Annual Report 2010-11 - Zero Waste SA - SA.Gov.au

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58 Zero Waste SA Notes to and forming part of the Financial Statements For the Period Ended 30 June 2011 Remuneration of members reflects all costs of performing board/committee member duties including sitting fees and super contributions. The total remuneration received or receivable by members was $12 800 (2010: $10 900). During the 2010/11 financial year members of the Board were paid superannuation of $200 (2010: $1 080). In accordance with the Department of the Premier and Cabinet's Circular Number 16, government employees did not receive any remuneration for board/committee duties during the financial year. Unless otherwise disclosed, transactions between members and ZWSA are on conditions no more favourable than those that it is reasonable to expect the entity would have adopted if dealing with the related party at arm's length in the same circumstances. 24 Events after the reporting period There are no known events after the balance date that affect these general purpose financial statements in a material manner. 25 Financial instruments/financial risk management Categorisation of financial instruments Details of the significant accounting policies and methods adopted including the criteria for recognition, the basis of measurement, and the basis on which income and expenses are recognised with respect to each class of financial asset, financial liability and equity instrument are disclosed in Note 2 Summary of significant accounting policies. Statement of Financial Position line item Note 2011 2010 Carrying Fair value Carrying amount Fair value amount $'000 $'000 $'000 $'000 Financial assets Cash and cash equivalents 13 23,513 23,513 18,615 18,615 Receivables 14 114 114 64 64 Financial liabilities Payables 17 1,822 1,822 1,587 1,587 Credit risk Credit risk arises when there is the possibility of ZWSA’s debtors defaulting on their contractual obligations resulting in financial loss to ZWSA. ZWSA measures credit risk on a fair value basis and monitors risk on a regular basis. ZWSA has minimal concentration of credit risk. ZWSA has policies and procedures in place to ensure that transactions occur with customers with appropriate credit history. ZWSA does not engage in high risk hedging for its financial assets. Financial assets analysis Allowances for impairment of financial assets are calculated on past experience and current and expected changes in client credit rating. Currently ZWSA does not hold any collateral as security for any of its financial assets. At reporting date, there is no evidence to indicate that any of the financial assets are impaired. Ageing analysis of financial assets The following table discloses the ageing of financial assets, past due, including impaired assets past due. Financial assets item Current (Not overdue) Overdue for < 30 days Overdue for 30–60 days Overdue for > 60 days Total $’000 $’000 $’000 $’000 $’000 2011 Not impaired Receivables 89 - - 25 114 2010 Not impaired Receivables 64 - - - 64 Maturity analysis of financial assets and liabilities The following table discloses the maturity analysis of financial assets and financial liabilities. Financial statements item 2011 < 1 year Contractual maturities 1-5 years > 5 years Carrying amount $’000 $’000 Financial assets Cash and cash equivalents 23,513 - - 23,513 Receivables 114 - - 114 Total financial assets 23,627 - - 23,627 Financial liabilities Payables 1,759 63 - 1,822 Total financial liabilities 1,759 63 - 1,822 2010 Financial assets Cash and cash equivalents 18,615 - - 18,615 Receivables 64 - - 64 Total financial assets 18,679 - - 18,679 Financial liabilities Payables 1,533 54 - 1,587 Total financial liabilities 1,533 54 - 1,587 $’000 $’000 Macintosh HD: ZERO WASTE:ZERO WASTE SA 2012:ZWSA ANNUAL REPORT 2011.12:ZWSA_AFS_2011 June 11 TB18082011 Audit final.xls Notes, 8/2/12 Page 20 of 21
59 Zero Waste SA Notes to and forming part of the Financial Statements For the Period Ended 30 June 2011 Liquidity risk Liquidity risk arises where ZWSA is unable to meet its financial obligations as they are due to be settled. ZWSA is funded principally from waste levies received under the Zero Waste SA Act 2004 (refer Note 10). ZWSA's expenditure authority must be approved by the Treasurer each year, based on budgeted revenues and expenditures outlined in an annual Business Plan. ZWSA settles undisputed accounts within 30 days from the date of the invoice or date the invoice is first received. In the event of a dispute, payment is made 30 days from resolution. ZWSA's exposure to liquidity risk is insignificant based on past experience and current assessment of risk. Market risk ZWSA has no interest bearing liabilities as at the end of the reporting period. There is no exposure to foreign currency or other price risks. A sensitivity analysis has not been undertaken for the interest rate risk of ZWSA as it has been determined that the possible impact on profit and loss or total equity from fluctuations in interest rates is immaterial. Macintosh HD: ZERO WASTE:ZERO WASTE SA 2012:ZWSA ANNUAL REPORT 2011.12:ZWSA_AFS_2011 June 11 TB18082011 Audit final.xls Notes, 8/2/12 Page 21 of 21
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Annual Report 2010-11
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AVOID • REDUCE • REUSE • RECY
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V Zero Waste SA’s Household Hazar
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VII Food Waste Incentives Zero Wast
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2 Who we are Zero Waste SA’s prim
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4 The Zero Waste SA Board The Zero
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6 Zero Waste SA Board - Governance
Page 16 and 17: 8 A major focus during the year was
Page 18 and 19: 10 The Facebook page gives updates
Page 20 and 21: 12 The 2010-11 communications spons
Page 22 and 23: 14 Incentives Sustainable markets a
Page 24 and 25: 16 The new recycling facility is fu
Page 26 and 27: 18 Product stewardship is an approa
Page 28 and 29: 20 Stakeholders, partnering and lin
Page 30 and 31: 22 The trials tested a range of mea
Page 32 and 33: 24 The Zero Waste SA Centre will co
Page 34 and 35: 26 Zero Waste SA is continuing to a
Page 36 and 37: 28 Litter and Illegal Dumping Illeg
Page 38 and 39: 30 The aluminium and mercury will b
Page 40 and 41: 32 OzHarvest’s food rescue progra
Page 42 and 43: 34 Targets for waste reduction and
Page 44 and 45: 36 Statutory Reporting Obligations
Page 46 and 47: 38 The organisation continues to se
Page 51 and 52: 43 Expenses Zero Waste SA Statement
Page 53 and 54: 45 Zero Waste SA Statement of Chang
Page 55 and 56: 47 Zero Waste SA Note Index For the
Page 57 and 58: 49 Zero Waste SA Notes to and formi
Page 65: 57 Zero Waste SA Notes to and formi
Page 69: 61 Zero Waste SA Level 8 Statewide
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Annual Report 2010-11 - Zero Waste SA - SA.Gov.au

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