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

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Notes to and Forming Part of the Financial Statements Superannuation - Reduction in expenditure relates to the adjustment of liability for the pre-transfer service liability for employees who transferred to the Gold State Superannuation Scheme. Event Tourism Revenue - Rally Australia 2001 was conducted post the terrorist attack in America and the demise of Ansett Airlines and failed to achieve the budgeted revenue. Industry Contributions - Increased contributions from the private sector in WATC advertising, promotional activities and campaigns. 4. CAPITAL USER CHARGE 01-02 00-01 $’000 $’000 Capital User Charge 426 - A capital user charge rate of 8% has been set by the Government for 2001-02 and represents the opportunity cost of capital invested in the net assets of the WATC used in the provision of outputs. The charge is calculated on the net assets adjusted to take account of exempt assets. Payments are made to the Department of Treasury and Finance on a quarterly basis. The Capital user charge that would have applied to 2000-2001 is estimated to be $801,680. 5. DEPRECIATION 01-02 00-01 $’000 $’000 Furniture, Fittings and Equipment 80 114 Computer Equipment 276 250 Leasehold Improvements 60 55 6. EVENT OPERATIONS 416 419 i) The expenditure and revenue totals for 2001-2002 increased from the previous year, resulting from an increase in the number of events managed and funded during the year. 01-02 00-01 $’000 $’000 Event Expenditure 12,591 9,481 Event Revenue (4,678) (4,388) 7,913 5,093 ii) Event revenue is comprised of cash, as well as the value of goods and services received for management and sponsorship of events conducted by EventsCorp, a division of the WATC. The following is an analysis of the contragoods and services received in lieu of cash sponsorship. The amounts have been incorporated in the relevant expenditure and revenue items. 01-02 $’000 00-01 $’000 Classification of Contra-Goods and Services Event – Services 62 98 - Operational 639 505 - Promotional 130 601 - Marketing 599 204 - Administration 56 64 1,486 1,472 iii) Event expenditure reflects the use of event revenue, funding sponsorships and funds from the Consolidated Fund to meet costs such as administration, operational and service costs, advertising and promotions, communications and prize money. It also includes expenditure incurred in bidding for events and the allocation of funding to private organisations involved in managing events. 7. PERTH CONVENTION AND EXHIBITION CENTRE From 1 July 2001, responsibility, staff resources and funding for the development of the Perth Convention and exhibition Centre were transferred to the Department of Housing and Works. Unexpended balances of $2.956 million, comprised of cash $2.944 million and other assets, $12 thousand were transferred during 2001-2002 W A Western Australian Tourism Commission Western Australian Tourism Commission 76 Annual Report 2001-200202 Wester n Australian Tourism Commission Annual Report 2001-2002
Notes to and Forming Part of the Financial Statements 8. RESOURCES RECEIVED FREE-OF-CHARGE Resources received free-of-charge have been determined on the basis of the following estimates provided by agencies: 01-02 $’000 00-01 $’000 Office of the Auditor General – Audit Fees 52 32 9. RECEIVABLES Receivables 30/06/02 $’000 30/06/01 $’000 Current Trade Debtors 4,740 942 Provision for Doubtful Debts (35) (54) Hotham Valley Tourist Railway (HVTR) - 49 Provision for Doubtful Debts (HVTR) - (49) GST Receivable (22) 179 Non-Current 4,683 1,067 Hotham Valley Tourist Railway (HVTR) 2,168 2,130 Provision for Doubtful Debts (HVTR) (2,168) (2,130) i) Significant Terms and Conditions General Accounts Receivable are required to be settled within 30 days. Loan Receivable from Hotham Valley Tourist Railway (HVTR) – $11,500 was recovered in accordance with arrangements entered into pursuant to Clause 12 of the Guarantee provided by HVTR to the WATC. ii) Hopman Cup Venture Distribution due at start of period - Adjustment 1999 event 01-02 $’000 32 - 00-01 $’000 81 (25) Plus Share of Profits for the 2001 event 80 32 112 88 Less Distribution Received - (56) Balance due at end of period 112 32 iii) Credit Risk In 1997-1998, the WATC engaged a consultant to provide a report into the finances of HVTR. The report detailed that “Hotham Valley Tourist Railway has liabilities far in excess of the recorded book value of the association’s assets. The majority of these liabilities are owed to the WATC and it is improbable that a substantial portion of this debt will ever be repaid.” Based on this advice, a provision to cover the receivable is included in the financial statements. 10. AMOUNTS RECIEVABLE FOR OUTPUTS 01-02 00-01 $’000 $’000 Current 424 - Non-current - - 424 - This asset represents the non-cash component of output appropriations. It is restricted in that it can only be used for asset replacement or payment of leave liability. W A Under the Hopman Cup Venture agreement, the WATC is entitled to 25% of the profits of the venture. The venture has changed its accounting year end to 30 June of each financial year. Provisional profit has been recognised based on draft statements as at 30 March 2002. Western Australian Tourism Commission Western Australian Tourism Commission 77 Annual Report 2001-200202 Wester n Australian Tourism Commission Annual Report 2001-2002
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