Melaleuca Refugee Centre annual report 2013-2014
Melaleuca Refugee Centre annual report; Reports; PublicationNT; reports
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Refugees, Services For -- Northern Territory -- Darwin –- Periodicals; Social service -- Northern Territory -- Darwin –- Periodicals
Melaleuca Refugee Centre
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FINANCIAL STATEMENTSFINANCIAL STATEMENTS MELALEUCA REFUGEE CENTRE TORTURE AND TRAUMA SURVIVORS SERVICE OF THE NT INC. NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This financial report is a special purpose financial report prepared in order to satisfy the financial reporting requirements of the Associations Act. The committee has determined that the association is not a reporting entity. The financial report has been prepared on an accruals basis and is based on historic costs and does not take into account changing money values or, except where specifically stated, current valuations of non-current assets. The following significant accounting policies, which are consistent with the previous period unless otherwise stated, have been adopted in the preparation of this report. (a) Statement of Cash Flows The Association does not prepare a statement of cash flows as required by AASB107. The Association believes there is adequate relevant information available from the financial report, and therefore the omission of the statement of cash flows does not adversely affect: (i) decisions about the allocation of scarce resources made by the users of the financial report, and (ii) discharge of accountability of management and committee of management. (b) Property, plant and equipment (PPE) Leasehold improvements and office equipment are carried at cost less, where applicable, any accumulated depreciation. The depreciable amount of all PPE is depreciated over the useful lives of the assets to the association commencing from the time the asset is held ready for use. The rates used are: Motor Vehicles 30% (2013 30%) Building renovations 8.33% (2013 8.33%) c) Income Tax The Association is a Public Benevolent Institution with all applicable taxation exemptions. (d) Employee entitlements Provision is made for the associations liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee entitlements have been measured at the amounts expected to be paid when the liability is settled. (e) Provisions Provisions are recognised when the association has a legal or constructed obligation, as a result of past events for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions are measured at the best estimate of the amounts required to settle the obligation at the end of the reporting period. ((f) Cash and Cash Equivalents Cash and cash equivalents includes cash on hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less. 29
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