41 / 48
41
41
NOTES
2016
2015
2 – OPERATING SURPLUS
Operating Surplus (Loss) before Income Tax has been determined after:
(i) Crediting as Revenue
Dividends
447,091
525,730
Interest
110,045
118,786
Net gain (loss) on disposal of other non-current assets
330,587
405,371
(ii) Charging as Expense
Depreciation
188,240
158,260
Provision for employee entitlements
5,955
62,163
3 – RECEIVABLES
Interest Receivable
30,323
47,172
Sundry Debtors
136,119
224,864
166,442
272,036
4 – INVESTMENTS
Shares - at Market Value
6,492,326
7,365,259
Interest Bearing Securities - at Market Value
1,222,234
1,244,130
Investment in Perpetuity
1
1
7,714,561
8,609,390
5 – PROPERTY, PLANT, EQUIPMENT AND VEHICLES
Land at cost
–
–
Land at Council’s valuation (ie SVS values) at 30 June 2016
2,681,500
2,766,500
Buildings at Cost
2,759,217
2,667,389
Disposals at cost
–
–
Less Accumulated Depreciation and Amortisation
997,448
924,083
1,761,769
1,743,307
Plant and Equipment at cost
1,012,547
949,588
Less Accumulated Depreciation
855,961
769,416
156,586
180,173
Intangible Assets at cost
86,522
53,703
Less Accumulated Amortisation
–
–
86,522
53,703
Motor Vehicles at cost
208,763
204,993
Less Accumulated Depreciation
140,507
131,885
68,256
73,108
4,754,633
4,816,791
6 – ASSET REVALUATION RESERVE
Balance at 1 July 2015
1,796,610
2,060,315
Add Revaluation of Investments sold during year
(442,739)
(427,866)
Add Revaluation of Land during year
(85,000)
(65,000)
Add Revaluation of Investments at 30 June 2016
(345,773)
229,160
Balance at 30 June 2016
923,098
1,796,610
NOTES TOAND FORMING PART OF THE ACCOUNTS FOR THEYEAR ENDED 30 JUNE 2016