Annual Report 2004-2005 - Forensicare

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2004-2005 Financial Statements for the year ended 30 June 2005 Victorian Institute of Forensic Mental Health Statement of Cash Flows For the Year Ended 30 June 2005 Cash Flow From Operating Activities Note 2005 2004 $’000 $’000 Receipts Governments Grants 31,412 28,931 Corrections Victoria (MAP Service Agreement) 3,057 3,005 Professional Service Fees 131 246 Interest 233 187 Other 853 681 Payments Employee Benefits (22,718) (22,342) Payments and Supplies (inclusive of GST) (12,059) (11,846) Net Cash Flows From/(Used In) Operating Activities 13 909 (1,138) Cash Flow From Investing Activities Purchase of Properties, Plant & Equipment 9(b) (571) (781) Proceeds from sale of Properties, Plant & Equipment 5 214 107 Net Cash Flows From/(Used In) Investing Activities (357) (673) Net Increase / (Decrease) In Cash 552 (1,811) Cash at 1 July 2004 7 3,337 5,148 Cash at 30 June 2005 7 3,889 3,337 This Statement should be read in conjunction with the accompanying notes 62
Victorian Institute of Forensic Mental Health Notes To and Forming Part of the Financial Statements for the Year Ended 30 June 2005 Victorian Institute of Forensic Mental Health The Victorian Institute of Forensic Mental Health (‘The Institute’) came into being on 1 January 1998. The Institute commenced operations with effect from 1 July 1998 and has registered and operates under the trading name Forensicare. The enabling legislation is the Mental Health Act 1986 (‘the Act’) which establishes the Institute as an approved mental health service. The Institute is a body corporate managed by a Council of ten members appointed in accordance with s117F of the principal Act. Note 1 Statement of Accounting Policies This general-purpose financial report has been prepared on an accrual basis in accordance with the Financial Management Act 1994, Australian Accounting Standards, Statements of Accounting Concepts and other authoritative pronouncements of the Australian Accounting Standards Board, and Urgent Issues Group Consensus Views. It is prepared in accordance with the historical cost convention, except for certain assets and liabilities which, as noted, are at valuation. The accounting policies adopted, and the classification and presentation of items, are consistent with those of the previous year, except where a change is required to comply with an Australian Accounting Standard or Urgent Issues Group Consensus View, or an alternative accounting policy permitted by an Australian Accounting Standard is adopted to improve the relevance and reliability of the financial report. Where practicable, comparative amounts are presented and classified on a basis consistent with the current year. (a) (b) (c) (d) (e) (f) (g) Rounding Off All amounts shown in the Financial Statements are expressed to the nearest $1,000. (If total assets, or revenue, or expenses are less than $10 million, amounts are rounded off to the nearest dollar.) Change in Accounting Policies There have been no changes to the accounting policies of the Institute during 2004-2005 year. Adoption of International Financial Reporting Standards (IFRS) For reporting periods beginning on or after 1 January 2005, all Australian reporting entities are required to adopt the financial reporting requirements of the Australian equivalents to International Financial Reporting Standards (A-IFRS). The Victorian Institute of Forensic Mental Health has established a project team to manage the transition to A-IFRS, including training of staff in terms of systems and internal control changes necessary to gather all the required financial information. The project team has analysed all of the A-IFRS and A-IFRS Financial Reporting Directions to identify the accounting policy changes that will be required. The known or reliably estimable impacts on the financial report for the year ended 30 June 2005 had it been prepared using AIFRS are set out in Note 21. Receivables Trade debtors are carried at nominal amounts due and are due for settlement within 30 days from the date of recognition. Collectability of debts is reviewed on an ongoing basis, and debts which are known to be uncollectible are written off. A provision for doubtful debts is raised where doubt as to collection exists. Other Financial Assets Other financial assets are valued at cost and are classified between current and non current assets based on the Victorian Institute of Forensic Mental Health Council’s intention at balance date with respect to the timing of disposal of each asset. Interest revenue (if applicable) from other financial assets is brought to account when it is earned. Intangible Assets Intangible assets include Patents, Trademarks, Goodwill and Research and Development Costs (where applicable), and the corresponding amortisation method, if any. Revaluations of Non-Current Assets Subsequent to the initial recognition as assets, non-current physical assets, other than plant and equipment, are measured at fair value. Plant and equipment are measured at cost. Revaluations are made with sufficient regularity to ensure that the carrying amount of each asset does not differ materially from its fair value at the reporting date. Revaluations are assessed annually and supplemented by independent assessments, at least every three years. Revaluations are conducted in accordance with the Victorian Government Policy paper, ‘Revaluation of Non-Current Physical Assets’. Revaluation increments are credited directly to the asset revaluation reserve, except that, to the extent that an increment reverses a revaluation decrement in respect of that class of asset previously recognised as an expense in the net result, such an increment is recognised immediately as revenue in the net result. Revaluation decrements are recognised immediately as expenses in the net result, except that, to the extent that a credit balance exists in the asset revaluation reserve in respect of the same class of assets, such revaluation decrements are debited directly to the asset revaluation reserve. 63
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Victorian Institute of Forensic Men
Page 3 and 4:
Our Vision ….. to become an inter
Page 5 and 6:
COMPOSITION OF REVENUE FIVE YEAR CO
Page 7 and 8:
Initiatives Achievements Performanc
Page 9 and 10:
LOOK HOW WE HAVE GROWN… As an org
Page 11 and 12:
Chief Executive Officer’s Report
Page 13 and 14: My thanks …. Successful organisat
Page 15 and 16: Clinical Director’s Report The Th
Page 17 and 18: Nursing Practice Director’s Repor
Page 19 and 20: The implementation of the Carer Par
Page 21 and 22: SNAPSHOT OF TOTAL PATIENT POPULATIO
Page 23 and 24: JARDINE TRANSITION PROGRAM The comm
Page 25 and 26: Consolidating and Strengthening Cli
Page 27 and 28: Professional Education Strategic ob
Page 29 and 30: 20-23 June 2005, Annual Meeting of
Page 31 and 32: Research Strategic objectives • U
Page 33 and 34: RESEARCH IN PROGRESS AT 30 JUNE 200
Page 35 and 36: Strategic objectives • Provide hi
Page 37 and 38: SUPPORT FOR PEOPLE WITH A SERIOUS M
Page 39 and 40: The recommendations included in the
Page 41 and 42: INFORMATION MANAGEMENT Due to our r
Page 43 and 44: ENVIRONMENTAL MANAGEMENT Environmen
Page 45 and 46: Units of water consumed 2004/2005 2
Page 47 and 48: THE GOVERNING BODY - THE VICTORIAN
Page 49 and 50: COUNCIL COMMITTEES Five committees
Page 51 and 52: New Zealand Standard on Risk Manage
Page 53 and 54: LEGISLATIVE COMPLIANCE BUILDING AND
Page 55 and 56: Michael Daffern, Principal Psycholo
Page 57 and 58: Financial Overview FINANCIAL MANAGE
Page 59 and 60: 2004-2005 Financial Statements for
Page 78 and 79: STATEMENT OF CORPORATE INTENT - 200
Page 80 and 81: GLOSSARY 78 Acute Assessment Unit /
Page 82 and 83: INDEX 80 A Academic Centre - 34 Acc
Page 84: Victorian Institute of Forensic Men
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Annual Report 2004-2005 - Forensicare

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