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

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Notes to and Forming Part of the Financial Statements Some overseas officers have an employment condition that requires the payment of up to 1.25 months salary for each completed year of service on retirement or termination. This condition is consistent with the employment conditions for the country in which the officers work. Based on this, a provision to cover the amount that has accrued to 30 June 2002 has been made in the financial statements for 2001-2002. The WATC considers the carrying amount of employee entitlements approximates its net fair value. 17. EQUITY Contributed Equity 30/06/2002 $’000 30/06/2001 $’000 Opening Balance - - Capital Contributions (i) 482 - Closing Balance 482 - (I) From 1 July 2001, capital appropriations, termed Capital Contributions, have been designated as contributions by owners and are credited straight to equity in the Statement of Financial Position. 30/06/2002 $’000 30/06/2001 $’000 Asset Revaluation Reserve Opening Balance 2,630 2,740 Net Revaluation Increments (i) 10 (110) Closing Balance 2,640 2,630 Revaluations recognised during the year were in respect of: Crown Land Reserves situated at Lake Argyle 10 - Crown Land Reserves situated at Donnelly River - (110) 10 (110) (I) The asset revaluation reserve is used to record increments and decrements on the revaluation of non-current assets, as described in accounting policy note 1(g). 30/06/2002 $’000 30/06/2001 $’000 Accumulated Surplus Opening Balance 7,391 3,909 Change in Net Assets (4,536) 3,482 Closing Balance 2,855 7,391 18. NOTES TO THE STATEMENT OF CASH FLOWS (a) Reconciliation of cash Cash at the end of the financial year as shown in the Statement of Cash Flows is reconciled to the related items in the Statement of Financial Position as follows: Cash Assets 30/06/2002 $’000 30/06/2001 $’000 - Cash at Bank General Account (115) 1,406 - Cash on Hand and Permanent Advances 120 214 - Temporary Advances 4 7 - Term Deposits 3,500 9,500 - Cash Management General Account 10 110 Restricted Cash Assets 3,519 11,237 - Cash at Bank Trust Account 152 846 - Cash Management Trust Account - 5 152 851 3,671 12,088 The Restricted Cash Assets relate to the Perth Tourist Centre operations and comprise deposits held on behalf of clients and amounts due to creditors. W A Western Australian Tourism Commission Western Australian Tourism Commission 80 Annual Report 2001-200202 Wester n Australian Tourism Commission Annual Report 2001-2002
Notes to and Forming Part of the Financial Statements (b) Non-cash financing and investing activities During the year, the following assets were transferred to other agencies and are not reflected in the Statement of Cashflows: 30/06/2002 $’000 30/06/2001 $’000 Transfers to Other Agencies Computer Equipment 7 - Furniture 5 - 12 - (c) Reconciliation of net cost of services to net cash flows provided by/(used in) operating activities (Continued) 01-02 $’000 00-01 $’000 Net cost of services (36,634) (30,444) Non-cash items: Depreciation expense 416 419 Doubtful debt expense 35 54 Resources received free of charge 52 32 (Profit)/loss on sale of property, plant and equipment (7) (7) (Increase)/decrease in assets: Current receivables (III) (797) (15) Other current assets (1,120) (589) Increase/(decrease) in liabilities: Current payables (III) (114) (2,888) Current provisions 105 98 Other current liabilities 888 3,359 Non-current provisions (149) 128 Other non-current liabilities Net GST receipts/(payments) (I) (64) (388) Change in GST in receivables/payables(II) 201 162 Net cash provided by/(used in) operating activities i) This is the net GST paid/received, ie. Cash transactions ii) This reverses out the GST in accounts receivable and payable. (37,188) (30,079) iii) Note that ATO receivable/payable in respect of GST and receivable/payable in respect of the sale/purchase of non-current assets are not included in these items as they are not reconciling items. (d) At the reporting date WATC had fully drawn on all financing facilities, details of which are disclosed in the financial statements. 19. NET PROFIT/(LOSS) ON DISPOSAL OF NON-CURRENT ASSETS 01-02 $ 00-01 $ Profit on sale of non-current assets Computer Equipment 7,031 3,392 Furniture, Fittings and Equipment 70 4,093 7,101 7,485 Gross proceeds on disposal of assets Computer Equipment 7,106 3,645 Furniture, Fittings and Equipment 70 4,093 7,176 7,738 W A Western Australian Tourism Commission Western Australian Tourism Commission 81 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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Chairman’s Year in Review W A The
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Report on Operations 2001-2002 Oper
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