Territory Stories

Annual report 2007-2008



Annual report 2007-2008

Other title

Mental Health Association of Central Australia


Mental Health Association of Central Australia reports; MHACA : Mental Health Association of Central Australia reports; Reports; PublicationNT




Made available via the Publications (Legal Deposit) Act 2004 (NT).






Mental health facilities -- Northern Territory -- Periodicals; Aboriginal Australians -- Mental health services -- Northern Territory -- Periodicals; Well-being -- Social aspects -- Northern Territory -- Periodicals

Publisher name

Mental Health Association of Central Australia

Place of publication

Alice Springs

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Page content

30 mhaca annual report 2007-2008 MENTAL HEALTH ASSOCIATION OF CENTRAL AUSTRALIA INCORPORATED Auditors Report NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2008 1. SUMMARY OF ACCOUNTING POLICIES Financial Reporting Framework The association is not a reporting entity because in the opinion of the governing committee there are unlikely to exist users of the financial report who are unable to command the preparation of reports tailored so as to satisfy specifically all of their information needs. Accordingly, this special purpose financial report has been prepared to satisfy the governing committees reporting requirements under the Associations Act. The financial report has been prepared on the basis of historical cost and except where stated, does not take into account changing money values or current valuations of non-current assets. Cost is based on the fair values of the consideration given in exchange for assets. The financial report has been prepared in accordance with the Associations Act, the basis of accounting, but not the disclosure requirements, specified by all applicable Australian Accounting Standards. Significant accounting policies Accounting policies are selected and applied in a manner which ensures that the resultant financial information satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions and other events is reported. The following significant accounting policies have been adopted in the preparation and presentation of the financial report. Depreciation Items of property, plant and equipment are depreciated over their estimated useful lives using the diminishing value method. The main rates used are: * plant and equipment 36.0% * motor vehicles 25.0% * leasehold improvements 2.0% Economic Dependency A significant volume of the associations revenue is from Government grants. Employee Entitlements The amount expected to be paid to employees for their pro-rata entitlements to long service and annual leave is accrued annually at current wage rates. Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST. Receivables and payables are recognised inclusive of GST. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables. Income Tax - The association is not subject to income tax. Government Grants Grants are recognised as revenue in accordance with the year to which they relate. Grants receivable for the current year but not received are accrued as a receivable, grants for future years received in the current year are treated as a liability. The portion of specific purpose grants received and unexpended at year end, is transferred to current liabilities. (cont.)

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