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

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Notes to and Forming Part of the Financial Statements 24. SEGMENT REPORTING ($’000) (continued) This table follows on from the table on the previous page. Operating Expenses Strategic Market Intelligence Tourism Planning and Infrastructure Tourism Product and Industry Development Corporate and Operational Support Total 01-02 00-01 01-02 00-01 01-02 00-01 01-02 00-01 01-02 00-01 Administration Expenses 433 304 51 150 541 616 2,466 2,094 6,238 6,189 Advertising and Promotions 7 3 (2) 10 175 149 290 381 13,607 8,980 Contract for Service - - - 1,561 - 21 - - 1,010 2,597 Event Operations - - - - - - - - 12,591 9,481 Grants, Tourist Facilities and Organisations - - - - (22) 1,096 508 1,398 2,752 2,494 Office Accommodation 42 42 7 5 221 203 220 273 1,656 1,675 Salaries, Wages and Superannuation 278 217 243 261 1,002 1,028 1,928 2,153 8,435 8,383 Total Operating Expenses 760 566 299 1,987 1,917 3,113 5,412 6,299 46,289 39,799 Revenues from Services Event Operations - - - - - - - - 4,758 4,414 Industry Contributions 36 2 - - - - 7 39 3,496 3,052 Other Revenue 4 5 4 24 68 59 458 705 1,401 1,889 Total Revenues from Services 40 7 4 24 68 59 465 744 12,655 9,355 Net Cost of Services 720 559 295 1,963 1,849 3,054 4,947 5,555 36,634 30,444 Revenues from Government Appropriation 632 631 435 537 1,938 3,114 4,446 6,386 32,011 31,469 Capital Appropriation - - - 2,500 - - 1,004 2,000 1,004 4,500 Grants Received - - - - - - - - 3,000 - Transfers to Other Agencies - - - - (2,956) - - - (2,956) - Transfers to Rottnest Island Authority (1,015) (2,075) (1,015) (2,075) Resources Received Free-of-Charge - - - - - - 52 32 52 32 Total Revenues from Government 632 631 435 3,037 (1,018) 3,114 4,487 6,343 32,096 33,926 W A Western Australian Tourism Commission Western Australian Tourism Commission 84 Annual Report 2001-200202 Wester n Australian Tourism Commission Annual Report 2001-2002 Change in net assets resulting from Operations (88) 72 140 1,074 (2,867) 60 (460) 788 (4,538) 3,482
Notes to and Forming Part of the Financial Statements 25. FINANCIAL INSTRUMENTS DISCLOSURES (a) Interest Rate Risk Exposure The WATC’s exposure to interest rate risk, repricing maturities and the effective interest rates on financial instruments are: Weighted average effective interest rate Floating interest rate 30 June 2002 % $’000 Assets Fixed interest rate maturities 1 Year or Less $’000 1 to 5 Years $’000 Non Interest Bearing Total Over 5 Years $’000 $’000 $’000 Cash Assets 4.82% 3,395 - - - 198 3,593 Restricted cash Assets 2.21% 152 - - - 152 Receivables - - - - 4,683 4,683 Total financial assets 3,547 - - - 4,881 8,428 Liabilities Payables - - - - 4,507 4,507 Other Liabilities - - - - 232 232 Interest Bearing Liabilities 6.98% - 27 - - 27 Provisions - - - - 3,632 3,632 Total financial liabilities Net financial assets (liabilities) 3,547 - 27 - - 8,371 8,398 (27) - - (3,490) (30) (b) Credit Risk Exposure All financial assets are unsecured. The carrying amounts of financial assets represent the WATC’s maximum exposure to credit risk in relation to those assets. (c) Net Fair Values The carrying amount of financial assets and financial liabilities recorded in the financial statements are not materially different from their net fair values, determined in accordance with the accounting policies disclosed in Note One to the financial statements. 26. AFFILIATED BODY On 1 October 1998, the WATC entered into a contract for service with the Perth Convention Bureau Inc (PCB) for the provision of the Convention and Incentive Travel Output previously undertaken by a division of the WATC. The WATC controls the activities of the PCB to the extent that it provides the majority of the PCB’s funding and that the PCB has contracted to submit their annual operational plan and budget for approval by the WATC prior to implementation. During 2001-2002, payments totalling $1,010,000 were made to the PCB. 30 June 2001 Financial assets 4.47 11,867 - - - 1,287 13,154 Financial liabilities 7.18 - 33 27 - 7,569 7,629 W A Western Australian Tourism Commission Western Australian Tourism Commission 85 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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Report on Operations 2001-2002 Oper
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