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