Berry Street Web Docs Berry Street Annual Report 2011 | Page 30
BERRY STREET VICTORIA INC
Concise
Financial
Report
for the year ended 30 June 2011
DISCUSSION AND ANALYSIS OF THE FINANCIAL SUMMARY
Information on Berry Street Victoria Inc
Financial Summary
Statement of Financial Position
Net Assets increased by $1.4 million to $35 million.
The major changes were as follows:
The financial summary presented in this Annual Report
has been derived from the Financial Report of Berry
Street Victoria Inc. for the year ended 30 June 2011.
• Intangible assets increased by $1.6 due to the
donation of a property.
The discussion and analysis, together with the
financial summary has been included to provide
members with an overview of the financial
performance of Berry Street Victoria Inc for the year
ended 30 June 2011 and of its financial position at
30 June 2011.
Statement of Changes in Equity
Total equity increased by $1.4 million representing
the profit for the year of $1.2 million and a $0.2 million
increase in the financial assets revaluation reserve.
Cash Flow Statement
A copy of the full financial report and auditor’s report
is available, free of charge, upon request.
There was a net decrease of $2.5 million in cash
holdings during the year. The major changes in cash
movements during the year included the following:
Income Statement
• Cash generated through operating activities
contributed $4.0 million, principally due to noncash items totalling $2.8 million which form part of
operating expenses. These were predominantly
depreciation and amortisation. In addition the
profit $1.2 million detailed in the commentary on
the Income Statement above.
The profit for the year ended 30 June 2011 is $1.2
million, compared to a profit of $4.2 million in the
previous year. The major items contributing to this
result were:
Revenues:
• Government and other grants increased
by $1.9 million
• Sale proceeds on property, plant and equipment,
net of expenditure, totalled $0.7 million
• Charitable and fundraising revenue increased
by $1.8 million, which includes a $1.65 million
property donation
• The increase in the investment portfolio, net of sale
proceeds totalled $3.0 million.
• Repayment of borrowings (Finance Lease
payments for motor vehicles) totalled $4.2 million.
• Other revenue increased by $0.8 million
• Proceeds from bequests decreased by
$0.5 million.
Investments
Berry Street segregates an amount of long term assets
for investment (akin to an endowment) of $22.4 million
as at June 30th 2011, which is invested and managed
to ensure that:
Expenses:
• Employee benefits expense increased by $5.9
million and as a percentage of total operating
revenue, this also increased from 65% in 2010
to 70% in 2011.
• 6% per annum is returned back to operations and;
• where the endowment earns more than 6% per
annum, that excess is reinvested to grow the
endowment.
• Occupancy costs increased by $0.7 million mainly
due to Building Repair costs, Utility costs and
increases to Rental payments.
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