Annual Report 2004-2005 - Forensicare

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2004-2005 Financial Statements for the year ended 30 June 2005 (b) Credit Risk Exposure Credit risk represents the loss that would be recognised if counterparties fail to meet their obligations under the respective contracts at maturity. The credit risk on financial assets of the entity have been recognised on the Statement of Financial Position, as the carrying amount, net any provisions for doubtful debts. (c) Net Fair Value of Financial Assets and Liabilities The carrying amount of financial assets and liabilities contained within these financial statements is representative of the net fair value of each financial asset or liability. Note 15 Financial Instruments Net Fair Value 2005 2004 Book Value Fair Value Book Value Fair Value $’000 $’000 $’000 $’000 Financial Assets Cash at Bank 3,889 3,889 3,337 3,337 Trade debtors 918 918 885 885 Other receivables 1,314 1,314 1,105 1,105 Total Financial Assets 6,121 6,121 5,327 5,327 Financial Liabilities Trade creditors and accruals 2,650 2,650 2,227 2,227 Total Financial Liabilities 2,650 2,650 2,227 2,227 Net fair values are capital amounts Net fair values of financial instruments are determined on the following bases – I. Cash, deposit investments, cash equivalents and non-interest bearing financial assets and liabilities (trade debtors, other receivables, trade creditors and advances) are valued at cost which approximates to net fair value II. Interest bearing liability amounts are based on the present value of expected future cash flows, discounted at current market interest rates, quoted for trade (Treasury Corporation of Victoria.) Note 2005 2004 $’000 $’000 Note 16 Commitments (i) Operating Leases Commitments for lease payments are as follows - Less than one year 12 36 Greater than 1 year but less than five years - 12 12 48 (ii) Other Commitments At 30 June 2005, future contractual commitments for supply of goods and services entered into and not provided for in the Statement of Financial Position amount to $11,944,000 (2003-2004 $3,014,000) Contracted Services Agreements (Commitments) Security 4,339 985 Provision of Meals and Labour 3,454 730 Recreational Services 154 100 Cleaning Services 1,889 291 Waste Removal 28 21 Facility Maintenance 268 410 Pharmacy Services 1,277 400 Pathology Services 273 64 Audit Services 212 - Other 50 13 11,944 3,014 70 These expenditures are payable - Not later than one year 4,253 2,508 Later than one year but not later than five years 7,691 506 11,944 3,014
Note 2005 2004 $’000 $’000 Note 17 Superannuation Superannuation contributions for the reporting period are included as part of salaries and associated costs in the Statement of Financial Performance of the Victorian Institute of Forensic Mental Health. The name and details of the major employee superannuation funds and contributions made by the Victorian Institute of Forensic Mental Health are as follows – Contribution for the Year Payments to Health Employee Superannuation Trust Australia Fund 851 799 Payments to State Superannuation Fund 214 235 Payments to HosFund 315 260 Payments to Other Funds 29 30 Total Superannuation 1,409 1,304 (a) Superannuation Employees transferring to the Institute under s97 of the Mental Health Act 1986 have retained their status in state superannuation schemes. New employees join the Health Employee’s Superannuation Trust of Australia (HESTA) or a scheme of choice. (b) Basis of Calculating Contributions In accordance with the Trust Deeds, employer contributions are calculated as a percentage of the employee’s salary. Separate contributions are determined for the various schemes involved. The minimum rate of employer contribution for all participating employees is the Superannuation Guarantee of 9%. The unfunded superannuation liability in respect to members of State Superannuation schemes is shown as a liability separately by the Department of Treasury and Finance. HESTA is an accumulation fund and has advised that the scheme is regarded as being fully funded. There are no loans to the employer from any employee superannuation funds. There were no contributions outstanding at the end of the financial year (Nil - 2003-2004). Note 18 (a) Responsible Persons Related Disclosures Responsible Persons The relevant Minister and Councillors of the Victorian Institute of Forensic Mental Health are deemed to be the responsible persons by Ministerial Direction pursuant to the provision of the Financial Management Act 1994. Period Responsible Minister The responsible person (Minister) of the Victorian Institute of Forensic Mental Health during the reporting period was – Minister for Health, The Hon. Bronwyn Pike, MLA 1.7.04 – 30.6.05 Governing Councillors The responsible persons (Councillors) of the Institute at any time during the reporting period were- The Hon. Mr Jim Kennan, SC, Chair 1.7.04 – 30.6.05 The Hon. Justice Bernard Teague, Deputy Chair, Nominee of the Attorney-General 1.7.04 – 30.6.05 Robert Adler 1.7.04 – 30.6.05 Michael Burt, Chief Executive Officer, Victorian Institute of Forensic Mental Health 1.7.04 – 30.6.05 Tony Goad 1.7.04 – 30.6.05 Una Gold 1.7.04 – 30.6.05 Debbie King, Nominee of the Minister for Corrections 1.7.04 – 8.7.04 Terry Laidler 1.7.04 – 30.6.05 Professor Paul Mullen, Clinical Director, Victorian Institute of Forensic Mental Health 1.7.04 – 30.6.05 Judith Player 1.7.04 – 30.6.05 David Ware, Nominee of the Minister for Corrections 9.7.04 – 30.6.05 71
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Victorian Institute of Forensic Men
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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
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Clinical Director’s Report The Th
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Nursing Practice Director’s Repor
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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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