Annual Report 2001-2002 - Tourism Western Australia - The ...

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Financial Statements for the year ended 30 June 2002 Statement of Cash Flows for the year ended 30 June 2002 Note 2002 Inflows (Outflows) $’000 2001 Inflows (Outflows) $’000 Cash Flows From Government Recurrent Appropriation 31,587 31,469 Capital Appropriation 1,486 4,500 Transfers to Other Agencies (2,944) - Transfer to Rottnest Island Authority (1,015) (2,075) Net Cash Provided by Government 29,114 33,894 Cash Flows From Operating Activities Payments Borrowing Costs (3) (5) Event Operations (12,125) (8,254) Grants and Subsidies (2,852) (2,147) Contract for Service – Perth Convention Bureau (1,010) (1,015) Administration and Employment Expenses (13,869) (13,609) Capital User Charge (426) - Office Accommodation and Equipment Rentals (1,660) (1,741) Perth Convention and Exhibition Centre - (1,701) Marketing Expenses (11,120) (7,744) Payments to Travel Operators (4,822) (6,096) GST Payments on Purchases (2,700) (1,360) GST Payments to Taxation Authority (715) (597) Receipts Event Operations 2,880 2,863 Industry Contributions 1,631 1,924 Interest Received 335 623 Other Receipts 534 560 Travel Centre Revenue 5,384 6,793 GST Receipts on Sales 552 327 GST Receipts from Taxation Authority 2,798 1,053 Net Cash Used in Operating Activities 18 (c) (37,188) (30,079) Note 2002 Inflows (Outflows) $’000 2001 Inflows (Outflows) $’000 Cash Flows From Investing Activities Purchase of Furniture, Fittings and Equipment (329) (657) Proceeds from Sale of Furniture, Fittings and Equipment Payment of Loans – Hotham Valley Tourist Railway 19 7 8 Proceeds from Loans – Hotham Valley Tourist Railway 12 35 Net Cash provided by (used in) Investing Activities (310) (649) Cash Flows From Financing Activities Repayment of Borrowings (33) (31) Net Cash used in Financing Activities (33) (31) Net Increase/(Decrease) in Cash Held (8,417) 3,135 Cash assets at the beginning of the financial year 18(a) 12,088 8,953 Cash Assets at the end of the financial year 18 (a) 3,671 12,088 The Statement of Cash Flows should be read in conjunction with the accompanying notes. - (35) W A Western Australian Tourism Commission Western Australian Tourism Commission 70 Annual Report 2001-200202 Wester n Australian Tourism Commission Annual Report 2001-2002
Notes to and Forming Part of the Financial Statements Notes to and Forming Part of the Financial Statements 1. STATEMENT OF ACCOUNTING POLICIES Significant Accounting Policies The following accounting policies have been adopted in the preparation of the financial statements. Unless otherwise stated, these policies are consistent with those adopted in the previous year. General Statement The financial statements constitute a general purpose financial report which has been prepared in accordance with Australian Accounting Standards, Statements of Accounting Concepts and other authoritative pronouncements of the Australian Accounting Standards Board and Urgent Issues Group (UIG) Consensus Views as applied by the Treasurer’s Instructions. Several of these are modified by the Treasurer’s Instructions to vary application, disclosure, format and wording. The Financial Administration and Audit Act and the Treasurer’s Instructions are legislative provisions governing the preparation of financial statements and take precedence over Australian Accounting Standards, Statements of Accounting Concepts and other authoritative pronouncements of the Australian Accounting Standards Board, and UIG Consensus Views. The modifications are intended to fulfil the requirements of general application to the public sector together with the need for greater disclosure and also to satisfy accountability requirements. If any such modification has a material or significant financial effect upon the reported results, details of that modification and where practicable, the resulting financial effect, are disclosed in individual notes to these financial statements. The statements have been prepared on the accrual basis of accounting using the historical cost convention, except for certain assets and liabilities which, as noted, are measured at valuation. a) Output Appropriations Output Appropriations are recognised as revenues in the period in which the WATC gains control of the appropriated funds. The WATC gains control of appropriated funds at the time those funds are deposited into the WATC’s bank account or credited to the holding account held at the Department of Treasury and Finance. b) Contributed Equity Under UIG 38 “Contributions by Owners Made to Wholly-Owned Public Sector Entities” transfers in the nature of equity contributions must be designated by the Government (owners) as contributions by owners (at the time of, or prior to transfer) before such transfers can be recognised as equity contributions in the financial statements. Capital contributions (appropriations) have been designated as contributions by owners and have been credited directly to Contributed Equity in the Statement of Financial Position. All other transfers have been recognised in the Statement of Financial Performance. Prior to the current reporting period, capital appropriations were recognised as revenue in the Statement of Financial Performance. Capital appropriations which are repayable to the Treasurer are recognised as liabilities. c) Grants and Other Contributions Revenue Grants, donations, gifts and other non-reciprocal contributions are recognised as revenue when the WATC obtains control over the assets comprising the contributions. Control is normally obtained upon their receipt. Contributions are recognised at their fair value. Contributions of services are only recognised when a fair value can be reliably determined and the services would be purchased if not donated. d) Revenue Recognition Revenue from the sale of goods and disposal of other assets and the rendering of services, is recognised when the WATC has passed control of the goods or other assets, or delivery of the service to the customer. The receipt of goods and services provided in lieu of cash for the management and sponsorship of events and the WATC’s media and journalists’ familiarisation programs are recognised in the accounts. These non-cash (contra) amounts are incorporated in the relevant expenditure and revenue items. The valuation of contra items are generally specified in the individual contracts with suppliers, but where the contract does not specify the value of the contra items representing the goods or services, the valuation is determined by the normal retail price of the goods or services received. W A Western Australian Tourism Commission Western Australian Tourism Commission 71 Annual Report 2001-200202 Wester n Australian Tourism Commission Annual Report 2001-2002
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GOVERNMENT OF WESTERN AUSTRALIA W A
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V i s i o n , M i s s i o n a n d C
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Chairman’s Year in Review W A The
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Chief Executive’s Report Just as
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Report on Operations Contents Page
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Report on Operations 2001-2002 Oper
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Report on Operations Outcome 1.0 -
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