Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 4432 NEWSBOYS FOUNDATION ANNUAL REPORT 2016 NEWSBOYS FOUNDATION FINANCIAL REPORT (h) Income tax The Foundation, being a charitable institution, is exempt from income tax in accordance with Section 50-5 of the Income Tax Assessment Act. (i) Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. (j) Plant and equipment Items of plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Depreciation is recognised in the statement of comprehensive income on a straight-line basis over the estimated useful lives of each part of an item of plant and equipment. The estimated useful lives for the current and comparative periods are as follows: Office Machines 5 years Office Furniture 5 years Depreciation methods, useful lives and residual values are reviewed at each reporting date. (k) Leases Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the statement of comprehensive income on a straight-line basis over the period of the lease. (l) Employee benefits Liabilities for wages and salaries, including non- monetary benefits, annual leave and long service leave expected to be settled within 12 months of the reporting date are recognised in provisions in respect of employees’ services up to the reporting date and are measured at the amounts expected to be paid, inclusive of on costs, when the liabilities are settled. The expense for non-accumulating sick leave is recognised when the leave is taken and measured at the rates paid or payable. (m) Comparative figures When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year. 2016 2015 $ $ 2. Investment revenue Interest revenue 43,631 68,255 Dividend and distribution revenue 888,275 948,931 Franked credits received 226,418 290,912 1,158,324 1,308,098 3. Other expenses Rental 43,190 40,747 Administration 23,186 22,112 Other 40,519 57,416 106,895 120,275 4. Auditor’s remuneration Audit services Grant Thornton Audit Pty Ltd: Fees in respect of the audit of the 2016 financial report amounted to $5,000 (2015: $5,000). 5. Cash and cash equivalents Bank balances 53,893 33,154 Deposits at call 2,324,812 1,989,414 2,378,705 2,022,568 Cash flow sensitivity analysis for variable rate instruments A change of 100 basis points in interest rates based on the average value of monies held would have varied the profit by $21,571. 2016 2015 $ $ 6. Receivables Current Dividends and distributions receivable 167,360 173,300 GST receivable 1,790 2,635 Investment Sales - 20,736 Franked credits receivable 259,171 324,057 428,321 520,728