Complete annual report 2010-11 - Land - NSW Government

More documents

Recommendations

Info

State Property Authority Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2011 Credit Risk - 2011 Overdue Total 1 2 3 Mths 2011 Financial Assets $'000 $'000 $'000 $'000 $'000 Receivables: Past Due But Not Impaired 172 513 375 1,045 2,105 Considered Impaired - - - 122 122 Total Credit Risk 172 513 375 1,167 2,227 Credit Risk - 2010 Overdue Total 1 2 3 Mths 2010 Financial Assets $'000 $'000 $'000 $'000 $'000 Receivables: Past Due But Not Impaired 27 935 786 2,510 4,258 Considered Impaired 11 - 38 681 730 Total Credit Risk 38 935 824 3,191 4,988 (c) Liquidity Risk Liquidity risk is the risk that the Authority will be unable to meet its payment obligations when they fall due. The Authority continuously manages risk through monitoring future cash flows planning to ensure adequate holding of available cash. The Authority’s exposure to liquidity risk is deemed insignificant based on prior period data and current assessment of risk. The liabilities are recognised for amounts due to be paid in the future for goods or services received, whether or not invoiced. Amounts owing to suppliers (which are unsecured) are settled in accordance with the policy set out in Treasurer’s Direction 219.01. If trade terms are not specified, payment is made no later than the end of the month following the month in which an invoice or a statement is received. Treasurer’s Direction 219.01 allows the Minister to award interest for late payment. The Minister did not award any interest for late payments during 2011 and 2010. The Authority's financial liabilities, as listed at (a) above, are all non-interest bearing. Payables are all payable within 12 months (Note 11). Payable items which are out of the scope of AASB 132 "Financial Instruments: Presentation" have been excluded from the carrying amount shown in the Statement of Financial Position. These items are GST payable and revenue in advance. A maturity profile analysis of the Authority's Finance Lease liabilities is presented at Note 14(d). (d) Market Risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The Authority’s exposure to market risk is primarily through interest rate risk on the Authority’s BHP Remediation interest earning bank balance held within the NSW Treasury Banking System. The Authority has no exposure to foreign currency risk and does not enter into commodity contracts. The effect on profit and equity due to a reasonably possible change in risk variable is outlined below under interest rate risk. A reasonably possible change in risk variable has been determined after taking into account the economic environment in which the Authority operates and the time frame for the assessment (i.e. until the end of the next annual reporting period). The sensitivity analysis is based on risk exposures in existence at the reporting date. The analysis is performed on the same basis for 2011. The analysis assumes that all other variables remain constant. 56 State Property Authority
State Property Authority 2010-2011 Annual Report State Property Authority Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2011 (i) Interest Rate Risk A reasonably possible change of ± 1% has been used, consistent with current trends in interest rates. The basis will be reviewed annually and amended where there is a structural change in the level of interest rate volatility. The Authority’s exposure to interest rate risk is set out below. Interest Rate Risk - 2011 Carrying -1% +1% Amount Profit Equity Profit Equity Financial Assets $'000 $'000 $'000 $'000 $'000 Cash and Cash Equivalents 131,138 (963) (963) 963 963 Interest Rate Risk - 2010 Carrying -1% +1% Amount Profit Equity Profit Equity Financial Assets $'000 $'000 $'000 $'000 $'000 Cash and Cash Equivalents 131,075 (1,020) (1,020) 1,020 1,020 The above interest rate sensitivity analysis has been performed on the assumption that all other variables remain unchanged. No sensitivity analysis has been performed on foreign exchange risk as the Authority is not exposed to such foreign exchange fluctuations. (e) Fair Value The Authority's financial instruments are recognised at amortised cost. Because of the short term nature of the Authority's financial assets and liabilities, the amortised cost recognised in the Statement of Financial Position approximates fair value. 17. EVENTS AFTER THE REPORTING PERIOD (a) Adjusting Events There are no known events after the reporting period which would give rise to a material impact on the reported results or financial position of the Authority as at 30 June 2011. (b) Non-Adjusting Events Government Agency Owned and Leased Office Accommodation Property Vesting – Pursuant to Premier’s Memorandum M2008-06, further vesting of Government agency-owned and leased properties is likely to occur in separate tranches during 2011-12. As the identification and validation of these properties was still in progress at the reporting date, estimates of the financial impact on the Authority's accounts in 2011-12 are not available. There are no other known non-adjusting events after the reporting period. End of Audited Financial Statements 2010-2011 Annual Report 57
Page 1:
State Property Authority new South
Page 4 and 5:
n Letter of submission Bligh House
Page 6 and 7:
n Our charter The State Property Au
Page 8 and 9: n Organisational outcomes and achie
Page 10 and 11: leasing staff generated substantial
Page 12 and 13: Other sustainability initiatives la
Page 14 and 15: n Financial performance 2010-11 Ove
Page 16 and 17: n 2010-11 Operating result operatin
Page 18 and 19: n Audited financial information Sta
Page 20 and 21: 18 State Property Authority
Page 22 and 23: State Property Authority Financial
Page 24 and 25: State Property Authority Statement
Page 26 and 27: State Property Authority Statement
Page 28 and 29: State Property Authority Notes to a
Page 60 and 61: n STATUTORY AND STATISTICAL INFORMA
Page 62 and 63: n Personnel policies and practices
Page 64 and 65: 1st qtr $’000 2nd qtr $’000 3rd
Page 66 and 67: A full list of publicly available G
Page 68 and 69: Table F: Timeliness Number of appli
Page 70 and 71: n Agency contacts Postal address: G
Page 72: THIS PAGE HAS INTENTIONALLY BEEN LE
show all

Complete annual report 2010-11 - Land - NSW Government

Create successful ePaper yourself

Delete template?

Save as template?