Fitzroy Learning Network Annual Report - Page 14

Fitzroy Learning Network Inc. Annual Financial Report For the year ended 30 June 2016 Notes to the Financial Statements 2016 $ Note 13 (a) Cash and Cash Equivalents Bank balances Petty cash Note 13 2015 $ 96,355 2,341 98,696 386,759 341 387,100 Surplus/(deficit) for the period Add/(less) non-cash items: Correction of prior period error Depreciation (116,134) (28,837) Operating surplus/(deficit) before changes to working capital Change in receivables and other assets Change in payables Change in employee benefits Change in deferred income Net cash from/(used in) operating activities (107,777) (83,596) 210 53,326 (5,601) (215,002) (274,844) (58,788) 24,171 3,813 106,828 (7,572) (b) Reconciliation of Cash flows from Operating Activities Cash flows from operating activities 8,357 (75,000) 20,241 Note 14 Related party transactions There have been no related party transactions during the period ended 30 June 2016. (2015: Nil) Note 15 Correction of prior period errors The correction of prior period errors have caused the following impact on the comparative balances for the year ended 30 June 2015: Revenue as per 30 June 2015 audited financials Correction Corrected comparative balance 734,954 (75,000) 659,954 Deferred Income as per 30 June 2015 audited financials Correction Corrected comparative balance 190,000 75,000 265,000 12