2021-22 Performances & Events

ABN 14 009 624 248

Statement of Cash Flows

For the Year Ended 30 June 2021

Cash flow from operating activities:

Receipts from customers

Payments to suppliers and employees

Operating grants received

Interest received

Net cash from/(used in) operating activities

Cash flow from investing activities:

Acquisition of property, plant and equipment

Net cash used by investing activities Note

16

2021 $ 2020 $

2,372,018 2,028,348 (3,477,086) (3,652,367) 1,550,824 1,550,738

5,852

5,074 451,608 (68,207)

(110,259) (187,554) (110,259) (187,554)

Net increase/(decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of year

Cash and cash equivalents at end of year

8

The Statement of Cash Flows is to be read in conjunction with the attached notes. 341,349 (255,761) 1,452,757 1,708,518 1,794,106 1,452,757

ABN 14 009 624 248

Statement of Significant Accounting Policies

For the Year Ended 30 June 2021

1 Statement of Significant Accounting Policies

(a) General information

Darwin Performing Arts Centre is a Company limited by guarantee, incorporated and domiciled in Australia. The Company trades as Darwin Entertainment Centre.

The following is a summary of the significant accounting policies adopted by the Company in the preparation of the financial statements.

The registered office of the Company is: Darwin Entertainment Centre 93 Mitchell Street Darwin NT 0800

(b) Basis of Preparation

In the opinion of the directors, the Company is not publicly accountable. The Company applies Australian Accounting Standards – Reduced Disclosure Requirements as set out in AASB 1053: Application of Tiers of Australian Accounting Standards and AASB 2010-2: Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements.

The financial statements are Tier 2 general purpose financial statements that have been prepared in accordance with Australian Accounting Standards – Reduced Disclosure Requirements, adopted by the Australian Accounting Standards Board and the Australian Charities and Not-for-profits Commission Acts 2012. The Company is a not-for-profit company for the purpose of preparing the financial statements.

The financial statements have been prepared on a historical cost basis. The concept of accrual accounting has been adopted in preparation of the financial statements. The accounting policies have been consistently applied, unless otherwise stated.

(c) Functional and presentation currency

The financial statements are presented in Australian dollars, which is the Company’s functional currency.

ABN 14 009 624 248

Statement of Significant Accounting Policies

For the Year Ended 30 June 2021

1 Statement of Significant Accounting Policies (continued)

(d) Use of estimates and judgements

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively.

(e) Inventories

Inventories are measured at the lower of cost and net realisable value. Costs are assigned on an average basis.

(f) Property, Plant and Equipment

Each class of property, plant and equipment is carried at cost less, where applicable, any accumulated depreciation and impairment losses.

(i) Plant and equipment

Plant and equipment is measured on the cost basis less depreciation and impairment losses. Assets purchased for less than $300 during the year have been directly expensed. If significant parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in the Statement of Profit and Loss and Other Comprehensive Income.

(ii) Depreciation

All fixed assets are depreciated on a straight-line basis over their useful lives, commencing from the time the asset is held ready for use.

The estimated useful lives used for each class of depreciable assets are:

Class of Asset

Plant and Equipment Office Furniture and Equipment Motor Vehicles Building Improvement 2 to 5 years 1 to 5 years 4 years 10 years

The assets' residual value and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.

ABN 14 009 624 248

Statement of Significant Accounting Policies

For the Year Ended 30 June 2021

1 Statement of Significant Accounting Policies (continued)

(f) Property, Plant and Equipment (continued)

(iii) Impairment

An asset is said to be impaired when the asset’s carrying amount exceeds its recoverable amount.

Non-current physical assets are assessed for indicators of impairment on an annual basis of whenever there is an indication of impairment. If an indicator of impairment exists, the Company determines the recoverable amount. Any amount by which the asset’s carrying amount exceeds the recoverable amount is recorded as an impairment loss.

In certain situations, an impairment loss may be subsequently reversed. Where an impairment loss is reversed, the carrying amount of the asset is increased to the revised recoverable amount.

Impairment losses are recognised as expenses in the statement of profit and loss. A reversal of impairment losses is recognised as income in the statement of profit and loss.

(g) Employee Benefits

Employee benefits liabilities are recognised for employee benefits such as wages and salaries, annual leave and long service leave in respect of services provided by the employee up to the reporting date. Liabilities for employee benefits are assessed at each reporting date. Where it is expected that the leave will be paid in the next twelve months the liability is treated as a current liability. Otherwise the liability is treated as non-current.

The superannuation expense for the reporting period is the amount of the contribution the Company makes to the superannuation plan which provides benefits to its employees.

(h) Income Tax

No provision for income tax has been raised as the Company is exempt from income tax under Division 50 of the Income Tax Assessment Act 1997.

(i) Goods and Services Tax (GST)

Revenues, 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. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the Statement of Financial Position are shown exclusive of GST. Cash flows are presented in the Statement of Cash Flows on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flow.