BUSHkids 2017-18 Annual Report

Financial

STATEMENT OF CASH FLOWS

2018

Notes

2017

Inflows (Outflows)

Inflows (Outflows)

Cash Flows from Operating Activities Receipts from Subsidies, Donations and Rent Payments to Suppliers and Employees

7,098,749 (5,911,830)

3,001,326 (3,472,678)

514,109 104,329

Dividends Received Interest Received

483,006 107,724 119,378

NET CASH USED IN OPERATING ACTIVITIES Cash Flows from Investing Activities Property, Plant and Equipment NET CASH USED IN INVESTING ACTIVITIES Net increase/(decrease) in cash held Cash at beginning of the financial year Investments

1,805,357

10(b)

(108,004) (958,996) (1,067,000)

(193,890) (308,854) (502,743) (383,365) 4,296,081 3,912,716

738,357

3,912,716 4,651,073

10(a) 10(a)

Cash at end of the financial year

The above Statement of Cash Flows is to be read in conjunction with the attached Notes

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This financial report is a special purpose financial report prepared in order to satisfy the financial reporting requirements of the Scheme’s constitution and relevant legislation. The council has determined that the entity is not a reporting entity. The financial report has been prepared on an accruals basis and is based on historic costs and does not take into account changing money values or, unless where specifically stated, current valuations of non-current assets. The following significant accounting policies, which are consistent with the previous period unless otherwise stated, have been adopted in the preparation of this financial report. Income Tax No income tax liability exists, as the Scheme is exempt from income tax in accordance with Section 50-5 of the Income Tax Assessment Act 1997. Property, Plant and Equipment Plant and equipment is depreciated so that the assets are written off over their estimated useful lives using reducing or straight line methods as appropriate. Land is carried at council valuation which is in accordance with the State Valuation Service annual valuation as at 30 June 2018. Buildings, Motor Vehicles & Plant and Equipment are carried at cost less any accumulated depreciation Provision is made for the entity’s liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits have been measured at the amounts expected to be paid when the liability is settled. Provision for Long Service Leave is made after five years’ service. Provisions Provision as recognised when the entity has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions are measured at the best estimate of the amounts required to settle the obligation at the end of the reporting period. Goods and Services Tax Revenues, expenses and assets are recognised net of the mount of goods and services tax (GST). The net amount of GST recoverable from, or payable to, the taxation authority is included as part of the payables. Revenue and Other Income During the year, significant revenue was obtained from government grants. At the date of this report, the council has no reason to believe that this funding will not continue. Interest revenue is recognised using the effective interest rate method which for floating rate financial assets is the rate inherent in the instrument. Dividend revenue is recognised when the right to receive a dividend has been established. Grant and donation income is recognised when the entity obtains control over the funds which is generally at the time of receipt. All revenue is stated net of the amount of GST. Investments Investments held are initially recognised at cost, which includes transaction costs. They are subsequently measured at fair value which is equivalent to their market bid price at the end of the reporting period. Movements in fair value are recognised through an asset revaluation reserve. and impairment losses. Employee Entitlements

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