TOURISM VICTORIA ANNUAL REPORT

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notes to the financial statements 30 june 2008 (continued) Note 6. PROPERTY, PLANT AND EQUIPMENT 2008 2007 $ $ Classification by purpose groups – carrying amounts Sub classification by nature (a) Leasehold improvements At cost 352,725 352,725 less: accumulated depreciation (247,466) (208,700) Plant, equipment and motor vehicles 105,259 144,025 At cost 1,606,041 1,743,573 less: accumulated depreciation (1,212,016) (1,264,607) 394,025 478,966 Net carrying amount of property, plant and equipment 499,284 622,991 (a) Property, plant and equipment are classified primarily by the ’purpose’ for which the assets are used according to one of five ’Purpose Groups’ based upon Government Purpose Classifications (GPC). All assets within a ’Purpose Group’ are further sub-categorised to the asset’s ’nature’ (i.e. buildings, plant and equipment etc), with each sub-category being classified as a separate class of asset for financial reporting purposes. Note 6(a). PROPERTY, PLANT AND EQUIPMENT Leasehold improvements at cost Plant, Equipment & Motor expenses at cost Total 2008 2007 2008 2007 2008 2007 $ $ $ $ $ $ Opening Balance 144,024 183,709 478,966 598,542 622,990 782,251 Additions – – 162,943 422,902 162,943 422,902 Disposals – – (70,415) (324,390) (70,415) (324,390) Transfers free of charge – – 16,027 (3,413) 16,027 (3,413) Depreciation/amortisation (38,766) (39,684) (193,496) (214,675) (232,262) (254,359) expense Closing Balance 105,259 144,025 394,025 478,966 499,284 622,991 Note 6(b). PROPERTY, PLANT AND EQUIPMENT 2008 2007 $ $ The following useful lives of assets are used in the calculation of depreciation: Leasehold improvements 8–10 years 8–10 years Plant and equipment 3–5 years 3–5 years Leased plant and equipment 3–5 years 3–5 years Aggregate depreciation allocated, recognised as expense during the year: Leasehold improvements 38,766 39,684 Plant and equipment 154,268 177,337 Leased motor vehicles 39,228 37,338 232,262 254,359 84 FINANCIAL <strong>REPORT</strong> 2007–2008
notes to the financial statements 30 june 2008 (continued) Note 7. payables 2008 2007 $ $ Trade creditors and accruals (i) 3,661,481 2,444,597 Other creditors 800,017 968,719 4,461,498 3,413,316 (i) The average credit period on trade creditors is 30 days. Note 8. interest bearing liabilities Current Secured Finance lease liabilities (i) (note 11) 2008 2007 $ $ At amortised cost (2007: cost): 144,032 81,735 Non-current Secured Finance lease liabilities (i) (note 11) 144,032 81,735 At amortised cost (2007: cost): 64,635 71,640 Aggregate carrying amount of interest bearing liabilities 64,635 71,640 Current 144,032 81,735 Non-current 64,635 71,640 (i) Secured by the assets leased. Lease liabilities are effectively secured as the rights to the leased assets reverts to the lessor in the event of default. 208,667 153,375 FINANCIAL <strong>REPORT</strong> 2007–2008 85
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0708 TOURISM VICTORIA ANNUAL REPORT
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Photo: Robert Blackburn. contents c
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OUR MISSION Tourism Victoria works
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Photo: David Hannah. our commitment
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9m International holiday visitor ni
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More interstate travellers visited
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11.4m Domestic overnight visitors t
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Tourism Victoria’s Structure As a
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chairman’s report The tourism ind
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Visitor Figures INTERNATIONAL OVERN
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DOMESTIC Visitor Figures Victoria r
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Output targets & performance Perfor
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domestic marketing Travel + Leisure
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domestic marketing Real Entertainme
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domestic marketing Domestic overnig
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The Medieval Imagination, Illuminte
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Tourism Victoria works with the cru
Page 35 and 36: product marketing cooperative marke
Page 37 and 38: During the year more than $10 milli
Page 39 and 40: INTERNATIONAL MARKETING For every d
Page 41 and 42: international marketing Birrarung M
Page 43 and 44: 2008 Formula 1 ING Grand Prix, Melb
Page 45 and 46: Sports Business International named
Page 47 and 48: Corporate & destination communicati
Page 49 and 50: USAGE OF TOURISM VICTORIA INFORMATI
Page 51 and 52: Tourism Excellence Tourism Excellen
Page 53 and 54: Entries to the Victorian Tourism Aw
Page 55 and 56: investment attraction Facilitated $
Page 57 and 58: IN DETAIL APARTMENT HOTEL, Melbourn
Page 59 and 60: Melbourne airport recorded a 9% inc
Page 61 and 62: STRATEGY & POLICY Tourism Victoria
Page 63 and 64: strategy & Policy Tourism Victoria
Page 65 and 66: legislative requirements Portsea ba
Page 67 and 68: FREEDOM OF INFORMATION Freedom of I
Page 69 and 70: • Protected Disclosure Officer: p
Page 71 and 72: FIVE year comparison FINANCIAL COMP
Page 73 and 74: OPERATING statement FOR THE FINANCI
Page 75 and 76: STATEMENT OF CHANGES IN EQUITY FOR
Page 77 and 78: notes to the financial statements 3
Page 85: notes to the financial statements 3
Page 99 and 100: Level 32, 121 Exhibition Street Mel
Page 101 and 102: DISCLOSURE INDEX report of operatio
Page 103: Tourism Victoria’s offices Melbou
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TOURISM VICTORIA ANNUAL REPORT

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