Annual Report 2004-2005 - Forensicare

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2004-2005 Financial Statements for the year ended 30 June 2005 Revaluation increments and decrements are offset against one another within a class of non-current assets. (h) (i) Asset Revaluation Reserve The asset revaluation reserve is used to record increments and decrements on the revaluation of non-current assets. An independent valuation of the Institute’s land and buildings was made by G.M. Brien & Associates Pty Ltd under the auspice of the Victorian Valuer General’s Office. The valuation was adopted as at 30 June 2002 in the 2001- 2002 financial year and again as at 30 June 2005 in the 2004-2005 financial year. Other than assets subject to a specific valuation, non-current physical assets are measured at either cost or fair value. Depreciation Assets with a cost in excess of $1,000 are capitalised and depreciation has been provided on depreciable assets so as to allocate their cost—or valuation—over their estimated useful lives using the straight-line method. Estimates of the remaining useful lives for all assets are reviewed at least annually. This depreciation charge is not funded by the Department of Human Services. The following table indicates the expected useful lives of non-current assets on which the depreciation charges are based. 2005 2004 Buildings Up to 50 years Up to 50 years Communication Equipment Up to 6 years Up to 6 years Computer Equipment, Furniture Up to 5 years Up to 5 years Equipment and other assets From up to 10 – 17 years From up to 10 – 17 years (j) (k) (l) (m) Payables These amounts represent liabilities for goods and services provided prior to the end of the financial year and which are unpaid. The normal credit terms are usually Nett 30 days. Interest Bearing Liabilities Interest bearing liabilities in the Statement of Financial Position are carried at face value less unamortised discount/premium. Any discount/premium is treated as interest and amortised over the term of the debt. Interest is accrued over the period it becomes due and is recorded as part of other creditors. Goods and Services Tax Revenues, expenses and assets are recognised net of GST, except for receivables and payables which are stated with the amount of GST included and except, where the amount of GST incurred is not recoverable, in which case GST is recognised as part of the cost of acquisition of an asset or part of an item of expense or revenue. GST receivable from and payable to the Australian Taxation Office (ATO) is included in the Statement of Financial Position. The GST component of a receipt or payment is recognised on a gross basis in the Statement of Cash Flows in accordance with AAS 28. Employee Benefits Employee benefit liabilities are based on pay rates expected to apply when the obligation is settled. On-costs such as WorkCover and superannuation are included in the calculation of leave provisions. Long Service Leave The provision for long service leave is determined in accordance with AASB 1028. The liability for long service leave expected to be settled within 12 months of the reporting date is recognised in the provision for employee benefits as a current liability. The liability for long service leave expected to be settled more than 12 months from the reporting date is recognised in the provision for employee benefits as a non-current liability and measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using interest rates on national Government guaranteed securities with terms to maturity that match, as closely as possible, the estimated future cash outflows. Wages and Salaries, Annual Leave and Accrued Days Off Liabilities for wages and salaries, annual leave and accrued days off expected to be settled within 12 months of the reporting date are recognised as a current liability, and are measured as the amount unpaid at the reporting date in respect of employees’ services up to the reporting date and are measured as the amounts expected to be paid when the liabilities are settled. Sick Leave Liabilities for sick leave are recognised when the leave is taken and measured at rates paid or payable. Superannuation The amount charged to the Statement of Financial Performance in respect of superannuation represents the contributions made by the Victorian Institute of Forensic Mental Health to the superannuation fund. 64
Termination Benefits Liabilities for termination benefits are recognised when a detailed plan for the termination has been developed and a valid expectation has been raised with those employees affected that the terminations will be carried out. The liabilities for termination benefits are recognised in other creditors unless the amount or timing of the payments is uncertain, in which case they are recognised as a provision. Employee Benefits On-Costs Employee benefits on-costs are recognised and included in employee benefits liabilities and costs when the employee benefits to which they relate are recognised as liabilities. (n) (o) Leased Property and Equipment A distinction is made between finance leases which effectively transfer from the lessor to the lessee substantially all the risks and benefits incidental to ownership of leased non-current assets, and operating leases under which the lessor effectively retains all such risks and benefits. Where a non-current asset is acquired by means of a finance lease, the minimum lease payments are discounted at the interest rate implicit in the lease. The discounted amount is established as a non-current asset at the beginning of the lease term and is amortised on a straight-line basis over its expected useful life. A corresponding liability is established and each lease payment is allocated between the principal component and the interest expense. Operating lease payments are representative of the pattern of benefits derived from the leased assets and accordingly are expensed in the periods in which they are incurred. Revenue Recognition Revenue is recognised in accordance with AAS 15. Income is recognised as revenue to the extent it is earned. Unearned income at reporting date is reported as income received in advance. Amounts disclosed as revenue are, where applicable, net of returns, allowances, duties and taxes. Government Grants Grants are recognised as revenue when the Victorian Institute of Forensic Mental Health gains control of the underlying assets. Where grants are reciprocal, revenue is recognised as performance occurs under the grant. Non-reciprocal grants are recognised as revenue when the grant is received or receivable. Conditional grants may be reciprocal or non-reciprocal depending on the terms of the grant. Indirect Contributions • Insurance receipts are recognised as revenue following advice from the Department of Human Services. • Long Service Leave (LSL) – Revenue is recognised upon finalisation of movements in LSL liability in line with the arrangements set out in the Acute Health Division Hospital Circular 16/2004. (p) (q) (r) Fund Accounting The Institute operates on a fund accounting basis and maintains three funds in accordance with its Statement of Understanding with Department of Human Services – Operating, Specific Purpose and Capital Funds. Comparative Information Where necessary the previous year’s figures have been reclassified to facilitate comparisons. Contributed Capital Consistent with UIG Abstract 38 ‘Contributions by Owners Made to Wholly-Owned Public Sector Entities’ and Financial Reporting Direction 2 ‘Contributed Capital’, transfers that are in the nature of contributions or distributions, have been designated as contributed capital. Note 2 Statement of Understanding and Service Agreement A Statement of Understanding (1 July 1998 to 30 June 1999) between the Department of Human Services and the Institute specifically provides for the following – The Department of Human Services acknowledge their liability for the accrued long service leave entitlements for all employees with service up to 1 July 1998 transferred from the Department to the Institute under the provisions of section 97 of the Mental Health Act 1986. 65
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Victorian Institute of Forensic Men
Page 3 and 4:
Our Vision ….. to become an inter
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COMPOSITION OF REVENUE FIVE YEAR CO
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Initiatives Achievements Performanc
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LOOK HOW WE HAVE GROWN… As an org
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Chief Executive Officer’s Report
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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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