30
2012
2011
8 –
REMUNERATION OF AUDITORS
Auditing the Financial Statements
3,750
3,500
9 –
CONTINGENT ASSETS & LIABILITIES
A Workers’ Compensation claim has been lodged against the organisation by an ex–
employee. At this stage, it is a claim only.
10 –
STATEMENT OF CASHFLOWS
a) Reconciliation of Cash
For the purposes of the Statement of Cash Flows, cash includes cash on hand and
in banks and investments in money market instruments, net of outstanding bank
overdrafts. Cash at the end of the financial year as shown in the Statement of Cash
Flows is reconciled to the related items in the balance sheet as follows:
Cash on Hand
850
700
Cash at Bank – Current Account
9,541
22,906
–
Short Term Call
5,659,322
6,496,663
5,669,713
6,520,269
b) Reconciliation of Operating Surplus (Loss) after Income Tax
to Net Cash used by Operating Activities
Operating Surplus
(227,118)
29,102
Depreciation
190,276
171,900
Employee Entitlements
6,402
27,337
Profit (Loss) on Sale of Property, Plant & Equipment and Investments
(3,676)
12,794
Investment Write Off
(100,000)
Changes in Assets and Liabilities
Decrease (increase) in prepayments
(16,708)
(22,218)
Decrease (increase) in receivables
15,188
17,793
Decrease (increase) in GST-input tax credits
(3,342)
(740)
Increase (decrease) in creditors and accrued expenses
12,239
(501,869)
Increase (decrease) in GST payable
1,363
(71)
Net cash used in operating activities
(125,376)
(265,972)
11 –
CAPITAL EXPENDITURE COMMITMENTS
There are no major capital expenditure commitments at 30 June, 2012.
12 –
SUBSEQUENT EVENTS
The upward movement in the share market since 30 June 2012 has resulted in
an increase in the market value of listed investments and fixed interest securities
over their values as at 30 June 2012. The investments are long term and have been
purchased for dividend and interest income. At 30 June 2012, the market value of
listed investments and fixed interest securities which are still held at the date of this
report was $5,028,601. The estimated current market value of those securities is
$5,500,000.