20
533,230
586,909
$
$
$
$
Net Increase (Decrease) in cash held
Cash at beginning of financial year
Cash at end of financial year
NOTES TO STATEMENT OF CASH FLOWS
(a) Reconciliation of cash
Cash at bank and in hand
39,897
59,206
(1,599)
4,099
(80,365)
53,679
$
$
$
$
$
$
$
$
$
Cash at beginning of Financial Year
Cash at end of Financial Year
Increase in Cash during year
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
378,489
533,230
154,741
(28,459)
109,866
(46,925)
154,741
34,318
41,752
44,189
533,230
533,230
378,489
154,741
-
1,710,986
23,420
162,449
18,722
1,915,576
(1,760,835)
154,741
30 June 2013
a) Basis of Accounting: The financial statements are a general purpose financial report which has been prepared in accordance with Australian Accounting Standards. The Financial Statements have
been prepared on the basis of historical costs. b) Reporting Entity: The results in this financial report includes all funds over which Whittlesea Community Connections Inc. controls resources to carry out
its functions. Whittlesea Community Connections Inc. is a not-for-profit incorporated association and public benevolent institution providing information services, settlement services, Community Legal
Services, a Volunteer Resource Service, an emergency relief program and other support services. The agency is staffed by a combination of paid staff and volunteers. Paid staff during the year have
included a CEO, Settlement Support and Community Development and Education workers, Solicitors and Office Coordinator. The primary source of funding is government grants. The entity is
incorporated under the Incorporation Act 1981, with a Management Committee responsible for governance. c) Taxation: The Agency is an Income Tax Exempt organisation endorses as a Deductible Gift
Recipient and Public Benevolent Institution. d) Equipment: Acquisition of assets are initially recorded at cost. The entity adopts a threshold of $1,000 when recognising equipment e). Investments: All
Investments are recorded at cost. Interest revenue is recognised as it is received. f) Employee entitlements: Liabilities for employee entitlement to wages and salaries, annual leave, long service leave and
other entitlements which are accrued at balance date and are expected to be paid or settled within 12 months of balance date are accrued at nominal amounts calculated on the basis of current wage and
salary rates, inclusive of associated on-costs. Liabilities for other employee entitlements which are not expected to be paid or settled within 12 months of balance date, are calculated as per Australian
Accounting Standard AAS30; Accounting of Employee Entitlements: The liabilities are calculated at the present value of the expected future payments to be made in respect of services provided by
employees up to balance date. In assessing future payments, regard is given to experience g) Superannuation: The Superannuation expense for the reporting period is the amount of the statutory
contribution the entity makes to the superannuation plan which provided benefits to employees. h) Cash for the purpose of the Statement of Cash Flows: cash includes cash deposits which are readily
convertible to cash on hand and are subject to an insignificant risk of change in value which are used in the cash management function on a day to day basis. i) Grants: Grants are recognised as
revenues when the entity obtains control over assets. Outstanding grants over which the entity has control are recognised as receivables and recorded at nominal amounts. j) Creditors: These amounts
represent unpaid liabilities for goods received and services provided to the entity prior to the end of the reporting period. These amounts are unsecured and are normally settled within 7 days). k)
Comparative Information: Comparative information, where necessary, has been reclassified to comply with the 30 June 2013 financial statement presentation.
Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2014
Summary of Significant Accounting Policies
533,230
586,909
53,679
32,439
$
(b) Reconciliation of net cash provided by operating
activities to operating surplus
Operating surplus
Non-cash flows in operating activities
Depreciation
Provision for Annual Leave Loading/Sick
Leave/Long Service Leave
Changes in assets and liabilities
Decrease/(Increase) in receivables
Increase/(Decrease) in creditors and provisions
Net Cash outflow from purchase of plant and equipment
Net cash provided by operating activities
586,909
53,679
-
$
$
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed assets
Net Cash provided by investing activities
1,963,788
25,511
215,561
20,410
2,225,270
(2,171,591)
53,679
30 June 2014
$
$
$
$
$
$
$
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from Grants Donations and sundry charges
Interest Received
Other
Fundraising Income
Total
Payments for employees and administrative expenses
Net Cash provided by operating activities