Annual Report 2011 - ACEM

4. Surplus
Expenditure
2011
$
2010
$
Amortisation of website costs 76,775 95,141
Depreciation of property, plant and
equipment
209,881 155,151
286,656 250,292
Bad debts 12,062 -
Doubtful debts expense 1,260 6,870
Net defi cit on disposal of investments:
Proceeds on disposal 257,853 162,190
Disposal at cost (316,079) (272,584)
Net defi cit on disposals
for the year ended 30 June 2011
5. Cash
Current
(58,226) (110,394)
Cash on hand – petty cash 300 271
Cash at bank – petty cash 963 7,589
Cash at bank – cheque account 433,838 580,313
Cash management call account 6,525 6,559
Cash deposit account - 2,000,000
Online saver account 8,294,445 -
ASGARD eWrap cash account 100,003 415,987
ASGARD term deposit 100,000 100,000
8,936,074 3,110,719
Included in cash and cash equivalents as at 30 June 2011 is
$5,383,140 representing unspent DOHA Project funding
grant income (Refer Note 11).
Reconciliation of cash
Cash at the end of the fi nancial year as shown in the
statement of cash fl ows is reconciled to the related items in
the statement of fi nancial position as follows:
Cash on hand – petty cash 300 271
Cash at bank – petty cash 963 7,589
Cash at bank – cheque account 433,838 580,313
Cash management call account 6,525 6,559
Cash deposit account - 2,000,000
Online saver account 8,294,445 -
ASGARD eWrap cash account 100,003 415,987
ASGARD term deposit 100,000 100,000
8,936,974 3,110,719
2011
$
6. Trade and Other Receivables
2010
$
Current
Debtors 1,197,103 1,127,990
Less: Provision for doubtful debts (8,130) (13,014)
1,188,973 1,114,976
Emergency Medicine Conference
deposits
132,987 35,845
Non-Current
1,321,960 1,150,821
Cabcharge Bond 2,000 2,000
Total trade and other receivables 1,323,960 1,152,821
The College does not have any material credit risk exposure
to any single or group of receivables.
7. Other Current Assets
Current
Accrued income 147,030 12,974
Prepayments 143,231 37,122
8. Financial Assets
Non-Current
Available-for-sale fi nancial assets
Managed funds:
♦ ASGARD Investments, at ‘fair
value’
Other unlisted investments, at
cost:
290,261 50,096
3,739,643 3,177,609
♦ Term Deposits 3,754,960 2,254,959
♦ John Gilroy Potts - Memorial
Deposit
40,817 42,386
7,535,420 5,474,954
The ‘cost’ base of the ASGARD Investments as at 30 June
2011 was $4,136,125; the fair value at 30 September 2011
being $3,344,169, which would see the Accumulated Funds
‘Reserves’ account defi cit balance increasing to $791,956 as
at 30 September 2011 representing a decline in the value of
investments held subsequent to year end.
ACEM Annual Report 2011
51