NEWSBOYS FOUNDATION ANNUAL REPORT 2017 33 NEWSBOYS FOUNDATION FINANCIAL REPORT 2017 2016 $ $ 7. Investments Balance at start of the period 17,365,731 17,554,299 Purchases at cost 652,725 489,548 Sales at fair value as at sale date (660,233) (928,995) Revaluations taken to equity reserve 1,054,859 250,879 Impairment charges taken to statement of comprehensive income (25,250) - Balance at end of the period 18,387,832 17,365,731 Sensitivity analysis – equity price risk All of the Foundation’s equity investments are listed on the Australian Securities Exchange (ASX). For all investments classified as available-for-sale a 10 percent increase in the ASX closing bid price at the reporting date would have increased equity by $1,841,308 (2016: an increase of $1,736,573); an equal change in the opposite direction would have decreased equity by $1,841,308 (2016: a decrease of $1,736,573). 2017 2016 $ $ 8. Plant and equipment Cost Balance at start of the period 18,235 18,235 Acquisitions - - Balance at end of the period 18,235 18,235 Accumulated depreciation Balance at start of the period (15,967) (14,378) Depreciation charge for the year (1,500) (1,589) Balance at end of the period (17,467) (15,967) Carrying amounts At start of the period 2,268 3,857 At end of the period 768 2,268 9. Receivable Non current Security deposit 8,890 8,055 10. Payables Sundry creditors 10,441 13,376 11. Employee benefits Current Provision for annual leave 13,948 11,124 Provision for long service leave 28,689 24,554 Total employee benefits 42,637 35,678 2017 2016 $ $ 12. Reconciliation of cash flows from operating activities Profit for the year 79,116 34,919 Adjustments for: Loss on disposal of investments (51,395) 1,346 Impairment of investments 25,250 - Depreciation 1,500 1,590 Operating profit before changes in working capital and provisions 54,471 37,855 Change in assets and liabilities during the financial year: Decrease/ (increase) in receivables (21,013) 71,668 Decrease in Sundry payables (3,089) (8,326) Increase in employee benefits 7,115 2,482 Net cash provided by operating activities 37,484 103,679 13. Defined contribution superannuation fund The Foundation makes contributions to a defined contribution superannuation fund. The amount recognised as expense is $17,435 for 30 June 2017 (2016: $16,357). 14. Related party disclosure Board of Directors The names of each person holding a position on the Board of the Newsboys Foundation during the financial year are: W. Brind Zichy-Woinarski QC Penelope J Campbell Michelle E Collins David C Coombes Keith C Gillett Ann M Robinson Deryk A H Stephens John R Warner Other transactions with the Foundation The following Directors of the Board or entities related to that Director have had dealings with the Foundation throughout the year: Mr David C Coombes, a Partner at Gadens Lawyers provided legal services to the Foundation during the years ending 30 June 2017 and 30 June 2016 on a pro-bono basis. No other fees, salaries or other benefits have been paid to Directors during the year.