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here - API Victoria - The Australian Property Institute

Annual Report 2012AUSTRALIAN PROPERTY INSTITUTE (INC.)(VICTORIAN DIVISION)ABN 49 007 505 866NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 201216. RELATED PARTY TRANSACTIONS(CONT)(d) Governance and strategic reviewOne of the key management personnel has a family relationship with the service providerundertaking the Victorian Division’s governance and strategy review. The appointment wascompetitively tendered, the family member was not involved in the submission and is not involved inthe review and the key management personnel receives no financial benefit from the agreement.(e)Risk management moduleDuring the year ended 31 December 2012, Australian Property Institute (Inc.) Victoria Divisionsmade payments to the Australian Property Institute (Inc.) (National Secretariat).2012 2011$ $Risk management module fees 26,820 6,70017(a) CASH FLOW INFORMATIONFor the purposes of the statement of cash flows, cash included cash on hand and in banks and short termdeposits. Cash at the end of the financial year is shown in the balance sheet as:2012 2011$ $Cash on hand 2 404Cash at bank 628,760 999,591628,762 999,995(b) RECONCILIATION OF NET CASH PROVIDED BY OPERATINGACTIVITIES TO OPERATING PROFITOperating profit for the year 34,509 114,304Non – cash flowsDepreciation expense 14,543 10,129Change in operating assets and liabilities(Increase)/decrease in trade receivables (38,228) (3,289)(Increase)/decrease in other current assets 1,506 (34,190)Increase/(decrease) in trade payables and accruals (16,400) 19,319Increase/(decrease) in income in advance (20,370) 73,913Increase/(decrease) in provisions (4,905) 563Net cash provided by operating activities (29,345) 180,7491525API

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