2018
$
2017
$ CASH FLOWS FROM OPERATING ACTIVITIES:
Other income 31,277 46,254
PMC grant receipts 1,362,148 1,348,213
Interest Received 1,846 3,582
Payment to suppliers and employees (1,362,075) (1,534,007)
Net cash provided by (used in) operating activities 8 33,196 (135,958)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payment for property, plant and equipment (8,827) (11,869)
Proceeds from sale of non-current assets - 1,131
Net cash used by investing activities (8,827) (10,738)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in cash and cash equivalents held 24,369 (146,696)
Cash and cash equivalents at beginning of year 914,495 1,061,191
Cash and cash equivalents at end of financial year 2 938,864 914,495
Central Australian Aboriginal Family Legal Unit
Notes to the Financial Statements
For the Year Ended June 30, 2018
The financial report covers Central Australian Aboriginal Family Legal Unit Aboriginal Corporation as an individual entity.
Central Australian Aboriginal Family Legal Unit Aboriginal Corporation is a not-for-profit Company.
The functional and presentation currency of Central Australian Aboriginal Family Legal Unit Aboriginal Corporation is Australian dollars.
1 Summary of Significant Accounting Policies
(a) Basis of Preparation
The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards - Reduced Disclosure Requirements and the Corporations (Aboriginal and Torres Strait Islanders) Act 2006, with the exception of:
AASB1242: Related Party Disclosures
Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless otherwise stated.
The financial statements have been prepared on an accruals basis and are based on historical costs modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities.
(b) Comparative Amounts
Comparatives are consistent with prior years, with the exception of the following balances.
The corporations main funding body, The Department of Prime Minister and Cabinet has informed the corporation that an overspend of funding in the year ended 30 June 2017 results in the amount carried forward into the year ended 30 June 2018 being reduced by the corresponding overspending amount. The effect of this is that the figure presented in the 2017 financials of Income in Advance $681,074 has been reduced to
$614,242. A reduction of $66,832. This amount is now recognised as revenue in the year ended 30 June 2017.
This accounting policy will be adopted by the corporation moving forward when any overspend occurs.
(c) Property, Plant and Equipment
Classes of property, plant and equipment are measured using the cost model as specified below.
Where the cost model is used, the asset is carried at its cost less any accumulated depreciation and any impairment losses. Costs include purchase price, other directly attributable costs and the initial estimate of costs of dismantling and restoring the asset, where applicable.
Depreciation
The depreciable amount of all property, plant and equipment, except for freehold land is depreciated on a straight-line method from the date that management determine that the asset is available for use.
Assets held under a finance lease and leasehold improvements are depreciated over the shorter of the term of the lease and the assets useful life.
VIII. FINANCIAL STATEMENTS
Central Australian Aboriginal Family Legal Unit
Notes to the Financial Statements
For the Year Ended June 30, 2018
1 Summary of Significant Accounting Policies
(d) Cash and cash equivalents
Cash and cash equivalents comprises cash on hand, demand deposits and short-term investments which are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value.
(e) Employee benefits
Provision is made for the Company's liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled.
Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits. In determining the liability, consideration is given to employee wage increases and the probability that the employee may satisfy vesting requirements. Those cashflows are
discounted using market yields on national government bonds with terms to maturity that match the expected timing of cashflows.
(f) Income Tax
No provision for income tax has been raised in these accounts.
(g) Revenue and other income
Revenue is recognised when the amount of the revenue can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the entity and specific criteria relating to the type of revenue as noted below, has been satisfied.
Revenue is measured at the fair value of the consideration received or receivable and is presented net of returns, discounts and rebates.
All revenue is stated net of the amount of goods and services tax (GST).
Grant revenue
Government grants are recognised at fair value where there is reasonable assurance that the grant will be received and all grant conditions will be met. Grants relating to expense items are recognised as income over the periods necessary to match the grant to the costs they are compensating. Grants relating to assets are credited to deferred income at fair value and are credited to income over the expected useful life of the asset on a straight-line basis.
Other income
Other income is recognised on an accruals basis when the Company is entitled to it.
(h) Goods and Services Tax (GST)
Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).
Receivables and payable are stated inclusive of GST.
VIII. FINANCIAL STATEMENTS
Central Australian Aboriginal Family Legal Unit
Notes to the Financial Statements
For the Year Ended June 30, 2018
1 Summary of Significant Accounting Policies
(h) Goods and Services Tax (GST)
The net amount of GST recoverable from, or payable to, the ATO is included as part of receivables or payables in the statement of financial position.
Cash flows are included in the statement of cash flows are included on a gross basis and the GST component of cash flows arising from investing and financing activities which is recoverable from, or payable to, the taxation authority is classified as operating cash flows.
2 Cash and cash equivalents Plant and equipment
At cost 6,936 6,936
Accumulated depreciation (6,936) (6,936)
Furniture, fixture and fittings
At cost 67,228 66,992
Accumulated depreciation (59,519) (58,091)
Total furniture, fixture and fittings 7,709 8,901
Motor vehicles
At cost 159,550 191,267
Accumulated depreciation (159,550) (191,267)
Office equipment
At cost 176,429 169,237
Accumulated depreciation (132,875) (115,852)
VIII. FINANCIAL STATEMENTS
Central Australian Aboriginal Family Legal Unit
Notes to the Financial Statements
For the Year Ended June 30, 2018
2018
$
2017
$
4 Property, plant and equipment Shop Fittings
At cost 104,146 104,146
Accumulated depreciation (104,146) (104,146)
Property, plant and equipment 51,262 62,286
Total property, plant and equipment 51,262 62,286
5 Trade and other payables
2018
$
2017
$ CURRENT
Unsecured liabilities
Trade payables 9,250 7,819
Other payables 132,746 138,741
141,996 146,560
6 Other liabilities
Grants received in advance 655,282 614,242
7 Employee Benefits
CURRENT
Provision for annual leave 61,479 38,577
NON-CURRENT
Long service leave 45,058 31,086
30 – Central Australian Aboriginal Family Legal Unit – Annual Report 2017-2018
VIII. FINANCIAL STATEMENTS
Central Australian Aboriginal Family Legal Unit
Notes to the Financial Statements
For the Year Ended June 30, 2018
2018
$
2017
$
4 Property, plant and equipment Shop Fittings
At cost 104,146 104,146
Accumulated depreciation (104,146) (104,146)
Property, plant and equipment 51,262 62,286
Central Australian Aboriginal Family Legal Unit
Notes to the Financial Statements
For the Year Ended June 30, 2018
2018
$
2017
$
8 Cash Flow Information
(a) Reconciliation of result for the year to cashflows from operating activities
Reconciliation of net income to net cash provided by operating activities:
2018
$
2017
$
Profit for the year (51,589) (18,469)
Cash flows excluded from profit attributable to operating activities Non-cash flows in profit:
- depreciation 19,851 26,721
- net (loss) on disposal of property, plant and equipment - 1,844 Changes in assets and liabilities:
- (increase)/decrease in trade and other receivables (1,150) 425
- increase/(decrease) in other liabilities (7,267) (7,927)
- increase/(decrease) in trade and other payables (4,563) (2,707)
- increase/(decrease) in provisions 36,874 (9,126)
- increase/(decrease) in income in advance 41,040 (126,719)
Cashflow from operations 33,196 (135,958)
VIII. FINANCIAL STATEMENTS
Central Australian Aboriginal Family Legal Unit Aboriginal Corporation