BUSHkids Annual Report 2019-20

ANNUAL REPORT 2019–2020

ROYAL QUEENSLAND BUSH CHILDREN'S HEALTH SCHEME ABN 43 824 927 762 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2020

1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Statement of Compliance

The financial statements have been prepared in accordance with the mandatory Australian Accounting Standards applicable to entities reporting under the Australian Charities and Not-for-profits Commission Act 2012 , the basis of accounting specified by all Australian Accounting Standards AASB 101: Presentation of Financial Statements , AASB 107: Cash Flow Statements , AASB 108: Accounting Poliicies, Changes in Accounting Estimates and Errors , AASB 1031: Materiality and AASB 1054: Australian Additional Disclosures . Basis of Preparation The financial statements, except for the cash flow information, have been prepared on an accrual basis and are based on historical costs unless otherwise stated in the notes. Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless stated otherwise. The amounts presented in the financial statements have been rounded to the nearest dollar. Revenue Operating grants, donations and bequests When the Scheme receives operating grant revenue, donations or bequests, it assesses whether the contract is enforceable and has sufficiently specific performance obligations in accordance with AASB 15. When both these conditions are satisfied, the Scheme:- identifies each performance obligation relating to the grant - recognises a contract liability for its obligations under the agreement - recognises revenue as it satisfies its performance obligations. The Scheme recognises income in profit or loss when or as the Scheme satisfies its obligations under the terms of the grant. Accounting Policies a.

TOPIC SECTION FINAN IALS N TES TO THE FINANCIAL STATEMENTS – NOTE 1

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Donations and bequests are recognised as revenue when received.

Interest revenue Interest revenue is recognised as it accrues using the effective interest method, which for floating rate financial assets is the rate inherent in the instrument.

Dividend revenue Dividend revenue is recognised when the right to receive a dividend has been established.

Revenue from the rendering of a service is recognised upon the delivery of the service to the customer.

All revenue is stated net of the amount of goods and services tax.

b.

Income Tax No income tax liability exists, as the Scheme is exempt from income tax in accordance with Section 50-5 of the Income Tax Assessment Act 1997 . Cash and cash equivalents Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short- term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Inventories Inventories represent merchandise inventories for use in future community capacity building activities and is measured at cost.

c.

d.