Annual Report 2005-2006 - pilch

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25 Statement of Cash Flows For the Year Ended 30 June 2006 Notes 2006 $ 2005 $ Cash from operating activities: Receipts from membership & donations 284,695 277,042 Payments to suppliers and employees (839,369) (676,061) Receipts from other sources 363,818 380,271 Interest received 14,777 12,198 Receipts from government grants - recurrent 78,566 76,875 Net cash provided by (used in) operating activities 4 (97,513) 70,325 Cash flows from investing activities: Acquisition of property, plant and equipment (1,270) (5,669) Net cash provided by (used in) investing activities (1,270) (5,669) Net increase (decreases) in cash held (98,783) 64,656 Cash and cash equivalents at beginning of year 301,589 236,933 Cash at end of financial year 202,806 301,589 The accompanying notes form part of the financial statements. Notes to the Financial Statements For the Year Ended 30 June 2006 1 Statement of Significant Accounting Policies General information This financial report is a special purpose financial report prepared in order to satisfy the financial reporting requirements of the Associations Incorporation Act of Victoria. The Board has determined that the association is not a reporting entity. The financial report has been prepared in accordance with the requirements of the Associations Incorporation Act of Victoria and the following Australian Accounting Standards: AASB 112 AASB 1031 AASB 110 AASB 117 AASB 108 AASB 107 AASB 101 AASB 116 Income Taxes Materiality Events after the Balance Date Leases Accounting Policies, Changes in Accounting Estimates and Errors Cash Flow Statements Presentation of Financial Statements Property, Plant and Equipment No other applicable Accounting Standards, Urgent Issues Group Interpretations or other authoritative pronouncements of the Australian Standards Board have been applied. The financial report has been prepared on an accruals basis and is based on historical costs and does not take into account changing money values or, except where specifically stated, current valuations of non-current assets. The following material accounting policies, which are consistent with the previous period unless otherwise stated, have been adopted in the preparation of this financial report. (a) Property, Plant and Equipment Equipment & Furniture and Computers are carried at cost less, where applicable, any accumulated depreciation. The depreciable amount of all fixed assets are depreciated over the useful lives of the assets to the association commencing from the time the asset is held ready for use. (a) Provisions Provisions are recognised when the group 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. (b) Leases Lease payments for operating leases, where substantially all of the risks and benefits remain with the lessor, are charges as expenses in the periods in which they are incurred.
Statement of Significant Accounting Policies continued... (c) Revenue Revenue from the sale of goods is recognised upon the delivery of goods to customers. Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets. Revenue from investment properties is recognised on an accruals basis or straight-line basis in accordance with lease agreements. Dividend revenue is recognised when the right to receive a dividend has been established. Dividends received from associates and joint venture entities are accounted for in accordance with the equity method of accounting. Revenue from the rendering of services is recognised upon the delivery of the service to the customers. All revenue is stated net of the amount of goods and services tax (GST). (d) Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the balance sheet are shown inclusive of GST. Cash flows are presented in the cash flow statement on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows. (e) Grants Grants are recognised at fair value where there is reasonable assurance that the grant will be received. When grants can be regarded as unconditional, no liability is held. (f) Prior Period Adjustment During the financial year, an error that occurred in previous financial periods was discovered. The error discovered was a $9,340 overstatement in the provision for employee benefits. The cause of the error is unclear, as is the original date the error occurred. In order to ensure an accurate financial report the 2005 figures have been restated in this financial report to reflect the correction. The error has reduced the prior year provision for annual leave, as shown in last year’s financial report and increased the retained earnings in the prior year as follows: 2005 Retained Earnings in prior year report: $215,231 Correction of error: $ 9,340 2005 Retained Earnings as reported above: $224,571 Notes to the Financial Statements For the Year Ended 30 June 2006 2 Trade and Other Receivables 2006 $ 2005 $ CURRENT Trade receivables 53,442 44,558 Prepayments - 3,400 Reimbursement HRLRC Ltd. 667 - Amounts receivable from: 54,109 47,958 3 Property Plant and Equipment PLANT AND EQUIPMENT Office equipment At Cost 24,661 24,661 Less accumulated depreciation (7,689) (5,219) Total office equipment 16,972 19,442 Computer equipment At cost 29,507 28,237 Less accumulated depreciation (24,282) (16,587) Total computer equipment 5,225 11,650 Total property, plant and equipment 22,197 31,092 26
Page 1 and 2: Annual Report 2005 - 2006
Page 3 and 4: CONTENTS President's message 2 Exec
Page 5 and 6: EXECUTIVE DIRECTORS’ REPORT 2005-
Page 7 and 8: PUBLIC INTEREST LAW CLEARING HOUSE
Page 9 and 10: • Victorian Ombudsman (September
Page 11 and 12: CASE SUMMARIES NOT-FOR-PROFIT ORGAN
Page 13 and 14: VICTORIAN BAR LEGAL ASSISTANCE SCHE
Page 15 and 16: Acknowledgements PILCH and VB LAS t
Page 17 and 18: Law Institute of Victoria Legal Ass
Page 19 and 20: PILCH HOMELESS PERSONS’ LEGAL CLI
Page 21 and 22: During 2005-06, the Victorian Gover
Page 23 and 24: We received a great professional se
Page 25: PUBLIC INTEREST LAW CLEARINGHOUSE (
Page 29 and 30: Notes to the Financial Statements F
Page 32: Public Interest Law Clearing House

Annual Report 2005-2006 - pilch

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