28
Notes
2012
2011
Inflows
(
Outflows)
Inflows
(
Outflows)
Cash Flows from Operating Activities
Receipts from Subsidies, Donations and Rent
1,632,455
963,023
Payments to Suppliers and Employees
(2,558,231)
(2,152,446)
Dividends Received
405,599
506,985
Interest Received
394,801
416,466
NET CASH USED IN OPERATING ACTIVITIES
10(
b)
(125,376)
(265,972)
Cash Flows from Investing Activities
Payments
Property, Plant and Equipment
(251,724)
(60,744)
Investments
(3,025,841)
(2,585,546)
Proceeds
Property, Plant and Equipment
55,500
-
Investments
2,496,885
3,426,087
NET CASH USED IN INVESTING ACTIVITIES
(725,180)
779,797
Net increase/(decrease) in cash held
(850,556)
513,825
Cash at beginning of the financial year
10(
a)
6,520,269
6,006,444
Cash at end of the financial year
10(
a)
5,669,713
6,520,269
The above Statement of Cash Flows is to be read in conjunction with the attached Notes
NOTES TOTHE FINANCIAL STATEMENTS FOR THEYEAR ENDED 30 JUNE 2012
1 –
SUMMARY OF SIGNIFICANT ACCOUNTANT 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,
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. Freehold buildings used in the production of income and which are to be retained are depreciated at rates
which vary with the circumstances.
Employee Entitlements
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.
Provisions
Provisions are 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 amount of goods and services tax (GST). The net amount of GST recoverable
from, or payable to, the taxation authority is included as part of payables.
Revenue and Other Income
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 goods and services tax.
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.
STATEMENT OF CASH FLOWS