Page 58 - Bauxite Resources Annual Report 2014

56 | Bauxite Resources Annual Report 2014
NOTES TO THE FINANCIAL STATEMENTS
Notes to the Financial Statements cont.
Annual Report 2014 Bauxite Resources 56
Year ended 30 June 2014
Under previous
accounting
policy AASB11 1 As presented
$ $ $
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issues of ordinary shares - - -
Payment for buyback of shares (221,102) - (221,102)
Payment of share issue costs - - -
NET CASH INFLOW FROM FINANCING ACTIVITIES (221,102) - (221,102)
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (2,623,105) 72,362 (2,550,743)
Cash and cash equivalents at the beginning of the financial year 43,881,153 (395,150) 43,486,003
CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR 41,258,048 (322,788) 40,935,260
Note 1 – Effect of change in accounting policy
Year ended 30 June 2013
Under previous
accounting
policy AASB11 1 As presented
$ $ $
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 1,525,805 (45,345) 1,480,460
Payments to suppliers and employees (2,802,661) (581,151) (3,383,812)
Payments for exploration expenditure (5,125,259) 229,785 (4,895,474)
Interest received 2,065,626 (1,196) 2,064,430
Income tax received/(paid) (7,051) 7,051 -
NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES (4,343,540) (390,856) (4,734,396)
CASH FLOWS FROM INVESTING ACTIVITIES
Recoup/(payment)of security deposit 223,601 22,115 245,716
Receipts from sales of property, plant & equipment 348,682 - 348,682
Payments for property, plant and equipment (139,800) 52,523 (87,277)
Expenditure on mining improvements - - -
NET CASH INFLOW/ (OUTFLOW) FROM INVESTING ACTIVITIES 432,483 74,638 507,121
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issues of ordinary shares - - -
Payment for buyback of shares (238,880) - (238,880)
Payment of share issue costs - - -
NET CASH INFLOW FROM FINANCING ACTIVITIES (238,880) - (238,880)
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (4,149,937) (316,218) (4,466,155)
Cash and cash equivalents at the beginning of the financial year 48,031,090 (78,932) 47,952,158
CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR 43,881,153 (395,150) 43,486,003
Note 1 – Effect of change in accounting policy
(u) New Accounting Standards for Application in Future Periods
The AASB has issued a number of new and amended Accounting Standards and Interpretations that have mandatory
application dates for future reporting periods, some of which are relevant to the Group. The Group has decided not to early
adopt any of the new and amended pronouncements. The Group’s assessment of the new and amended pronouncements that
are relevant to the Group but applicable in future reporting periods is set out below:
AASB 9: Financial Instruments (December 2010) and AASB 2010–7: Amendments to Australian Accounting Standards arising
from AASB 9 (December 2010).