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Financials - Sydney Metropolitan Development Authority Notes to the Financial Statements for year ending 30 June 2012 a. Cash Cash comprises cash on hand and bank balances within the NSW Treasury Banking System. Interest is earned on daily bank balances at the monthly average NSW Treasury Corporation 11am unofficial cash rate, adjusted for a management fee to NSW Treasury. The TCorp Hour Glass cash facility is discussed in paragraph (d) below. b.Receivables - trade debtors All trade debtors are recognised as amounts receivable at balance date. Collectability of trade debtors is reviewed on an ongoing basis using the monthly aged analysis report. Procedures as established in the Treasurer’s Directions are followed to recover outstanding amounts, including letters of demand. The Director of Finance and Corporate Services is responsible for the credit control functionm of all outstanding trade debts. Debts which are known to be uncollectible are written off. An allowance for impairment is raised when there is objective evidence that the entity will not be able to collect all amounts due. This evidence includes past experience, and current and expected changes in economic conditions and debtor credit ratings. The average credit period extended by the Company on rental payments and on conference activity services is 7 days and by the Authority is on conference activity services if 30 days. Generally, no interest is earned on trade debtors. The Authority is not materially exposed to concentrations of credit risk to a single trade debtor or group of debtors. Based on past experience, debtors that are not past due (2012:$22k; 2011:$nil) and less than 12 months past due (2012:$170k; 2011:$nil) are not considered impaired. The only financial assets that are past due or impaired are ‘sales of goods and services’ in the’ receivables’ category of the statement of financial position. Consolidated $’000 Total Past due but not impaired Considered impaired 2012 6 months overdue 39 24 15 2011 6 months overdue - - - SMDA $’000 Total Past due but not impaired Considered impaired 2012 6 months overdue 13 - 13 2011 6 months overdue - - - c. Authority’s Deposits The Authority has placed funds on deposit with TCorp, which has been rated ‘AAA’ by Standard and Poor’s. These deposits are similar to money market or bank deposits and can be placed ‘at call’ for a fixed term. For fixed term deposits, the interest rate payable by TCorp is negotiated initially and is fixed for the term of the deposit, while the interest rate payable on at call deposits can vary. The deposits at balance date were earning an average interest rate of 4.88% (2011:nil%) while over the year the weighted interest rate was 4.68% (2011:nil%) on a weighted average balance during the year of $67.3m(2011-$0.3m). None of these assets are past due or impaired. 54 SYDNEY METROPOLITAN DEVELOPMENT AUTHORITY
(c ) Liquidity risk Liquidity risk is the risk that the Authority will be unable to meet its payment obligations when they fall due. The Authority continuously manages risk through monitoring future cash flows and maturities planning to ensure adequate holding of high quality liquid assets. The objective is to maintain a balance between continuity of funding and flexibility through the use of appropriate investment strategies. The investment with NSW Treasury Corporation is generally able to be redeemed daily by 11am. During current and prior years, there were no defaults or breaches on any amounts payable to creditors. No assets have been pledged as collateral. The Authority’s exposure to liquidity risk is deemed insignificant based onn prior periods’ data and a current assessment of risk. The Authority currently has a loan facility of $45m from NSW Treasury Corporation. The loan is unsecured with the floating rate of interest. In May 2010, The Authority’s Board approved commencement of a debt reduction strategy for the floating rate loan facility. The liabilities are recognised for amounts due to be paid in the future for goods or services received, whether or not involved. Amounts owing to suppliers (which are unsecured) are settled in accordance with the policy set out in NSW TC11/12. If trade terms are not specified, payment is made no later than the end of the month following the month in which an invoice or statement is received. No interest was paid during the year. Maturity analysis and interest rate exposure of financial liabilities (next tab - table too wide) Maturity analysis and interest rate exposure of financial liabilities Maturity Dates Consolidated Weighted average effective interest rate % Nominal Amount $’000 Interest Rate Exposure $’000 less than 1 year $’000 1-5 Years $’000 5+ years $’000 Total $’000 2012 Payables - 5,979 nil 8,018 - - 8,018 Borrowings: Fixed rate loan from the TCorp 7.24% 3,343 nil 754 2,785 638 4,177 Variable rate loan from the Tcorp (i) 4.60% 24,996 300 5,000 25,093 - 30,093 13,772 27,878 638 42,288 2011 Payables 295 - - 295 295 - - 295 SMDA Weighted average effective interest rate % Nominal Amount Interest Rate Exposure less than 1 year 1-5 Years 5+ years $’000 $’000 $’000 $’000 $’000 $’000 2012 Payables - 1,982 3,029 - - 3,029 Borrowings: Fixed rate loan from the Tcorp 7.24% 3,343 754 2,785 638 4,177 Variable rate loan from the Tcorp 4.60% 24,996 300 5,000 25,093 - 30,093 8,783 27,878 638 37,299 2011 Payables - 253 - - 253 253 - - 253 Total 2011-12 ANNUAL REPORT 55
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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 and 30: Unused non-vesting sick leave does
Page 31 and 32: 2 Expenses Excluding Losses (a) Con
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: (a) Financial instruments categorie
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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