Berry Street Web Docs Financial Report 2014 | Page 24

BERRY STREET VICTORIA INC.
ABN 24 719 196 762

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2014
Total Provisions

4,796,505

4,121,053

NOTE 13: PROVISIONS (Continued)
Provision for long term Employee Benefits
A provision has been recognised for employee benefits relating to long service leave. In calculating the
present value of future cash flows in respect of long service leave, the probability of long service leave being
taken is based upon historical data. The measurement and recognition criteria for employee benefits has
been included in Note 1.

NOTE 14: RESERVES
Asset Revaluation Surplus
The asset revaluation surplus records the revaluation of land and buildings to fair value.
Financial Assets Reserve
The financial assets reserve records the revaluation increments and decrements (that do not represent
impairment write-downs) that relate to financial assets that are classified as available-for-sale.

NOTE 15: FINANCIAL RISK MANAGEMENT
The association’s financial instruments consist mainly of deposits with banks, local money market
instruments, short term investment, accounts receivable and payable and leases.
The total for each category of financial instruments, measured in accordance with AASB 139 as detailed in
the accounting policies to these financial statements, are as follows:
Note

2014
$

2013
$

4
5

5,143,642
2,933