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

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Notes to and Forming Part of the Financial Statements 11. OTHER ASSETS Accrued income relates to Travel Agents’ commissions due on tickets sold but not deducted from payments to travel operators and interest earned but not credited. Prepayments relate to an overseas office lease, a computer software maintenance contract, deposits for future activities, rent in advance and payment for the International TV Rights for Rally Australia. 30/06/2002 30/06/2001 $’000 $’000 Accrued Income 7 28 Prepayments 1,958 817 12. NON-CURRENT ASSETS 1,965 845 30/06/2002 30/06/2001 $’000 $’000 Land – At Valuation 2,640 2,630 Leasehold Improvements – At Cost 617 617 Less Accumulated Depreciation (465) (405) 152 212 As detailed in Note 1 (g), the WATC values its vested Crown land in accordance with the valuation recorded in the Government Property Register (GPR). Reconciliations Reconciliation of the carrying amounts of Property, Furniture, Fittings, Equipment and Computer Equipment at the beginning and end of the current year and the previous financial year are set out below. Land Leasehold Improvements Furniture, Fittings and Equipment Computer Equipment Total 2001-2002 $’000 $’000 $’000 $’000 $’000 Carrying amount at start of year 2,630 212 364 444 3,650 Additions - - 34 300 334 Disposals - - (23) (177) (200) Depreciation - (60) (65) (109) (234) Furniture, Fittings and Equipment – At Cost 951 940 Less Accumulated Depreciation (641) (576) 310 364 Revaluation Increments Carrying amount at end of year 10 - - - 10 2,640 152 310 458 3,560 Computer Equipment – At Cost 1,471 1,348 Less Accumulated Depreciation (1,013) (904) 458 444 3,560 3,650 Crown Land properties situated at Lake Argyle and Donnelly River have been vested in the WATC with the power to lease for the purpose of tourism and recreation. The land was valued at $2,640,000 by the Valuer General on 30 June 2002 using the ‘Highest and Best’ method and is the value recorded in the Government Property Register. W A Western Australian Tourism Commission Western Australian Tourism Commission 78 Annual Report 2001-200202 Wester n Australian Tourism Commission Annual Report 2001-2002
Notes to and Forming Part of the Financial Statements 12. NON-CURRENT ASSETS (Continued) Leasehold Improvements Furniture, Fittings and Equipment Computer Equipment Land Total 2001-2002 $’000 $’000 $’000 $’000 $’000 Carrying amount at start of year 2,740 163 252 367 3,522 Additions - 104 226 327 657 Disposals - - - - - Depreciation - (55) (114) (250) (419) Revaluation Increments Carrying amount at end of year 13. PAYABLES (110) - - - (110) 2,630 212 364 444 3,650 30/06/2002 $’000 30/06/2001 $’000 Trade Payables 234 1,609 14. OTHER LIABILITIES 234 1,609 30/06/2002 $’000 30/06/2001 $’000 Accrued Salaries 173 200 Accrued Expenses 1,762 1,071 Income in Advance 441 195 Deferred grants 2,057 2,079 4,443 3,545 15. INTEREST BEARING LIABILITIES Borrowings from WA Treasury Corporation 30/06/2002 $’000 30/06/2001 $’000 - Current 27 33 - Non-current - 27 16. PROVISIONS 27 60 The aggregate employee entitlement liability recognised and included in the financial statements is as follows: Provision for employee entitlements Current Liabilities: 30/06/2001 $’000 30/06/2001 $’000 Liability for Annual Leave 716 610 Liability for Long Service Leave 423 336 Liability for Redundancies - 88 Non-Current Liabilities: 1,139 1,034 Liability for Long Service Leave 763 671 Liability for Superannuation 1,347 1,604 Liability for Retirement, Termination , Redundancy Payments 383 367 2,493 2,642 3,632 3,676 The Long Service Leave liability was adjusted based on an approved short-hand calculation method provided by PriceWaterhouseCoopers in July 2000. The superannuation liability has been established from data supplied by the Government Employees Superannuation Board. W A Western Australian Tourism Commission Western Australian Tourism Commission 79 Annual Report 2001-200202 Wester n Australian Tourism Commission Annual Report 2001-2002
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Chairman’s Year in Review W A The
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