Annual Report 2011 - Cranbrook School
Annual Report 2011 - Cranbrook School
Annual Report 2011 - Cranbrook School
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Extract from Notes to the Financial Statements<br />
31 December <strong>2011</strong><br />
1. Corporate Information<br />
<strong>Cranbrook</strong> <strong>School</strong> is a company limited by<br />
guarantee and is domiciled in Australia.<br />
statements and accompanying notes. Rental revenue<br />
Although these estimates are based on Rental income from investment properties<br />
Management’s knowledge of current events is accounted for on a straight-‐line basis over<br />
and actions that may be undertaken in the the lease term.<br />
The nature of operations and principal future, actual results may ultimately differ<br />
activities of <strong>Cranbrook</strong> <strong>School</strong> are to act as from estimates.<br />
Government grants<br />
an educational institution.<br />
Government grants are recognised<br />
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when the entity obtains control of the<br />
is located at 5 Victoria Road, Bellevue Hill,<br />
Revenue is recognised to the extent that it contribution or the right to receive the<br />
NSW 2023.<br />
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contribution and it is probable that<br />
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Accounting Policies<br />
recognition criteria must also be met before from government grants relating to expense<br />
revenue is recognised:<br />
items are recognised in the Statement of<br />
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Comprehensive Income.<br />
Rendering of services<br />
The following accounting policies were<br />
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<strong>School</strong> fees are charged at the<br />
Government grants are received for the<br />
commencement of each billing period funding of educational and other activities.<br />
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and recognised as income when the right ���������������������������<br />
on a historical cost basis, except for to be compensated for the services has contingencies attaching to the government<br />
investments in managed funds which have been attained.<br />
assistance that has been recognised.<br />
been measured at fair value.<br />
Interest<br />
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Australian dollars and all values are<br />
Interest revenue is recognised as accrued Property, plant and equipment are stated at<br />
rounded to the nearest dollar unless<br />
using the effective interest method. This cost less accumulated depreciation and any<br />
otherwise stated.<br />
is the method of calculating the amortised accumulated impairment losses.<br />
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Depreciation<br />
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interest income over the relevant period<br />
Depreciation is provided on a straight line<br />
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using the effective interest rate, which is the<br />
basis on all property, plant and equipment<br />
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rate that exactly discounts estimated future<br />
excluding land.<br />
<strong>Cranbrook</strong> <strong>School</strong>, <strong>Cranbrook</strong> Foundation, receipts through the expected life of the<br />
<strong>School</strong> Library Fund, Scholarship Fund ������������������������������������������<br />
Major depreciation periods are:<br />
and the Building Fund. The <strong>Cranbrook</strong> ����������������������<br />
<strong>2011</strong> & 2010<br />
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Enrolment fees<br />
Buildings 40 years<br />
various stand alone Special Scholarship<br />
Enrolment fees are paid to secure entry to<br />
Funds, in addition to the <strong>School</strong>’s<br />
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the <strong>School</strong> and are recognised as income<br />
educational results.<br />
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when received as they are not refundable.<br />
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Old <strong>Cranbrook</strong>ians’ Association (OCA) is<br />
Donations and bequests<br />
marine, computers, vehicles �����������<br />
accounted for as a separate entity and is not<br />
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Donations are recognised at the fair value<br />
of either the Foundation or the <strong>School</strong>. of the consideration received or receivable. Impairment<br />
Donation income is recognised at fair The carrying values of property, plant and<br />
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value of the asset received and when the equipment are reviewed for impairment at<br />
statements, all inter-‐company balances entity obtains control of the contribution each reporting date, with the recoverable<br />
and transactions, income and expenses or the right to receive the contribution and amount being estimated when events or<br />
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changes in circumstances indicate that the<br />
from intra-‐group transactions have been ����������������������������������������<br />
carrying value may be impaired.<br />
eliminated in full.<br />
the entity.<br />
The recoverable amount of property,<br />
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plant and equipment is the higher of fair<br />
In conforming with generally accepted Investment income comprises the income value less costs to sell and depreciated<br />
accounting principles, the preparation of from investments in managed funds. replacement value.<br />
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Distributions from these investments<br />
requires Management to make estimates include interest, dividends and realised<br />
and assumptions that affect the reported capital gains. Movements in the fair value<br />
amounts of assets, liabilities, income and of these investments are also recognised as<br />
expenses, and the disclosure of contingent investment income.<br />
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An impairment exists when the<br />
carrying amount exceeds its estimated<br />
recoverable amount.<br />
Impairment losses are recognised in the<br />
statement of comprehensive income in the<br />
‘Impairment expense’ line.<br />
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