NEWSBOYS FOUNDATION ANNUAL REPORT 2017 37 NEWSBOYS FOUNDATION TRUST FINANCIAL REPORT Newsboys Foundation Trust Statement of Changes in Equity as at 30 June 2017 Retained Investment Total earnings revaluation equity reserve $ $ $ For the year ended 30 June 2016 Opening balance at 1 July 2015 154,611 - 154,611 Total comprehensive income for the year 105,334 105,334 Revaluation of investments - 5,512 5,512 Closing balance at 30 June 2016 259,945 5,512 265,457 For the year ended 30 June 2017 Opening balance at 1 July 2016 259,945 5,512 265,457 Total comprehensive income for the year 2,970 - 2,970 Revaluation of investments - 4,615 4,615 Closing balance at 30 June 2017 262,915 10,127 273,042 The statement of changes in equity is to be read in conjunction with the notes to the financial statements set out on pages 37 to 38. Newsboys Foundation Trust Statement of Cash Flows For the year ended 30 June 2017 Notes 2017 2016 $ $ Cash flows from operating activities Cash receipts in the course of operations 4,100 105,050 Cash payments in the course of operations (47) - Cash payments to community youth organisations (10,650) (6,200) Dividends and distributions received 5,439 3,460 Interest received 2,719 1,948 Net cash from operating activities 3 1,561 104,258 Cash flows from investing activities Payments for investments (76,113) (109,830) Net cash used in investing activities (76,113) (109,830) Net (decrease)/ increase in cash (74,552) (5,572) Cash at the beginning of the financial year 149,039 154,611 Cash at the end of the financial year 74,487 149,039 The statement of cash flows is to be read in conjunction with the notes to the financial statements set out on pages 37 to 38. Newsboys Foundation Trust Notes to the Financial Statements For the year ended 30 June 2017 1. Significant accounting policies (a) Statement of compliance The Newsboys Foundation Trust (the “Trust”) was established as a Public Fund for charitable purposes to encourage the growth of the resources of the Fund by other donations and benefactions. Any donations to the Fund are tax deductible. In the opinion of the Trustees, the Trust is not a reporting entity. The financial report of the trust has been drawn up as a special purpose financial report for the purpose of fulfilling the terms of the Trust Deed. The financial report has been prepared in accordance with recognition and measurement aspects of all applicable Australian Accounting Standards (AASBs) (including Australian Interpretations) adopted by the Australian Accounting Standards Board (AASB) and the provisions of the Trust Deed constituting the Trust. (b) Basis of preparation As stated above, the Trust has adopted the above-mentioned accounting standards. However, those standards or amendments that were available for early adoption have not been adopted. The quantification of the potential impact of non-adoption of those standards and amendments is not known or reasonably estimated in the current financial year. The Trust has reviewed each of these new standards and interpretations and is satisfied that they have no impact on the reported financial position and performance of the Trust for the year ended 30 June 2017. The financial report is prepared on an accrual basis and is based on historical cost, except for investments in listed securities which have been stated at fair value. The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities, income and expenses. In particular, information about impairment of investments is a significant area of judgement as described in note 1(e). There are no significant assumptions or sources of estimates that have a potential to cause a material adjustment to the carrying amounts of assets or liabilities in the next year. The accounting policies set out below have been applied consistently to all periods presented in the financial report. (c) Functional and presentation currency These financial statements are presented in Australian dollars which is the Trust’s functional currency.