Annual Report 2011 - Cranbrook School

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Statement of Cash Flows/ Statement of Changes in Equity For the year ended 31 December 2011 Consolidated Note 2011 $ �� School fee receipts 38,341,737 34,387,067 Payments to suppliers and employees (37,248,474) (34,430,263) Government grants received 4,533,055 5,357,844 Interest received 1,527,983 1,883,655 Interest paid (6,774) (25,441) Donations received 1,635,456 1,625,429 Bequest received � 100,000 Other revenue 977,006 1,015,319 �� 9,759,989 �� 9,913,610 �� 20,769,001 Redemption of investments 6,000,000 � Purchase of property, plant and equipment (23,153,852) (15,429,187) Proceeds from the sale of property, plant and equipment 95,521 73,716 �� (17,058,331) �� 5,413,530 Net repayment of borrowings and other liability (150,000) (335,472) ��(150,000) (335,472) �� (7,448,342) 14,991,666 Cash and cash equivalents at the beginning of year 28,809,066 13,817,398 Cash and cash equivalents at the end of year 21,360,724 28,809,066 Accumulated Funds Balance at beginning of year Total comprehensive income for the period: 94,993,369 87,645,918 Surplus for the period 5,097,981 7,347,451 Balance at end of year 100,091,350 94,993,369 16 2010 $
Extract from Notes to the Financial Statements 31 December 2011 1. Corporate Information Cranbrook School is a company limited by guarantee and is domiciled in Australia. statements and accompanying notes. Rental revenue Although these estimates are based on Rental income from investment properties Management’s knowledge of current events is accounted for on a straight-‐line basis over and actions that may be undertaken in the the lease term. The nature of operations and principal future, actual results may ultimately differ activities of Cranbrook School are to act as from estimates. Government grants an educational institution. Government grants are recognised �� when the entity obtains control of the is located at 5 Victoria Road, Bellevue Hill, Revenue is recognised to the extent that it contribution or the right to receive the NSW 2023. �� contribution and it is probable that �� Accounting Policies recognition criteria must also be met before from government grants relating to expense revenue is recognised: items are recognised in the Statement of �� Comprehensive Income. Rendering of services The following accounting policies were �� School fees are charged at the Government grants are received for the commencement of each billing period funding of educational and other activities. �� and recognised as income when the right �� on a historical cost basis, except for to be compensated for the services has contingencies attaching to the government investments in managed funds which have been attained. assistance that has been recognised. been measured at fair value. Interest �� Australian dollars and all values are Interest revenue is recognised as accrued Property, plant and equipment are stated at rounded to the nearest dollar unless using the effective interest method. This cost less accumulated depreciation and any otherwise stated. is the method of calculating the amortised accumulated impairment losses. �� Depreciation �� interest income over the relevant period Depreciation is provided on a straight line �� using the effective interest rate, which is the basis on all property, plant and equipment �� rate that exactly discounts estimated future excluding land. Cranbrook School, Cranbrook Foundation, receipts through the expected life of the School Library Fund, Scholarship Fund �� Major depreciation periods are: and the Building Fund. The Cranbrook �� 2011 & 2010 �� Enrolment fees Buildings 40 years various stand alone Special Scholarship Enrolment fees are paid to secure entry to Funds, in addition to the School’s �� the School and are recognised as income educational results. �� 10 years when received as they are not refundable. �� Old Cranbrookians’ Association (OCA) is Donations and bequests marine, computers, vehicles �� accounted for as a separate entity and is not �� Donations are recognised at the fair value of either the Foundation or the School. of the consideration received or receivable. Impairment Donation income is recognised at fair The carrying values of property, plant and �� value of the asset received and when the equipment are reviewed for impairment at statements, all inter-‐company balances entity obtains control of the contribution each reporting date, with the recoverable and transactions, income and expenses or the right to receive the contribution and amount being estimated when events or �� changes in circumstances indicate that the from intra-‐group transactions have been �� carrying value may be impaired. eliminated in full. the entity. The recoverable amount of property, �� Investment income plant and equipment is the higher of fair In conforming with generally accepted Investment income comprises the income value less costs to sell and depreciated accounting principles, the preparation of from investments in managed funds. replacement value. �� Distributions from these investments requires Management to make estimates include interest, dividends and realised and assumptions that affect the reported capital gains. Movements in the fair value amounts of assets, liabilities, income and of these investments are also recognised as expenses, and the disclosure of contingent investment income. �� An impairment exists when the carrying amount exceeds its estimated recoverable amount. Impairment losses are recognised in the statement of comprehensive income in the ‘Impairment expense’ line. 17
Page 1 and 2: Annual Report 2011 i
Page 4 and 5: Report from the President 2011 saw
Page 6 and 7: Report from the Headmaster Of hopes
Page 8 and 9: Report from the Headmaster 100% (co
Page 10 and 11: Report from the Headmaster rowers a
Page 12: Financial Statements Important Info
Page 15 and 16: Report from the Councillors (Direct
Page 17: Statement of Financial Position As
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Page 23 and 24: Statement by the Council In accorda
Page 25 and 26: Philanthropy sits at the heart of a
Page 27 and 28: Our heartfelt thanks are extended t
Page 29 and 30: Mr & Ms S A Bouvier Mr & Mrs G J Br
Page 31 and 32: Mr J Scott-‐Stevenson Mr L W Se
Page 33 and 34: Mr Craig Carroll BEc(Hons)(Syd) MBA
Page 35: Senior School 5 Victoria Road Belle

Annual Report 2011 - Cranbrook School

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