SURF LIFE SAVING AUSTRALIA ANNUAL REPORT 2007–08

FINANCE (continued)
OPERATIONS REPORT
Our support operations provide services outside of the traditional club-based patrols. (Image Harvpix)
Expenditure on helicopter administration decreased to
$1,177,125 (2007: $1,415,731) due to the restructure
at SRHRS. Helicopter operations and maintenance
expenses decreased to $4,482,471 (2007: $4,981,892)
for the same reason.
BALANCE SHEET
The net assets of the consolidated group have increased
10% to $23,560,034 (2007: $21,383,898) resulting in the
group being in an extremely solid fi nancial position as at
30 June 2008. The current ratio (current assets/current
liabilities) of the group and the parent entity continue to
be well above the international benchmark standard of 1.
This is a representation of the ability of the group to meet
its current fi nancial obligations.
Over the twelve month period, total group assets
increased by $439,868 and total group liabilities reduced
by $1,736,268. The resulting increase in group equity was
$2,176,136. This represents the surplus of the consolidated
group for the fi nancial year.
36 SURF LIFE SAVING AUSTRALIA—ANNUAL REPORT 2007–08
CASH FLOW STATEMENTS
For the consolidated group, cash increased by
$19,992 (2007 net reduction: $6,248,031).
Net cash generated from investment activities was
$651,910 and included net cash generated ($3,059,217)
relating to the net of proceeds from sale and payments for
aircraft and equipment, and net cash used ($1,950,000)
relating to the net of payments for and proceeds from
investments. In 2007, net cash used in investing activities
was $9,003,799 and included payments of $4,030,127 for
aircraft and equipment and payments of $4,610,000 for
investments in a managed fund.
Net cash used in fi nancing activities was
$990,341 which comprised repayment of borrowings
(2007; $267,480 generated from fi nancing activities
comprising proceeds from borrowings; $481,634 and
repayment of borrowings: $214,154).
Roger Thompson
Finance Manager