Tanzania Cotton Board Annual Report And Accounts

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FINANCIAL STATEMENTSAnnual Report and Accounts for the year ending on 30 th June 2010None of the above assets are past due or impaired except for the following amount in tradereceivables (which are due within 360 days of the end of the month in which they are invoiced):-2009/2010TZS.2008/2009TZS.by up to 3 months 150,627,298 203,467,268by 3 to 6 months 59,552,056 173,469,457by 6 to 12 months 52,363,875 198,235,395Total past due but not impaired 262,543,229 575,172,120Impaired 13,567,155 44,729,254All receivables past due by more than 360 days are considered to be impaired, and arecarried at their estimated recoverable value.Liquidity RiskPrudent liquidity risk management for the Board implies maintaining sufficient cash and cashequivalents and the availability of funding through an adequate Government Subvention.The table below analyses the Board’s financial liabilities into relevant maturity groupingsbased on the remaining period at the balance sheet date to the contractual maturity date.The amounts in the table below are the contractual undiscounted cash flows. Balances duewithin 12 months are assumed to equal their carrying balances, as the impact of discountingis not significant.Less than1 yearTZS‘000’Between1 and 2 yearsTZS’000’Between2 and 5 yearsTZS’000’At 30 June 2010Trade and other payables 167,873,153 16,020,107 916,540,922Deferred Govt. subsidies 559,826,134 894,622,316 -Deferred income 1,095,840 - -Payable to related party 39,737,359 - -768,532,486 910,642,423 916,540,922At 31 June 2009Trade and other payables 162,121,968 22,829,580 767,168,113Deferred Govt. subsidies 894,622,316 - -Deferred income 7,711,173 - -1,064,455,457 22,829,580 767,168,1134 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTSManagement continuously evaluates estimates and judgments based on historical experienceand other factors, including experience of future events that are believed to be reasonableunder the circumstances.34
FINANCIAL STATEMENTSAnnual Report and Accounts for the year ending on 30 th June 2010(i)Critical accounting estimates and assumptionsProperty, Plant and EquipmentCritical estimates are made by the directors in determining depreciation rates forproperty, plant and equipment and their residual values. The rates used are set outin Note 2(f) above.ReceivablesCritical estimates are made by directors in determining the recoverable amount ofimpaired receivables.(ii)Critical judgments in applying the entity’s accounting policiesIn the process of applying the Board’s accounting policies, Management has madejudgments in determining the classification of financial assets and whether assets areimpaired or not.35
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Tanzania Cotton Board Annual Report And Accounts

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