Portland District Health Annual Report 2005 - South West Alliance of ...

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Portland District HealthNotes to and Forming Part of the Financial Statements for the Year Ended 30 June 2005Long Service LeaveThe provision for long service leave is determined in accordance with Accounting Standard AASB 1028. The liability for long service leaveexpected to be settled within 12 months of the reporting date is recognised in the provision for employee benefits as a current liability. Theliability for long service leave expected to be settled more than 12 months from the reporting date is recognised in the provision for employeebenefits as a non-current liability and measured as the present value of expected future payments to be made in respect of services provided byemployees up to the reporting date. Consideration is given to expected future wage and salary levels, experience of employee departures andperiods of service. Expected future payments are discounted using interest rates on national Government guaranteed securities with terms tomaturity that match, as closely as possible, the estimated future cash outflows.Wages and Salaries, Annual Leave and Accrued Days OffLiabilities for wages and salaries, annual leave and accrued days off expected to be settled within 12 months of the reporting date are recognisedas a current liability, and are measured as the amount unpaid at the reporting date in respect of employees’ services up to the reporting date andare measured as the amounts expected to be paid when the liabilities are settled.SuperannuationThe amount charged to the Statement of Financial Performance in respect of superannuation represents the contributions made by PortlandDistrict Health to the superannuation fund.Employee Benefit On-CostsEmployee benefit on-costs are recognised and included in employee benefit liabilities and costs when the employee benefits to which theyrelate are recognised as liabilities.(l)Borrowing CostsBorrowing costs are recognised as expenses in the period in which they are incurred, except where they are included in the costs of qualifyingassets.Borrowing costs include:- interest on bank overdrafts and short term and long term borrowings:- amortisation of discounts or premiums relating to borrowings:- amortisation of ancillary costs incurred in connection with the arrangement of borrowings:- finance charges in respect to finance leases recognised in accordance with AAS17 “Accounting for Leases”.The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest rate applicable to theHospital’s outstanding borrowing during the year.(m) Nursing HomeThe Seymour Cundy Wing Nursing Home is an integral part of the Hospital and share its resources. An apportionment of land and buildingshas been made based on floor space. The results of the two operations have been segregated based on actual revenue earned and expenditureincurred by each operation.(n)Leased Property and EquipmentA distinction is made between finance leases which effectively transfer from the lessor to the lessee substantially all the risks and benefitsincidental to ownership of leased non-current assets, and operating leases under which the lessor effectively retains all risks and benefits. Wherea 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 overits expected economic life. A corresponding liability is established and each lease payment is allocated between the principal component andthe interest expense. Operating lease payments are representative of the pattern of benefits derived from the leased assets and accordingly areexpensed in the periods in which they are incurred.(o)Revenue RecognitionRevenue is recognised in accordance with AAS15. Income is recognised as revenue to the extent it is earned. Unearned income at reportingdate is reported as income received in advance.Amounts disclosed as revenue are, where applicable, net of returns, allowances and duties and taxes.56
Portland District HealthNotes to and Forming Part of the Financial Statements for the Year Ended 30 June 2005Government GrantsGrants are recognised as revenue when the Hospital gains control of the underlying asset. Where grants are reciprocal, revenue is recognisedas performance occurs under the grant. Non-reciprocal grants are recognised as revenue when the grant is received or receivable. Conditionalgrants may be reciprocal or non-reciprocal depending on the terms of the grant.Indirect Contributions- Insurance is recognised as revenue following advise from the Department of Human Services.- Long Service Leave - Revenue is recognised upon finalisation of movements in LSL liability in line with the arrangements set out in the AcuteHealth Division Hospital Circular 16/2004.Patient FeesPatient fees are recognised as revenue at the time invoices are raised.Private Practice FeesPrivate Practice fees are recognised as revenue at the time invoices are raised.Donations and Other BequestsDonations and bequests are recognised as revenue when the cash is received. If donations are for a special purpose they may be appropriatedto a reserve, such as specific restricted purpose reserve.(p)Fund AccountingThe Hospital operates on a fund accounting basis and maintains two funds: Operating and Capital funds. The Hospital’s Capital Fund includesunspent capital donations and receipts from fundraising activities conducted solely in respect of this fund.(q)Services Supported by Health Services Agreement and Services Supported by Hospital and Community Initiatives.The activities classified as Services Supported by Health Services Agreement (HSA) are substantially funded by the Department of HumanServices while Services Supported by Hospital and Community Initiatives (Non HSA) are funded by the Hospital’s own activities or localinitiatives.(r)Comparative InformationWhere necessary the previous year’s figures have been reclassified to facilitate comparisons.(s)Rounding OffAll amounts shown in the financial statements are expressed to the nearest $1,000.(t)Contributed CapitalConsistent with UIG Abstract 38 ‘Contributions by Owners Made to Wholly-Owned Public Sector Entities’ and Financial Reporting Direction2 “Contributed Capital”, transfers that are in the nature of contributions or distributions, have been designated as contributed capital.(u)Portland District Health has applied the going concern basis, in the preparation of this financial report. The going concern basis continues tobe appropriate with the expected renewal of the Health Service’s bank overdraft and a letter of comfort provided by the Department of HumanServices to continue to support the operations of Portland District Health has been received.57
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Portland District HealthAnnual & Qu
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PORTLAND DISTRICT HEALTH2nd Annual
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DIRECTOR OFMEDICAL SERVICESAudiolog
Page 8 and 9: President & Chief Executive Officer
Page 10 and 11: Primary Care ServicesOur primary ca
Page 12 and 13: Services provided in 2004/05During
Page 14 and 15: findings in other organisations, de
Page 16 and 17: Patient Education - MedicationsInvo
Page 18 and 19: Complaints and ComplimentsBecause y
Page 20 and 21: During the hospital stay there is a
Page 22 and 23: usy year. 364 client’s accessed s
Page 24 and 25: The increased demands for documenta
Page 26 and 27: Medical Services DivisionKey Points
Page 28 and 29: Primary and Community Health Servic
Page 30 and 31: Shire, Windamara, Dhauwurd-WurrungA
Page 32 and 33: Performance2005 has seen the birth
Page 34 and 35: activity was held at the Portland K
Page 36 and 37: We would like to thank the Engineer
Page 38 and 39: information that will help us to en
Page 40 and 41: Sea View House ~ A Resident’s Vie
Page 42 and 43: Comparative Statistics for the Past
Page 44 and 45: Comparative Financial Analysis2003/
Page 46 and 47: Officers and Office BearersNursing
Page 48 and 49: Donors & SponsorsDonors $ $Dipalo,
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Page 52 and 53: Portland District HealthAccountable
Page 54 and 55: Portland District HealthStatement o
Page 56 and 57: Portland District HealthNotes to an
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Portland District Health Annual Report 2005 - South West Alliance of ...

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