Annual Report 2012 - The Australian Property Institute

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The Australian Property Institute Annual Report | 2012Statement of Cash Flows for theYear Ended 31 December 2012ECONOMIC ENTITYPARENT ENTITYNOTE 2012 2011 2012 2011$ $ $ $CASH FLOWS FROM OPERATING ACTIVITIESReceipts from members and customers 8,009,258 8,273,740 7,629,371 7,817,713Payments to suppliers and employees (7,554,073) (9,062,658) (7,131,512) (8,679,952)Interest received 105,734 161,561 100,327 134,290Net cash provided by operating activities 15(b) 560,919 (627,357) 598,186 (727,949)CASH FLOWS FROM INVESTING ACTIVITIESProceeds from sale of investments 51,967 19,962 - 15,509Purchase of investments (32,045) (30,742) - -Payment for property, plant,equipment and intangibles(375,025) (325,960) (373,434) (319,960)Net cash (used in) investing activities (355,103) (336,740) (373,434) (304,451)Net increase/(decrease) in cash held 205,816 (964,097) 224,752 (1,032,400)Cash at the beginning of the financial year 15(a) 2,899,234 3,863,331 2,746,930 3,779,331Cash at the end of the financial year 15(a) 3,105,050 2,899,234 2,971,682 2,746,93058
The Australian Property Institute Annual Report | 2012Notes To and Forming Part Of theFinancial Statements for the YearEnded 31 December 20121. Statement of Significant Accounting PoliciesThe financial statements are general purpose financial statements that have been prepared in accordance withAustralian Accounting Standards (including Australian Accounting Interpretations) and the Institutes Incorporation Act1981. The entity is a not-for-profit entity for financial reporting purposes under Australian Accounting Standards.Australian Accounting Standards set out accounting policies that the AASB has concluded wouldresult in financial statements containing relevant and reliable information about transactions, events andconditions to which they apply. Material accounting policies adopted in the preparation of these financialstatements are presented below and have been consistently applied unless stated otherwise.The financial statements, except for the cash flow information, have been prepared on an accruals basis and are basedon historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financialassets and financial liabilities. The amounts presented in the financial statements have been rounded to the nearest dollar.The financial statements were authorised for issue on 30 April 2013 by the members of the Committee.(a)Principles of consolidationThe consolidated financial statements incorporate the assets, liabilities and results of the entities controlled by AustralianProperty Institute Incorporated at the end of the reporting period.A controlled entity is any entity over which Australian Property Institute Incorporated has the powerto govern the financial and operating policies so as to obtain benefits from its activities.Where controlled entities have entered or left the group during the year, the financial performanceof those entities is included only for the period of the year that they were controlled. Alist of controlled entities is contained in Note 17 to the financial statements.In preparing the consolidated financial statements, all intragroup balances and transactionsbetween entities in the consolidated group have been eliminated in full on consolidation.(b)Inventories on handInventories consist of publications and are measured at the lower of cost and net realisable value. Overheads areapplied on the basis of normal operating capacity. Costs are assigned on the basis of weighted average costs.Inventories held for distribution are measured at the lower of cost and current replacement cost. Inventories acquiredat no cost or for nominal consideration are measured at the current replacement cost at the date of acquisition.(c)Property, plant and equipmentEach class of property, plant and equipment is carried at cost or fair value less, whereapplicable, any accumulated depreciation and impairment losses.59
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Annual Report 2012 - The Australian Property Institute

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