BUSHkids Annual Report 2011-2012

2012

2011

8 – REMUNERATION OF AUDITORS Auditing the Financial Statements

3,750

3,500

9 – CONTINGENT ASSETS & LIABILITIES A Workers’ Compensation claim has been lodged against the organisation by an ex– employee. At this stage, it is a claim only. 10 – STATEMENT OF CASHFLOWS a) Reconciliation of Cash For the purposes of the Statement of Cash Flows, cash includes cash on hand and in banks and investments in money market instruments, net of outstanding bank overdrafts. Cash at the end of the financial year as shown in the Statement of Cash Flows is reconciled to the related items in the balance sheet as follows: Cash on Hand

850

700

9,541

Cash at Bank – Current Account

22,906

5,659,322

– Short Term Call

6,496,663

5,669,713

6,520,269

b) Reconciliation of Operating Surplus (Loss) after Income Tax to Net Cash used by Operating Activities Operating Surplus

(227,118) 190,276

29,102 171,900 27,337 12,794

Depreciation

6,402

Employee Entitlements

(3,676)

Profit (Loss) on Sale of Property, Plant & Equipment and Investments

(100,000)

Investment Write Off

Changes in Assets and Liabilities Decrease (increase) in prepayments Decrease (increase) in receivables

(16,708) 15,188 (3,342) 12,239

(22,218)

17,793

Decrease (increase) in GST-input tax credits

(740)

Increase (decrease) in creditors and accrued expenses

(501,869)

1,363

Increase (decrease) in GST payable Net cash used in operating activities

(71)

(125,376)

(265,972)

11 – CAPITAL EXPENDITURE COMMITMENTS There are no major capital expenditure commitments at 30 June, 2012. 12 – SUBSEQUENT EVENTS The upward movement in the share market since 30 June 2012 has resulted in an increase in the market value of listed investments and fixed interest securities over their values as at 30 June 2012. The investments are long term and have been purchased for dividend and interest income. At 30 June 2012, the market value of listed investments and fixed interest securities which are still held at the date of this report was $5,028,601. The estimated current market value of those securities is $5,500,000.

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