Annual Report 2011 - ACEM

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ACEM Annual Report 2011 54 NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2011 13. Retained Surpluses 2011 $ 2010 $ Retained surpluses at the beginning of the fi nancial year 13,148,421 11,550,570 Net surplus 1,929,668 1,597,851 Retained surpluses at the end of the fi nancial year 15,078,089 13,148,421 14. Cash Flow Information Reconciliation of net cash provided by operating activities to surplus Surplus 1,929,668 1,597,851 Non-cash fl ows in surplus: Surplus on sale of non-current assets (122) - Defi cit on disposal of non-current assets 58,226 110,493 Amortisation 76,775 95,141 Depreciation 209,881 155,151 Changes in assets and liabilities: (Increase) / Decrease in trade and other receivables (Increase) / Decrease in other current assets Increase / (Decrease) in subscriptions and levies in advance (171,139) (252,560) (240,165) (17,335) 155,787 (225,514) (Increase) / Decrease in Memorial deposit 1,569 784 Increase / (Decrease) in creditors, accruals and GST 673,691 (358) Increase / (Decrease) in unexpired grants 5,395,087 49,743 Increase / (Decrease) in provisions 38,659 22,141 Net Cash provided by operating activities 8,127,917 1,535,537 15. Financial Risk Management Financial Risk Management The College’s fi nancial instruments consist primarily of deposits with banks, local money market instruments, short-term and long-term investments, accounts receivable and accounts payable. The main purpose of non-derivative fi nancial instruments is to raise fi nance for College operations. The company does not have any derivative instruments at 30 June 2011. 1. Financial Risks The main risks the College is exposed to through its fi nancial instruments are liquidity risk, credit risk and market risk relating to interest rate and price risk. Foreign Currency Risk The College is not exposed to fl uctuations in foreign currencies. Liquidity Risk Liquidity risk arises from the possibility that the College might encounter diffi culties in settling its debts or otherwise meeting its obligations in relation to fi nancial liabilities. The College manages liquidity risk by monitoring forecast cash fl ows. Credit Risk Exposure to credit risk relating to fi nancial assets arises from the potential non-performance by counterparties of contract obligations that could lead to a fi nancial defi cit for the College. The College does not have any material credit risk exposure to any single receivable or group of receivables under fi nancial instruments entered into by the College. Price Risk Price risk relates to the risk that fair value or future cash fl ows of a fi nancial instrument will fl uctuate because of changes in market prices of securities held. The College is exposed to securities price risk on available-for-sale fi nancial assets. Such risk is managed through diversifi cation of investments across managed funds. 2. Interest Rate Risk The College’s exposure to interest rate risk, which is the risk that a fi nancial instrument’s value will fl uctuate as a result of changes in market interest rates and the effective weighted average interest rates on those fi nancial assets and fi nancial liabilities, is as follows:
15. Financial Risk Management (Continued) 2011 Financial Assets Weighted Average Effective Interest Rate % Floating Interest Rate $ Fixed Interest Rate Maturing Within 1 year $ 1 to 5 years $ Non- Interest Bearing $ Total Carrying Amounts $ Net Fair Values $ Cash and cash equivalents 4.5 8,815,523 100,000 - 20,551 8,936,074 8,936,074 Trade and other receivables - - - - 1,323,960 1,323,960 1,323,960 Investments 6.0 40,817 3,754,960 - 3,739,643 7,535,420 7,535,420 Financial Liabilities 8,856,340 3,854,960 - 5,084,154 17,795,454 17,795,454 Trade and other payables - - - - 8,511,590 8,511,590 8,511,590 2010 Financial Assets Weighted Average Effective Interest Rate % Floating Interest Rate $ - - - 8,511,590 8,511,590 8,511,590 Fixed Interest Rate Maturing Within 1 year $ 1 to 5 years $ Non- Interest Bearing $ Total Carrying Amounts $ Net Fair Values $ Cash and cash equivalents 3.5 2,979,754 100,000 - 30,965 3,110,719 3,110,719 Trade and other receivables - - - - 1,152,821 1,152,821 1,152,821 Investments 5.9 42,386 2,254,959 - 3,177,609 5,474,954 5,474,954 Financial Liabilities 3,022,140 2,354,959 - 4,361,395 9,738,494 9,738,494 Trade and other payables - - - - 2,287,025 2,287,025 2,287,025 3. Sensitivity Analysis The following illustrates sensitivities to the College’s exposures to changes in interest rate and prices. The amounts indicate the impact on how surplus and accumulated funds reported at the end of the reporting period would have been affected by changes to the relevant risk variable that management considers to be reasonably possible. These sensitivities assume that the movement in a particular variable is independent of other variables. Year ended 30 June 2011 Surplus $ Accumulated Funds $ ♦ +/- 2% in interest rates +/- 126,357 +/- 126,357 ♦ +/- 10% in listed investments Year ended 30 June 2010 +/- 11,363 +/- 373,964 ♦ +/- 2% in interest rates +/- 60,442 +/- 60,442 ♦ +/- 10% in listed investments +/- 13,393 +/- 317,760 - - - 2,287,025 2,287,025 2,287,025 4. Net Fair Values The fair values of fi nancial assets and fi nancial liabilities are presented in the above interest rate risk tables and can be compared to their carrying values as presented therein as per the statement of fi nancial position. Fair values are those amounts for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. The net fair values of listed investments have been valued at the quoted market bid price at balance date and adjusted for transaction costs expected to be incurred. For other assets and other liabilities, the net fair value approximates their carrying value. No fi nancial assets and fi nancial liabilities are readily traded on organised markets in standardised form other than listed investments. Financial assets where the carrying amount exceeds net fair values have not been written down as the College intends to hold these assets to maturity. ACEM Annual Report 2011 55
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Annual Report 2011
Page 3 and 4: COUNCIL Executive Sally McCarthy (P
Page 5 and 6: PRESIDENT’S REPORT (continued) St
Page 7 and 8: HONORARY TREASURER’S REPORT Andre
Page 9 and 10: CENSOR-IN-CHIEF’S REPORT Yuresh N
Page 11 and 12: BOARD OF EDUCATION COMMITTEE REPORT
Page 13 and 14: Examiners: Sylvia Andrew-Starkey, L
Page 15 and 16: 48th Primary Examination 2010/2 The
Page 17 and 18: BOARD OF EDUCATION COMMITTEE MEMBER
Page 19 and 20: Trainee Research Committee Bob Dunn
Page 21 and 22: COUNCIL COMMITTEE REPORTS Constitut
Page 23 and 24: forward to trainees being able to a
Page 25 and 26: standards and create a process wher
Page 27 and 28: FACULTY REPORTS Australian Capital
Page 29 and 30: The Queensland Emergency Medicine R
Page 31 and 32: FACULTY BOARD MEMBERSHIP at 30 June
Page 33 and 34: AWARDS Australian Honours The Colle
Page 35 and 36: Mary Morgan Enasio Morris David Mur
Page 37 and 38: Kim Nicholls Rhianne Nowell Leo Nun
Page 39 and 40: Fabrice Pierre Steven Pincus Robert
Page 41 and 42: Financial Report for the year ended
Page 43 and 44: Environmental Regulation and Perfor
Page 45 and 46: STATEMENT OF COMPREHENSIVE INCOME f
Page 47 and 48: STATEMENT OF CHANGES IN ACCUMULATED
Page 49 and 50: (ii) Loans and receivables Loans an
Page 51 and 52: 4. Surplus Expenditure 2011 $ 2010
Page 53: 10. Intangible Assets Website costs
Page 57 and 58: COUNCILLORS’ DECLARATION In the o
Page 59 and 60: ACCOUNTANTS’ REPORT To the Fellow
Page 61: AUSTRALASIAN COLLEGE FOR EMERGENCY
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