Annual Report 2011 - Cranbrook School

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Extract from Notes to the Financial Statements 18 �� Investment properties are measured Income Tax �� initially at cost, including transaction costs. The School by the nature of its operations The carrying amount includes the cost of In 2010, the School received $1,625,429 of is exempt from the imposition of income replacing part of an existing investment Building the Education Revolution (BER) tax. No income tax expense is therefore property at the time that cost is incurred grant. This grant was created by the Federal �� if the recognition criteria are met and Government to address the implications excludes the costs of day-‐to-‐day servicing Goods and Services Tax (GST) of the global economic downturn and of an investment property. Investment The School is registered for GST and provide a stimulus package to schools for property is stated at cost less accumulated complies with the relevant legislation. new or refurbished facilities. This grant has depreciation and any accumulated been used towards construction of the new Revenues, expenses and assets are impairment losses. Depreciation is multipurpose facility at Rose Bay. In 2011, recognised net of the amount of GST provided on a straight line basis on the the School received a grant of $403,050 except: buildings element of investment property (2010: nil) from the National Secondary over a period of 20 years. � �� Schools Computer Fund. This grant was of goods and services is not recoverable to assist in providing new computers and Transfers are made to and from investment from the taxation authority, in which other information and communication property when, and only when, there is a case the GST is recognised as part of technology for students in Years 9 to 12. change in use. the cost of acquisition of the asset or as �� part of the expense item as applicable;; and All loans and borrowings are initially recognised at cost, being the fair value of � �� the consideration received net of issue costs the amount of GST included. associated with the borrowing. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the Statement of Financial Position. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Amortised cost is calculated by taking into account any issue costs, and any discount or premium on settlement. Gains and losses are recognised in the statement of comprehensive income through the amortisation process. �� statement on a gross basis and the GST �� is recoverable from, or payable to, the �� Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority. 3. Revenue and Expenses
�� Consolidated 2011 $ Depreciation and impairment of non-‐current assets Depreciation of non-‐current assets Buildings 1,293,536 1,184,279 Plant and equipment 1,980,765 1,532,596 Total depreciation of non-‐current assets 3,274,301 2,716,875 Impairment of non-‐current assets 500,000 � Total depreciation and impairment of non-‐current assets 3,774,301 2,716,875 Depreciation of investment properties 37,500 37,500 Total depreciation and impairment of investment properties and non-‐current assets 3,811,801 2,754,375 Finance costs Interest expense 6,774 25,441 �� 6,774 25,441 Bad and doubtful debts Trade debtors 220,361 59,157 Total bad and doubtful debts 220,361 59,157 The School has made a provision for defective work at Dangar. Remedial work is underway and appropriate cost recovery action is being explored. �� Land At cost 7,645,544 7,645,544 Buildings At cost 82,451,643 61,401,989 Accumulated depreciation (21,201,980) (19,908,444) Accumulated impairment (500,000) � 60,749,663 41,493,545 Total land and buildings 68,395,207 49,139,089 Plant and equipment At cost 21,849,482 18,007,801 Accumulated depreciation (13,144,234) (11,251,757) Total plant and equipment 8,705,248 6,756,044 Total at cost 111,946,669 87,055,334 Accumulated depreciation (34,846,214) (31,160,201) Total written down value 77,100,455 55,895,133 19 2010 $
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 and 18: Statement of Financial Position As
Page 19: Extract from Notes to the Financial
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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