Financial Statements - Australian College of Rural and Remote ...

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Statement of CashflowsFor the year ended 30 June 2010Cash Flows from Operating ActivitiesNotes 2010$Receipts from Members & Other Consultancies 3,113,952 2,484,148Interest Received 121,056 143,686Grants Received 5,828,466 18,883,083Payments to Suppliers and Employees (14,823,777) (17,092,924)GST Recovered/(Paid) 175,320 101,618Net Cash from Operating Activities 20(i) (5,584,983) 4,519,6112009$Cash Flows from Investing ActivitiesPayments for Intangibles - -Payments for Property, Plant and Equipment (24,785) (38,667)Net Cash Used in Investing Activities (24,785) (38,667)Net Increase (Decrease) in Cash held (5,609,768) 4,480,944Cash at the Beginning of the Financial Year 12,262,714 7,781,770Cash at the End of the Financial Year 20(ii) 6,652,946 12,262,714The above Statement of Cashflows should be read in conjunction with the attached notesStatement of Changes in EquityFor the year ended 30 June 2010Retained Earnings$Balance at 1 July 2008 3,015,074 3,015,074Net Surplus/(Deficit) 341,900 341,900Balance at 30 June 2009 3,356,974 3,356,974Net Surplus/(Deficit) (65,669) (65,669)Balance at 30 June 2010 3,291,305 3,291,305Total$The above Statement of Changes in Equity should be read in conjunction with the attached notes10 Australian College of Rural and Remote Medicine
1. Summary of accounting policiesThese financial statements constitute a general purposefinancial report which have been drawn up in accordancewith Australian Accounting Standards other authoritativepronouncements of the Australian Accounting StandardsBoards, Australian Accounting Interpretations and theCorporations Act 2001.The financial report of Australian College of Rural and RemoteMedicine Limited (“the College”) complies with all Australianequivalents to International Financial Reporting Standards(AeIFRS) in their entirety.A statement of compliance with International FinancialReporting Standards cannot be made due to the Companyapplying the not-for-profit sector specific requirementscontained in the AeIFRS.Basis of PreparationThe statements are prepared on the accrual basis ofaccounting using the historical cost assumption and exceptwhere stated, do not take into account changing moneyvalues nor current valuations of non current assets and theirimpact on operating results.The accounting policies below have been consistently appliedto all years presented.Income TaxThe entity is exempt from income tax under provisions of theIncome Tax Assessment Act.Property, Plant and EquipmentProperty, plant and equipment are brought to account at cost,less, where applicable, any accumulated depreciation.Depreciation is calculated on the Diminishing Value Methodso as to write the assets off over their estimated useful lives.The average depreciation rate for office equipment rangesbetween 20 and 40%. New assets are depreciated from thedate of commissioning.Revenue Recognition(a) Grants received are recognised in accordance with AASB1004 Contributions and consequently are brought toaccount as revenue where:- The company has control over the contribution;- It is probable that the economic benefit comprisingthe contribution will flow to the company; andFurther, grant revenue is apportioned to match theexpenses incurred in the project. Consequently, theunexpended portion of grant revenue is recognised asunearned income and is deferred to future periods whileany overspend will be recognised early as a receivable.(b) Interest Revenue is recognised on a time proportionatebasis that takes into account the effective yield on thefinancial asset.(c) Subscriptions are recognised on an accrual basisproportionate to when the service is provided.Employee BenefitsThe following liabilities arising in respect of employeeentitlements are measured at the amount expected to bepaid when the liability is settled:• wages and salaries, annual leave and sick leave regardlesswhether they are expected to be settled within twelvemonths of balance date.• other employee entitlements which are expected to besettled within twelve months of balance date.Long service leave liabilities are determined after taking intoconsideration years of service, current level of wages andsalaries and past experience regarding staff departures.LeasesLease payments for operating leases, where substantially allthe risks and benefits remain with the lessor, are charged asexpenses in the periods in which they are incurred.Intangible AssetsThe cost of creating a website has been capitalised under theconditions set out in Australian Accounting Interpretations.The expense is being amortised over a period of three yearsand any further expenses incurred for maintenance will beexpensed to the Income Statement.ReceivablesTrade receivables represent the principal amounts outstandingat balance date, are non interest bearing and are usuallysettled within 30 days.PayablesPayables represent the principal amounts outstanding atbalance date, are non interest bearing and are usually settledwithin 30 days.- The amount of the contribution can be reliablymeasured.Annual Report 2009/10 Financial Statements for the Year Ended 30 June 201011
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Financial Statements - Australian College of Rural and Remote ...

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