or circumstances have arisen since the end of the financial year which 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 financial years.
16
Company Details
The registered office and principal place of business of the Company is: Firsthealth Limited 1/185 Morgan Street WAGGA WAGGA NSW 2650
12
Firsthealth Limited ABN: 15 111 520 168
RESPONSIBLE PERSONS' DECLARATION FOR THE YEAR ENDED 30 JUNE 2026
The Responsible Persons declare that in the Responsible Persons' opinion: (i)
there are reasonable grounds to believe that the Company is able to pay all of its debts, as and when they become due and payable; and
(ii)
the financial statements and notes comply with the Australian Accounting Standards - Simplified Disclosures and satisfy the requirements of the Australian Charities and Not-for-profits Commission Act 2012.
Signed in accordance with subsection 60.15(2) of the Australian Charities and Not-for-profits Commission Regulations 2022.
Director ................................................................. Alam Yoosuff
Director ......................................................................... Paul Gianniotis
Dated 21 October 2026
13
FIRSTHEALTH LIMITED ABN: 15 111 520 168
INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 30 JUNE 2026
To the Members of Firsthealth Limited
Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Firsthealth Limited (the Company), which comprise the statement of financial position as at 30 June 2026, the statement of income and retained earnings and the statement of cash flows for the year then ended, and notes to the financial statements, including a summary of material accounting policies, and the responsible persons' declaration. In our opinion, the accompanying financial report of Firsthealth Limited is in accordance with Division 60 of the Australian Charities and Not-for-profits Commission Act 2012, including: (i)
giving a true and fair view of the Company's financial position as at 30 June 2026 and of its financial performance for the year then ended; and
(ii) complying with the Australian Accounting Standards - Simplified Disclosures and Division 60 of the Australian Charities and Not-for-profits Commission Regulations 2022. Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Australian Charities and Not-for-profits Commission Act 2012 (the Act) and the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial statements in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We confirm that the independence declaration required by the Act, which has been given to the Directors of the Company, would be in the same terms if given to the Directors as at the time of this auditor's report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of Responsible Persons and Those Charged with Governance The Responsible Persons are responsible for the preparation of the financial statements that give a true and fair view in accordance with the Australian Accounting Standards - Simplified Disclosures and Division 60 of the Australian Charities and Not-for-profits Commission Regulations 2022 and for such internal control as the Responsible Persons determine is necessary to enable the preparation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Responsible Persons are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Responsible Persons either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process.
14
FIRSTHEALTH LIMITED ABN: 15 111 520 168
INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 30 JUNE 2026
Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial report. A further description of our responsibilities for the audit of this financial report is located at the Auditing and Assurance Standards Board website at: https://www.auasb.gov.au/auditors_responsibilities/ar4.pdf. National Audits Group Pty Ltd Authorised Audit Company
Stephen Prowse Director Dated 21 October 2026 Wagga Wagga
15