Page 73 - BWA 2021 ANNUAL REPORT

WESTERN AUSTRALIAN BASKETBALL FEDERATION INC.
Notes to the financial statements
for the year ended 31 December 2021
Note
Note 4 Financial assets and financial liabilities 4.1 Cash and cash equivalents
Cash at bank Cash on hand Cash on deposit
4.1.1 Cash Flow Information
a. Reconciliation of cash flow from operations to profit for the year
Profit for the year
Cash flows excluded from profit attributable to operating activities: Non-cash flows in profit from ordinary activities:
◼ Depreciation and amortisation
◼ Bad and doubtful debts
◼ Gain on disposal of assets
◼ Write-off of inventories
◼ Waiver of rent
Changes in assets and liabilities:
◼ Decrease in trade and other receivables and other assets
◼ Decrease/(increase) in inventories
◼ (Decrease)/increase in trade and other payables
◼ Increase in provisions
Cash flow (used in) from operations
-
2,218,591 2,780 1,022,356
3,243,727
1,056,761 -
70,471 - 1,995 116,972
(3,189)
57,631 (126,595)
175,350 130,124
1,479,520
--
3.1 Finance income and expenses
Finance income comprises interest income on funds invested, gains on the disposal of financial assets and changes in the fair value of financial assets at fair value through profit or loss. Interest revenue is recognised on a time proportionate basis that considers the effective yield on the financial asset.
2021 $
2020 $
2,554,213 2,600 1,025,075
3,581,888
2021 $
2020 $
224,830 -
78,988 2,622 - - -
191,249 15,062
(107,408) 23,975
429,318
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3 Other Significant Accounting Policies related to items of profit and loss
Financial expenses comprise interest expense on borrowings calculated using the effective interest method, unwinding of discounts on provisions, changes in the fair value of financial assets at fair value through profit or loss and impairment losses recognised on financial assets. All borrowing costs are recognised in profit or loss using the effective interest
method.
b. Credit and loan standby arrangement with banks
The Association has no credit standby or financing facilities in place and there were no non-cash financing or investing
activities during the year (2020: nil).
c. Non-cash investing and financing activities
The Association had no non-cash investing and financing activities during the year (2020: nil).
4.1.2 Accounting policy
For the purposes of the statement of cash flows, cash includes deposits at call which are readily convertible to cash on hand
and which are used in the cash management function on a day-to-day basis, net of outstanding overdrafts.