NEBA0007-A4 2011 Annual Report.indd - Netball WA

Statement of Cash Flows Notes to the Financial Statements
For the Year Ended 31 December 2011
Cash fl ows from operating activities
Cash receipts from sponsors and members 3,527,455 3,390,444
Cash paid to suppliers and employees (4,270,958) (2,898,005)
Interest received 60,475 55,542
Net cash (used in)/from operating activities 12(b) (683,028) 547,981
Cash fl ows from investing activities
Acquisition of property, plant and equipment (6,674) (0)
Net cash used in investing activities (6,674) (0)
Cash fl ows from fi nancing activities
Netball Australia levies collected 252,110 267,434
Netball Australia levies paid (246,363) (223,986)
Net cash (used in)/from fi nancing activities 5,747 43,448
Net (decrease)/increase in cash and cash equivalents (683,955) 591,429
Cash and cash equivalents at 1 January 2,019,330 1,427,901
Cash and cash equivalents at 31 December 12(a) 1,335,375 2,019,330
The notes on pages 39 to 43 are an integral part of these fi nancial statements.
38 NETBALL WA (INC) FINANCIAL REPORT
Note
2011
$
2010
$
For the Year Ended 31 December 2011
Note 1: Statement of Signifi cant Accounting Policies
This fi nancial report is a special purpose fi nancial report prepared in order to
satisfy the fi nancial reporting requirements of the Association’s Constitution.
The Board has determined that the Association is not a reporting entity.
The fi nancial report has been prepared in accordance with the requirements
of the following Australian Accounting Standards:
ASSB 1031: Materiality
No other Australian Accounting Standards, other authoritative pronouncements
of the Australian Accounting Standards Board have been applied.
The fi nancial report has been prepared on an accruals basis and is based
on historic costs and does not take into account changing money values,
or except where specifi cally stated, current valuations of non-current assets.
The following specifi c accounting policies, which are consistent with the
previous period unless otherwise stated, have been adopted in the preparation
of this fi nancial report.
(a) Income Tax
No provision for income tax has been raised as the Association is exempt from
income tax.
(b) Plant and equipment
Items of plant and equipment are measured at cost less
accumulated depreciation.
When parts of an item of plant and equipment have different useful lives, they
are accounted for as separate items.
Gains and losses on disposal of an item of plant and equipment are determined
by comparing the proceeds from disposal with the carrying amount of plant and
equipment and are recognised net within “other income” in profi t or loss.
Depreciation
Depreciation is recognised in profi t or loss on a straightline and
diminishing basis over the estimated useful lives of each part of an item
of plant and equipment.
The estimated useful lives for the current and comparative periods are
as follows:
2011 2010
Plant and Equipment 3 years 3 years
Depreciation methods, useful lives and residual values are reviewed at each
reporting date.
NETBALL WA (INC) FINANCIAL REPORT
39