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Financials - Sydney Metropolitan Development Authority Notes to the Financial Statements for year ending 30 June 2012 (o) Changes in accounting policies In the current period, the Authority has adopted all of the new and revised Standards and Interpretations that are relevant to its operations and which are effective for current reporting period beginning on 1 July 2011. As a result, the Authority has changed its accounting policies and disclosure in relation to the presentation of financial statements. When the presentation or classification of items in the financial statements are amended, comparative amounts are reclassified unless the reclassification is impracticable. When comparative amounts are reclassified, the Authority discloses: –– the nature of the reclassification; –– the amount of each item or class of items that is reclassified; and –– the reason for the reclassification. (p) New Australian Accounting Standards issued but not effective The following new Accounting Standards have not been applied as mandated by NSW Treasury Circular TC 12/04 Mandates of Options and Major Policy Decisions under Australian Accounting Standards: Standard/Interpretation Effective for annual reporting periods beginning on or after Expected to be initially applied in the financial year Ending ^ AASB 9 ‘Financial Instruments’, AASB 2009- 11 ‘Amendments to Australian Accounting Standards arising from AASB 9’ and AASB 2010-7 ‘Amendments to Australian Accounting Standards arising from AASB 9 (December 2010)’ 1 January 2013 30 June 2016 AASB 10 Consolidated Financial Statements’ 1 January 2013 30 June 2014 AASB 11 Joint Arrangements 1 January 2013 30 June 2014 AASB 12 Disclosure of Interests in Other Entities 1 January 2013 30 June 2014 AASB 13 Fair Value Measurement, AASB 2011-8 Amendments to Australian Accounting Standards arising from AASB 13 1 January 2013 30 June 2014 AASB 127 Separate Financial Statements (2011) 1 January 2013 30 June 2014 AASB 128 Investments in Associates and Joint Ventures (2011) 1 January 2013 30 June 2014 AASB 119 Employee Benefits (2011), AASB 2011-10 Amendments to Australian Accounting Standards arising from AASB 119 (2011) 1 January 2013 30 June 2014 AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements standards 1 January 2013 30 June 2014 (q) Budgeted amounts The budgeted amounts are drawn from the original budgeted financial statements presented to Parliament in respect of the reporting period, as adjusted for section 24 of the PFAA where there has been a transfer of functions between departments. Other amendments made to the budget are not reflected in the budgeted 30 SYDNEY METROPOLITAN DEVELOPMENT AUTHORITY
2 Expenses Excluding Losses (a) Consolidated Consolidated SMDA SMDA 30 June 2012 30 June 2011 30 June 2012 30 June 2011 $’000 $’000 $’000 $’000 Employee related expenses Salaries and wages (including recreation leave) 3,104 1,357 Superannuation - defined contribution plans 234 64 - Long service leave 53 58 - Workers’ compensation insurance 0 - - Payroll tax and fringe benefit tax 53 33 - Other employee expenses 37 - - 3,480 1,512 0 0 (b) Other operating expenses include the following: Auditor’s remuneration - audit of the financial statements 140 25 91 25 Conference centre cost of sales 1,574 - - - Operating lease rental expenses 0 0 - minimum lease payments 373 59 249 59 Consultants 2,091 158 1,647 158 Contractors 3,041 - 2,359 - Property expenses 2,099 - 101 - Repairs & maintenance 1,574 - 1,195 - Legal 392 27 277 27 Advertising 196 - 32 - Cleaning 248 - - - Security 449 - - - Other 1,206 275 404 275 13,383 544 6,355 544 Reconciliation - Total maintenance Maintenance expense - contracted labour and other (non-employee related), as above 1,574 - 1,195 - Employee related maintenance expense included in Note 2(a) - - - - Total maintenance expenses included in Note 2(a) + 2(b) 1,574 - 1,195 - (c) Personnel services - - 2,009 1,512 (d) Depreciation and amortisation expense Buildings and improvements 1,559 - 26 - Plant and equipment 327 - 2 - 1,886 - 28 - Amortisation expense 37 - - - (e) Grants and subsidies 626 - 626 - (f) Finance costs Interest expense 771 - 776 - Debt Guarantee levies(i) 700 - 7 - 1,471 - 783 - (i) Debt Guarantee levies are charged to the Authority but reimbursed by the subsidiary and recorded on consolidation. 2011-12 ANNUAL REPORT 31
Page 1 and 2: SYDNEY METROPOLITAN DEVELOPMENT AUT
Page 3 and 4: Contents 4 To the Minister 5 Statem
Page 5 and 6: Statement from the Chairperson and
Page 7 and 8: Board Members Dr Col Gellatly AO B
Page 9 and 10: Giovanni Cirillo BUrbRegPlan (Hons)
Page 11 and 12: Redfern-Waterloo Precinct Redfern W
Page 13 and 14: -- Ensure interpretive devices and
Page 15 and 16: Social Inclusion Socially Inclusive
Page 17 and 18: Statement by Members of the Board S
Page 19 and 20: 2011-12 ANNUAL REPORT 19
Page 21 and 22: Financials - Sydney Metropolitan De
Page 23 and 24: Financials - Sydney Metropolitan De
Page 25 and 26: (g) Accounting for the Goods and Se
Page 27 and 28: -- Buildings 40 years -- Leasehold
Page 29: Unused non-vesting sick leave does
Page 33 and 34: Consolidated Consolidated SMDA SMDA
Page 37 and 38: 10 (b) Reconciliation of movements
Page 41 and 42: SASS SANCS SSS TOTAL 30-Jun-12 30-J
Page 43 and 44: (c) Reconciliation of the fair valu
Page 45 and 46: (f) Amounts recognised in other com
Page 49 and 50: 16 Increase in Net Assets from Equi
Page 53 and 54: (a) Financial instruments categorie
Page 55 and 56: (c ) Liquidity risk Liquidity risk
Page 57 and 58: Interest rate risk $’000 Consolid
Page 59 and 60: Consolidated Impact on profit/loss
Page 61 and 62: Internal Audit and Risk Management
Page 63 and 64: 2011-12 ANNUAL REPORT 63
Page 65 and 66: Financials - The Office of Sydney M
Page 73 and 74: 30 June 2012 30 June 2011 $’000 $
Page 77 and 78: (c) Reconciliation of the fair valu
Page 79 and 80: (e) Expense recognised in income st
Page 81 and 82:
(iii) Demographic Assumptions The d
Page 83 and 84:
(d) Economic assumptions The econom
Page 85 and 86:
Staff Numbers by Employment Basis a
Page 87 and 88:
Payment of Accounts All agreed acco
Page 89 and 90:
Table A: Number of applications by
Page 91 and 92:
Index Aims & Objectives 6 Appendice
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