australian swimming 93rd annual report 2001/2002

54 finance
Notes to the Financial Statements For the Year Ended 30 June 2002
NOTE 17 R cash flow information
a Reconciliation of Cash
2002 2001
$ $
Cash at bank 190,632 170,863
Deposit 1,335,711 1,284,810
b Reconciliation of net cash provided by operating activities to surplus from ordinary activities
1,526,343 1,455,673
Surplus from ordinary activities 429,989
Non-cash flows in surplus from ordinary activities:
Depreciation 49,060
Changes in assets and liabilities:
(Increase)/Decrease in receivables (44,641) 92,967
(Increase)/Decrease in stock (31,336) (404)
(Increase)/Decrease in prepayments 487,822 (432,187)
Increase/(Decrease) in creditors, 255,226 (504,523)
Increase/(Decrease) in GST Liability 138,263 (145,918)
Increase/(Decrease) in provisions (99,449) (237,733)
Increase/(Decrease) in Reveune in Advance (98,122) 974,995
Net cash provided by operating activities 245,431 226,246
c The Association has no credit stand-by or financing facilities in place.
d There were no non-cash financing or investing activities during the period.
NOTE 18 R financial instruments
a Interest Rate Risk
The Association’s exposure to interest rate risk, which is the risk that a financial instrument’s value
will fluctuate as a result of changes in market interest rates and the effective weighted average interest
rates on those financial assets and financial liabilities, is as follows:
weighted average floating interest fixed interest rate maturing
Effective Interest Rate Rate Within 1 Year 1 to 5 Years
2002 2001 2002 2001 2002 2001 2002 2001
financial assets % % $ $ $ $ $ $
Cash 3.30 3.60 190,632 170,863
Short Term Deposits 4.55 5.07 0 1,284,810
TOTAL FINANCIAL ASSETS 1,335,711 170,863 0 1,284,810
b Credit Risk
The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance
date to recognised financial assets is the carrying amount, net of any provisions for doubtful debts, as
disclosed in the statement of financial position and notes to the financial statements.
The Association does not have any material credit risk exposure to any single debtor or group of
debtors under financial instruments entered into by the Association. The Association does however
have a material risk if the Australian Sports Commission was to stop funding due to the level of grants
they supply for the running of the Association.
NOTE 19 R association details
The principal place of business of the Association is: Unit 12, 7 Beissel St, BELCONNEN ACT 2617