2015 WelTec Annual Report

Page 67

NOTES TO THE FINANCIAL STATEMENTS

GROUP

23

24

PARENT

2015 Actual $000

2014 Actual $000

2015 Actual $000

2014 Actual $000

Opening balance

7,950

7,651

7,922

7,262

Profit

1,155

299

1,188

660

Balance at end of financial year

9,105

7,950

9,110

7,922

26,656

25,543

26,656

25,543

(18)

(79)

(18)

(79)

2,837

1,192

2,837

1,192

29,475

26,656

29,475

26,656

RETAINED EARNINGS

RESERVES Opening balance Release of reserve on disposal of assets Revaluation (decrements)/increments Balance at end of financial year

These reserves have been generated by the revaluation of land and buildings undertaken by Darroch Limited on an annual basis, and the revaluation of plant on a 3 yearly basis undertaken most recently by Ewan Forbes, registered Plant and Machinery Valuer in 2013 (see note 16). 25 NOTES TO THE CASH FLOW STATEMENT (a) Reconciliation of cash and cash equivalents For the purposes of the cash flow statement, cash and cash equivalents includes cash on hand and in banks and term investments in money market instruments, net of outstanding bank overdrafts. The carrying value of cash at bank, call deposits and term deposits < 90 days approximates their fair value. Cash and cash equivalents at the end of the financial year as shown in the cash flow statement is reconciled to the related items in the balance sheet as follows: 2015 Actual $000

2014 Actual $000

2015 Actual $000

2014 Actual $000

7,254

3,111

6,720

2,440

3,972

5,827

3,972

5,827

11,226

8,938

10,692

8,267

1,155

299

1,188

660

Depreciation and amortisation of non current assets

3,945

4,080

3,921

4,061

Loss/(gain) on sale on disposal of non current assets

66

1

66

1

Doubtful debts expense

73

476

73

476

Cash and cash equivalents: Operating Funds Designated Funds: - Campus Development

(b) Reconciliation of profit for the period to net cash flows from operating activities (Loss)/profit for the period Add/(less) non-cash items:

Rent holiday

(55)

(55)

(55)

(55)

(145)

-

-

-

Dividend declared by related party

-

(139)

-

(139)

Gain on revaluation of non current assets

-

(27)

-

(27)

712

1,210

628

1,001

Share of associate profit

Add/(less) movements in working capital items: Decrease/(increase) in receivables Decrease/(increase) in inventories (Decrease)/increase in payables Increase/(decrease) in employee entitlements (Decrease)/increase in income in advance Net cash from operating activities

6

(276)

6

(276)

(1,099)

1,646

(1,035)

1,346

1

85

(4)

60

2,455

691

2,451

265

7,114

7,991

7,239

7,373

65


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